By Alena Mae S. Flores
Apex Mining Co. Inc. said Monday it is enjoying the fruits of continued expansion program, with both the third-quarter and nine-month results hitting an all-time high.
Apex said in a disclosure to the Philippine Stock Exchange gross revenues in the first three quarters reached P7.51 billion, up from P4.99 billion a year ago.
Net income in the first nine months swung to P2.46 billion from the P135.73-million loss in the same period last year.
Apex’s operation is situated in Maco, Davao de Oro. Its mine produces bullion containing gold and silver.
Production in the third quarter reached 26,962 ounces for gold and 100,899 oz for silver, up by 35 percent and 15 percent, respectively from the previous year’s production.
The Maco mine milled 209,585 tons, 14 percent higher year-on-year, with daily mill throughput of 2,334 tpd with mill grades of 4.02 gpt for gold and 18.72 gpt for silver.
The foreign exchange rate averaged P56.62 in the third quarter compared to P50.30 in the same period last year.
Apex said resulting gross revenues in the third quarter amounted to P2.743 billion, an increase of 43.8 percent year-on-year.
Consolidated net income in the third quarter amounted to P897.95 million, compared to a net loss of P624.35 million last year.
The company recognized a P1.1-billion provision for the impairment of property and equipment and deferred exploration costs of non-operational local and foreign subsidiaries of Monte Oro Resources & Energy Inc, a wholly-owned subsidiary in the third quarter.
Total production was 73,219 oz gold and 291,333 oz silver or an increase of 36 percent and 12 percent, respectively, in the first nine months.
Realized prices were $1,817/oz for gold and $21.62/oz for silver, up 2 percent and down 13 percent, respectively.
Milling throughput for the Maco Mine Site was 601,730 tons or 2, 299 tpd for the nine-month period, compared to 514,008 tons or 2,017 tpd a year ago.
The weighted average foreign exchange rate in the nine-month period was P53.85, down 10 percent from P49.03 a dollar last year.