BENGUET Corp. yesterday said it has signed an agreement with its wholly owned subsidiary BenguetCorp Nickel Mines Inc. (BNMI), allowing the latter to undertake the activities on its nickel project in Zambales.

In a disclosure to the Philippine Stock Exchange, Benguet assistant corporate secretary Reynaldo P. Mendoza said that the move was in line with the company?s plans to create business units to implement various mining projects, as previously disclosed during its stockholders? meeting last year.

According to Mendoza, the mining property in Zambales has an approved Mineral Production Sharing Agreement with a completed exploration and predevelopment work program at a total invested cost of P317 million.

Aside from the mining and direct ore shipment, Benguet said BNMI would also be tasked to undertake research and feasibility study on various processing techniques such as pelletizing or tank leach processing, Mendoza said.

Benguet earlier said that it had already incorporated a project company to raise funds for its nickel mining project through public listing and stocks offering, with First Metro Investment Corp. as the financial adviser of Benguet Corp.