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.
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