Apex Mining Co. Inc. said its recent acquisition of the Asia Alliance Mining Resources Corp. (AAMRC) will enable the company to build another tailings storage facility and ensure the continuation of expanding an output of 3,000 tons of ore per day.
Last December, Apex Mining acquired AAMRC for $81.5 million to expand the company’s mining operations in Davao de Oro to complement the company’s existing Maco gold mine.
“This acquisition provides us the space we need for building another tailings storage facility and ensures the continuation of our expansion to 3,000 tons per day. More importantly, the acquisition enables us to maintain this level of production until 2032,” said Luis Sarmiento, Apex Mining president and chief executive officer, during a virtual stockholders’ meeting last week.
Sarmiento added the area will also give the company more room for the copper-gold porphyry deposits found within their existing mining tenement.
The company said this will provide a return of the cash flow from the buyout of AAMRC.
Last year, Apex Mining recorded a 408 percent jump in consolidated net income to an all-time high at P3.34 billion from 2021’s P657.25 million.
Apex Mining said the turnaround performance was achieved after rolling out expansions that resulted in improved efficiencies for its mines.
The company’s consolidated revenues for the period also hit a record, at P10.31 billion, up by 39 percent from 2021’s P7.41 billion. – Jed Macapagal
