Apex Mining's profit rises 28% despite Davao landslide

Apex Mining Co. Inc., led by the Razon group, announced a net income of P4.3 billion for 2024. This figure marks a significant increase of 28 percent compared to the previous year. The company enjoyed higher metal sales and production, despite facing challenges from a landslide that affected its operations in February 2024. In a recent disclosure, Apex revealed that its consolidated revenues rose nearly 25 percent to P13.4 billion, largely due to rising prices for gold and silver. The average price for gold reached $2,436 per ounce, a 24 percent increase, while silver prices surged by 21 percent to $28.63 per ounce. Apex Mining president and CEO Luis Sarmiento acknowledged the difficulties the company faced after the landslide in Maco, Davao de Oro. The incident led to considerable damage, resulting in 98 deaths and other casualties. Despite operating under limited conditions for five months to assist the victims and support recovery efforts, the company was able to meet its production targets. During this time, both of Apex's mining projects saw increased output. The Maco mine's production grew by 9 percent to 899,002 tons, while the Sangilo mine's output increased by 7 percent to 148,021 tons.