High gold prices boost Apex Mining H1 profit by 70% to P3.2B
Provided by Philippine Daily Inquirer.
MANILA, Philippines — Razon Group-led Apex Mining Co. Inc. increased its net profit by 70 percent to P3.2 billion in the first half of 2025 on the back of favorable gold and silver prices.
In a press release on Wednesday, the listed mining company said consolidated revenues had surged by 37 percent to P9.5 billion.
While gold sales volume fell by 3 percent to 51,436 ounces, its selling price surged by 38 percent to average $3,121 per ounce.
READ: Gold futures hit record on US tariff shock; mixed day for stocks
On the other hand, sales of silver climbed by 12 percent to 197,925 ounces, while selling price likewise rose by 24 percent to $33.18 per ounce.
Likewise, the average exchange rates for the US dollar to Philippine peso stood at P56.85, reflecting a 1 percent appreciation.
On the other hand, Apex Mining's cost of production went up by 10 percent to P4.23 billion. This was mainly due to higher tonnage processed, which increased the materials used, alongside manhours spent and power consumption.
“Alongside our continued growth and strong performance is our increasing contribution to nation-building through payment of taxes,” Apex Mining president and CEO Luis Sarmiento said. /dda
READ: BIZ BUZZ: Apex Mining goes for gold
(2025/08/13-16:12)
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