Lepanto Consolidated Mining Company (LCMC) reported a significant jump in net income, reaching PHP659 million as of May 2025. This is substantially higher than the PHP16 million recorded during the same period last year.
The mining firm attributed the sharp increase in earnings to both higher gold production and favorable global gold prices. Gold output rose by 23%, from 8,258 ounces to 10,151 ounces, while the average gold price surged to USD3,035 per ounce from USD2,182 per ounce in the previous year. Operating expenses grew modestly by 9% year-on-year.
Lepanto continues to mine gold from both its Victoria and Teresa deposits. The company stated that recent investments in equipment acquisition and upgrades are focused on enhancing productivity and improving metal recoveries.
Currently, five drill rigs are actively operating across its sites for both grade control and exploration. According to the company, initial results from these exploration efforts have been encouraging.
The firm’s performance comes at a time when the global demand for gold remains strong, driven by investor interest in safe-haven assets and rising inflationary pressures. The combined impact of improved output and a favorable market environment has positioned Lepanto to play a more active role in the local mining industry’s ongoing recovery.
As one of the country’s long-established mining firms, Lepanto’s financial rebound may also have ripple effects on job creation, local supply chains, and regional development in its areas of operation.
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