Apex Mining earnings surge to P917M

APEX Mining Co., Inc. reported on Monday that its second-quarter net income surged by 337.1% or more than quadrupled to P917.64 million from P209.94 million the year before.

“This consolidated quarter net income is an all-time high for Apex Mining. We consistently look at maximizing revenue through increased production output and minimizing cost through prudent spending,” Apex Mining President and Chief Executive Luis R. Sarmiento said.

In its unaudited quarterly report, Apex Mining said its total revenues climbed to P2.54 billion, or higher by 65% from P1.54 billion in 2021.

Its Maco mine’s gold production climbed by 14% to 23,715 ounces (oz.) in the second quarter while its silver output rose by 29% to 99,645 oz.

Total tons milled in the second quarter rose by 15% to 197,891. Consolidated ounces sold for gold and silver were higher by 48% and 8%, respectively, to 24,083 oz. and 94,234 oz.

“In the second quarter, metal prices were higher by 3% for gold but lower by 17% for silver,” Mr. Sarmiento said, adding that the peso “was also weaker [but] our sound fundamentals protect us from shocks.”

In the second quarter, the firm said it began the construction of its accommodation facility for its employees in Brgy. Nueva Visayas in Mawab, Davao de Oro.

“Our employees are our greatest resource and we continue to prioritize their well-being. This new accommodation facility will provide better amenities for our hardworking miners,” Mr. Sarmiento added.

At the stock exchange on Monday, Apex Mining shares rose by 5% or eight centavos to close at P1.68. — Luisa Maria Jacinta C. Jocson