Story tools

Send story

Print story

Corporate News

Posted on 08:46 PM, November 21, 2010

THREE LISTED mining firms posted narrower net losses in the third quarter due to lower expenses, financial reports showed.

Century Peak Metals Holdings Corp. told the stock exchange it lost P15.90 million during the third quarter, narrower than the P29.91 million lost last year due to a decline in operating expenses.

The miner had no revenue during the period, while operating expenses amounted to P17.02 million, down from P29.76 million last year.

“The decrease is mainly attributable to the decrease in the [incurred] expenses mainly fuel and oil, depreciation and amortization, taxes and licenses, and professional fees,� the miner said in a statement accompanying the financial report.

For the nine months that ended September, the miner incurred a narrower net loss of P48.67 million from P57.50 million last year.

The miner has ongoing exploration work in its properties on the Dinagat islands.

United Paragon Mining Corp. also posted a narrower net loss of P6.41 million in the third quarter, from P11.99 million last year on the back of lower interest expense and financing charges.

General and administrative expenses increased to P2.84 million from P2.46 million last year, while interest expense and financing charges decreased to P9.82 million from P12.18 million last year, the firm’s financial statement disclosed to the local bourse showed.

Gains from currency exchange rate movements during the period increased to P5.99 million, from P2.58 million last year.

During the nine-month period that ended September, the miner incurred a narrower net loss of P31.92 million, from P35.81 million last year.

General and administrative expenses increased to P9.63 million from P7.96 million last year, while other expenses decreased to P22.28 million from P27.85 million last year.

The miner’s plan of operations for the rest of the year include continuing exploration and drilling activities at target areas, and looking for funding to re-open and rehabilitate the Longos mine in Camarines Norte.

Dizon Copper Silver Mines, Inc. posted a narrower net loss of P553,732 in the third quarter from P1.58 million last year due to income from the sale of scrap materials, leasing, and interest on money market placements.

Mine site and administrative expenses slightly decreased to P1.72 million from P1.81 million last year. Interest income decreased to P23,589 from P25,916 last year, while rental income was unchanged at P188,304. Other income, which include the sale of property and scrap materials, reached P950,000, from zero last year.

For the nine-month period that ended September, the miner’s net loss narrowed to P3.82 million from P6.18 million last year.

Mine site and administrative expenses decreased to P5.42 million from P6 million last year. Interest income decreased to P87,362 from P282,013 last year, while rental income increased to P564,911 from P541,250 last year. Other income jumped to P951,235 from P850 last year.

The firm has mining claims in Zambales, and is looking for a partner for the operation of its mines and the recovery of residual gold from its tailings or waste dam. — Kathleen A. Martin

Back to top