The consolidated gross revenues for the nine months of 2023 (ending September 30) of Apex Mining Co., Inc. and its subsidiaries reached P8.7 billion — 17% higher than the P7.5 billion it reported for the same period in 2022. The consolidated net income, however, was lower by 6% at P2.3 billion compared to P2.5 billion as of 30 September 2022. Its Q3 2023 net income earned grew higher by P129.6 million or 14% versus the third quarter net income in 2022.
Still as of 30 September, the combined operations of Apex Mining’s Maco mine in Davao de Oro and the Sangilo mine in Benguet (operated by its subsidiary Itogon-Suyoc Resources) milled a total of 701,713 tonnes — 2% higher than the same period in 2022. The consolidated gold ounces sold by these two operating mines for the three quarters of this year reached 77,652 (6% higher than the same period in 2022 at 73,219 ounces).
The Maco mine, despite encountering many challenges in Q1 2023, maintained an 87% gold recovery rate in its Maco ore processing plant — practically the same as 2022’s. The higher average realized gold price of $1,913/oz during the year (versus $1,817/oz in 2022) and favorable Philippine Peso to US Dollar exchange rate also helped push the revenues up in 2023.
ISRI’s Sangilo mine milled 104,270 tonnes in the first three quarters of 2023, 15% higher than the tonnes milled in the same period in 2022, at a grade of 3.51 grams per tonne of gold. Gold recovery rate was 86%.
Based on the Mine Reserves and Resource Certifications of 2021, Apex Mining’s Maco Mine has enough reserves and resources to continue at the targeted production rate of 3,000 tonnes per day until 2032. The ongoing exploration program for MPSA 225 and the acquisition of the Asia-Alliance Mining Resources Corp. shores up Apex Mining’s future gold resources as the extensions of existing mining veins in Maco Mine spill over to the tenements of AAMRC.
Article courtesy of the Philippine Stock Exchange
