Louise
Maureen Simeon (The Philippine Star) - June 3, 2020 - 12:00am
MANILA, Philippines —
Apex Mining Co. Inc. reported a consolidated net income of P306 million in
2019, up 28 percent from the P239 million recorded in 2018 amid higher
production output and better global prices.
In a regulatory filing,
Apex said revenue was six percent higher at P5 billion in 2019, a new
record revenue for the firm.
For the whole of 2019,
milling throughput increased to 711,788 metric tons, averaging at 2,063 MT per
day compared to 609,604 MT, averaging at 1,789 MT per day in 2018.
Recoveries were also at
85.5 percent for gold and 75.5 percent for silver, both higher than last year’s
84.8 percent and 71.7 percent, respectively.
Year-on-year, the lower
ore grades averaging 3.19 grams of gold and 20.47 grams of silver per MT
contributed to the reduced gold sales to 64,763 ounces this year from 66,053
ounces.
Silver sales, however, increased by 22 percent to 369,616 ounces from 303,385
ounces.
Further, metal prices
averaging $1,389 per ounce for gold and $16.14 per ounce for silver were the
highest in recent years.
This compares to the
average prices of $1,260 and $15.49 per ounce for gold and silver,
respectively, in 2018.
“The higher milling
tonnage and recovery rates helped in minimizing the reduction in gold output
while at the same time increasing our silver production,” Apex Mining president
and CEO Luis Sarmiento said.
“The strengthening of
the metal prices toward the latter part of the year, with gold breaking above
$1,500 per ounce and silver reaching $17 per ounce, somewhat offset our lower
production,” he said.
The continuing
investments in capital expenditures, which last year amounted to P1.7 billion,
increased non-cash charges for depreciation and amortization to P691 million,
23 percent higher.
These investments were
in relation to the continuing development of the mines in preparation for
higher grade and larger tonnage operations.
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