Listed firm Apex Mining Co. Inc. reported a 28 percent jump in consolidated net income to P4.3 billion in 2024 from P3.4 billion in 2023.
The company said in a statement on Thursday the increase was fueled by higher ore tonnage from its Maco gold mine in Davao de Oro and the Itogon-Suyoc Resources. The latter operates two mines in Benguet — the Sangilo mine in Itogon and Suyoc mine in Mankayan.
Total production at Maco Mine reached 899,002 tons in 2024, 9.2 percent higher than 2023’s 823,427 tons.
However, the mine’s average ore grade was 12.2 percent lower at 3.61 grams per ton (GPT) last year than 2023’s average grade of 4.11 GPT.
The Sangilo mine’s total production of 148,021 tons in 2024 was 7 percent higher than 138,361 tons in 2023.
The mine resource area recorded an average grade of 3.10 GPT in 2024, 6.6 percent lower than the 3.32 GPT recorded in 2023.
Apex Mining said improved gold prices in the world market helped push its net income. The average price was $2,436 per ounce last year, up 24.2 percent from $1,962 per ounce in 2023.
Its consolidated revenues grew by 24.8 percent to P15.1 billion last year from P12.1 billion in the preceding year.
