Apex Mining net income surges to P1.57 billion in H1

MANILA, Philippines — Apex Mining Co. Inc. reported a 220 percent increase in its consolidated net income in the first half of the year to P1.57 billion, driven by higher production.

In a financial report to the Philippine Stock Exchange Monday, Apex said consolidated net income in the second quarter of the year alone surged to P917.6 million, a 337 percent increase from P209.9 million in the same period last year.

“This consolidated quarter net income is an all-time high for Apex Mining,”  said  the company’s president and CEO Luis Sarmiento.

“We consistently look at maximizing revenue through increased production output and minimizing cost through prudent spending,” he said.

Apex Mining said total revenue in the first half reached an all-time high of P4.77 billion,  up by 54 percent from  the same period last year.

Gold sales increased by 39 percent to 46,257 ounces from 33,336 ounces a year ago.

Average realized gold prices also increased by seven percent to $1,901 per ounce. The sale of silver increased by  10 percent to 190,434 ounces.

Milling throughput in the company’s Maco mine grew 19 percent to 392,146 tons.

“The higher tonnage, ore grade and recovery rate, resulted in gold production volume of 43,748 ounces, 45 percent higher compared to 30,189 ounces produced in the same period a year ago,”the company said.

The Sangilo mine produced a total of 3,836 gold ounces during the first half, higher than the 2,001 ounces recorded during the first half of 2021.

In March, Razon-led Prime Strategic Holdings Inc. completed its tender offer for shares of Apex Mining.  It now owns directly and indirectly 3.41 billion common shares or 54.75 percent of Apex.