Apex Mining Co. Inc. will pursue the development of a mining asset in Mongolia to maximize opportunities with the current favorable mining environment.
Apex Mining disclosed in the Philippine Stock Exchange on Wednesday that “a serious assessment of the project had taken place which led to a recent decision to progress it.”
The company said a potential investor has signified interest to take over the joint venture company in Mongolia.
Previously, Apex Mining bared plans to divest from the asset.
“The recent visit to Mongolia by our president and geologists intended to review the strategy on how we will be able to maximize the opportunities with the current favorable mining environment by meeting the partners and stakeholders and revisiting the previous data and exploration plans,” the company said.
Apex Mining said in a separate disclosure that Roel Castro, MORE Electric and Power Corp. president and chief operating officer, was elected to become a director of the company.
