Published May 15, 2017, 10:00 PM
The profit of Apex Mining Co., Inc. (Apex) surged by 254 percent in the first three months of the year on higher gold and silver production during the period.
Apex reported consolidated net income for the first quarter of 2017 of P100.2 million, higher by 254 percent than the income of P39.3 million reported in the same quarter last year.
Mill throughout of the Maco mine reached a record 135,904 tonnes, an average of 1,677 tonnes per day.
Apex particularly generated revenues of P991.5 million from the Maco mine this quarter as compared to P775.4 million it had there in the same period a year ago, while cash income increased by 67 percent to P415.1 million this quarter as compared to P248.4 million in 2016.
The company’s gold production of 14,969 ounces was also the highest level for one quarter period thus far, an increase of 17 percent over the 12,779 ounces of gold produced from the same period in 2016, while its silver production of 75,359 ounces this quarter was 23 percent higher than 2016 production of 61,085 ounces.
Apex emphasized that metal prices was higher at $1,234 per ounce gold and $18 per ounce silver as compared to $1,214 per ounce gold and $15 per ounce silver last year.
Meanwhile, rehabilitation of the Sangilo mine of Itogon-Suyoc Resources, Inc., a wholly-owned subsidiary of the Company, continues.