Benguet Corp narrows loss to P149 million in January-September

MANILA, Philippines - Mining firm Benguet Corp. posted a net loss of P149 million from January to September this year due to non-cash accrued interest expenses of P140. 2 million.

However, the company’s nine-month loss is lower than the comparative P324 million loss it incurred in the same period last year.

The lower net loss for the nine month period this year was due to a P47 million gain on the sale of its Catitipan property and foreign exchange gain of P8.3 million, versus a forex loss of P218.7 million last year.

Benguet chairman, president and chief executive officer Philip Romualdez told stockholders during the mining firms annual stockholders’ meeting recently that while the company continues to incur losses, Romualdez revealed plans to list by way of introduction its recently spun-off subsidiaries BenguetCorp Nickel Mines Inc. (BNMI) and Balatoc Gold Resources Corp. to ensure their “independent” operation.

At the same time, Romualdez assured that the company is in talks with its creditors for the restructuring of the mining firm’s P1.5 billion debt, the early resolution of which would enable Benguet to secure additional financing for its other more profitable projects such as the Santa Cruz nickel project and the Balatoc gold tailings project.

Romualdez reiterated that Benguet has made specific and firm proposals for the settlement of its debt to the creditors of record through the PNB Trust Banking Group.

“We have offered them a number of options but I am not at liberty to discuss those options,” Romualdez said.