Apex Mining Co. Inc. reported a 21 percent increase from the P100 million recorded in 2017 amid higher production output. The mining firm earned a net income of P121 million in the first quarter of the year.
The company attributed its strong performance to the continued improvement of its Maco mine operations and increased production.
Gold production increased. From 14,969 ounces per year to 15, 771 ounces a year.
In terms of the silver production, it was 10 percent higher at 83, 129 ounces.
Metal prices averaged at $1, 335 per ounce for gold, which increased at 8 percent. $16 per ounce for silver, which is recorded to be 11 percent lower in the comparative period.
“While our milling rate for the quarter this year averaged only at 1,680 MT per day, in the month of March, we were able to mill at our target tonnage of 1,800 MT per day. The mine’s efforts are focused on being able to sustain this tonnage level,” Apex Mining president and CEO Walter Brown said.
In terms of rehabilitation, Sangilo mine remains in progress.
The mill will expand Sangilo mine’s existing mill as a back-up and enable Apex to accomplish the mine’s long-term plan of operating 3,000 metric tons daily, said a source from the Paracale gold project.
The primary milestone target for the Sangilo mine is to obtain all requirement for 200 MT per day production, to be increased to 400 MT per day eventually. An installed capacity of 1,900 MT per say within the next five years is the long-term objective.
An estimate of $110 million is the total investment cost for the project. The financing for the Sangilo mine is currently being worked out.
The company is primarily engaged in the mining and production of gold, silver, copper, lead and other precious metals.
