Apex Mining’s earnings soar to record high

Published August 15, 2022, 3:02 PM

by James A. Loyola

Apex Mining Company’s unconsolidated net income soared 220 percent to a record P1.57 billion in the first half of the year as total revenue jumped 54 percent to an all-time high of P4.77 billion.

In a disclosure to the Philippine Stock Exchange, the firm consolidated net income hiked 337 percent to P917.6 million in the second quarter of 2022 as total revenue rose 65 percent to P2.54 billion year-on-year (YoY).

“This consolidated quarter net income is an all-time high for Apex Mining,” said Apex Mining President and CEO Luis R. Sarmiento.

He added that, “We consistently look at maximizing revenue through increased production output and minimizing cost through prudent spending.”

The second quarter’s Maco mine production was higher YoY with total gold production reaching 23,715 ounces (14 percent higher YoY) and silver 99,645 ounces (29 percent higher YoY).

Total tons milled in the second quarter were 197,891, 15 percent higher YoY. Daily mill throughput was 2,261 tpd, up 13 percent YoY.

Mill feed grades were 4.14 grams per ton (gpt) for gold (Au) and 21.43 gpt for silver (Ag), higher by 26 percent and 12 percent YoY, respectively.

In the second quarter, metal prices were higher by 3 percent for gold but lower by 17 percent for silver, averaging $1,858 per ounce for gold and $22 an ounce for silver. The peso was also weaker at P53.43 per dollar.

According to Sarmiento, “Our sound fundamentals protect us from shocks.” In the second quarter, consolidated ounces sold were 48 percent and 8 percent higher YoY, respectively, with gold at 24,083 ounces and silver at and 94,234 ounces.