APEX Mining Co., Inc. reported a consolidated net income of P1.89 B for the first half of 2024, marking a 35 percent increase from P1.40 B during the same period in 2023. The report came out in August of this year.
This growth was attributed to several factors, including a rise in the realized price of gold, an increase in gold ounces sold, and the depreciation of the Philippine peso against the US dollar. In the second quarter alone, the company achieved a net income of P1.03 B, compared to P848.26 million in the same quarter of the previous year.
The total gross revenues from sales by Apex Mining and its subsidiary, Itogon-Suyoc Resources, Inc., reached P6.94B in the first half of 2024, reflecting a 22 percent increase or an additional P1.25 B compared to P5.69B in 2023. The company’s revenue primarily comes from gold and silver sales. During this period, Apex Mining’s operating mines produced and sold 52,993 ounces of gold, a 4 percent increase from 50,796 ounces in the first half of 2023.
Silver production also saw a slight uptick, totaling 176,838 ounces compared to 175,569 ounces in the previous year. The realized price per ounce of gold rose to $2,264 in the first half of 2024, representing a 16 percent increase from $1,953 in the same timeframe last year. Similarly, silver prices increased by 13 percent, reaching $26.86 per ounce from $23.68.
Despite facing challenges following a landslide incident in February at its Maco Mine in Davao de Oro, which necessitated limited operations focused on search and rescue efforts, Apex Mining managed to mill 426,396 tons of ore during the first half of 2024. However, the gold recovery rate decreased to 85.80 percent, down from 87.34 percent in the previous year.
The collective can do attitude and genuine spirit of malasakit have propelled us to rise up and successfully tackle the hurdles one by one,” Luis R. Sarmiento, president and CEO of Apex Mining said as he highlighted the resilience of their workforce amid these difficulties and expressed confidence in sustaining performance throughout the year unless significant obstacles arise. “
The company is also actively involved in community support through its Social Development Management Program, which allocated P53.7 million in spending during this period. Apex Mining is collaborating with Regina Rica Foundation to assist communities affected by the landslide through educational support and holistic recovery initiatives under their REACH Masara program.
“Our work with Regina Rica to help our kababayans affected by the Masara landslide continues with periodic medical missions, other psycho-social interventions and full scholarships for 40 children who were orphaned by the landslide,” Sarmiento said as he also mentioned plans for long-term contributions to community development, including donating land for permanent relocation efforts.
The acquisition of Asia Alliance Mining Resources Corp. is seen as a strategic move to secure future gold resources as existing mine veins extend into adjacent tenements. According to reserve certifications from 2021, Apex Mining’s Maco Mine has sufficient reserves to maintain its targeted production rate until at least 2032.
