Apex Mining earnings soar to P3.2 billion in H1

MANILA, Philippines — Apex Mining Co. Inc. of billionaire Enrique Razon Jr. booked stronger results in the first six months, with earnings surging by 70 percent year-on-year amid favorable metal prices.

The listed miner recorded an attributable net income of P3.2 billion in the first half from P1.89 billion a year ago, driven by higher sales volume of silver that offset the dip in the volume of gold sold.

Apex Mining sold 51,436 ounces of gold, down by three percent from 52,993 oz previously, while silver sales volume improved by 12 percent to 197,925 oz from 176,838 oz.

The average realized price of gold surged by 38 percent to $3,121 from $2,264 per oz, while that of silver jumped by 24 percent year-on-year to $33.18 per oz.

As a result, consolidated revenues climbed by 37 percent to P9.5 billion versus last year’s P6.94 billion.

This included the sale of gold and silver by Apex Mining’s Maco Mine in Davao de Oro and the Sangilo Mine operated by fully owned subsidiary Itogon-Suyoc Resources Inc.

“Alongside our continued growth and strong performance is our increasing contribution to nation-building through payment of taxes,” Apex Mining president and CEO Luis Sarmiento said.

From January to June, the company’s total excise taxes paid reached P363.42 million, significantly higher than the P267.7 million recorded in 2024.

Aside from Maco and Sangilo, the group also operates the Suyoc Mine in Mankayan, Benguet.

Last December, Apex Mining signed a $108-million omnibus loan and security agreement with Bank of Commerce and Philippine National Bank for the acquisition of Asia-Alliance Mining Resources.