Apex Mining’s Maco Gold Project in Mindanao, the Philippines, has established a new daily record by producing an average of 1525 tons of ore by the end of June. This surpassed the company’s targeted daily production of 1500 tons.

The operation’s output increased by 34% during the June quarter to 203,476 tons of ore from 152,136 tons in the same period of 2015. Gold production grew by 31% to 26,577 ounces from 20,344 ounces while silver production increased to 140,317 ounces from 107,036 ounces.

In a disclosure to the Philippines Stock Exchange, Apex said its consolidated net income for the April to June period reached P94.1 million, a turnaround from the P18.6 million net loss a year ago.

Apex’s second quarter consolidated revenues increased 74% to P882 million from P505.6 million last year. Its net gold and silver revenue jumped to P825 million and P66 million respectively during the period. Revenue was driven by higher metal production that offset lower ore grades for gold and silver at 5.0 grams/tonne (g/t) and 31.7 g/t respectively. Net income for the first half of the year grew by 60% to P133.5 million from P81.7 million last year.

Amid higher metal prices, increase in volume outputs and weaker peso versus US dollar, posted record revenues of P1.65 million in the first half, up by 42% from P1.16 million last year.

“The general weakening of the US dollar against gold and the British vote to exit the European Union provided the impetus for the gold price to move favourably for the gold producers,” said Apex president and CEO Walter W Brown.

“While we have seen the gold price rise to $1375 per ounce as its highest level in the past months or so, it still has yet to break the $1400 resistance level. We would be pleased if the metal price would move up, nevertheless at this level, we expect earnings for the year to be significantly higher than the income reported for the whole of last year,” he said.

Apex Mining is a Philippine-owned company, run by Filipinos, with origins in the Maco Gold Mine in the Compostela Valley, Province of Mindanao. Maco mine, formerly known as Masara, is in the municipalities of Maco and Mabini, and the name change was effected in recognition of the entire municipality where mining occurs, rather than one particular village near the mine site.