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Lepanto starts commercial operation of copper-gold resource
Listed firm Lepanto Consolidated Mining Co.’s copper-gold project has started commercial operation, Malaya reported on October 5.
Lepanto said it already sold 1,048 dry metric tons (MT) of copper-gold concentrate to be shipped this week, but did not reveal the buyers of the ore.
The company also said since October 2015, its exploration team has completed 47,275 meters of underground drilling to evaluate the copper-gold project resources in Benguet.
The program discovered combined indicated and inferred resources of 7.746 MT at 0.896 percent copper and 1.974 grams per ton gold.
Lepanto’s ongoing drilling has also outlined an additional geologic resource of 7.29 MT at 1.69 percent copper and 2.02 grams per ton gold.
Earlier this year, the company raised as much as P1.75 billion to fund the further exploration and development of the copper-gold project as well as to purchase mining equipment, and settle debt and pension obligations.
Back then, the company approved an offer of one share for every 4.685 shares held at P0.15 per share or a total of 11,678,967,888 shares from its unissued authorized capital.