Apex Mining Co., Inc. and its subsidiaries recorded a 17% increase in consolidated gross revenues for the first nine months of 2023, reaching Php 8.7 billion compared to Php 7.5 billion in the same period in 2022.
However, the consolidated net income decreased by 6%, from Php 2.5 billion in September 2022, to Php 2.3 billion in 2023.
In the third quarter alone, the net income recorded a 14% rise of Php 129.6 million compared to the third quarter of 2022.
The combined operations of the Maco Mine in Davao de Oro and the Sangilo Mine in Benguet milled 701,713 tonnes as of end-September, marking a 2% increase from 2022. Gold ounces sold from these mines reached 77,652, a 6% climb from the same period in 2022.
Factors that contributed to the increased revenues in 2023 included a higher average realized gold price of $1,913/oz (compared to $1,817/oz in 2022) and a favorable Philippine Peso to US Dollar exchange rate.
The Sangilo Mine milled 104,270 tonnes in the first three quarters of 2023, a 15% increase from the same period in 2022, with a gold recovery rate of 86% at a grade of 3.51 grams per tonne of gold.
The mining firm’s Maco Mine holds adequate reserves and resources to sustain the targeted production rate until 2032, according to the 2021 Mine Reserves and Resource Certifications.
