Consolidated net income jumped 94 percent to P2.82 billion even as gold sales volume fell 20 percent to 20,354 ounces due to lower ore grades at its Maco mine.
The company realized an average gold price of $4,909 per ounce during the quarter, sharply higher than the $2,953 recorded a year earlier.
Soaring metal prices have fueled a rally in APX shares, which climbed to P16.96, up 44 percent this year and more than 170 percent over the past 12 months.
Lower grades hit output
Ore grades at the Maco mine weakened to 2.43 grams per tonne from 3.16 grams per tonne last year after Apex encountered several lean mining zones during operations.
“Once completed, this tunnel will provide access to deeper ore blocks while improving water and ventilation systems, thereby enhancing the working environment and safety of our miners as we work in the lower levels where higher-grade deposits are expected to be located,” president and CEO Luis Sarmiento said, referring to the Tagbaros Drain and Ventilation Tunnel project.
Copper expansion ramps up
Apex said it expects to spend around $300 million over the next three years to develop the Asia Alliance copper project and build its processing plant.
The company is also upgrading the Maco mine’s production capacity from 3,000 tons per day to 3,500 tons per day under a separate P100-million expansion program.
Apex said it is not slowing expansion plans despite ongoing US-Iran tensions, noting that fuel accounts for only around 4 percent to 5 percent of production costs while supply remains secure.
—Edited by Miguel R. Camus
