Razon-led mining firm Apex Mining Co. Inc. has decided to develop its Mongolian project, the company announced in a clarification to the Philippine Stock Exchange (PSE).
“A serious assessment of the project had taken place which led to a recent decision to progress it, instead,” Apex Mining said.
This contradicts Apex Mining assistant vice president for investor relations Ramon Peter Adviento’s earlier statement that “we might be divesting our Mongolian assets.’
Apex currently has a majority interest in the Khar At Uui Project in Mongolia, which remains under continued care and maintenance.
Apex clarified that the visit of its president and geologists to Mongolia was 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 decision to develop the Mongolian project comes after an investor signifying interest to take over the joint venture company.
The said project is under the joint venture firm Erdeneminas LLC – which is 51% owned by Minas de Oro Mongol LLC (MINAS), a wholly owned unit of the Monte Oro Resources & Energy Inc. (MOREI), and 49% owned by Erdenejas LLC, a Mongolian exploration company.
MOREI is a wholly-owned subsidiary of Apex Mining.
The company added that the value impaired for the Mongolia asset is Php 161 million only, contrary to the Php 1.3 billion mentioned by Adviento. Apex Mining said that it is strategically managing its projects in the country and abroad in order to maximize the potential benefits that may be derived from them,
With regards to its possible expansion overseas, Apex Mining said that it is not only looking at areas where International Container Terminal Services Inc. (ICTSI) – a global port operator owned by Razon – is present nor it is looking to “export human capital to open up new mines around the world.”
“There is no plan to gear our expansion to areas where there are ports run by ICSTI and our geologists are not deliberately looking at properties in the areas where the Razon Group has ports,” Apex Mining said.
“We also have no deliberate attempt to “export human capital” to open up new mines,” the company added.
