Apex Mining 2016 net income up 351% at P322M

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LISTED mining and oil firm Apex Mining Co., Inc. (APX) said on Tuesday its consolidated net income in 2016 jumped 351 percent to P322 million against the P71.4 million recorded in 2015 on the back of higher production output and improved average metal prices.

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In a disclosure to the Philippine Stock Exchange, APX said parent company net income rose 160 percent to P440.5 million in 2016 from P169.3 million in 2015.

“The lower net income amount as compared to the parent company net income is due to the administrative costs of the non-operating subsidiaries of the company, namely Monte Oro Resources and Energy, Inc. for P41.4 million and Itogon-Suyoc Resources Inc. for P40.2 million, that are treated as period costs against the parent company’s net income,” the disclosure read.

Revenue for the period amounted to P3.5 billion, up 45 percent from the previous year, driven by the new record output of the company’s Maco mine in Compostela Valley of 54,681 ounces of gold and 309,623 ounces of silver in 2016.

Increased milling throughput in 2016 and better mill recovery averaging 80 percent for gold and 72 percent for silver in 2016 as compared to 78 percent and 65 percent, respectively, in 2015, contributed to the higher metals produced in 2016, APX said.

In addition, it said higher metal prices contributed to the record annual revenue generated last year. It said prices averaged at $1,255 per ounce gold and $17 per ounce silver for the Maco mine’s shipments during the year, compared to $1,158 per ounce gold and $16 per ounce silver in 2015.

“We are pleased at the company’s performance to date, generating its second year of continued positive results after the current management team’s taking over the helm in October 2013. We give credit to all the men and women making up the workforce of the company in achieving this accomplishment,” APX President and CEO Walter Brown said.

In 2016, the company’s compliance with mining regulations was affirmed by the Department of Environment and Natural Resources audit. It also obtained its ISO 14001-2015 certification on environmental management systems from Certification International in compliance with DENR requirements.

APX is the parent firm of Monte Oro Resources and Energy Inc. (MORE), which has a processing plant located in Paracale, Jose Panganiban, Camarines Norte, through Paracale Gold Limited. MORE has other mining interests in other countries under Minas de Oro Mongol LLC (in Mongolia), National Prosperity Gold Production Group Ltd (in Myanmar), Monte Oro Mining Company, Ltd. and MORE Minerals SL (both in Sierra Leone), and Gold Mines of Uganda Ltd. (in Uganda).

MORE also owns a 30 percent participating interest in Service Contract (SC) 72 for natural gas in the Sampaguita gas field offshore northwest of Palawan.

With reports from JAMES GALVEZ

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