Lepanto mining rides soaring gold prices
An employee of Pro Aurum gold house lifts 1 Kg gold bars of 999.9 purity in the safe deposit boxes room in Munich, Germany, Friday, April 25, 2025. (AP Photo/Matthias Schrader)
MANILA, Philippines — Net earnings of listed mining firm Lepanto Consolidated Mining Co. soared by as much as 4,000 percent to P659 million in January to May this year from a year ago, driven by higher production and gold prices.
In a stock exchange disclosure on Tuesday, Lepanto said its mining output expanded by 23 percent to 10,151 ounces, versus the 9-percent rise in expenses.
The price of this precious metal reached $3,035 per ounce, a 39.1-percent increase.
READ: Record high gold prices may bring old mines back
Lepanto, which operates a mine in Benguet province, continues to produce gold from the Victoria and Teresa deposits.
“All efforts on equipment acquisition and upgrades are focused on improving productivity and metal recoveries. Presently, there are five active drill rigs drilling for both grade control and exploration, with encouraging results,” it said.
READ: Benguet’s oldest mines step up work to help PH recovery
