MANILA, Philippines - Lepanto Consolidated Mining Co. is raising its authorized capital stock from P3.35 billion to P6.65 billion.
In a disclosure to the Philippine Stock Exchange (PSE), Lepanto said the planned increase its authorized capital stock will be presented to stockholders for approval during their annual meeting scheduled for April 20 this year.
Lepanto is engaged in gold bullion production and copper flotation operations.
It produces gold from its Victoria and Teresa operations, both located in Benguet.
Lepanto sells its gold bullion production to Heraeus Ltd. (Hong Kong), which is a refinery based in Hong Kong.
Its copper concentrate is sold through Seagate Minerals & Metals Inc. and Trafigura Beheer B.V. Amsterdam metal traders based in Switzerland and New Jersey, United States respectively.
Under the contract with Heraeus Ltd., Lepanto ships gold bars on a weekly basis.
Lepanto’s principal subsidiaries include Shipside, Inc., which is engaged in the hauling business; Diamond Drilling Corp. of the Philippines, which provides diamond drilling services, and Lepanto Investment and Development Corp. (LIDC) which is in the insurance business.
Lepanto, through LIDC, owns 80 percent of Diamant Boart Philippines, Inc. a manufacturer of industrial diamond tools.