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Wednesday, 29th March 2006 (4283 views)

Benguet is reported to be considering expanding its mining production at Acupan gold mine in the Philippines.

As the price of gold gained strength on stock markets around the globe, the Philippines' oldest mining corporation said it could now see real value in increasing its output at the Itogon mine.

"Now we see there is medium-term strength in metal prices," Benjamin Philip Romualdez, president and chief executive of Benguet, told Reuters.

"We are now looking at expanding the operations, given the fact that we are aware there are some seven million ounces of gold still underground," he added.

The Acupan mine's production had been suspended in 1992 following a flood caused by a local earthquake in July 1990.

Coupled with low metal prices and high production costs, the mine was deemed untenable for a decade before finally being reopened in 2003.

Production has remained at a low level since then, Mr Romualdez said, but he expected the renewed expansion of operations to take place within a year.

 

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