Apex Mining profit drops 15% to P549M in Q1

Apex Mining Co. Inc. recorded a profit of P548.8 million in the first quarter of the year, down 15 percent from P645.5 million in the same period last last year.

Revenues reached P2.6 billion, up 15.62 percent from P2.2 billion in 2022.

The gold and silver miner said it milled 182,639 tons of ores in its Maco Mine for the period, down 6 percent from last year.

“It will be recalled that a series of force majeure events occurred within the period, forcing intermittent work stoppages, mostly for risk assessments and safety checks,” the company said.

Apex Mining said a prolonged series of earthquakes and aftershocks affected Maco Mine’s power supply.

“Heavy and long periods of rainfall during the period also caused landslides to occur within the Davao de Oro province. The landslides affected the old tailings dam posing access problems for workers. All these disruptions totaled 5.74 workdays,” it said.

Apex Mining said despite these, gold recovery was high at 88.77 percent, up from the 87.26 percent gold recovery recorded last year. Silver recovery however was lower, at 76.23 percent against last year’s 78.92 percent recovery rate. “The higher average realized gold price of $1,929/oz during the year (versus $1,872/oz in 2022) pushed the revenues up by 15.62 percent in the first quarter of 2023,” it said.“Ore gold grades averaged higher at 4.56 grams per ton compared to the first quarter of 2022 at 3.76 grams of gold per ton. The depreciation of the peso against the dollar as of March 31, 2023 also contributed to the increase in revenue,” it added.

 

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