Apex Mining Group Consolidated Net Income in 2023 Up 1% to P3.4 Billion

For the entire year 2023, Apex Mining's Maco Mine generated a net income of P3.5 billion, an increase of 6% above P3.3 billion in 2022. 1% more than the P3.3 billion recorded in 2022, the consolidated net income of the Apex Mining Group (which consists of Apex Mining and its subsidiaries) stood at P3.4 billion in 2023. Itogon-Suyoc Resources, Inc. (ISRI), Asia Alliance Mining Resources Corporation (AAMRC), and Monte Oro Resources, Inc. (MOREI) are the subsidiaries of Apex Mining.

Concurrently, the Apex Mining Group's consolidated revenues increased to P12.1 billion in 2023 from P10.3 billion in 2022, a P1.8 billion (or 18%) increase. The high realized metal prices, which averaged $1,962 for gold and $23.51 for silver per ounce, were the primary factor in this record revenue. 

Luis R. Sarmiento, ASEAN ENG, President and CEO of Apex Mining, credits this solid performance to the established rapport of the various teams within the company plus their commitment to always deliver on their targets. “Our employees, both the miners and our support staff, uphold the highest standards of excellence."

In fact, Apex Mining ended 2023 on a high note, winning the 2023 Outstanding Labor Management Cooperation (LMC) for Industrial Peace Award and cinching the Special Award of the 2023 Outstanding Grievance Machinery for Industrial Peace given by the National Conciliation and Mediation Board. “Apex Mining’s thrust of building a solid foundation of labor management within the inherently Filipino value of malasakit is our winning formula,” says Sarmiento.
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The Maco Mine owned by Apex Mining and the Sangilo Mine owned by ISRI sold 106,495 ounces of gold in 2023, which is 5% greater than the amount sold in 2022 (101,096 ounces). This rise was caused by higher ore grades, which averaged 4.11 grams of gold per ton. The gold recovery rate at Maco Mine was 87.15%, as opposed to 87.92% in 2022.

Following an earthquake swarm that disrupted the power supply for its operations, Apex Mining's Maco Mine Site experienced sporadic work stoppages for safety inspections in the first quarter of 2023. Landslides in the province of Davao de Oro were also caused by heavy and protracted rainfall. The company processed more ore at 823,427 metric tons (averaging 2,402 metric tons per day) in 2022 than at 815,910 metric tons (averaging 2,330 metric tons per day) in 2022, despite these disruptions.

“Our higher income and revenue is not only due to the higher realized metal prices but also higher ounces delivered even with the disruption in the first quarter.”
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Slightly more than the 131,481 tonnes milled at 2.81 gold grade per tonne and 84.10% recovery in 2022, ISRI processed a total of 138,361 tonnes at 3.32 gold grade per tonne and 85.72% gold recovery in 2023.

​Apex (APX) is a publicly listed mining company. It operates the Maco Gold Mine in Maco, Davao de Oro while its fully owned subsidiary, Itogon-Suyoc Resources, operates two mines in Benguet (Sangilo Mine in Itogon and Suyoc Mine in Mankayan). Another fully owned subsidiary, Monte Oro Resources, Inc. operates the other business interests of APX, both in the country and abroad.