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Benguet Corporation:Balatoc Gold Tailings Project Sta. Cruz Nickel Project
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Balatoc Gold Tailings Project
Sta. Cruz Nickel Project
Benguet Corporation, with 107 years of history, has
pioneered modern mining in the Philippines:
1903 - rich gold lodes of the underground Antamok Mines in the famous Baguio Mineral District
1927 - rich gold lodes of Acupan Mines also in the Baguio Mineral District
1934 - Masinloc Refractory Chromite Mine in Zambales, Western Luzon
1971 - gold-rich Dizon Porphyry Copper Mine in Zambales
The Company
BenguetCorp Mineral Properties
1. ACUPAN GOLD MINE
2. ANTAMOK GOLD MINE
3. AMPUCAO COPPER PORPHYRY
PROSPECT
4. BALATOC GOLD TAILINGS
PROJECT
5. ILOCOS AND APAYAO FTAA
6. LIMESTONE PROSPECTS
7. PANTINGAN GOLD
PROSPECT
8. SURIGAO COAL PROJECT
9. KINGKING COPPER-GOLD
PROJECT
10. KINGKING EPITHERMAL
GOLD PROJECT
Ilocos Norte FTAA
Kalinga Apayao
FTAA
Acupan Gold Mine
Antamok Gold Mine
Balatoc Tailings
Project
Sta. Cruz Nickel
Project
Surigao Coal
Project
“THE RECOVERY OF RESIDUAL
GOLD FROM TAILINGS”
BALATOC GOLD RESOURCES CORP. (BGRC)
BALATOC GOLD TAILINGS PROJECT
In compliance with NPCC directive – BenguetCorp built three (3) tailings dams which up to 1992 had accumulated some 16.7 Million tonnes of mill tailings.
Barangay Virac
Benguet Province
Tailings Pond # 1
Tailings Pond # 2
Tailings Pond # 3
PROJECT LOCATION
TAILINGS RESOURCE
TAILINGS POND TONNAGE
GRADE (gAu/MT) (MT)
I 4,649,483 0.87
II 6,266,130 0.56
III 5,787,142 0.56
TOTAL/AVE. 16,702,755 0.65
MINEABLE RESERVE
TAILINGS POND TONNAGE
GRADE (gAu/MT) (MT)
I 3,952,061 0.87
II 5,326,210 0.56
III 4,919,071 0.56
TOTAL/AVE. 14,197,342 0.65
Mineral Processing Permit (MPP) No. 13-2010-CAR Environmental Compliance Certificate
(ECC) 0811-033-2721 issued June 11, 2009
Board of Investment Incentives with 6 years BOI exempted tax holiday issued December 16, 2009
Reclamation of Tailings Reclamation by SMALL HYDRAULIC SUCTION DREDGE.
Reclamation rate of 3,000 TPD on the first 3 years
and 5,000 TPD on years 4 to 10.
Pre-production dredging of about 2 million DMT from
the downstream of Tailings Pond #1 and to be
stockpiled in Tailings Pond #2 and upstream of
Tailings Pond #1.
During production, dredging of tailings material
starts at Pond #1 and material conveyance via slurry
pumping.
Dredging facilities will be installed in the
tailings pond for mining.
Metallurgical Process
Metallurgical researches were done in the
laboratories of BenguetCorp, MGB and Beijing
General Research Institute of Mining and
Metallurgy (BGRIMM) of China.
The planned mill capacity is 3,000 TPD for the
first 3-years and expanded to 5,000 TPD on years
4 to 10.
The selected metallurgical process is a
combination of concentration by flotation,
ultrafine grinding and CIP/CIL.
Metallurgical Process
Test results showed about 84.3% & 70% gold
recoveries from flotation and CIP/CIL,
respectively. Combined gold recovery is about
60%.
Option: roasting will improve gold recovery to
70% and production of about 90,000 tons of
sulfuric acid per year.
By-product: Pyrite concentrate will be sold in the
market.
The mill plant will be constructed at the old
Acupan mill site overlooking Tailings Pond #1.
