Lepanto losses widen in 9 months
By Louise Maureen Simeon
MANILA, Philippines — Lepanto Consolidated Mining Co. has widened its net loss to P642 million in the first nine months despite better revenues.
In a disclosure to the local bourse, the company said net loss increased by 25 percent to P642 million even if metal sales went up to P1.56 billion.
Gold production rose to 15,349 ounces while silver production went up to 68,719 ounces from 55,859 ounces.
Copper production, on the other hand, decreased to 2.1 million pounds from last year’s 2.23 million pounds.
Lepanto said silver prices were two percent lower at $15.76 per ounce, while copper price decreased to $2.75 per pound. The average realized gold, however, slightly improved to $1,350 per ounce.
Major cost and expenses increased by eight percent to P2.18 billion due to higher tonnage mined and milled. Milling cost, depletion and depreciation, and overhead cost also went up.
Capital expenditures for the nine-month period reached P222.6 million, bulk of which was allotted for machinery and equipment.
The projected metal output for the year is 27,000 ounces of gold, 100,000 ounces of silver and 2.9 million pounds of copper.
Lepanto said various improvements have been and are continually being introduced in the copper floatation plant with two new crushers expected to be installed this quarter.
Subsequent equipment upgrades are also intended to improve metal recoveries and increase output.
The company, 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.
It sells its production to Hong Kong, Canada, Peru and China, among others.
Source: The Philippine Star