Listed Lepanto Consolidated Mining Co. has incurred a net loss of P949 million in 2017, up 29 percent from the previous year despite improvements in revenues.
This in comparison to the company’s posted loss of P733.5 million loss in 2016, the company said in a disclosure to the local bourse.
Meanwhile the company reported a six percent increase in revenues to P1.6 billion from the P1.53 billion in 2016,
As the company started producing copper-gold concentrate, metal sales also went up nine percent to P1.6 billion.
However, gold production decreased to 23,290 ounces from 23,616 ounces. Silver production went up to 54,649 ounces from 39,114 ounces, while copper production totalled to 1.39 million pounds.
Silver prices dropped two percent to $16.97 per ounce, the company said.
The average gold price only increased up to $1, 263 per ounce and $3.04 per pound for copper.
Lepanto started the commercial operation of its copper-gold project during the last quarter of 2017.
The company operates in Benguet and is primarily involved in the exploration and mining of gold, silver, copper, lead, zinc. They also engaged in all kinds of ores, metals, minerals, oil, gas, coal and their related by-products.
The firm sells its produce to Hong Kong, Canada, Peru, and China.
