Apex Mining income down 53% to P257 million

MANILA, Philippines — Listed Apex Mining Co. Inc. reported a consolidated net income of P257 million last year, down 53 percent from 2017 despite higher production output.

In a regulatory filing, Apex said revenues increased 13 percent to P4.7 billion, largely due to continued improvement of its Maco mine operations and increased production.

Apex no longer has the benefit of the tax shield from previous years’ carry over losses it had until 2017.

Mill throughput of the Maco mine reached 609,604 metric tons (MT) or  an average of 1,789 MT per day.

Gold production rose 17 percent to 70,564 ounce, while silver output increased four percent to 328,797 ounces.

The higher production slightly offset lower global prices as metal prices averaged at $1,260 per ounce for gold, down by almost one percent, and $15.49 per ounce for silver or nine percent lower.

Mill recovery rate was at its highest at 84.8 percent compared to 82.8 percent in 2017.

Ore grade likewise averaged higher at 4.25 grams from 3.9 grams per MT of gold a year ago.

Meanwhile, rehabilitation of the Sangilo mine of its wholly owned subsidiary Itogon-Suyoc Resources Inc. remains in progress.

The short-term objective is to complete the initial 200 MT per day project by the end of the year from which point the mine will commence to undertake the development of the next 200 MT.

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.