Apex reports P50M in Q1 profit

Apex Mining workers pose at their work site. Apex Mining disclosed Thursday, June 14, 2012, that its net income in the first quarter reached P50 million, a reverse of its net loss of the same amount in the same period in 2011.

MANILA, Philippines—Publicly listed Apex Mining Co. disclosed Thursday that it booked a net income of P50 million for the first quarter of 2012, reversing a net loss of P50 million in the first quarter of 2011.

The turnaround resulted from a combination of higher gold prices and the streamlining of company operations by a new management team, newly elected chairperson Benoit de Galbert said in a company statement.

The Apex statement said that based on past disclosures, its Maco mine delivered a total 52,993 tons of gold ore from January to March 2012. Ore extraction was focused on its active vein systems in both the Maligaya and Sandy areas.

The company said it was reopening several vein systems that will “serve as future sources of ore production.”

The company’s mill processed a total of 48,467 tons of ore with calculated metal recoveries of 85.01 percent and 67.32 percent for gold and silver, respectively.

Apex said it shipped 5,612 ounces of gold in the first quarter of 2012.