Gold price surge boosts record Apex Mining profit

Razon-led Apex Mining Co. Inc. earned over P4 billion in 2024, driven by higher gold output and prices.

- By JASPER EMMANUEL ARCALAS

In a regulatory filing, Apex Mining said its net income rose by more than a fifth to a record-high P4.33 billion, from P3.5 billion a year earlier.

The mining firm's revenues expanded by a quarter year-on-year to P13.37 billion from P10.7 billion because of double-digit rate increase in the sales of gold and silver.

Majority of the company's top line came from gold sales that reached P12.81 billion last year. The amount was nearly 25 percent higher than the P10.25 billion recorded in 2023.

Furthermore, Apex Mining said its revenues from silver sales rose by 26 percent to P567.09 million from P448.51 million.

Meanwhile, the miner's cost of production expanded by a quarter on an annual basis to P6.44 billion from P5.13 billion.