Benguet Corp. infuses P247M into nickel unit

Benguet Corp. announced that it would infuse P247 million in additional equity to its wholly owned subsidiary, BenguetCorp Nickel Mines Inc. (BNMI).

This additional investment will bring BNMI’s paid up capital to P1.25 billion and enable BNMI to complete the development of the Sta. Cruz nickel project.

BNMI operates the 1,406.7-hectare nickel tenement in Sta. Cruz, Zambales, and has been exporting high-grade nickel ore to various markets.

In the second semester of the year, it signed off-take agreements for shipment of 3.8 million tons of high-grade nickel ore over the next three years.

BNMI continues to pursue a medium-term plan that will transform the company from a simple direct ore exporter into a producer of processed nickel.

Included in the plan is the adoption of an innovative low-power consuming technology that will upgrade the quality of the lower-grade ore.

This was the subject of a recent technical team visit to China.

The operations of BNMI in Zambales is contributing to the social upliftment of the surrounding community by providing local employment and other community services, such as scholarship grants, nutrition programs, medical missions, livelihood projects and tree-planting activities.

Since 2008, BNMI has planted a total of 48,100 trees in Sta. Cruz, Zambales, covering an area of 28.68 hectares. This program is still being undertaken.