Surging metal prices lift Apex Mining profit to P4.3B
Despite a landslide that is hampering operations, the Razon Group’s Apex Mining Co. Inc. reported a net income of P4.3 billion in 2024, a surge of 28 percent from P3.4 billion a year ago, driven by higher sales and production.
Also, the mining company told the local bourse that consolidated revenues climbed by almost 25 percent to P13.4 billion due to higher gold and silver prices.
“We were tested by the landslide that happened in February 2024. But despite being on limited operations for five months to help the landslide victims and their families and to support the province’s disaster management and rehabilitation, our team was able to catch up and meet our targets,” Apex Mining president and CEO Luis Sarmiento said.
Apex Mining was forced to suspend operations at its Maco mine in Davao De Oro as the landslide resulted in 98 deaths and other casualties as well as damage to property.
Citing government and private-sector sources, the firm said adverse weather conditions, including sustained and abnormal rainfall months before, caused the incident.
Apex Mining said it has helped government authorities in restricting access to no build zones and completed a number of tenement-wide mitigation measures.
Despite this incident, the company’s two mining projects recorded higher output. Maco mine’s production increased by 9 percent to 899,002 tonnes while the Sangilo mine produced 148,021 tonnes, up by 7 percent.
The company also got a boost from higher metal prices, with the average gold price jumping by 24 percent to $2,436 per ounce and those of silver by 21 percent to $28.63 per ounce.
