Razon-led Apex Mining Co. has achieved record-high earnings and revenues in 2022 as its operations benefited from its expansion programs.
In a disclosure to the Philippine Stock Exchange, the company reported a 408% increase in net income to P3.3 billion in 2022 from P657.3 million in 2021, while its consolidated revenues grew by 39 percent reaching P10.31 billion from P7.4 billion.
Out of the total revenue, P9.854 billion was generated from gold sales, while P456 million came from silver sales.
Apex Mining Co. Inc. witnessed a 28% rise in gold sales volume from 78,709 ounces to 101,096 ounces. In addition, the company’s silver sales volume also increased by 6% from 359,533 ounces to 382,345 ounces.
During the period, the actual price of gold remained nearly the same at $1,797 per ounce compared to $1,788 per ounce. In contrast, the actual price of silver dropped by 11% to $21.78 per ounce from $24.46 per ounce.
Apex Mining credited the growth to the expansion initiatives that were implemented the previous year, resulting in the desired efficiencies.
The company said Maco and Sangilo mines increased their daily milling capacity by 11% to 250 tonnes per day and 100% to 200 tonnes per day, respectively.
The Maco mine achieved an average of 2,330 tonnes per day, resulting in a total of 815,910 tonnes milled, a 15% increase from the previous year.
This, along with a 6% increase in gold feed grades, resulted in a 23% increase in gold production to 91,072 ounces and a 5% increase in silver production to 377,729 ounces.
Meanwhile, Itogon-Suyoc Resources Inc. (ISRI), the company that has ownership of the Sangilo mineral properties, milled a total of 131,481 tonnes last year and had a production of 9,270 ounces of gold and 629 ounces of silver.
Apex Mining disclosed that its consolidated cost of production went up to P5.43 billion from P4.26 billion, showing a 28% increase.
These included a 15% rise in mill production, with only 12% of the increase attributed to the cost of materials and supplies.
Moreover, depreciation and depletion costs went up by 6%, personnel costs increased by 3%, and repairs and maintenance expenses rose by 2%.
