MINING company Apex Mining Co., Inc. reported a 28% increase in its consolidated net income for 2019 to P306 million due to higher gold and silver prices.
In a disclosure to the stock exchange on Monday, the company said its parent company net income before the share of subsidiaries’ losses rose 6% to P351 million.
Apex Mining’s revenues likewise climbed 6% to P5 billion, while the average gold price last year was at $1,389 per ounce while silver was priced at $16.1 per ounce.
In a statement, Apex Mining President and Chief Operating Officer Luis R. Sarmiento said the higher milling tonnage and recovery rates helped in augmenting the company’s lower gold output while increasing its silver production.
“The strengthening of the metal prices towards 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.
Milling throughput of the company’s Compostela Valley-based Maco mine increased to 711,788 tons, equivalent to a daily average of 2,063 tons while mill recovery was at 85.5%.
However, Apex Mining said its ore grade fell to 3.19 grams of gold per ton and 20.47 grams of silver per ton. The mining company sold 2% lower gold at 64,763 ounces while silver went up 22% to 369,616 grams.
“We could have produced more gold ounces this year were it not for the lower ore grade which we had to contend with passing through the lower grade zones of the Maco mine in the first half of the year,” Mr. Sarmiento said.
Apex Mining said the rehabilitation and construction work at the Benguet-based Sangilo mine of its wholly owned subsidiary Itogon-Suyoc Resources, Inc. continued in 2019.
The target operating date was moved to the first week of July due to the community quarantine imposed in Benguet province, as a result of the coronavirus pandemic.
“Developments are awaited over the Sampaguita gas field offshore northwest of Palawan covered by Service Contract 72 where wholly owned subsidiary, Monte Oro Resources & Energy, Inc. holds a 30% participating interest,” the company said.
On Monday, shares in Apex Mining rose 5.62% or P0.05 to close at P0.94 each. — Revin Mikhael D. Ochave
