InterAksyon.com means BUSINESS
MANILA - Apex Mining Co. on Thursday said it returned to black in the first quarter of the year.
In a disclosure to the Philippine Stock Exchange, Apex said it turned in a profit of P50 million in the January to March period, reversing losses of P50 million last year.
The company ascribed the improvement to higher gold prices and the streamlining of its operations by a new management team.
Apex shipped 5,612 ounces of gold in the first quarter.
Its Maco mine delivered a total 52,993 tons of gold ore with a mine grade of 4.1 grams per ton.
“Ore extraction was focused on its active vein systems from both the Maligaya and Sandy areas. However, the company is reopening several vein systems which will serve as future sources of ore production adding 30 percent to the existing plant's capacity,” said Benoit de Galbert, Apex’s newly elected chairman of the board.
Galbert also said Apex’s mill plant processed a total of 48,467 tons with mill heads of 3.99 grams per ton of gold, and 23.17 grams per ton of silver, with average calculated metal recoveries of 85.01 percent and 67.32 percent, respectively.
Baiverth Diado, Apex president, said the company expects to continue the strong performance for the succeeding quarters as it expands its operations on the back of favorable market environment.
“This will also allow us to push forward our exploration work program on a very promising ground,” Diabo added.
In February this year, the company announced the approval of the management business plan to significantly expand the production capacity of the Maco mine and at the same time migrate the current ore processing facility to a new expanded facility with a threefold increase in milling capacity by 2013.
Known as Apex 3000, the project team already completed the final program for both the upgrade of the mining equipment and the engineering of a new and larger plant.
Drilling machines were added to the fleet to launch the exploration of the Mapula copper gold porphyry at a larger scale.
InterAksyon.com means BUSINESS
BUSINESS NEWS
