Lepanto starts copper-gold operations in Benguet

Listed miner Lepanto Consolidated Mining Co. on Wednesday said it has formally started the commercial operation at its copper-gold project in Benguet.

"The Copper-Gold Project of Lepanto Consolidated Mining Company has commenced commercial operation. Lepanto has sold 1,048 dry metric tons copper-gold concentrate to be shipped this week," Odette Javier, Lepanto vice president and assistant corporate secretary told the Philippine Stock Exchange on Wednesday.

Exploration works at the mine site found previously unrecognized gold-bearing veins of quarts, pyrite, and gold (QPG) in areas located next to its Victoria Gold Project in Mankayan, Benguet, Lepanto said in July.

"Since October 2015, Lepanto's exploration team has completed 47,275 meters of underground drilling to evaluate the copper-gold resources at the former enargite mining area," Javier said.

Lepanto will continue mining the Victoria site from which gold is and sold to Canada, China, Hong Kong, and Peru.

"Lepanto will still continue to produce gold ore (refined gold bar) from its Victoria Gold Project," Javier noted.

Lepanto shares closed at P0.183 per share on Wednesday, up 2.23 percent from P0.179 on Tuesday. — Jon Viktor D. Cabuenas/VDS, GMA News