Apex Mining Co. said Tuesday consolidated net income surged 351 percent in 2016 to P440.5 million from P169.3 million, on increased production and higher metal prices.
Apex said in a disclosure to the stock exchange revenue hit a record P3.5 billion last year, up by 45 percent from P2.4 billion in 2015.
Apex said the higher revenue was achieved from the new record output of the company’s Maco mine in Compostela Valley which reached 54,681 ounces of gold and 309,623 ounces of silver in 2016, surpassing the previous record production of 43,048 ounces of gold and 224,479 ounces of silver in 2015.
The company said that on top of higher production output, the record annual revenue was led by the higher metal prices which averaged $1,255 per ounce gold and $17 per ounce silver for the Maco mine’s shipments.
The gold price averaged $1,158 per ounce, while silver price averaged $16 per ounce in 2015.
“We are pleased at the company’s performance to date, generating its second year of continued positive results after the current management team’s taking over the helm in October 2013. We give credit to all the men and women making up the workforce of the Company in achieving this accomplishment,” Apex president and chief executive Walter Brown said.
Capital expenditures amounted to P1.4 billion in 2016, down from P2.5 billion in 2015.
The company’s compliance with mining regulation was affirmed by the Department of Environment and Natural Resources audit last year.
The company obtained an ISO 14001-2015 certification on environmental management systems from Certification International in compliance with DENR requirement.