Apex Mining Co., Inc., led by business tycoon Enrique Razon Jr., reported a 28% increase in net income for 2024, reaching P4.3 billion, up from P3.4 billion in 2023. The company’s consolidated revenues grew 24.8% to P15.1 billion, driven by higher gold production from the Maco Mine and Sangilo Mine, as well as strong metal prices and a favorable exchange rate.
Apex’s Maco Mine processed 899,002 tonnes of ore with an average gold grade of 3.61 grams per tonne (gpt), while the Sangilo Mine produced 148,021 tonnes at 3.10 gpt, both reflecting production gains from 2023. Gold prices averaged $2,436 per ounce for the year, while the Philippine peso averaged P57.45 to a U.S. dollar, further boosting the company’s financial performance.
Apex President and CEO Luis R. Sarmiento credited the company’s resilience in overcoming operational disruptions following a landslide in February 2024. “Despite operating at a limited capacity for five months while supporting disaster response efforts, our team was able to catch up and meet our targets,” Sarmiento said.
Looking ahead, Apex subsidiary Asia Alliance Mining Resources Corp. (AAMRC) is set to begin mining operations at the Amacan project in Davao de Oro. Pre-feasibility studies indicate strong potential for revival, and AAMRC is now conducting environmental baseline studies as part of its application for an Environmental Compliance Certificate (ECC).
Apex also reaffirmed its commitment to employee welfare, continuing long-term housing subsidies and other community support initiatives for those affected by the landslide disaster.
What are your thoughts on Apex Mining’s strong performance and its plans for expansion? Should mining companies invest more in environmental and community programs? Share your views in the comments.
