Lepanto Consolidated Mining Company (LCMC) reported a 1,195% jump in net income for the first half of 2025, reaching PHP 772 million from just PHP 59.6 million in the same period last year.
The surge was driven by higher gold and silver production, stronger metal prices, and cost management measures. Gold output rose 17.6% to 11,759 ounces, while silver output increased to 23,518 ounces.
Average gold prices climbed to USD 3,084.80 per ounce from USD 2,205.31 per ounce in 2024, while silver prices improved to USD 32.94 per ounce from USD 25.76.
Revenues for the first six months hit PHP 2.20 billion, up 60% from PHP 1.37 billion last year. Mining costs rose modestly due to higher milling volumes and increased consumption of sodium cyanide, while excise taxes and overhead also went up in line with stronger sales.
The company allocated PHP 249 million for capital expenditures in the first half, focusing on exploration, machinery, mine development, and tailings dam maintenance.
LCMC said it will continue producing gold and silver dore from its Victoria and Teresa deposits, with exploration drilling underway to confirm orebody extensions. The company expects precious metal prices to remain stable or improve slightly for the rest of the year.
Beyond mining, LCMC’s diamond drilling subsidiary, Diamond Drilling Corporation of the Philippines, also posted improved results. It booked a net income of PHP 22 million in the first half of 2025, up from PHP 14.7 million last year, contributing to the group’s consolidated earnings.
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