NEWS

Apex Mining Co. of ultra bilyonaryo Ricky Razon closed 2024 on a high note, reporting a ₱4.3 billion net income, a 28% jump from the previous year, as strong gold prices and increased production fueled growth. Revenues surged to ₱15.1 billion, up ₱3.1 billion from 2023, with contributions from its flagship Maco Mine and Sangilo Mine under Itogon-Suyoc Resources.

Apex Mining shares have doubled over the last 12 months.

The year wasn’t without challenges. A landslide in February forced Apex to scale back operations for five months as it focused on helping affected communities. Despite this setback, the team pulled through. “We were tested, but we caught up and met our targets,” said President and CEO Luis R. Sarmiento.

Gold output remained strong. The Maco Mine processed 899,002 tonnes at an average 3.61 grams per tonne (gpt), while Sangilo Mine hit 148,021 tonnes at 3.10 gpt. Higher gold prices—averaging $2,436 per ounce—and a strong peso-dollar exchange rate of ₱57.45 helped drive profitability. Years of investment in mine rehabilitation and equipment upgrades are now paying off, allowing Apex to produce more gold than ever.

Looking ahead, the company is in expansion mode. New resource estimates show a 72% jump in reserves, extending the Maco Mine’s life by at least a decade. Meanwhile, its subsidiary Asia Alliance Mining Resources Corp. is preparing to restart operations at the Amacan project, with environmental studies already underway. Another subsidiary, Paracale Gold Limited, has also launched small-scale mining under a government-approved program.

Apex remains committed to both business growth and social responsibility. In 2024, it remitted ₱1.76 billion in taxes and invested ₱101.3 million in community projects, from housing assistance to disaster recovery efforts.

Source: Bilyonaryo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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