Apex plans to increase Maco mine daily capacity to 3,000 tons

Apex Mining Co. Inc. plans to increase the capacity of its Maco mine's processing plant in Compostela Valley from the current 850 tons per day to 3,000 tons per day by the end of the year, the miner said in a regulatory filing Wednesday.

This will be accomplished by the company's expansion project which, said president Baiverth Diabo, Apex has been able to generate funding despite net losses incurred in 2012 and the first quarter of 2013.

Last year, the company reported a net loss of P56 million against a net loss of P39 million in 2011.

It also posted a net loss of P29.2 million in the first quarter of the year due to a lower peso-dollar exchange rate and weaker prices of gold and silver, in contrast to the P50.2 million net profit the company reported in the same period last year.

"The plant construction, started in June 2012, has reached 36 percent of physical completion, while civil works and structures are ready for the equipment installation," said company chairman Benoit de Galbert.

The company hopes that the increase in ore produciton over the next two years will lower the production cost per ounce. — BM, GMA News