Golden win: Apex Mining posts record profits
RICKY Razon grew and transformed ICTSI into the foremost Filipino multinational corporation with an impactful presence in 20 countries. | PHOTOGRAPH COURTESY OF ICTSI
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RICKY Razon grew and transformed ICTSI into the foremost Filipino multinational corporation with an impactful presence in 20 countries. | PHOTOGRAPH COURTESY OF ICTSI
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Billionaire Ricky Razon’s Apex Mining Co. is proving that resilience pays off. Despite facing a five-month operational slowdown due to a landslide in February, the mining giant bounced back stronger than ever, posting an all-time high net income of ₱4.3 billion in 2024. That is a 28% jump from the previous year, fueled by soaring gold prices and increased production.
Shares of Apex have doubled over the past year as revenues climbed to ₱15.1 billion, up by ₱3.1 billion from 2023. Key contributors to this growth include the company’s flagship Maco Mine and Sangilo Mine under Itogon-Suyoc Resources.
Rather than seeing the landslide as a major roadblock, Apex turned it into an opportunity to refocus on supporting affected communities. “We were tested, but we caught up and met our targets,” said President and CEO Luis R. Sarmiento.
Even with the temporary slowdown, gold output remained robust. Maco Mine processed 899,002 tonnes at an average of 3.61 grams per tonne (gpt), while Sangilo Mine reached 148,021 tonnes at 3.10 gpt. Higher gold prices, which averaged $2,436 per ounce, and a strong peso-dollar exchange rate of ₱57.45 also played a role in Apex’s record-breaking year. Years of investment in mine rehabilitation and equipment upgrades are now paying off, allowing the company to maximize production.
With its momentum stronger than ever, Apex is now focused on expansion. The company recently announced a 72% increase in reserves, extending Maco Mine’s life by at least a decade. Meanwhile, its subsidiary, Asia Alliance Mining Resources Corp., is gearing up to restart operations at the Amacan project. Another subsidiary, Paracale Gold Limited, has launched small-scale mining under a government-approved program.
Beyond profit, Apex is also making an impact on local communities. In 2024, it remitted ₱1.76 billion in taxes and invested ₱101.3 million in social programs, including housing assistance and disaster recovery efforts.
With record-breaking gains, ambitious expansion plans, and a commitment to community development, Apex Mining is showing that even setbacks can lead to golden opportunities.
