MANILA, Philippines--Australian firm Lafayette Mining Ltd. said...

MANILA, Philippines--Australian firm Lafayette Mining Ltd. said Wednesday its Philippine operation, which was previously shut down because of environmental problems, made four shipments of copper and zinc concentrates in the third quarter, valued at about $8.38 million.

In a report, Lafayette said the shipments were loaded at its port on Rapu Rapu Island in Albay province, southeast of Manila, and dispatched to offshore smelters.

It said the concentrates were sold through its contracted off-taker, LG International, to customers in China and South Korea.

Under stockpile financing arrangements with LG International, Lafayette received $8.19 million in advance payments for the future sale of concentrates, the company said.

During the third quarter, the average copper price was $7,712 a ton and the average zinc price was $3,227 a ton.

Precious metal prices were $679.82 an ounce for gold and $12.65 an ounce for silver.

In the same period, Lafayette said, the metal production from its Rapu Rapu Polymetallic project in Albay increased 12 percent to 1,726 equivalent tons of copper from 1,543 equivalent tons in the second quarter.

The third-quarter production included 878 tons of copper, 1,705 tons of zinc, 1,522 ounces of gold and 38,525 ounces of silver, it said. With INQUIRER.net