Japanese, Chinese mining firms eye ZAMBALES

BENGUET Corp. said several foreign mining firms, including Sumitomo Corp. of Japan, have expressed interest in investing in the company's nickel and copper mining ventures on the islands of Luzon and Mindanao.

The company said it would need a total of 1.3 billion dollars to jump-start its mining ventures.

In a disclosure to the stock exchange, Benguet said it was now negotiating with a Japanese group comprising Sumitomo and Sojitz (Nisho Iwai) about possible investment in Benguet's multi-billion-peso nickel mining project in the province of Zambales on the main island of Luzon.

The Metallurgical Corporation of China is also set to conduct due diligence on the nickel venture, the company added.

"Benguet Corp. estimates a minimum budget of 800 million dollars in capital expenditure (budget would be needed) to do detailed exploration and development of the nickel property," the company said.

Benguet said its copper mining project on the southern island of Mindanao has also attracted inquiries from several foreign mining firms, including Zijin Co. of China.

A budget of 500 million dollars would be needed to prepare the final feasibility study, it added