Benguet to market unit’s nickel output

Benguet Corp. disclosed Tuesday that it has become the exclusive marketing agent for the nickel ore production of its wholly owned subsidiary, Benguetcorp Nickel Mines Inc.

Benguet said it has signed a marketing agreement with Benguetcorp Nickel.

Reynaldo P. Mendoza, assistant corporate secretary, said in a letter to the Philippine Stock Exchange that the term for the marketing agreement was for five years.

Benguetcorp Nickel holds mining rights and operating interest in a nickel laterite mine located in Sta. Cruz, Zambales.

Benguet said it expected to perform well financially in 2011 following a turnaround in 2010 given “sustained or even improved gold and nickel prices.”

The country’s oldest miner said that the growing trend in its gold sales was expected to further improve in 2011.

The company reported consolidated net earnings for 2010 of P2.4 billion, a turnaround from the loss of P185 million in 2009.—Riza T. Olchondra