Enrique Razon-led Apex Mining Co. Inc. recorded a 131% increase in net income for the first quarter of 2022 to Php645 million from Php279 million in the same period last year, the firm announced on Friday.
Consolidated revenues also went up by 46.1% to Php2.23 billion from Php1.55 billion year-on-year. The growth comes from increased milling tonnage of 23.3% and increased gold grades of 19.7%, as well as, a seven percent increase in selling prices. The ramp up in production volume is part of the planned increase from 2,000 tons per day (tpd) to 3,000 tpd. The mine and mill operation is ahead of budget production rate of 2,250 tpd for the year and has encountered better grades than expected.
Meanwhile, the Department of Environment and Natural Resources’ Mines and Geosciences Bureau Region 11 conferred the Safety Milestone Award to Apex Mining for recording 7,549,768 man-hours without lost time accidents between March 11, 2021 and March 20, 2022. Apex Mining also earned the Compliant Tenement Holder for 2021.
Also in March this year, Apex Mining’s fully owned subsidiary, Itogon-Suyoc Resources, Inc. received the Safety Seal from the Department of Labor and Employment-Cordillera Administrative Region (DOLE-CAR) — the first mining company in CAR to get the seal.
