Apex Mining posts 9-month net loss of P136M

APEX Mining Co. Inc. reported a net loss of 136 million pesos in the first nine months of 2021, compared to a profit of 991.3 million pesos in the same period last year.

In a disclosure to the local exchange, Apex Mining said the parent company, on the other hand, posted net income of 994.5 million pesos during the period, 5 percent less than the net income of 1.0 billion pesos declared in the first three quarters. from 2020.

Revenue reached 5.0 billion pesos, a 9 percent increase from consolidated revenue of 4.6 billion pesos in January-September last year. The parent company also posted revenues of 4.7 billion pesos, 2% more than the 4.6 billion pesos reported in 2020.

At the end of September, the grinding throughput of the parent company was 514,008 tonnes (on average 2,107 tonnes per day) against 491,269 tonnes (on average 1,921 tonnes per day). Apex Mining said gold recovery was 87.06%, almost the same level from last year’s recovery of 87.29%. Silver recovery improved slightly to 78.54% from a recovery rate of 76.55% last year. During the nine month period, Itogon-Suyoc Resources Inc. crushed a total of 44,140 tonnes during the year, an average of 185 tonnes per day.

“The higher throughput and average realized gold price of $ 1,786 per ounce (ounce) during the year (vs. $ 1,779 / oz last year) neutralized the impact on revenues lower ore grades, which averaged 3.45 grams of gold and 19.80 grams of silver. per tonne during the period, compared to 3.59 grams of gold and 22.38 grams of silver per tonne during the same period last year, ”said Apex Mining.

Gold and silver sales were down year over year to 19,959 ounces and 87,791 ounces from previous 26,031 ounces and 140,240 ounces, respectively. “The big numbers from the third quarter of last year can be explained by stocks affected by quarantine restrictions and flight cancellations due to the Covid-19 pandemic during the first and second quarters of 2020 which then followed. were shipped during the third quarter of last year, “he added. mining company said.

Ann J. Cox