Lepanto clears P688 M in 2000

Despite the record low price of gold, Lepanto Consolidated Mining Co., a gold and copper mining company operating in Mankayan, Benguet, posted a net income of P668 million from its Victoria mine operations last year, up by 65 percent from the P405 million registered in 1999. This results in earnings per common share of P0.0372.

In a report to the Securities and Exchange Commission, Lepanto senior vice president and chief financial officer of Bryan U. Yap attributed the increased to higher gold and silver production.

In 2000, Lepanto’s gold and silver production was placed at 165,424 oz and 355,000 oz, respectively. The company’s gold production represents an increase of 30 percent over the 1999 production of 127,000 oz. Silver production was higher by 143 percent over 1999 production of 146,000 oz.

"The average gold selling price last year was $278 per oz. Compared to $279 per oz the previous year. This gold price is a 20-year low for the company," Yap said.