NEWS

By Catherine Talavera | The Philippine Star | June 10, 2021 12:00am

LEPANTOMINING.COM

MANILA, Philippines — Listed narrowed its net loss in the first quarter to P63.2 million from P214.4 million in the same period in 2020 due to lower costs and expenses.

In a financial report to the Philippine Stock Exchange, Lepanto said consolidated revenues declined by 10 percent to P407.6 million from P451.7 million.

Revenues from the sale of metals similarly dropped to P405.9 million from P422 million.

Lepanto said metal production in the form of bullion consisted of 4,503 ounces of gold and 23,084 ounces of silver.

“Until March 2020 when copper operations were suspended, metal production in the form of ore and gold-copper concentrate totaled 4,633 ounces of gold; 11,358 ounces of silver and 618,442 pounds of copper,” Lepanto said.

Gold price averaged at $1,778.96 per ounce, higher than the $1,559.43 per ounce average price in the same period last year.

Average silver prices also increased to $26.18 per ounce from $17.44 per ounce in the first quarter of 2020.

Meanwhile, Lepanto reported that its total cost and expenses decreased by 28 percent to P465.5 million, largely due to the suspension of copper operations as well as a 29 percent decrease in mining cost.

Milling tonnage also declined to 104,628 tons from 150,090 tons. This led to a lower milling cost of P83.2 million compared to P97.8 million.

Overhead and administrative costs fell to P105 million from P137.9 million.

For the rest of the year, Lepanto expects to continue to focus on gold production from its Victoria and Teresa deposits.

Lepanto said its carbon-in-pulp plant is undergoing rehabilitation to improve gold and silver recoveries and increase production.

“There are no plans for any significant changes in the number of employees or purchase or sale of any plant or significant equipment,” the company said.

Lepanto said it may resort to raising capital to support operations.

Source: PhilStar