MINING COMPANY Apex Mining Co., Inc. posted a P192.60 million second-quarter net income attributable to the parent firm’s equity holders largely due to higher gold prices and better gold production.

In a disclosure to the stock exchange on Friday, the company said its revenues for the quarter fell 24.2% to P825.11 million compared with P1.09 billion in the same period last year.

For the first half, Apex Mining’s net income rose 297.1% to P312.13 million while the company’s revenues declined 14.5% to P2.01 billion.

Due to lockdown protocols caused by the coronavirus disease 2019 (COVID-19) pandemic, Apex Mining said its milling throughput for the first half went down 14.1% to 314,528 tons versus 366,076 tons in 2019.

Despite the lower output, the ore grade rose to 3.53 grams per ton gold and 22.15 grams per ton silver.

Further, the company’s gold mill recovery rate improved to 86.63% from 84.37% in 2019, while silver mill recovery rate fell to 74.25% from 75.08%.

“These resulted in slightly better gold production output of 30,988 ounces this period from 30,412 ounces in 2019, but slightly lower silver output of 171,602 ounces from 174,659 ounces,” the disclosure said.

The company said that 23,008 ounces of gold priced at $1,634 per ounce and 125,635 ounces of silver at $17 per ounce were sold during the first half of the year.

Apex Mining President and Chief Executive Officer Luis R. Sarmiento said that if gold prices remain strong for the rest of the year, coupled by continued initiatives for production efficiency, the company will be able to sustain its current performance.

“We are proud of our Maco mine team for doing very well despite the difficulties brought about by the pandemic,” Mr. Sarmiento said.

Meanwhile, Apex Mining’s wholly owned subsidiary Itogon-Suyoc Resources, Inc. (ISRI) formally started commercial operations of its Sangilo mine in Itogon, Benguet.

“The exploration and resource validation work in Suyoc, the other mine of ISRI, in Mankayan, Benguet, continues,” the disclosure said.

“Developments are being awaited over the Sampaguita gas field offshore northwest of Palawan covered by Service Contract 72 where Monte Oro Resources & Energy, Inc. (MORE), another wholly-owned subsidiary, holds a 30% participating interest,” it added.

On Friday, Apex Mining shares rose 4.55% or P0.07 to close at P1.61 each. — Revin Mikhael D. Ochave