Despite Davao landslide in 2024, Apex profit up 28%

Apex Mining workers pose at their work site. FILE PHOTO

MANILA, Philippines — Razon group-led Apex Mining Co. Inc. reported a net income of P4.3 billion in 2024, up by 28 percent, as it recorded higher metal sales and production despite a landslide that affected its operations last year.

In a disclosure on Thursday, the listed mining firm said consolidated revenues had climbed by almost 25 percent to P13.4 billion last year due to higher gold and silver prices.

“We were tested by the landslide that happened in February 2024. But despite being on limited operations for five months to help the landslide victims and their families and to support the province’s disaster management and rehabilitation, our team was able to catch up and meet our targets,” Apex Mining president and CEO Luis Sarmiento said.

READ: CEOs look back on eventful 2024, look forward to a better 2025

To recall, Apex Mining went on limited operations following a landslide in Maco town in, Davao de Oro province last February, resulting in damage to property, 98 deaths and other casualties.

READ: Landslide death toll at 85; tent city eyed for survivors

Despite this, the company’s two mining projects recorded higher output. Maco mine’s production increased by 9 percent to 899,002 tons while the Sangilo mine produced 148,021 tons, up by 7 percent.

Gold price averaged $2,436 per ounce last year, an increment of 24 percent. Silver price also went up by 21 percent to $28.63 per ounce.