Manila Bulletin reported that the Securities & Exchange Commission has approved the PHP 2 billion capital increase of BenguetCorp Nickel Mines Inc, a wholly owned subsidiary of Benguet Corporation.

The SEC also approved the infusion into BNMI of Benguet's interests in the Sta Cruz Nickel mine at a transfer value of PHP 1 billion.

Benguet said that "This development will further strengthen Benguet's balance sheet and is consistent with Benguet's strategy of extracting value from its various mineral properties."

The Sta Cruz nickel mine, located in Sta Cruz, Zambales, consists of 1,406.7 hectares, covered by MPSA No. 226-2005-III. Some 1.3 million tonnes of ore with grades ranging from 1.8% to 2.05% Nickel were shipped in 2010 through an off take arrangement.

BNMI is considering the establishment of an intermediate processing facility to improve and maximize the value of its products. Preliminary studies have shown encouraging results and further tests are now being conducted in China.

(Sourced from www.mb.com.ph)