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Monday, 22nd December 2008 (1818 views)

Mining company Benguet has been chosen by the Balatoc Kalinga Tribe and Balatoc Tribe Exploration and Mining to reopen the 492 hectare Batong Buhay gold mine in the Cordilleras mountains.

The firm received a letter announcing its selection from the two tribal businesses and has revealed in a statement to the stock exchange that it will now form a new joint venture with them.

Reynaldo Mendoza, Benguet vice president for finance and corporate secretary, told Business World Online: "We hope the government will issue all necessary permits early next year for us to be able to start our work."

Located in the municipality of Pasil in Kalinga Apayao, the Batong Buhay mine was operated by Philex Mining until 1985 and Beguet was one of three companies that bid to form a joint venture with the tribal firms.

Based in the Philippines, natural resource exploration and mining company Benguet was established in 1903 and has a focus on gold.

 

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