Apex Maco Mine's 2023 Net Income At PHP3.5 Billion; Mining Group Consolidated Net Income PHP3.3 Billion

In 2023, Apex Mining Company Incorporated's (APMC) Maco Mine in Compostela Valley achieved a 6% higher net income of PHP3.5 billion, while its Mining Group attained a 1% increased consolidated net income of PHP3.4 billion in the same year.

The record revenue was driven by high realized metal prices, averaging $1,962 per ounce for gold and $23.51 per ounce for silver. I Photo: Apex Mining Co. Inc.

The Mining Group comprises APMC and its subsidiaries Itogon-Suyoc Resources, Inc. (ISRI), Asia Alliance Mining Resources, Corp. (AAMRC), and Monte Oro Resources, Inc. (MOREI).

APMC also disclosed to the Philippine Stock Exchange (PSE) that the Mining Group's consolidated revenues reached a record-high PHP12.1 billion in 2023, up by 18% from PHP10.3 billion in 2022.

This record revenue was driven by high realized metal prices, averaging $1,962 per ounce for gold and $23.51 per ounce for silver.

Luis R. Sarmiento, ASEAN ENG, President, and CEO of Apex Mining, attributed this solid performance to the established rapport of the various teams within the company and their commitment to delivering on targets.

He highlighted the company's employees, both miners and support staff, upholding the highest standards of excellence.

Sarmiento emphasized that Apex Mining received recognition in 2023 for Outstanding Labor Management Cooperation (LMC) for Industrial Peace and the Special Award for Outstanding Grievance Machinery for Industrial Peace from the National Conciliation and Mediation Board.

He underscored that Apex Mining's focus on building a solid foundation of labor management within the Filipino value of malasakit is the company's winning formula.

In 2023, operations at Apex Mining’s Maco Mine and ISRI’s Sangilo Mine sold 106,495 ounces of gold, 5% more than in 2022, with higher ore grades averaging 4.11 grams of gold per tonne.

Maco Mine achieved a gold recovery rate of 87.15%.

Despite disruptions in the first quarter of 2023 due to safety inspections following an earthquake swarm affecting power supply and landslides in Davao de Oro province, the company milled higher ore tonnages at 823,427 tonnes compared to 815,910 tonnes in 2022.

Sarmiento emphasized that the higher income and revenue were not only due to higher metal prices but also higher ounces delivered despite disruptions. ISRI milled a total of 138,361 tonnes in 2023, with slightly higher gold recovery than in 2022.