Lepanto Consolidated Mining Co., through high revenues and better output, cut its net loss 18 percent to P 775 million for 2018.
The mining firm’s production of gold, white silver, and copper all increased while prices for the minerals slipped.
From 23, 390 ounces in 2017, gold production for 2018 rose to 28,147 ounces. White silver on the other hand went up from 54,649 ounces to 87,365. Lastly, copper production increased to 3.17 million pounds, a stark difference from 2017’s 1.39 million.
Lepanto said gold pricing fell to $ 1,262 per ounce; silver had an eight percent drop to $ 15.65 per ounce; and copper’s worth also declined and was priced at around $ 2.96 per pound.
Meanwhile, the mining firm also saw an increase in major cost items including mining cost by P 165 million and milling cost by P 169 million. These increases, according to the company, were due to the higher tonnage delivered and processed in 2018.
Likewise, in relation to marketing, handling and assaying of copper-gold concentrate, marketing expenses of Lepanto reached P 35 million.
Production tax, on the other hand, increased by P52 million amid doubling of the excise tax.
Lepanto spent P 667 million, bulk of which was allotted for mine exploration and development, for its capital expenditures in 2018.
In fact, the mining firm’s mill upgrades in Mankayan, Benguet which needs Falcon concentrators and modifications replacement for improved gold and copper recoveries is near completion.
