Lepanto trims loss to P775 M
Lepanto Consolidated Mining Co. trimmed its net loss by 18 percent to P775 million in 2018 on higher revenues and better production.
Gold production increased to 28,147 ounces from 23,390 ounces while silver production went up to 87,365 ounces from 54,649 ounces.
Copper production also went up 3.17 million pounds from 1.39 million pounds in 2017.
For the whole year, Lepanto projected that metal output would reach 30,600 ounces of gold, 85,600 ounces of silver and three million pounds of copper.
Lepanto said silver prices dropped eight percent to $15.65 per ounce while the average realized gold price fell to $1,262 per ounce. Copper price, likewise, declined to $2.96 per pound.
Due to the higher tonnage delivered and processed, major cost items increased including mining cost by P165 million and milling cost by P169 million.
Marketing expenses also rose to P35 million in relation to the marketing, handling and assaying of copper-gold concentrate while production tax increased by P52 million amid doubling of the excise tax.
Capital expenditures for the year amounted to P667 million, bulk of which was allotted for mine exploration and development.
Lepanto is completing the upgrade of its mill in Mankayan, Benguet which includes the replacement of its Falcon concentrators and modifications to improve gold and copper recoveries.