The Board of Investments (BOI) has given tax breaks to the P1.26 billion investment of Apex Mining Co. for the exploration of gold and other minerals at Compostela Valley.
The mining operation will produce 1,000 tons per day of copper and gold ore. This translates to more than 370,000 tons per year.
Apex said the metal ores will be processed through Carbon-in-Leach (CIL) to produce gold and silver bullions and a floatation system to generate copper concentrates with gold, silver, zinc and lead content.
BOI said the mining industry has always been a major priority industry and is part of the government’s 2007 investments priorities plan (IPP) under the exploration, mining, quarrying and processing of minerals.
Mining is recognized as one of the largest economic contributors in the country. This is highlighted under the Medium Term Philippine Development Plan (MTPDP) as well as the legacy agenda of President Arroyo.
Apex has two mineral production sharing agreements that are both located at Maco Compostela Valley covering more than 2,000 hectares.
The company, which is 70 percent Filipino owned, acquired an old plant in Region XI.
The investment will be for the development, refurbishment and rehabilitation of the plant as well as the acquisition of new equipment.
Apex has been operating for over 35 years but its management has been taken over by a partnership of Crew Gold Corp. and Mapula Creek Gold Corp. Inc, a Philippine-owned mining company.
The Maco Mine is still under development with production expected to start in mid-December 2008. — Marianne Go, Elisa Osorio