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HEAVY LOSSES FORCE SUSPENSION OF BGO UNDERGROUND ORE PRODUCTION IN ACUPAN MINES

 HEAVY LOSSES FORCE SUSPENSION OF BGO UNDERGROUND ORE PRODUCTION
 IN ACUPAN MINES
 MANDALUYONG, Metro Manila, Oct. 14 /PRNewswire/ -- A prolonged decline in global gold prices has prompted Benguet Corporation (NYSE: BE) to suspend underground ore production in Acupan Mines at its Benguet Gold Operations (BGO) located in the Municipality of Itogon, Benguet Province.
 In a press statement, Benguetcorp President Dennis R. Belmonte announced that the company is constrained to suspend all underground ore production in Acupan Mines starting in November of this year "as a corrective measure to forestall continuing heavy losses." All other operations at BGO remain normal.
 This problem now confronting the Philippine mining industry is confirmed by the Mines and Geo-Sciences Bureau which has noted that escalating costs of production and low world metal prices have resulted in a 4.38 percent overall decline in the value of the Philippines' gold output. Despite a 4.6 percent increase in output, from 12.6 tons to 13.2 tons, total value declined by 4.38 percent from P4.07 billion for the first half of last year to only P3.8 billion for the same period this year.
 In the 1980's, the mining industry accounted for $1.95 billion or 21.3 percent of the country's export revenues. Revenues started to dip towards 1990, when the industry received only $840 million and accounted for only 8.9 percent of the total export revenues.
 -0- 10/14/92
 /CONTACT: Robert V. Schnabel, U.S. counsel, Benguet Corporation, 202-638-2241/
 (BE) CO: Benguet Corporation ST: IN: MNG SU:


MH -- DC002 -- 9718 10/14/92 09:16 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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