LEPANTO Consolidated Mining Co. reduced its attributable net loss to P63.11 million in the first quarter after metal prices improved during the period, the listed mining company told the stock exchange on Wednesday.

Its losses during the January-to-March period were 70.6% lower than the P214.35-million attributable net loss it had last year.

Consolidated revenues fell 9.8% to P407.56 million against P451.74 million the year earlier.

“Metal production in the form of bullion consisted of 4,503 ounces of gold and 23,084 ounces of silver. Until March 2020 when copper operations were suspended, metal production in the form of dore and gold-copper concentrate totaled 4,633 ounces of gold; 11,358 ounces of silver; and 618,442 pounds of copper,” the company said in the disclosure.

It added that metal revenue this year went down to P405.94 million from P422.20 million.

According to the company, average gold and silver prices for the period reached $1,778.96 per ounce and $26.18 per ounce, higher than $1,559.43 per ounce and $17.44 per ounce last year, respectively.

Moving forward, Lepanto said it is focusing on gold dore production in its Victoria and Teresa deposits as exploration drilling continues.

“The carbon-in-pulp plant is undergoing rehabilitation to improve gold and silver recoveries and increase production,” the company said.

Lepanto, based in Mankayan, Benguet, has business interests in the exploration and mining of gold, silver, copper, lead, zinc, and all kinds of ores, metals, minerals, oil, gas, and coal and their related by-products.

On Wednesday, Lepanto “A” shares at the stock exchange rose 1.27% or two centavos to end at P0.159 apiece while Lepanto “B” shares improved 6.33% or 10 centavos to finish at P0.168 per share. — Revin Mikhael D. Ochave