Apex Mining Co. Inc. reported a total of net income of P429 million for 2017, up 33 percent from the P322 million recorded the previous year despite higher production input.
The company attributed its strong performance to the continued improvement of its Maco mine operations and increased production.
Maco mine reached a record of 578, 893 metric tons (MT), an average of 1,693 MT per day.
In 2017, the gold production reached 60, 185 ounces, up 110 percent from 54, 681 ounces a year ago.
The silver output was two percent higher at 315, 525 ounces.
The company’s revenue went up 17 percent to P4.1 billion from P3.5 billion in the comparative period, in 2017.
“We have attained our year-end goal in terms of gold and silver production. Our operating tonnage for the year has actually increased although we were short of our target of milling at 1,800 MT daily, which at best has been intermittent. We are continuing to pursue this objective in 2018 which we expect should produce more metals from the Maco mine,” Apex Mining president and CEO Walter Brown said.
The installation of an additional ball mill for the Sangilo mine of its wholly-owned subsidiary, Itogon-Suyoc Resources Inc., is in progress.
“The installation of another ball mill is proceeding. Initially as back up unit, the new mill will eventually provide additional capacity for the mine’s long-term plan. Side by side, we have to accelerate our mine development to enable ore delivery match our higher milling capacity,” Brown said.
Total investment costs for the project is approximately $110 million and financing for the Sangi;p mine is currently being worked out.
The company is mainly involved in the mining and production of gold, silver,copper, lead, and other precious metals.
