Aug. 18 (Bloomberg) -- Lepanto Consolidated Mining Co., the second-largest Philippine metals producer, fell the most in almost four months in Manila trading, pacing other local miners lower after gold and copper prices declined. Lepanto Class A shares, which are reserved for Filipinos, sank 10 percent to 26 centavos as of 9:37 a.m. in Manila, set for the sharpest loss since April 21. Its Class B shares, which have no ownership restrictions, fell 6.9 percent to 27 centavos. The shares were the two biggest losers in the main Philippine Stock Exchange Index, which declined 2 percent. Gold for immediate deliver decreased 1.9 percent yesterday to $930.88 an ounce, its sharpest loss since June 5, while copper for delivery in three months declined 3.1 percent to $6,050 a metric ton. Gold was at $937.85 earlier today and copper was at $6,120. “A correction in metals prices makes mining companies susceptible to downgrades in projected earnings,” said Peter Lee, senior investment officer at Manila-based IGC Securities Inc. “The valuations of mining companies have moved ahead of projected prices.” The Philippine Stock Exchange Mining & Oil Index decreased 4 percent to 7,731.96, the biggest loser by percentage among six industry measures on the exchange. The Mining & Oil Index is set for its sharpest loss since Feb. 25. Philex Mining Corp., the nation’s largest metals producer, declined 4 percent to 9.60 pesos, extending a 7 percent slump in the previous two days. To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net

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