Benguet Corp. said Tuesday consolidated net income jumped 83 percent in the second quarter to P553 million from P303 million a year ago on higher nickel ore exports.
The mining company said the profit brought total net income in the first half to P974 million, up from P821 million it booked in the same period last year.
“The increase is mainly attributable to boost in consolidated revenues posted at P1.5 billion for the second quarter and P2.70 billion for the first semester of 2022, which are substantially higher this year compared to last year’s figures of P1 billion and P2.3 billion for the same periods respectively,” it said.
“These numbers were achieved from higher nickel ore exports coupled with rise in metal prices and favorable foreign exchange,” the company said.
Benguet Corp. said all operating units reported profits this year. Its gold project posted 10-percent growth in revenue, nickel project generated 20 percent, while the Irisan lime project provided a 29-percent revenue growth.
Nickel subsidiary Benguetcorp Resources Management Corp., formerly Benguetcorp Nickel Mines Inc., received several awards and recognitions from the Mines and Geosciences Bureau Region 3 in April.
These include the highest average tenement, safety and health, environment and social development score for the metallic category in Region 3; best recorded improvement on its mine operations and rehabilitation; and safety award for attaining 2 million man hours worked without any lost time accident until the end of CY 2021.
ILP was awarded runner-up under the safest mineral processing-calcining plant category by the Philippine Mine Safety and Environment Association and DENR-MGB during the 67th Annual National Mine Safety and Environmental Conference in 2021.
These awards and recognitions are testament to the company’s adherence to best mining practices as a responsible miner.