Benguet reports increase in Zambales nickel deposit

Mining firm Benguet Corp. reported to the bourse a 647.1 million wet metric tons (WMT) increase in the ore inventory of its unit Benguetcorp Nickel Mines Inc. (BNMI).

Following the completion of its so-called “10K drilling program” in 2014, the BNMI geological team prepared a new resource estimation for 2015. The in-house technical report updating the company’s mineral resource inventory was reviewed and evaluated by Tomas Malihan, an independent Philippine Mineral Reporting Code (PMRC) auditor.

The Santa Cruz Nickel project of BNMI covers a total area of 1,407 hectares located in the province of Zambales, municipality of Santa Cruz.

The BNMI geological team carried out diamond drilling campaign on the Santa Cruz nickel project to update mineral resource.

The campaign covered the period from December 2013 to September 2014. After the completion of the BNMI drilling which resulted in the additional drill-ing of 10,459.60 meters, the deposit was fully explored, the company disclosed.

After the completion of the drilling program in September 2014, a new resource estimation was done resulting in the discovery of an increase of in the estimated ore deposits.

In a disclosure also at the PSE, nickel mining firm Oriental Peninsula Resources Group Inc. said that subsidiary Citinickel Mines and Development Corp. (CMDC) approved for the payment of special cash div-idends amounting to P872.1 million or equivalent to P5.71 dividend per share. The CMDC board held a meeting last January 7 and approved the pay-ment date of the dividend on or before January 31 from its previous schedule of on or before January 27.

“This is in connection with the previous disclosure that the Board of CMDC declared a special cash dividend on December 28, 2015 amounting to P872.1 million or equivalent to a P5.71 dividend per share to all its stockholders of record as of December 31, 2015. The dividend shall be taken from the unrestricted retained earnings of CMDC as of December 31, 2015,” Oriental Peninsula said. RIZA LOZADA