YEAR TAILINGS POND TONNAGE GRADE
(gAu/MT) Oz. Au
(MT)
1 I & III 985,500 0.96 18,250.29
2 I & III 985,500 0.96 18,250.29
3 I & III 985,500 0.81 15,398.69
4 I 1,215,450 0.70 16,412.59
5 I 1,642,500 0.73 23,129.71
6 I & II 1,642,500 0.75 23,763.40
7 II 1,642,500 0.56 17,775.03
8 II 1,642,500 0.56 17,775.03
9 II 1,642,500 0.56 17,775.03
10 II 1,642,500 0.56 17,775.03
TOTAL/AVE. 14,026,950 0.69 186,305.08
ANNUAL MILL PRODUCTION SCHEDULE
EQUITY
DEBT
Issue size Approximately P333 million ($7.24M), equivalent to an
economic ownership stake to be negotiated with BGRC
Instrument
Common Equity Shares with a par value of P1.00
Instrument
Philippine Peso-denominated Term Loan
Issue Size
P600 million ($13M)
Maturity
Seven years inclusive of a three- year grace period
on principal repayments
Principal
Amortizations
In equal quarterly or semi-annual principal payments
commencing on the third year after initial drawdown
- This pioneering approach by BenguetCorp will open up similar ventures for other gold mill tailings in the country with BenguetCorp obtaining an edge technically and commercially.
- Conducted Pre-Feasibility Study on the same
approach for Antamok Tailings.
“ENHANCING RESOURCE
UTILIZATION, UPGRADING VALUE
OF PRODUCT”
• MPSA No. 226-2005-III
• Environmental Compliance Certificate
(ECC) 0806-015-2140
• The Sta. Cruz deposit consists of two claim groups covered by:
Insular Chromite Reservation #3 (ZMCR-3) 1,317.7653 hectares
Guisguis Claim Group (ZR 1-10) 88.9709 hectares
Total 1,406.7362 hectares
Exploration Work Performed
No. of Test Pits sunk 1,355 TPs
Total Length of Test Pits Sunk 9,023m
Test Pit Grid 100m x 100m
Test Pit Average Depth 8m
No. of Auger Holes Drilled 101 holes
Total Length of Auger Holes Drilled 817m
No. of Drillholes 975 holes
Total Length of Drillholes 10,355 m
Total Length of Test Pits and
Drillholes 19,378 m
Test Pit Sampling Method Vertical Channel cut on two (2) opposite sides
sampled @1m interval
Drilling Program
The drilling program from
2008 up to mid 2010 had
completed a total of 975
holes with an aggregate
depth of 10,355 meters.
Preliminary Resource Estimate
Grade Group Tonnage % %Ni
1.0 – 1.3% Ni 7,486,663 47.9 1.14
1.3 – 1.5% Ni 3,227,309 20.7 1.40
1.5 – 1.8% Ni 4,000,248 25.6 1.62
>1.8% Ni 904,197 5.8 1.96
TOTAL 15,618,417 100 1.37
Assaying Condition:
Grade = 1.55% Ni
Moisture Content = 0%
± 1.80% Ni
Ore:
Grade = 1.55% Ni
Moisture Content = 35%
Crystal Water = 14%
Ni Metal = 1.55 g
Crystal Water = 0 g
Other Elements = 84.45 g
Total Wt. = 86 g
DRY (105 °C)
PELLETIZATION PROCESS
(±900 °C)
At assaying condition, the crystal water (14%) is
NOT measured.
Ni Metal = 1.55 g
Total Wt. = 100 g
% Ni = 1.55%
In 100 g, Ni metal is 1.55 g and 14 g crystal water.
During pelletization, crystal water is removed decreasing
the total weight to 86 g.
Thus Ni pellet grade = [(1.55/86) * 100] = 1.80% Ni
Ni Metal = 1.55 g
Total Wt. = 86 g
% Ni = 1.80%
ORE PELLET
LME (US$/MT) 15,000 15,000
% Ni 1.55 1.8
% Moisture 35 5
% Discount Factor 15.5 18
% Combined Water 14 0
Selling Price (US$/MT, FOB) 23.42 46.17
Market Situation No Buyer Sellable
BUYER’S SAVINGS
Freight Cost (US$/Shipment of 50K MT) 500,000 350,000
Savings (US$/Shipment) 150,000
SELLER’S SAVINGS
Hauling Cost (US$0.14/t/km, 23km) 161,000 112,700
Savings (US$/Shipment of 50K MT) 48,300
Comparative Advantage of Upgrading
the Ore to Pellets
DEBT OR EQUITY
1 SINTERING PLANT P706M ($15.35M)
2 INFRASTRUCTURE DEVELOPMENT P340M ($7.39M)
3 EXPLORATION P554M ($12.04M)
4 TOTAL P1600M ($34.78M)
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