MANILA, Philippines - Publicly-listed Apex Mining Co. Inc. is expanding by three-fold its ore processing facility in Mindanao in line with a recently drawn up business plan.
In a disclosure to the stock exchange yesterday, Apex said its board approved the plan to “significantly expand the production capacity” of its porphyry copper-gold deposit located at Maco, Compostela Valley.
Apex said it intends to reopen historic mining areas and expand the current producing areas.
The company has formed a project team which has already completed preliminary design and cost engineering, leading to the start of early construction within the coming months.
Apex said it would disclose the final design work and project costing as soon as they become available.
The company’s goal is to progressively increase and upgrade its resources, develop new vein systems, and achieve a gold production rate of 100,000 ounces per year by 2015.
Apex president Peregrino Resabal said the company is slated to release a new mineral resource statement within the next few weeks. “I am extremely pleased with these developments and look forward to a growing future of the company for the benefit of all stakeholders,” he said.
Apex is five percent owned by Monte Oro Resources & Energy Inc., a mining and oil and gas exploration firm controlled by ports king Enrique Razon.