Apex Mining earnings surge 33% to P429 million on record production

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Apex Mining Co., Inc. (APX) reported that its 2017 consolidated net income went up by 33% to P429 million from P322 million in 2016, after reaching its highest metal annual production.

In a disclosure to the stock market on Tuesday, Apex Mining president and chief executive officer Walter W. Brown said they are satisfied with the company’s third consecutive year of growth.

“We have attained our year-end goal in terms of gold and silver production. Our operating tonnage for the year has actually increased although we were short of our target of milling at 1,800 tonnes daily, which at best has been intermittent,” he added.

The company reported that its Compostela Valley-based Maco mine reached a new record in milling throughput at 578,893 tonnes, higher than the generated 452,948 tonnes in 2016.

The mine’s mill recovery rate likewise saw an all-time high of 82.8%.

The company also reported an increase in milling tonnage by 23% at an average of 1,693 tonnes per day.

Apex Mining’s gold production also saw its highest annual output at 60,185 ounces last year from 2016’s 54,681 ounces.

Mr. Brown said they will continue to procure more metals from their Maco mine amid the ongoing installation of a ball mill in the ISRI-operated Sangilo Mine, which will be initially used as a back up unit.

“The new mill will eventually provide additional capacity for the mine’s long-term plan to operate at 3,000 tonnes daily. Side by side, we have to accelerate our mine development to enable ore delivery match our higher milling capacity,” he added. — Anna Gabriela A. Mogato