Apex Mining to hike capacity

MANILA, Philippines - Listed mining company Apex Mining Co. Inc. announced yesterday it will increase by three-fold the processing capacity of Maco mine in Campostela Valley by yearend. 

In regulatory filing, the company said the processing capacity of the mill will be expanded to 3,000 tons from the current 850 tons per day.

The company intends to gradually increase ore production over the next two years to lower the production cost per ounce.

“The plant construction, started in June 2012, has reached 36 percent of physical completion, while civil works and structures are ready for the equipment installation,” said Apex Mining chairman Benoit de Galbert.

He said new production zones within the mine are also being identified.

Apex president Baiverth Diabo said that despite net losses incurred in 2012 and the first quarter of the year, the company was able to generate cash from operations to continue funding the expansion project.

Apex Mining Co. Inc. incurred a net loss of P29.2 million in the first quarter of 2013 against a net profit of P50.2 million in the same period on lower peso-dollar exchange rate and weaker prices of gold and silver.

The company also reported its sales fell by 10 percent to P402 million in the first quarter of the year from P445 million a year ago.

In 2012, the company reported a net loss of P56 million, higher than the net loss of P39 million in 2011.