LEPANTO Consolidated Mining Co. started the commercial operation of its copper-gold project in Mankayan, Benguet, with over 1,000 dry metric tons (MT) of copper gold concentrate ready for shipping within the week.

In a statement issued on Wednesday, the listed mining firm said it has sold 1,048 dry MT of copper-gold concentrate from Mankayan.

Exploration of the site started in October 2015, with Lepanto’s team has so far completed 47,275 meters of underground drilling to evaluate the copper-gold resources at the former enargite mining area. 

Lepanto said it has discovered a combined indicated and inferred resources of 7.746 MT with a copper grade of 0.896% and gold content of 1.974 grams per ton (gt).

The company added the ongoing drilling has resulted to an indication of additional geologic resource of 7.29 MT at 1.69% copper grade, as well as a gold content of 2.02 gt.

“An increased drilling program will bring these areas into inferred and indicated categories,” Lepanto said.

The firm noted it will continue to produce gold doré from its Victoria Gold project.

Lepanto widened its net loss attributable to the parent to P386 million for the first half of 2017, from the P331 million in losses it incurred in the same period in 2016. 

Shares in Lepanto added 0.40 centavos or 2.23% to close at 18.3 centavos each at the Philippine Stock Exchange on Wednesday. — Arra B. Francia

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