Benguet Corp. returns to financial health

March 22, 2011 10:31 am 

MANILA, March 21 — Benguet Corporation (BC) continues to strengthen financially and expand its operation to take full advantage of high commodity prices.

In a statement, the company said in the first 10 months of 2010, as audited, it posted a net profit of P2.3 billion.

The development and expansion of its gold and nickel projects are underway, which will further contribute to the profitability of the company.

To attain full recovery, the company said it is vigorously pursuing the retirement/restructuring of its old debts.

In its latest disclosures, the company has bought back at discounted prices 79.98 percent of its secured debt and 85.3 percent of the unsecured obligations.

The objective is to continue to work towards the settlement of its debt before the year end.

With its renewed financial strength and the restoration of its credit standing, BC is now well positioned to embark on new projects.

It is looking at other opportunities in minerals development processing and infrastructure, and is preparing to tap the equity and investment market to raise funding for various projects in the pipeline in view of the positive outlook on metals.

Aside from gold and nickel, the company has other mineral properties which are in different stages of development. (PNA)

DCT/LDV/BAC/utb

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