MANILA, Philippines - Benguet Corp. has signed a mining contractorship and off-take agreement with DMCI Mining Corp. covering a portion of Benguet’s 1,406-hectare Sta. Cruz nickel project located in Sta. Cruz, Zambales.
The agreement allows DMCI to explore, develop, mine and sell up to 200,000 metric tons of two percent high grade nickel ore for a period of three years.
Benguet Corp. holds a mineral production sharing agreement (MPSA) for the 1,406-hectare Sta. Cruz, Zambales nickel laterite mine.
In a disclosure filed with the Philippine Stock Exchange (PSE), Benguet said the price of nickel at the London Metal Exchange (LME) has recovered in recent months and this will allow DMCI to earn a reasonable return on its investment and mining cost.
According to Benguet, the off-take agreement assures the company of a ready market for its high grade nickel product.
Aside from its nickel project, Benguet has other gold, copper, chromite and lime properties.
These include the Acupan contract mining project in Benguet gold operation, Itogon, Benguet Province; Antamok contract mining project in Benguet Antamok gold operation, Itogon, Benguet Province; Irisan lime project in Baguio City; and Masinloc chromite operation in Masinloc, Zambales Province.
Benguet also holds exploration, research, and development projects such as the Kingking copper-gold prospect in Pantukan, Compostela Valley Province; Balatoc tailings project; Batong Buhay Mines located in Kalinga Province; Ampucao copper gold porphyry prospect in Itogon, Benguet Province; Boringot epithermal gold prospect in Pantukan, Compostela Valley; Pantingan gold prospect in Bagac, Bataan Province; Zamboanga gold prospect in R.T. Lim Zamboanga del Sur; and Surigao coal project in Lianga, Surigao del Sur.
Benguet also provides eco-tourism, engineering and construction, reforestation, and trucking and warehousing services; sells industrial equipment and supplies; and develops water resources and real estate projects.
Benguet’s water projects include the Baguio City bulk water supply project.
The mining firm is also involved in the bottled water and water delivery, and trading businesses, as well as provides management and professional services.
Benguet also engages in the production of a range of alloys, such as manganese, stainless steel, carbon steel, and cast iron for cast parts.
Benguet Corp. was founded in 1903 and is headquartered in Makati City.