Benguet in discussion with several foreign investors, says Romualdez

Benguet Corp. president Benjamin Philip Romualdez yesterday disclosed that it is in discussion with several foreign investors, including a South African mining firm, for its various mining projects.

Specifically, Romualdez said, the foreign investors are interested in Benguet’s King-King mines in Compostela Valley in Southern Mindanao, its nickel mines in Central Luzon and various gold prospects in Mindanao.

Benguet’s projected development cost for its King King mines is $500 million, while it estimates a cost of $850 million to develop its nickel mines.

Exploratory cost for each prospect is around $10 million to $15 million.

It has earlier been reported that Zijin Mining of China had expressed interest in Benguet’s King King mines which is projected to have a mine life of 13 years with an estimated 353 million metric tons of mineral reserves.

It was also reported that Japanese firms Sumitomo and Sojitz Holdings are eyeing Benguet’s nickel mining operations.

Benguet is one of the country’s oldest mining firms, having been established in 1903.

Until the late 1980s, Benguet was known as the biggest gold mining company in the country.