Apex Mining Co. reported a PHP 168 million decrease in its consolidated net income reaching PHP 1.4 billion for the first half of 2023.
The mining firm also reported a 19% increase in its consolidated gross income from January to June-end 2023, reaching PHP 5.7 billion from PHP 4.8 billion in the same period last year.
With the help of a higher average realized gold price of $1,953/oz versus $1,901/oz in 2022, Apex Mining’s H1 2023 revenues ramped up by 19% after its Maco mine operations milled a total of 378,564 tonnes during the period.
Apex Mining faced intermittent work disruptions for 5.74 work days during the first quarter of the year, mainly due to natural calamities. Despite this, gold and silver recovery were at 87.34% and 72.14% respectively.
During the second quarter, Apex Mining recorded a seven percent growth in the tonnes milled, while gold produced grew 11% more than the Q1. Additionally, its second quarter recorded a 17% and 19% rise in its Au and Ag ounces apiece.
The Philippines-based mining company continues to extend its efforts to ensure strategic management of its mining projects locally and internationally and maximize the potential advantages that may be acquired along the way.
On top of growing metal prices and positive progress in the mining sector, Apex Mining recently entered a joint venture in Mongolia together with its partners and stakeholders and intends to revisit its exploration and development plans for the future project.
