APEX Mining Co., Inc. reported on Monday a consolidated net income of P3.34 billion in 2022, five times more than the previous year’s level, as higher gold sales and prices boosted revenues.
“The consolidated revenues and net income are an all-time high for Apex Mining,” the company said in a disclosure.
In 2021, the listed mining company recorded P657.25 million in consolidated net income, a decline from P1.53 billion in 2020.
Last year, consolidated revenues jumped by 39% to P10.31 billion from the P7.4 billion reported in the previous year.
Gold revenues reached P9.85 billion, higher by 41.3% than the P6.97 billion posted a year earlier. Silver revenues stood at P455.81 million, up 4.6% from P435.8 million previously.
According to Apex Mining, the total volume of gold sales was up by 28% to 101,096 ounces while silver sales were up by 6% to 382,345 ounces.
Realized prices for gold inched up by 1% to $1,797 per ounce while realized prices for silver fell by 11% to $21.78 per ounce.
“The expansion plans that were rolled out in 2022 generated the desired efficiencies,” the company said.
The Maco gold mine in Maco, Davao De Oro, increased its milling capacity by 11% to 250 tons per day, which brought its daily average to 2,300 tons.
Total tonnage milled was higher by 15% year on year to 815,910 tons. Gold output was higher by 23% to 91,072 ounces, while silver output was up by 5% to 377,729 ounces.
Sangilo, the operating mine of Apex Mining’s subsidiary Itogon-Suyoc Resources, Inc., also increased its milling capacity by 100% to 200 tons per day.
“ISRI milled a total of 131,481 tonnes in 2022 and produced 9,270 [ounces] of gold and 629 [ounces] of silver,” it said.
For 2022, the consolidated production jumped by 28% to P5.43 billion from P4.3 billion in the previous year.
The company’s milling throughput increased by 15% to 815,910 tons from 708,447 tons in 2021.
Of the total increase, the cost of materials and supplies only accounted for 12%. This was followed by depreciation and depletion costs (6%); personnel cost (3%); and repairs and maintenance (2%).
Apex Mining is primarily engaged in mining, milling, buying, and selling all kinds of ores including gold, silver, and copper.
On Monday, shares of Apex Mining at the stock exchange fell by P0.01 or 0.47% to close at P2.12 apiece. — Sheldeen Joy Talavera
