The miner sold 43,215 ounces of gold, down 16 percent, but its average realized price jumped 49 percent to $4,656 per ounce, while silver prices more than doubled to $77.67 per ounce despite volumes falling 22 percent.
A weaker peso against the US dollar provided another boost since Apex earns from gold and silver sales priced in dollars.
Less metal, much higher prices
The weaker output reflected lower-grade ore at Apex’s Maco mine in Davao de Oro as operations moved through leaner areas toward deeper deposits with higher grades.
Apex is now modifying Maco’s processing facilities to increase capacity to 3,500 tonnes per day from 3,000 tonnes, while continuing exploration and development aimed at extending its mineral resources and reserves.
Longer runway
Maco currently has enough identified reserves and resources to support operations until 2034 if production remains at 3,000 tonnes per day.
Higher metal prices also lifted Apex’s excise tax payments to the national government to P536.59 million from P363.42 million, while Indigenous Peoples royalties and other taxes, licenses and permits collectively increased by P103.89 million.
—Edited by Miguel R. Camus
