MANILA - Shares of Lepanto Consolidated Mining Co. jumped over 10% in early trade on Thursday a day after the Philippine miner said it was in talks to sell a stake to Hong Kong's First Pacific Co.

Lepanto's A shares restricted to local players gained as much as 12.5% to P0.27 (0.6 US cents) before cutting its gains to P0.26 by 0142 GMT. Its B shares open to all investors gained as much as 10.2% to P0.27.

Lepanto confirmed on Wednesday that it was holding talks with First Pacific but gave no other details. A local newspaper had reported the Hong Kong-based firm had completed due diligence on Lepanto.