Higher output, gold prices lift Benguet's 9-mo. income from net loss

Higher gold production and elevated gold prices in the world market sent Benguet Corp.’s nine-month income soaring to P1.176 billion from a net loss of P58.3 million in the same period last year. Benguet’s mining operations yielded a 50-percent jump in gold output to 3,257 ounces from 2,169 ounces. Multiplied by an increase in gold prices to $1,546 per ounce from $1,186 per ounce, the higher output made Benguet mining revenues for the nine-month period jump P597 million and contribute 91 percent of the operating income of P657.5 million. The Acupan mine in Itogon, Benguet pitched in P251.4 million and had reported net earnings of P72.7 million. An expansion program is underway at Acupan, designed to raise daily production to 200 tons per day this year and 300 tons per day by 2012. The Sta. Cruz nickel project in Zambales chipped in P339.6 million in revenues. — ELR/VS, GMA News