Apex Mining books record income

MANILA  -Gold producer Apex Mining Co. Inc. of the Razon group reported its net income soared by more than five-fold the previous year, an all-time high, buoyed by higher production and sales.

In a disclosure on Monday, the listed firm said consolidated net income reached P3.339 billion in 2022, a surge of 408 percent from P657.3 million the year prior.

Consolidated revenues climbed by 39 percent to P10.3 billion from P7.4 billion year-on-year. Of these, gold accounted for P9.854 billion and silver, P455.813 million.

“The consolidated revenues and net income are an all-time high for Apex Mining,” it said.

Apex Mining sold 101,096 ounces of gold, an increase of 28 percent. Silver sold rose by 6 percent to 382,345 ounces.

The average price of gold slightly rose to $1,797 per ounce while that of silver decreased by 11 percent to $21.78 per ounce.

The company also benefited from the depreciation of the peso against the US dollar. Foreign exchange was pegged at P54.77 against the greenback.

Cost of production totaled P5.4 billion, up 28 percent. Mill production inched up 15 percent but the cost of materials and supplies only accounted for 12 percent of the increase.

Other factors that caused the uptick included depreciation and depletion costs (6 percent), personnel cost (3 percent) and repairs and maintenance (2 percent).

Milling throughput, or the quantity of raw material processed in a given period, went up by 15 percent to 815,910 tons, thus averaging at 2,330 tons per day. INQ