Apex Mining nets P50M in Q1

MANILA, Philippines - Listed Apex Mining Co., Inc. reported a turnaround in its net profit in the first quarter of the year due to higher gold prices and its streamlined operations.

The miner said in a disclosure to the Philippine Stock Exchange yesterday that it had a net income of P50 million in the first quarter, a reversal of the net loss of P50 million in the same period last year.

Benoit de Galbert, Apex chairman of the board, attributed the improvement in the firm’s financial performance to higher gold prices as well as the streamlining of the firm’s operation by the new management team in charge of the mine expansion plan.

Apex said its Maco mine in Compostela Valley delivered a total of 52,993 tons of gold ore for the first quarter.

The miner also said its mill plant processed a total of 48,467 tons with mill heads of 3.99 grams per ton of gold and 23.17 grams per ton of silver with average calculated metal recoveries of 85.01 percent of gold and 67.32 percent of silver.

The miner’s shipments of gold reached 5,612 ounces in the first quarter of the year.

“We expect to continue our positive performance for the succeeding quarters as we expand our operation and take advantage of the favorable market environment,” Apex president Baiverth Diabo said.

He said the positive performance would likewise allow the miner to proceed with its exploration work program.

In February, Apex said it was planning to expand the production capacity of the Maco mine through the upgrade of an existing processing facility in the site.

The planned upgrade of the processing facility is expected to result in a three-fold increase in the milling capacity to be achieved in 2013.