In an interview with the BusinessMirror, Benguet Corp. chief executive officer Benjamin Philip Romualdez said the company is still completing studies, although a final determination on the appropriate technology could be ready by next year. He added that the company is interested in tapping a Chinese partner for the technology, given its recent moves to hike nickel exports there.
Only then would the miner decide to list its unit, Benguetcorp Nickel Mines Inc. For now, the company is considering listing at the Philippine Stock Exchange although it is also open to listing in Hong Kong, Romualdez said.
“I think this time next year, we definitely would have decided on the approach,” he said, referring to the construction of the nickel processing facility. “We are very serious about this. The processing [complex] will give us the value-added [products].” Benguetcorp Nickel Mines operates the Sta. Cruz nickel project in Zambales.
The company presently has an off-take contract with Consunji-led DMCI Mining Corp. and signed last week a deal to sell 1.8 million tons of nickel ore to China-based Bright Mining and Resource Co. Ltd. over the next three years.
Other groups have already established nickel processing facilities in the Philippines, namely the high-pressure acid leaching facility of Japan’s Sumitomo Metal Mining Co. Ltd. in Palawan. The said facility is partly owned by Nickel Asia Corp.
Platinum Group Metals Corp. also operates nickel processing plants, according to published reports.
Higher mineral prices, including gold, will help Benguet Corp. sustain earnings for the rest of the year, Romualdez added.
Benguet Corp. earlier reported that net income in the six months to June hit P580.11 million, reversing an P88.3 million net loss in the same period last year. Earnings included a one-time gain of P549 million from the settlement of debt. Benguet Corp.’s gold revenues came from the Acupan contract mining project in Itogon, Benguet.
Benguet Corp. A shares, which are only open to Filipinos, declined 0.36 percent to P27.80 each while its B shares, which carry no ownership restrictions, added 0.36 percent to P28 each on Friday’s close.
