Apex Mining Co. Inc. booked a 337-percent increase in consolidated net income for the first nine months of the year to P991 million from last year’s P227 million.
This the highest in its history thus far in any 9-month period.
Apex said it also experienced higher gold sales at its Maco mine to 49,040 ounces (oz.) from 47,835 oz. despite a slight decrease in silver sales to 265,875 oz. from 279,728 oz.
With realized prices of gold at $1,779 per oz., revenues from the metal stood at P4.6 billion, 27 percent higher than the P3.6 billion in the same period in 2019.
Luis Sarmiento, Apex president and chief executive officer, said the resilience of the company’s teams in the mine sites contributed to the positive financial performance. Its Maco Mine has recorded no case of new coronavirus disease 2019 to date.
Apex Mining said its Sangilo mine in Itogon, Benguet which recently started its commercial operations at 200 tons per day, is facing challenges from the imposition of restrictions in the movement of supplies and manpower by the national and local governments due to the pandemic. – J. Macapagal