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BENGUET Corp., the us of a’s oldest mining firm, stated on Friday it incurred a net lack of P18.6 million in the first region of 2017, reversing the P55 million internet income booked inside the equal length final yr, due to a decline in nickel revenues.

In a financial record, Benguet Corp. Stated the decline in nickel revenues become in particular due to the Department of Environment and Natural Resources’ (DENR) suspension order on its entirely owned subsidiary Benguetcorp Nickel Mines Inc. (BNMI).

The DENR suspended BNMI—along side some other mining firm, Zambales Diversified Metals Corp. (ZDMC)—because of “various alleged environmental crimes, violations of the mining and environmental legal guidelines, and court cases of various companies towards the alleged environmental impacts” in their mining operations. On February 13, BNMI obtained a cancellation order from the DENR, cancelling its Mineral Production Sharing Agreement situation to compliance with the provisions of the law on mine rehabilitation of disturbed areas due to the mine audit conducted via the DENR in August 2016.

As a result, Benguet Corp. Said consolidated revenues dropped fifty eight percentage to P266 million from ultimate yr’s P636.2 million.

Cost and working expenses fell through 50 percent to P270.2 million this sector due to a decrease in value of mine merchandise bought and promoting preferred charges.

For this sector, BNMI shipped best one boatload nickel ore weighing fifty three,500 heaps with a mean fee of $25 in line with ton, as compared to 8 boatloads with an mixture volume of 405,185 tons at a median rate of $24.Eighty two in line with ton for the identical period closing 12 months, causing revenues to decrease via ninety one percent or P784.Four million.

BNMI incurred a P16.7 million net loss against the P310.1 million internet profits recorded for the primary quarter of 2016.

Meanwhile, its Acupan Gold Project (AGP) additionally registered a net loss of P2.57 million in first zone, narrower than the P5.1 million internet loss recorded remaining yr, as higher working expenses offset improved gold output this zone.

Its Irisan Lime Project’s (ILP) internet profit declined by means of eleven percent to P2.93 million from P3.29 million a 12 months in the past because of higher charges as a result of the growth in oil prices, diesel being the major enter in Irisan’s manufacturing manner.

Benguet Corp.’s utterly owned subsidiary Benguet Management Corp. (BMC) and its subsidiaries, pronounced a consolidated net lack of P3.9 million from a internet profits of P19.4 million last year, because of the suspension of BNMI.