Apex Mining earns P2.37B end of September

APEX Mining Co. Inc. booked an all-time high net income of P2.37 billion in the first nine months of 2022, buoyed by the company’s continuous expansion program. The total was an increase of 138 percent from P994.73 million in the same period last year.

Earnings during the third quarter reached P897.95 million, a reversal of a net loss of P624.35 million posted in July to September 2021. Revenues for the third quarter jumped by 43.8 percent to P2.743 billion.

Gold production was at 26,962 ounces, while silver totaled 100,899. The volume was 35 percent and 15 percent higher, respectively, than the production a year ago.

The Maco mine milled 209,585 tons, up 14 percent year on year with daily mill throughput of 2,334 tons per day with mill grades of 4.02 grams per ton (gpt) for gold and 18.72 gpt for silver.

During the quarter ended September, Apex recognized a P1.1 billion provision for impairment of property and equipment, and deferred exploration costs of non-operational local and foreign subsidiaries of Monte Oro Resources & Energy Inc., a wholly owned subsidiary of Apex.

Total production as of end-September reached 73,219 ounces (oz) for gold and 291,333 ounces for silver, an improvement of 36 percent and 12 percent, respectively.

Realized prices for gold went up by 2 percent to $1,817/oz, while silver price of $21.62/oz declined by 13 percent. Milling throughput for the Maco mine site was 601,730 tons or 2, 299 tons per day in January to September 2022, as against last year’s 514,008 tons or 2,017 tons per day.

Apex Mining consolidated accounts include those of Sangilo mine in Itogon, Benguet of Itogon-Suyoc Resources Inc. and the Monte Oro Resources and Energy Inc., which has a processing plant located in Paracale, Jose Panganiban, Camarines Norte, through Paracale Gold Ltd.