Benguet earns P2.4 billion in 2010

MANILA, Philippines - Benguet Corp. and its subsidiaries reported an audited consolidated net income of P2.4 billion for the year ended Dec. 31, 2010, representing an increase of 1,395 percent from the previous year.

Earnings per share stood at P15.14.

The positive performance in 2010 was mainly due to the aggressive settlement of Benguet’s obligations resulting substantially in a P1.9- billion earnings contribution, as well as increased production and high prices for gold and nickel which were mined in the company’s Acupan contract mining project and Sta.Cruz nickel project, respectively.    

The consolidated audited financial statements of the company, as audited by its external auditors SGV & Co, were approved at a meeting of the board of directors held on March 29, 2011.

Benguet continues to expand its gold operations this year through the ramping up of the Acupan gold mining project to 300 tons per day and the development of Balatoc tailings project, the first commercial gold tailings recovery project in the country.

Benguet’s subsidiary, the BenguetCorp Nickel Mines, Inc. (BNMI) is likewise expected to expand its existing operations in Sta. Cruz, Zambales.

Benguet is moving forward in its exploration activities in other mineral properties in copper, gold, nickel and coal all over the country.