Benguet nets P458M

MANILA, Philippines - Benguet Corp.’s consolidated net income for the first quarter of 2011 hit P458 million, a reversal from the loss of P16 million in the same period last year. This positive result was largely driven by the performance of its Acupan gold operation and the Sta. Cruz Nickel Project (SCNP), as well as by extraordinary gains.

Operating revenues from the Acupan gold mine of P183 million for the quarter surged by almost 400 percent. This is attributed to increased production and higher market price of gold. Acupan continues its expansion program to bring production to 150 tons per day within the year and to 300 tons per day by 2012.

BenguetCorp Nickel Mines Inc. (BNMI), a wholly owned subsidiary, generated operating revenues of P89 million from nickel ore shipments in its Sta. Cruz Nickel Project. The SCNP expects to produce and export a minimum of 1.3 million of tons this year. BNMI is on track with its exploration activities.

Benguet is moving forward with its exploration activities for copper, gold, nickel and coal.