Apex Mining strikes gold with P4.3-B profit surge
The company said revenues also rose to P15.1 billion from P12.1 billion in 2023, supported by production from the company’s Maco Mine and the Sangilo Mine of subsidiary Itogon-Suyoc Resources, Inc.
RICKY Razon grew and transformed ICTSI into the foremost Filipino multinational corporation with an impactful presence in 20 countries. | PHOTOGRAPH COURTESY OF ICTSI
Apex Mining Co., Inc., under the group of ports and gaming tycoon Enrique K. Razon, Jr., struck gold in 2024 as consolidated net income jumped by 28 percent to P4.3 billion, fueled by soaring gold prices and a resilient workforce.
In a stock exchange filing on Thursday, the company said revenues climbed to P15.1 billion last year from P12.1 billion in 2023, driven by strong production from its Maco Mine and the Sangilo Mine of subsidiary Itogon-Suyoc Resources, Inc.
“We were tested by the landslide that happened in February 2024. But despite being on limited operations for five months to help the landslide victims and their families and to support the province’s disaster management and rehabilitation, our team was able to catch up and meet our targets,” Apex Mining President and CEO Luis R. Sarmiento said.
Gold production at Maco Mine totaled 899,002 tonnes in 2024, with an average grade of 3.61 grams per tonne (GPT), up from 823,427 tonnes in 2023, with a higher grade of 4.11 GPT.
Sangilo Mine’s output reached 148,021 tonnes at 3.10 gpt, compared to 138,361 tonnes at 3.32 gpt the previous year. The company also benefited from an average gold price of $2,436 per ounce and a stronger US dollar, which averaged P57.45.
Sarmiento noted that previous investments in mine rehabilitation and new equipment had allowed the company to boost gold production.
Apex Mining’s latest technical report also showed a 72 percent increase in estimated ore reserves at Maco Mine to 9.90 million tonnes at 4.18 gpt, extending its mine life by at least a decade.
Meanwhile, Asia Alliance Mining Resources Corp. is preparing to start mining operations at the Amacan project, with pre-feasibility studies indicating strong potential. The company has also begun the Free, Prior, and Informed Consent process to ensure transparency.
Paracale Gold Limited, another subsidiary, has initiated small-scale mining activities under a Minahang Bayan declaration. In November 2024, its proponent, Mambulao Miner Mining & Quarrying Services, secured a Small-Scale Mining Contract and an Environmental Compliance Certificate to begin operations.
Apex Mining remitted P1.76 billion in taxes last year. The company also allocated P101.3 million to community development initiatives in partnership with local government units in Davao de Oro.