Makati—(PHStocks)—Lepanto Consolidated Mining Co. (PSE: LC) will resume copper concentrate production following two years of drilling in the Copper Gold Project; metallurgical tests; and rehabilitation of its copper flotation plant. The said plant is presently being debugged, and will be operated to produce gold and silver-bearing copper concentrate, alongside the carbon-in-pulp plant that will continue to produce gold ore.
Initial run-of-mine production from Victoria and the Copper Gold Project is 1,500 tonnes per day (tpd), ramping up by 1,900 tpd by year-end, and 3,000 tpd by 2019. There is a technical report as required under the Philippine Mineral Reporting Code by a Competent Person on the mineral resource which is presently being reviewed and finalized, for submission in due course.
To fund the further exploration and development of the Copper Gold Project, purchase of mining equipment, and settlement of debt and pension obligations, the Board of Directors approved an offer of 1 share for every 4.685 shares held at PhP0.15 per share or a total of 11,678,967,888 shares from the company’s unissued authorized capital. Record and offer dates will be announced upon PSE approval of the pertinent listing application. The offer will raise a total of PhP1.751 billion.