Apex Mining Co. reported that in the first quarter of 2016, its Maco mine in Compostela Valley set a new production record over a quarter period.
The mine produced 12,779 ounces of gold and 61,085 ounces of silver, higher by 11 percent and 18 percent, respectively, than the 11,557 ounces of gold and 51,917 ounces of silver produced in the same quarter of 2015.
Revenue for the quarter consequently shot up to a record P775 million, 17 percent higher than the revenue of P665 million posted in the same period last year.
The hike in revenues, however, was not enough to compensate for higher non-cash charges for depreciation of the equipment acquired last year, higher interest expense and lower foreign exchange gain.
Thus, the parent company’s consolidated net income amounted to just P39 million, 60 percent lower than the consolidated net income of P100 million in 2015.
The company was nevertheless encouraged by positive movements in metal prices, with gold reaching a high of $1,304 per ounce.
“Should this uptrend continue and as we attain our goal of operating at 1,500 tons a day toward the middle of this year, we are confident that the company will be reporting significant net earnings growth for the whole year period of 2016,” said Walter W. Brown, President and CEO.