Apex Mining Co. Inc. of ultra bilyonaryo Enrique K. Razon Jr. grew its first quarter earnings by 131 percent to P645.5 million on higher tonnage and selling prices.
Consolidated revenues jumped 46.1 percent to P2.2 billion, largely driven by the 23.3 percent jump in increased milling tonnage and higher gold grades of 19.7 percent as well as a seven percent hike in selling prices.
The company’s revenues come from its Maco operations and Itogon-Suyoc Resources Inc.’s Sangilo operations.
Maco operations milling throughput increased to 194,255 tonnes from only 157,552 tonnes as while Itogon-Suyoc milled a total of 25,887 tonnes during the period.
The ramp up in production volume is part of the planned increased from 2,000 tons per day to 3,000 tpd.
Apex Mining said the mine and mill operation is ahead of budget production rate of 2,250 tpd for the year and has encountered better grades than expected.