Benguet Corporation (the “Company,” “Benguet,” or “BC”) is the oldest mining company in the Philippines and recognized as the pioneer in mining. Established on August 12, 1903, as Benguet Consolidated Mining Company, its 120-plus years of existence is a testament to its adaptability and resiliency in the face of changes brought about by global events, wars, natural calamities, economic conditions, and industry trends.
From a Sociedad Anonima, Benguet was reorganized and registered with the Securities and Exchange Commission (SEC) on June 18, 1956, as Benguet Consolidated, Inc. The company has been listed on the Philippine Stock Exchange since January 4, 1950.
Benguet Corporation was also listed on the New York Stock Exchange (NYSE) in 1949, marking a significant milestone as one of the few Philippine companies to achieve such an international listing at that time. Benguet Corporation was delisted in the year 2000 due to the inability to meet new listing requirements set by the NYSE.
Aside from its mainstay in gold mining, Benguet ventured into chromite production when it became the operator of Consolidated Mines Inc., and acquired the Irisan Lime Project (ILP), formerly Lime Products Manufacturing, in the 1950’s. ILP is engaged in the production and sale of quicklime and hydrated lime.
Benguet acquired Arrow Freight Corporation (AFC) in the 1960’s. AFC is engaged in the business of hauling and transporting freight, goods, wares, merchandise, and other property by means of trucks, buses, trailers, and other forms of motor vehicles.
During the 1980s, following its rebranding to Benguet Corporation, it reached its peak, operating five major mines: Benguet Gold Operations (BGO), Benguet Antamok Gold Operation (BAGO), Dizon Copper-Gold Operation (DCO), Masinloc Chromite Operation (MCO), and Paracale Gold Operation (PGO). Also, Heal Lumber Company (HLC) changed its name to BMC Forestry Corporation (BFC) during this period.
However, the 1990s brought significant challenges to the Philippine mining industry, and Benguet was no exception. Natural calamities severely impacted operations, including the 1990 Baguio earthquake, the 1991 Mount Pinatubo eruption, typhoons, and low metal prices, forcing the suspension of BGO in 1992 and PGO in 1993. The 1997 Asian financial crisis further exacerbated the situation, closing DCO in 1997 and BAGO in 1998.
In 2003, Benguet reopened BGO on a limited scale through the Acupan Contract Mining Project (ACMP), then later renamed it the Acupan Gold Project (AGP). The Company developed the Sta. Cruz Nickel Project (SCNP) in 2007 as an additional revenue source. It continues to assess and package its other mineral properties for future development or disposition. Investments were made in the Balatoc Tailings and Surigao Coal projects and the expansion of AGP. The Company retained interests in the Acupan Gold, Ampucao Gold Copper, Pantingan Gold, Benguet Oreline Contract Operation (BOLCO), and the Ilocos Norte and Kalinga Financial or Technical Assistance Agreement (FTAA) prospects. In 2010, Benguet resolved a longstanding issue with the Kingking Project claim owner.
Over the years, Benguet has embraced transparency and sustainability, maintaining financial stability and operational integrity, underscoring its commitment to responsible business practices.
