Apex Mining’s Maco Mine recorded a net income of Php 3.5 billion for in 2023, marking a six percent increase from 2022’s Php 3.3 billion.
Inclusive of its subsidiaries Itogon-Suyoc Resources, Inc. (ISRI), Asia Alliance Mining Resources Corporation (AAMRC), and Monte Oro Resources, Inc. (MOREI), the Apex Mining group collectively garnered a consolidated net income of Php 3.4 billion in 2023, reflecting a one percent surge from 2022’s Php 3.3 billion.
Meanwhile, the consolidated revenues for 2023 amounted to Php 12.1 billion, surging by Php 1.8 billion (or 18 percent) compared to 2022’s Php 10.3 billion, which is mainly driven by strong realized metal prices, which averaged $1,962 per ounce for gold and $23.51 per ounce for silver.
Luis R. Sarmiento, President and CEO of Apex Mining, attributes this commendable performance to the cohesive efforts of various teams within the company and their unwavering commitment to achieving targets.
Apex Mining concluded 2023 by clinching the 2023 Outstanding Labor Management Cooperation (LMC) for Industrial Peace Award and securing the Special Award of the 2023 Outstanding Grievance Machinery for Industrial Peace from the National Conciliation and Mediation Board. Sarmiento attributes these accolades to Apex Mining’s dedication to cultivating labor-management relations grounded in the Filipino value of “malasakit” (compassion).
Despite intermittent work stoppages at Apex Mining’s Maco Mine Site in the first quarter of 2023 due to safety inspections following an earthquake swarm and landslides triggered by heavy rainfall in Davao de Oro province, the company achieved higher ore tonnages milled at 823,427 tonnes (averaging 2,402 tonnes per day) compared to 2022’s 815,910 tonnes (averaging 2,330 tonnes per day).
In 2023, ISRI milled a total of 138,361 tonnes at a gold grade of 3.32 per tonne and achieved a gold recovery rate of 85.72%, slightly surpassing 2022’s performance of 131,481 tonnes milled at a gold grade of 2.81 per tonne and a recovery rate of 84.10%.
