Apex Mining Co. Inc. reported a 13 percent drop in consolidated net income to P1.4 billion in the first half of the year as heavy rains and landslides disrupted operations in the first quarter.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated gross revenues reached P5.7 billion in the first half of 2023, about 19 percent higher than the P4.8 billion it reported for the same period in 2022. 

For the first half of 2023, Apex Mining’s Maco Mine operations milled a total of 378,564 tons or three percent lower than the same period in 2022.

Quarter on quarter, the tons milled in the second quarter of 2023 is seven percent higher. The second quarter’s ounces of gold produced is also 11 percent higher than the first quarter. 

Moreover, second quarter gold and silver ounces sold are 17 percent and 19 percent higher, respectively, versus the first quarter this year.

“In the first quarter of 2023, the company encountered many challenges, including an earthquake swarm as well as prolonged and heavy rainfall and landslides, that led to intermittent work stoppages for risk assessments and safety checks. All these disruptions totaled 5.74 workdays,” Apex Mining said.

Despite these disruptions, gold recovery was at 87.34 percent — practically the same in the same period in 2022 (87.78 percent). Silver recovery rate was slightly lower at 72.14 percent against last year’s 75.77 percent. 

The higher average realized gold price of $1,953 per ounce during the year versus $1,901 an ounce in 2022 pushed the revenues up by 19 percent in the first half of 2023. 

Ore gold grades averaged one percent lower at 3.93 grams per ton compared to the first half of 2022 at 3.95 grams of gold per ton.

Meanwhile, Apex Mining’s fully owned subsidiary, Itogon-Suyoc Resources Inc. (ISRI) milled a total of 71,275 tons in the first half of 2023 compared to 53,092 tons in the same period in 2022, a big jump of 34 percent.