Apex Mining Co. Inc., a publicly listed mining company, announced a strong 28 percent increase in its consolidated net income for 2024, reaching P4.3 billion, compared to P3.4 billion in 2023. The company attributed the growth to higher ore production from its Maco gold mine in Davao de Oro and the Itogon-Suyoc Resources operations, which manage two mines in Benguet.
Apex Mining reported that the Maco Mine produced 899,002 tons of ore in 2024, a 9.2 percent increase from the previous year’s 823,427 tons. Despite a 12.2 percent decrease in the mine’s average ore grade, which fell to 3.61 grams per ton (gpt) from 4.11 gpt in 2023, production growth contributed significantly to the overall performance.
Similarly, the Sangilo Mine, part of the Itogon-Suyoc operations, posted a 7 percent increase in production, totaling 148,021 tons in 2024, up from 138,361 tons the previous year. However, the average ore grade dropped by 6.6 percent to 3.10 gpt, down from 3.32 gpt in 2023.
Additionally, Apex Mining benefitted from a surge in global gold prices, with the average price rising by 24.2 percent to USD2,436 per ounce in 2024, compared toUSD$1,962 per ounce in 2023.
The company also posted a 24.8 percent increase in consolidated revenues, reaching P15.1 billion in 2024, up from P12.1 billion the previous year.
“We were tested by the landslide that happened in February 2024,” said Luis Sarmiento, Apex Mining president and CEO. “Despite being on limited operations for five months to support the landslide victims and assist in disaster recovery, our team managed to meet targets and achieve solid results.”
Looking ahead, Apex Mining’s Maco Mine’s operational lifespan has been extended by at least a decade, according to the company’s latest technical report. The company’s subsidiaries are also working on new mining projects, with Asia Alliance Mining Resources Corp. planning to revive operations at the Amacan project in Davao and Paracale Gold Limited expanding small-scale mining in Camarines Norte.
Apex Mining’s strong performance underscores its resilience amid operational challenges and a fluctuating market, positioning the company for continued growth in the mining sector.
