MINING FIRM Dizon Copper-Silver Mines, Inc. trimmed its net loss in the third quarter to P276,845 due to lower mining maintenance expenses.
In a disclosure to the stock exchange on Thursday, the company said its third-quarter result is 57.6% lower compared with the P652,363 net loss it recorded in the similar period last year.
Administrative and mine site expenses for the quarter fell 57.6% to P276,998.
For the nine-month period, the company said its net loss declined 38.1% year on year to P919,884, against P1.49 million a year ago.
Further, its total administrative and mine site expenses fell 38% year on year to P920,519.
“The company’s present activities are confined to the care and maintenance of the mine site and the properties therein specifically the tailings dam,” the disclosure said.
The company said it is still involved in the upkeep of the Bayarong Tailings Dam and its properties, adding that it has continued to maintain the major dam structures to avoid overspill of dam water in accordance with guidelines from the Mines and Geosciences Bureau and the Department of Environment and Natural Resources (DENR).
Meanwhile, the mining company said it plans to improve its stockholder’s equity by issuing 22,162,501 new common shares that can be issued at a premium over par.
It said that the issuance must be the same or near the current market price of its shares in the Philippine Stock Exchange.
“The company has an authorized capital stock of 101,250,000 with a par value of P1 per share but only 79,087,499 shares are subscribed and fully paid,” the disclosure said.
“Once completed, the premium over par may create additional paid-in capital of up to around P132 million,” it added.
Further, it said it is still finding a potential partner that can provide fresh capital for its projects through increasing the company’s authorized capital stock.
The company added that one project it is targeting is to extract the residual gold from the mine tailings stored in the Bayarong Tailings Dam.
The company also announced that it has applied for a mineral processing permit with the DENR for the said gold tailings located in Zambales.
“The company is looking for potential investors for a possible joint venture for the processing and operational rights of the Dizon tailings,” the disclosure said.
In December 2019, the company sold its property Port of Dizon, a storage facility in Subic, Zambales used for copper concentrates and a loading pier spanning 20,534 square meters, to Sunplaza Development Corp. for P100 million.
On Thursday, shares in the company ended unchanged at P7.81 per piece. — Revin Mikhael D. Ochave
