Publicly-listed Benguet Corp., the oldest mining company in the country, registered a consolidated net income of P381.4 million in 2020, more than triple the profit of P115.7 million in 2019.
Combined revenues sourced mainly from nickel, gold and lime sales jumped 100 percent to P1.6 billion from P802 million in 2019.
Following the resumption of mining operation of its nickel project in Zambales province in October last year, a wholly-owned subsidiary, BenguetCorp Nickel Mines. Inc., took full advantage of the upbeat market for low/mid grades at higher prices
The gold output of its Acupan mine, meanwhile, benefited from the higher average gold price. The strong performance of the company despite effects of the pandemic is also attributable to lower operating cost and efficient mine production under stringent ISO standards.