• Philippine Resources

Record Profit for Apex Mining



In a disclosure to the Philippine Stock Exchange, APEX Mining Co. has reported a consolidated income for the nine-month period amounting to P991 million, 337 per cent higher than in 2019, and the biggest in the history of the firm.

The company said that its profit rose from 227 million last year. The same way, parent company net income grew from 253 million to 1.0 billion, a 314 increase, in the same period a year ago.

Apex Mining President and Chief Executive Officer Luis Sarmiento said that the increase was due to the resilience of the company teams in terms of its mine sites, in spite of the challenges of the pandemic. To date, there are no reported cases.

“Our priority is still the health and safety of our people. After all, a healthy workforce is what drives a mine to operate efficiently and profitably,” he said.

For January-September 2020, milling tonnage amounted to 491,269 tonnes or an average of 1,921 tonnes per day. As compared to last year, this is an 8-percent decrease from 536,433 tonnes averaging at 2,077 tonnes each day.

In the third quarter, the average gold cost was higher at $1,902 per ounce as compared with $1,634 in the first half. The cost of silver price also came higher at $24 per ounce from $17. As for gold sales, they reached 26,031 ounces in the third quarter, and silver sold during the period rose to 140,240 ounces.

Apex Mining said that during the period of July-September, higher metal prices contributed to the higher net income as compared to the third quarter of 2019 - where the average price was at $1,472 per ounce for gold and $17 per ounce for silver.

The Sangilo mine located in Itogon, Benguet of Itogon-Suyoc Resources Inc. (ISRI), a wholly-owned subsidiary, declared the start of its commercial operation at 200 tonnes per day during the end of July.

While quarantine measures and restrictions have been imposed. Apex Mining remarked that they will still continue with the exploration and resource validation work in Suyoc in Mankayan, Benguet continues.

Besides ISRI, Apex accounts also include that of Monte Oro Resources and Energy Inc., that has a processing plant in Paracale, Jose Panganiban, Camarines Norte.

Presently, shares of Apex Mining increased to 0.52 per cent or P0.01 at P1.95 each.

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