Lepanto

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  • Topic: Mineral, Porphyry copper deposit, Copper
  • Pages : 7 (1815 words )
  • Download(s) : 48
  • Published : March 5, 2013
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COMPANY OVERVIEW

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Lepanto Consolidated Mining Company was established in 1936. 2011 marks the company’s 75th year in the business.

Lepanto is a Filipino primary gold producer. The Lepanto mines are located in Mankayan, Benguet where the Company has about a thousand employees.

From 1948 to 1996, Lepanto's Enargite operations produced 1.58 billion pounds of copper, 2.9 million ounces of gold and 12.0 million ounces of silver, recovered from 34.4 million MT of ore averaging 2.2% Cu and 3.5 g/t Au. Lepanto suspended its Enargite operations in 1996 and in 1997 commenced its Victoria gold operations. Lepanto presently operates the Victoria and Teresa deposits, from which it has produced over 1. 2 million ounces of gold.

Lepanto has a 60% interest in Far Southeast Gold Resources, Inc. which owns the Far Southeast Project, a world-class, high-grade gold and copper porphyry deposit. Lepanto is looking to develop the Far Southeast Project through a partnership with Gold Fields Limited of South Africa, one of the biggest gold miners in the world, with whom Lepanto executed an Option and Shareholders' Agreement in September 2010.

Lepanto has been a publicly-listed company since 1947. Its shares are traded on the Philippine Stock Exchange under the symbols LC and LCB and are highly liquid.

OUR POLICY STATEMENT

Lepanto Consolidated Mining Company commits to excellence in quality, environmental protection, safety, health, security in its mining operations.

LCMC commits to become a model of a socially responsible mining organization through effective implementation of the integrated management system - its standards, programs and procedures.

LCMC commits to high compliance rating in all applicable government laws, regulations and policies, industry standards, in order to uphold a trusting and enduring relationship with all stakeholders.

LCMC is committed to achieving its business objectives with utmost care for the environment and concern for the welfare, safety and health of its employees and host communities.

FAR SOUTHEAST

HISTORY OF THE PROJECT

The discovery of the Far Southeast (FSE) ore body was the result of an exploration philosophy to search for porphyry copper deposits within the vicinity of Lepanto's operations.

The initial target area was the 80-hectare Mankayan Communal Forest Reserve located southeast of the company's mining claims. In 1978, the company secured an endorsement for a prospecting permit from the Mankayan municipal government.

The following year, the necessary government permits from the Bureau of Mines were obtained. This enabled the company to conduct an induced polarization (I.P.) survey in the area, which yielded an anomaly. The communal forest reserve was released by the government and granted in 1980 to the company through PD 1676 which legalized the exploration, development and utilization of minerals found within the Communal Forest Parcel I.

In April 1980, the first surface drill hole (S-80-1) was collared at the center of the IP anomaly. This hole and another surface hole drilled further west showed very lean mineralization. A switch to underground drilling was done later that year with the collaring of U-80-23 which became the discovery hole.

An intensive underground grid drilling program of a total of 75 drill holes equivalent to 38 kilometers was undertaken until 1986. In addition, underground level drives covering 7.6 kilometers were accomplished for exploration. The results defined the gold-rich porphyry copper deposit. During the same period, extensive metallurgical tests were conducted on the diamond drill core samples. Rock mechanics, hydrogeological and geothermal studies were accomplished. The opening of a test stope was also undertaken.

In 1987, the Far Southeast Gold Resources, Inc. was organized as a joint venture company of Lepanto Consolidated Mining Co. and Galactic Resources Ltd. to develop the FSE deposit....
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