BenguetCorp Nickel Mines approves P150M cash dividend

BenguetCorp Nickel Mines Inc. (BNMI) on Monday announced that it would give out cash dividends amounting to P150 million, or 12 centavos a share.

BNMI said its board of directors approved the declaration of cash dividends in a recent meeting. The dividends will come from its net earnings of P156.3 million in 2011, BNMI said.

BNMI is a wholly owned subsidiary of Benguet Corp. and is the operator of the company’s Sta. Cruz nickel project in Zambales.

Since it started operations in 2009, BNMI has accounted for a considerable share in BenguetCorp’s consolidated net earnings. BNMI is currently ramping up operations through mine development and by expanding its drilling programs.

BNMI has already signed agreements with two Chinese firms for the sale and delivery of 3.6 million tons of nickel ore.