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18

Philippine Gold Producer Posts Incredible Profits

Publicly listed company posts 145% growth in net income...

The Lepanto Consolidated Mining Corp. has said its gold production will increase with the opening of a new ore body early this year.

In its disclosure to the Philippine Stock Exchange, Lepanto said its gold production in the second half of 2003 was up 67% to 33,780 ounces from 56,640 ounces in the first half.

The increase in gold production supported a 145% growth in net income for the company in the second half to P57 million.

Lepanto earlier said it will start operating in April.