Apex Mining Co. Inc. posted net income of P3.34 billion in 2022, five times more than the previous year on account of better gold prices and increased gold volume as a result of the listed mining company’s expansion project.
Total revenue jumped 39 percent on year to P10.31 billion, with gold accounting for P9.85 billion and silver P456 million.
Apex said total volume of gold sold last year increased 28 percent on year to 101,096 ounces while silver sold rose 6 percent to 382,345 ounces. Realized prices were up 1 percent to $1,797 an ounce for gold and down 11 percent to $21.78 an ounce for silver.
Expansion plans rolled out in 2022 allowed an increased milling capacity at two operating mines namely, Maco whose milling capacity rose 250 tons per day and Sangilo which doubled milling capacity to 200 tons per day.
The Maco mine averaged 2,330 tons per day which resulted in a total tonnage milled of 815,910 tons, up 15 percent. Coupled with higher feed grades of gold at 3.96 grams per ton by 6 percent, the resulting gold production of 91,072 ounces and silver production of 377,729 ounces were up 23 percent and 5 percent, respectively. ISRI milled a total of 131,481 tons in 2022 and produced 9,270 ounces of gold and 629 ounces of silver.
Consolidated cost of production was up 28 percent at P5.43 billion.
