Apex Mining earns 60% less at P39 M

MANILA, Philippines – Listed Apex Mining Co. Inc. earned P39 million in the first quarter of the year, down 60 percent from the P100 million profit reported in the same period a year ago.

In a disclosure to the local bourse, Apex Mining said the decrease was due to higher non-cash charges coupled with increased interest expense and lower foreign exchange gain.

Revenues went up 17 percent to P775 million.

The Maco Mine in Compostela Valley produced 12,779 ounces of gold and 61,085 ounces of silver during the period, higher than the 11,557 ounces of gold and 51,917 ounces of silver produced a year earlier.

The record metal production was the result of the record mill throughput of 89,494 tons this quarter, up 15 percent  year on year.

Cash income from operations also went up 21 percent to P248 million.

“We are also encouraged by the recent positive movements in metal prices of gold and the price of silver has similarly moved,” Apex Mining president and CEO Walter Brown said.

Last year, gold price was pegged at $1,214 per ounce while silver was at $15 per ounce compared to $1,211 and $17 from the year earlier.

“Should this uptrend continue and as we attain our goal of operating at 1,500 tons a day towards the middle of this year, we are confident that we will be reporting significant net earnings growth for the whole year,” Brown said.

In June 2015, Apex Mining acquired Itogon-Suyoc Resources Inc. which has claims in both Itogon and Suyoc in Benguet, with existing mill and production facilities in Sangilo.

The company is primarily engaged in the mining and production of gold, silver, copper, lead and other precious metals.