APEX Mining Co. Inc. signed a $108 million omnibus loan and security agreement (OLSA) with the Philippine National Bank and Bank of Commerce.
The company said in a disclosure to the Philippine Stock Exchange on Thursday, the term loan signed on Wednesday will convert the existing short-term borrowings with Bank of Commerce into a long-term loan.
Apex will secure the fund for the remaining installments of the 100- percent share acquisition of Asia Alliance Mining Resources Corp. (AAMRC).
Apex Mining added the OLSA will be drawn annually in three tranches until 2026 and will be repaid quarterly for five years from the drawdown dates.
The company said the OLSA is also secured by AAMRC’s shares.
Last November, Apex Mining reported a 33 percent surge in its consolidated net income in the first three quarters of 2024 at P3.07 billion against last year’s P762.49 million for the same period.
Luis Sarmiento, Apex Mining president and chief executive officer, said higher tons milled and the surge in gold prices are the main drivers of the good performance.
The company’s gross revenues from the sale of gold and silver in the three quarters amounted to P10.84 billion which is 24 percent higher than gross revenues recorded in the same period in 2023 at P8.73 billion.
Apex Mining’s operating mines include Maco in Davao de Oro and Sangilo in Itogon, Benguet.
The company’s Mining’s Mine Reserves and Resource Certifications of 2021 shows the company has enough reserves and resources to continue at the targeted production rate of 3,000 tons per day until 2032.
