Lepanto loss widens to P949 million last year

MANILA, Philippines — Lepanto Consolidated Mining Co. has incurred a net loss of P949 million last year, up 29 percent from the previous year despite improved revenues.

In a disclosure to the local bourse, the company said revenue rose six percent to P1.6 billion.

Metal sales likewise went up nine percent to P1.6 billion as the company started producing copper-gold concentrate in addition to its gold ores.

Gold production decreased to 23,290  while silver production went up to 54,649 ounces.   Copper production reached 1.39 million pounds.

Silver prices dropped two percent to $16.97 per ounce.

Capital expenditures last year amounted to P983 million, bulk of which went to mine exploration and diamond drilling.

During the last quarter, Lepanto started the commercial operation of its copper-gold project where production of copper-gold concentrate and gold ore would continue as the present mill throughput of 1,300 metric tons per day ramps up to 2,000 MT.

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.

Lepanto sells its production to Hongkong, Canada, Peru, and China, among others.