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Apex Mining net income grows on higher revenues, gold prices

Apex Mining Co.’s attributable net income surged nearly five times to P679.56 million in the third quarter due to higher revenues and better gold prices, the listed mining company said in a stock exchange disclosure on Tuesday.

Its three-month income attributable to the parent firm equity holder compares with P148.94 million posted last year.

Revenues for the quarter also rose 102.3% to P2.59 billion, against P1.28 billion a year ago.

For the nine-month period, Apex Mining’s attributable net income rose to P991.68 million, or more than four times the P227.54 million registered a year ago.

The company claimed that its nine-month net income is the highest in its history.

Further, the company’s revenues from January to September also climbed 26.7% to P4.60 billion, versus the P3.63 billion it posted a year ago.

Apex Mining President and Chief Executive Officer Luis R. Sarmiento credited the resilience of the company’s team in its mine sites for the positive financial performance during the quarter amid the coronavirus disease 2019 (COVID-19) pandemic.

“Our priority is still the health and safety of our people. After all, a healthy workforce is what drives a mine to operate efficiently and profitably,” Mr. Sarmiento was quoted as saying.

Apex Mining has no recorded COVID-19 cases in its Maco mining site in Davao de Oro, it said.

The company said the averaged realized gold price during the quarter rose to $1,902 per ounce from $1,472 while silver also improved to $24 per ounce compared with $17.

Gold and silver sold during the quarter climbed 66% and 51% to 26,031 ounces and 140,240 ounces, respectively.

“Production from the mine, however, faces a challenge from the imposition of restrictions in the movement of supplies and manpower by the national and local governments to minimize the further spread of COVID-19,” the company said.

“Developments are still being awaited over the Sampaguita gas field offshore northwest of Palawan covered by Service Contract 72 where Monte Oro Resources & Energy, Inc. (MORE), another wholly-owned subsidiary, holds a 30% participating interest,” it added.

On Tuesday, shares in Apex Mining rose 0.52% or one centavo to close at P1.95 per piece. — Revin Mikhael D. Ochave

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