Apex Mining Co. Inc. recorded a 408- percent jump in its consolidated net income last year to an all-time high at P3.34 billion compared to 2021’s P657.25 million.
Apex Mining said the turnaround performance was achieved after rolling out expansions last year that resulted in improved efficiencies for its mines.
The company’s consolidated revenues for the period were also a record high at P10.31 billion, up by 39 percent from 2021’s P7.41 billion.
Apex Mining’s Maco and Sangilo mines, increased their milling capacity by 250 tons per day (tpd) and 200 tpd, respectively.
The Maco gold mine in Davao de Oro averaged 2,330 tpd which resulted in a total tonnage milled of 815,910 tons which is a 15 percent improvement.
The Davao gold mine also experienced higher feed grades and production of gold as well as improved silver production.
Overall, Apex Mining’s total volume of gold sold last year was 101,096 oz, an increase of 28 percent as silver sold totaled 382,345 oz, an increase of 6 percent. -Jed Macapagal
