Benguet Corporation (Philippines)

Benguet Corporation is the oldest mining company in the Philippines and is recognized as a pioneer of modern mining in the country. It was established on August 12, 1903, as Benguet Consolidated Mining Company. The company has shown adaptability and resilience over its 112 years of existence, facing challenges brought about by global events, natural calamities, economic conditions, and industry trends. In June 1956, Benguet was reorganized and registered with the Securities and Exchange Commission (SEC) under the name Benguet Consolidated, Inc. It is currently in its third fifty-year corporate life, with the extension approved by the SEC in June 2006. Benguet has been listed on the Philippine Stock Exchange since January 4, 1950, and is widely held by the public, with 16,897 stockholders of record as of December 31, 2015. During the 1980s, Benguet Corporation operated 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). However, in the 1990s, the company faced challenges due to natural calamities, low metal prices, and the Asian currency and economic crisis. This led to the suspension of operations in some mines and the decision to sell its interest in others. In recent years, Benguet Corporation reopened the Benguet Gold Operations on a limited scale through the Acupan Gold Project. The company also ventured into healthcare and diagnostics services, mining logistics, trading of industrial equipment and supplies, port services, shipping services, and real estate development and lime kiln operation through its subsidiaries.