Apex Mining nets 58% more in 2019

Apex Mining Co. Inc. reported a consolidated net income of P119 million in the first quarter, up 58 percent on better global prices.

In a regulatory filing, Apex said revenue rose six percent to P1.2 billion.

Milling throughput decreased to 158,834 metric tons, averaging at 1,958 MT per day as compared to 167,200 MT in 2019.

While tonnage milled was lower for the quarter, a new record recovery rate was established at 86.84 percent.

The lower ore grades averaging 3.04 grams of gold contributed to the reduced gold sales to 13,916 ounces.

Silver sales likewise decreased by 25 percent to 77,852 ounces.

Metal prices averaged $1,585 per ounce for gold and $17 per ounce for silver.

This compares to the average prices of $1,311 and $16 per ounce for gold and silver, respectively, in 2019.

Meanwhile, the rehabilitation of the Sangilo mine of wholly owned subsidiary Itogon- Suyoc Resources Inc. for a 200-MT per day operation continued in full steam.

“The target date to commence the commercial operation of the Sangilo mine, however, has been moved to July because of the restrictions imposed in Benguet and in South Africa where the locomotive equipment needed by the mine ready for delivery by the manufacturer has been held up,” Apex said.

The long-term program is for an installed capacity of 1,900 MT per day in five years’ time.

Sourced from the Paracale gold project, the mill will augment Sangilo mine’s existing mill as a back-up and enable Apex to attain the mine’s long-term plan of operating at 3,000 MT daily.