PHILIPPINES – Apex Mining Co (PSE:APX) reported consolidated net earnings of P119 million in the first quarter of 2020, 58% higher than the P75 million earnings for the same period in 2019, according to its latest financial statement.
Parent Company earnings before share of subsidiaries’ losses was 45% higher at P125 million from P86 million reported last year.
Lower operating costs and expenses provided for the higher earnings. This was in part a result of the 5% lower milling throughput of 158,834 tonnes for the quarter in 2020, as compared to 167,200 tonnes in 2019 which thus far is the highest quarterly tonnage averaging at 1,958 tonnes per day.
But while tonnage milled was lower this quarter, a new record recovery rate was nevertheless established at 86.84% from 84% a year ago.
As operations was at the leaner grade zone of the Maco mine, average ore grade was lower at 3.04 grams of gold per tonne from 3.67 grams per tonne in 2019. The lower grade, in combination with lower tonnage, more than offset the benefit of the higher mill recovery rate, resulting in gold production output and sales of 13,916 ounces, 19% lower compared to 17,215 ounces sold a year ago. Silver output of 77,852 ounces was likewise 25% lower than the 103,345 ounces in 2019.
Partly cushioning the negative effect in revenue of the lower metal outputs were the stronger metal prices which averaged $1,585 per ounce for gold and $17 per ounce for silver, as compared to $1,311 and $16, respectively, in 2019. Net revenue of P1.2 billion this quarter was 6% lower as compared to P1.3 billion in 2019.
Lower mining and mine overhead costs reduced cash operating costs by 12% to P623 million this year from P710 million same quarter last year. On a per tonne basis, these were equivalent to $77 per in 2020, 5% lower as compared to $81 in 2019.
Because of the reduced metal output, however, the equivalent cash operating cost per ounce of gold was 12% higher at $882 this year from $790 in 2019. Nonetheless, cash income from operations remained slightly better at P507 million this year as compared to P497 million in 2019.
Meanwhile, DMCI Holdings (PSE:DMC) was one of the actively traded stock when the market opens Tuesday. The company did not issue any disclosure. The stock hit a high of P4.5 a share from its previous closing price of P4.33. After an hour of trading, DMC was at P4.35 with 5.4 million shares exchanging hands. – BusinessNewsAsia.com