Apex Mining revenues drop 6%

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Apex Mining Co. Inc. booked a 58-percent improvement in consolidated net income for the first quarter of the year at P119 million from P75 million in the same period in 2019 attributed to lower operating costs and expenses.

Apex, however, registered a 6- percent drop in revenues to P1.2 billion from last year’s P1.3 billion, cushioned by stronger metal prices which averaged $1,585 per ounce for gold and $17 per ounce for silver compared with $1,311 and $16, respectively, in 2019.

Apex Mining also recorded a 5- percent drop in milling throughput of 158,834 tons for the quarter, compared with 167,200 tons in 2019 but a new record recovery rate was established at 86.84 percent from 84 percent a year ago.

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Gold production declined 19 percent to 13,916 ounces (oz) from 17,215 oz while silver output dropped 25 percent to 77,852 oz from 103,345 oz.

Despite lower metals output, Apex Mining shaved its overhead costs by reducing cash operating costs by 12 percent to P623 million this year from P710 million in the same quarter last year.

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