MANILA, Philippines - Mining firm Benguet Corp. announced RYM Business Management Corp. (RBMC) has completed the first part of its private placement agreement with the company with the infusion of P162 million.
Last month, Benguet approved the P250 million capital infusion by RYM which will be used to augment the working capital of existing mining operations.
The first part of the placement entails the subscription by RBMC to roughly 18 million common shares valued at P162 million.
Benguet Corp. chief finance officer (CFO) Renato Claraval earlier said that RBMC would have a “minor†ownership in Benguet after the completion of the placement.
Benguet operates the Sta. Cruz Nickel Project in Sta. Cruz, Zambales and the Acupan Gold Project in Itogon, Benguet.
In the second quarter of the year, Benguet reported a modest net income of P332,000 down from P158 million in the same period last year.
Net earnings for the first semester of the year fell to P36.6 million from P184.9 million in the same period last year.
Consolidated operating revenues for the second quarter of the year rose to P605.7 million from P474.5 million.
For the first semester, operating revenues rose to P1.26 billion from P694 million in 2012.