Apex Mining profit grows 2% to P3.4 billion

MANILA, Philippines —  Razon-led Apex Mining Co. Inc. grew its net income by two percent to P3.41 billion in 2023 from P3.34 billion in 2022 on the back of higher revenue brought about by better metal prices.

In a financial report submitted to the Philippine Stock Exchange, Apex said its revenue went up by 17.1 percent to P12.07 billion from P10.31 billion.

According to Apex, the higher revenues were more than enough to offset the increase in its expenses, particularly production costs and finance costs.

The miner’s gold revenues, which accounted for 96 percent of the total, increased by nearly 18 percent to P11.62 billion from P9.85 billion.

Meanwhile, revenues from silver declined slightly to P453.98 million in 2023 from P455.81 million in 2022.

“Our higher income and revenue is not only due to the higher realized metal prices but also higher ounces delivered even with the disruption in the first quarter,” Apex said.

Apex said it sold 106,495 ounces of gold last year, about five percent more than the 101,096 ounces sold in 2022.

Furthermore, Apex said its Macao mine milled 823,427 metric tons of ores in 2023 versus the 815,910 metric tons recorded in 2022.

Meanwhile, the Sangilo mine of Apex subsidiary Itogon-Suyoc Resources Inc. milled 138,361 metric tons of gold ore, slightly higher than the 131,481 metric tons milled in 2022.

Apex Mining said its average realized gold price last year grew by nine percent to $1,962 per ounce from $1,797 per ounce.

The miner’s production costs in 2023 rose by almost 17 percent to P6.34 billion from P5.43 billion, while finance costs tripled to P559.26 million from P170.23 million.