Benguetcorp Nickel signs deal with Chinese firm

MANILA, Philippines -  Benguetcorp Nickel Mines lnc. (BNMI), a subsidiary of Benguet Corp. has signed an off-take agreement with Bright Mining & Resource Co., Ltd, a major Chinese trading company, for the sale and delivery of 1.8 million metric tons of nickel ore grading 1.8 percent over the next three years.

Benguet Corp. acted as marketing agent of BNMI in the transaction.

Benguet Corp. had previously signed a five-year agreement with BNMI for the exclusive marketing of its nickel ore production.

BNMI is the operator of a nickel laterite mine in Sta. Cruz, Zambales, under MPSA No.226-2005-lll. The Sta. Cruz nickel mine consists of 1,406.7 hectares.

BNMI shipped last year some 1.3 million tons of ore with grades ranging from 1.8 percent to 2.05-percent nickel through an off-take arrangement.

BNMI is considering the establishment of an intermediate processing facility to improve and maximize the value of its products.