Source : Webster's Revised Unabridged Dictionary (1913)

Beneficiate \Ben`e*fi"ci*ate\, v. t. [Sp. beneficiar to benefit,
   to work mines.] (Mining)
   To reduce (ores). -- {Ben`e*fi`ci*a"tion} (?), n.

Source : WordNet®

beneficiate
     v : process (ores or other raw materials), as by reduction