Listed mining firm, Benguet Corp. has secured from the Mines and Geosciences Bureau (MGB), the exploration permit for its Bolco gold project in Zamboanga Sibugay.
Benguet Corp. said in a disclosure to the Philippine Stock Exchange the approval was extended Wednesday allowing the company to start exploration activities in the area, including the drilling of the San Fernando vein.
The company has an operating agreement with the claim owner Oreline Mining Corp. to explore the property that straddles the common boundary of R.T. Lim, Zamboanga Sibugay and Siocon, Zamboanga del Norte.
Earlier this month, Benguet Corp. reported net income of P412.8 million in the first nine months this year, lower by 56.35 percent compared to last year’s P945.7 million.
The company also reported a 40 percent slump in consolidated revenue for the period to P1.8 billion from P2.9 billion.
Benguet Corp. said the drop was due to lower volume of nickel ore shipments and lower gold production during the period. The company mines and markets various metals from its gold mines in Benguet, nickel mines in Zambales and limestone in Baguio City.
