Apex Mining Co. Inc. revealed a 33 percent increase, or a total of P149-M, in its profit for the third quarter of 2019 due to better ore grades, higher mill recoveries, and bullish metal prices.
In an Inquirer report, the Philippine Stock Exchange (PSE) stated that the mining firm disclosed that its parent company reported a total net income of P157-M and explained that the slight decline compared to last year was due to administrative costs of non-operating subsidiaries such as Monte Oro Resources and Energy Inc.and Itogon-Suyoc Resources Inc.
Recovery rate for the quarter increased to 88 percent for gold and 82 percent for silver. Average realized prices for gold and silver were documented to be at $1,472 an ounce and $17 an ounce respectively.
These favorable prices were able to increase the company’s sales despite decline in gold output. Gold sold during the quarter amounted to 15,724 ounces while silver sales were at 19,513 ounces.
Moreover, it was reported that Apex sought to improve the efficiency level of its Maco mine in Compostela Valley while full-blast construction was ongoing for the rehabilitation of its Sangilo mine in Itogon.
Developments are also expected at Apex’s Sampaguita gas field in northwest of Palawan.
