Lepanto Consolidated Mining Company Announces Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Production Guidance for the Year 2018
For the six months, the company reported revenue of PHP 949,413,000 against PHP 700,938,000 a year ago. Loss from operations was PHP 357,812,000 against PHP 365,252,000 a year ago. Loss before tax was PHP 360,815,000 against PHP 379,701,000 a year ago. Net loss attributable to stockholders parent company was PHP 377,175,000 against PHP 386,625,000 a year ago. Basic and diluted loss per share attributable to stockholders parent company was PHP 0.00568 against PHP 0.00753 a year ago. Net cash used in operating activities of PHP 226,250,000 against PHP 440,838,000 a year ago. Acquisition of property and equipment were of PHP 513,422,000 against PHP 295,942,000 a year ago. Capital expenditures was PHP 542.7 million, of which PHP 233.6 million went to exploration; PHP 175.3 million to machinery and equipment; PHP 129.6 million to mine development; and PHP 4.2 million to maintenance of tailings storage facility 5A. Book value per share was PHP 0.12 as on June 30, 2018.
For the quarter, the company announced gold concentrate produced from the rehabilitated copper flotation plant totaled 2,166 dry metric tons (DMT) containing 5,336 oz. of gold; 19,708 oz. of silver; and 716,892 lbs. of copper. Combined with the dore production of 2,193 oz. of gold and 3,384 oz. of silver, total gold production amounted to 7,529 oz. versus 4,761 oz. last year; and total silver production was 23,092 oz. versus 5,959 oz. last year.
For the six months, the company announced a total of DMT copper-gold containing 1,364,024 lbs. of copper, 9,194 ounces of gold and 37,494 ounces of silver was produced in 2018. Combined with the dore production of 3,372 oz. of gold and 3,875 oz. of silver, total gold production amounted to 12,566 oz. versus 10,322 oz. last year; and total silver production was 41,369 oz. versus 14,149 oz. last year.
The projected metal output for the year 2018 is 30,600 oz. of gold, 85,600 oz. of silver and 3.0 million pounds of copper.