Lepanto trims loss to P377 million in H1

MANILA, Philippines — Lepanto Consolidated Mining Co. slightly trimmed its net loss to P377 million in the first semester on higher revenues and better production.

In a disclosure to the local bourse, the company said revenues improved to P949 million.

Copper-gold concentrate produced from the copper flotation plant reached 4,711 dry metric tons (DMT) containing 9,194 ounces of gold; 37,494 ounces of silver and 1.36 million pounds of copper.

Gold production increased to 12,566 ounces from 10,322 ounces, while silver production went up to 41,369 ounces from 14,149 ounces.

For the whole year, Lepanto expects  metal output to reach 30,600 ounces of gold, 85,600 ounces of silver and three million pounds of copper.

Lepanto said silver prices fell five percent to $16.60 per ounce, while the average realized gold price inched up to $1,308 per ounce.

Cost and expenses went up 36 percent to P1.4 billion due to higher tonnage milled and the resumption of copper flotation circuit.

The company spent P543 million as of the end of June, bulk of which went to mine exploration and development.

Lepanto’s exploration program is now focused on ore delineation drilling which is the next logical step to gain further confidence in the resource and increase ore reserves.

The development of its copper-gold project will continue this year with plans to ramp up milling tonnage to as much 1,350 MT per day by 2019.

Lepanto, which operates in Benguet, is primarily engaged in the exploration and mining of gold, silver, copper, lead, zinc and all kinds of ores, metals, minerals, oil, gas, coal and their related by-products.

The mining firm sells its production to Hong Kong, Canada, Peru, and China, among others.