AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
No Result
View All Result
Home Business

Apex Mining records 6% increase in 2023 net income

AngMinero News by AngMinero News
April 16, 2024
in Business, News
26 2
0
Apex Mining Co Inc. earned a total of P121 million in the first quarter of the year
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

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%.

Tags: AAMRCand Monte Oro ResourcesApex MiningAsia Alliance Mining Resources CorporationInc.ISRIItogon-Suyoc ResourcesminingMOREInet income increasePhilippine mining sector

Related Posts

SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B
Business

SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B

October 20, 2025
FNI legal team earns top honors at 2025 ALB Philippine Law Awards
News

FNI legal team earns top honors at 2025 ALB Philippine Law Awards

October 16, 2025
Apex Mining resumes full operations after Davao earthquake suspension
News

Apex Mining resumes full operations after Davao earthquake suspension

October 15, 2025
Davao de Oro halts all mining after 7.4 quake to ensure worker safety
News

Davao de Oro halts all mining after 7.4 quake to ensure worker safety

October 13, 2025
Mining sector pools PHP 3.5M in aid for Masbate after Typhoon Opong
News

Mining sector pools PHP 3.5M in aid for Masbate after Typhoon Opong

October 13, 2025
Apex Mining suspends Davao de Oro operations after 7.4 magnitude quake
News

Apex Mining suspends Davao de Oro operations after 7.4 magnitude quake

October 13, 2025

FEATURED POST

SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B

SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B

October 20, 2025
FNI legal team earns top honors at 2025 ALB Philippine Law Awards

FNI legal team earns top honors at 2025 ALB Philippine Law Awards

October 16, 2025
Apex Mining resumes full operations after Davao earthquake suspension

Apex Mining resumes full operations after Davao earthquake suspension

October 15, 2025
Davao de Oro halts all mining after 7.4 quake to ensure worker safety

Davao de Oro halts all mining after 7.4 quake to ensure worker safety

October 13, 2025

EDITOR PICK'S

SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B

October 20, 2025

FNI legal team earns top honors at 2025 ALB Philippine Law Awards

October 16, 2025

Apex Mining resumes full operations after Davao earthquake suspension

October 15, 2025

Davao de Oro halts all mining after 7.4 quake to ensure worker safety

October 13, 2025

Mining sector pools PHP 3.5M in aid for Masbate after Typhoon Opong

October 13, 2025

Apex Mining suspends Davao de Oro operations after 7.4 magnitude quake

October 13, 2025

Hallmark Mining Corp. vows to protect Mt. Hamiguitan, jobs

October 9, 2025

Recent News

SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B

SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B

October 20, 2025
FNI legal team earns top honors at 2025 ALB Philippine Law Awards

FNI legal team earns top honors at 2025 ALB Philippine Law Awards

October 16, 2025

Category

  • Business
  • Features
  • News
  • Uncategorized

Follow us

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In