Apex Mining Company, Inc. swung to a profit for the first half of the year, reaching P81.7 million in net income, a reversal from a net loss of P278.9 million posted in the same period last year.
In a filing with the Philippine Stock Exchange, Apex said first half revenue jumped 72 percent to P1.16 billion due to higher gold and silver production.
The company secured a P2.25 billion loan from BDO to procure necessary capital equipment to push forward mine operating capability to deliver 4,000 ounces of gold a month, Apex president and chief executive officer Walter W. Brown said.
Last June, the company acquired 98 percent control over Itogon-Suyoc Resources, In.c (ISRI) at the total purchase price of P182.7 million, consisting of P32.7 million in cash and P150 million in Apex shares valued at P2.91 per share, thereby expanding the company’s asset base and further increasing available mineral resources for operation.
ISRI has mining claims in both Itogon and Suyoc, Benguet, with existing mill and production facilities in Sangilo. The company has infused P238 million in new equity in ISRI to pay down its debts and to reopen its Sangilo mine.
Meanwhile, Apex said Maco mine in Compostela Valley produced 20,334 ounces of gold and 107,036 ounces of silver this year, up from 11,430 ounces of gold and 64,660 ounces of silver last year.
The higher production compensated for the drop in metal prices during the period as the average price of gold fell to $1,215 per ounce from $ 1,295 an ounce last year.
The company’s consolidated accounts include those of Monte Oro Resources & 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 Limited. MORE has other mining interests in other countries under Minas de Oro Mongol LLC (in Mongolia), National Prosperity Gold Production Group Ltd (in Myanmar), Monte Oro Mining Company, 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 (SC) 72 for natural gas in the Sampaguita gas field offshore northwest of Palawan in the West Philippine Sea.