Benguet Corporation has announced the approval of a significant private placement, valued at P440 million, from Red Earth Mineral Resources Corp. In a disclosure to the Philippine Stock Exchange, the mining firm said Red Earth will acquire 110 million of its shares at P4 each.
The funds will primarily support the development of Benguet’s Pantingan gold project in Bataan and the Bolco gold project in Zamboanga. Additionally, the investment will help launch a solar power initiative and an agribusiness venture.
The private placement will be executed in two parts: the first involves Red Earth subscribing to 90 million shares of the company’s unissued stock consisting of 53 million Class A common shares and 37 million Class B common shares. The second part will see the subscription of 20 million shares through an increase in capital stock, including 13 million Class A common shares and 7 million Class B common shares.
Earlier this month, Benguet Corp. secured the renewal of its 25-year mineral production sharing agreement with the Department of Environment and Natural Resources (DENR) for a 1,410-hectare mining area in Bataan, effective March 31, 2025. The extension will facilitate ongoing drilling and exploration activities ahead of the feasibility declaration of future mining projects.
Benguet Corp. continues to operate gold, silver, nickel, and limestone mines across the Philippines, with established sites in Benguet, Zambales, and Baguio City.
