APEX Mining Co. Inc. said it turned around its operations last year by posting a consolidated net income of P71 million, from a net loss of P389.9 million in 2014.
Its parent company’s net income amounted to P168.9 million, before reflecting a loss of P97.9 million in the consolidation of the company’s subsidiary accounts.
Revenue for the period amounted to P2.4 billion, higher by 40 percent from the P1.7-billion revenue reported in 2014. This was achieved from the record output of the company’s Maco mine in Compostela Valley, producing 43,048 ounces of gold and 224,479 ounces of silver in 2015. This surpassed the 28,802 ounces of gold and 158,754 ounces of silver produced in 2014.
The increase in revenue was achieved in spite of the lower average metal prices that prevailed in 2015 as compared to 2014. Gold price was at $1,158 per ounce while silver was at $16 per ounce in 2015, 8-percent and 16-percent lower than the respective average prices per ounce of $1,262 and $19 in 2014.
“We are fortunate that even with all of the issues that confronted the company during the year, it managed to come out with net earnings to break the chain of net losses in previous years. The perseverance and resilience of its people and the understanding and cooperation of all the other stakeholders greatly helped in making this accomplishment possible,” said Walter W. Brown, the company’s president and CEO.
The acquisition of Itogon-Suyoc Resources Inc. in June 2015 capped the parent company’s capital expenditures for the year, which amounted to P2.6 billion.
ISRI has mining claims in both Itogon and Suyoc, Benguet, with existing mill and production facilities in Sangilo. By the fourth quarter of the year, the ball mill of the Sangilo mine was restarted following years of inactivity since 1996.
ISRI’s objective is to declare regular operation of the Sangilo mine by 2017, it said.
The company’s consolidated accounts include those of Monte Oro Resources and Energy Inc., a wholly owned subsidiary acquired in October 2014. Monte Oro has a processing plant located in Paracale, Jose Panganiban, Camarines Norte, through Paracale Gold Ltd. It has mining interests in other countries under Minas de Oro Mongol LLC in Mongolia, National Prosperity Gold Production Group Ltd. in Myanmar, Monte Oro Mining Co. Ltd. and MORE Minerals SL both in Sierra Leone, and the Gold Mines of Uganda Ltd. in Uganda.
It also owns 30 percent participating interests in Service Contract 72 for natural gas in the Sampaguita gas field offshore northwest of Palawan in the West Philippine Sea.