DAVAO CITY, Philippines – Apex Mining Company Incorporated (AMCI) is eyeing to increase its production to almost double in the next two to three years, an official bared Monday, November 20.
Rodulfo Palma, AMCI assistant vice president for legal services, said the company’s daily combined production currently hovers at 1,800 tons.
Doubling the production, however, would mean the company would be hitting a 3,600-ton mark, technically violating the terms of their environment compliance certificate (ECC).
According to Palma, their company’s ECC only grants them an output of “up to 3,000 tons per day.”
With regard to increased production, Palma said the company will focus on developing more areas to mine.
“If you look at it closely, we only mine a small portion of (our) 2,200-hectare area,” he said.
The company currently holds two mining concessions with each expiring in 2030 and 2032. These are renewable for another 25 years after their expiration.
The concessions, also called the Mineral Production and Sharing Agreement by the Department of Environment and Natural Resources (DENR), cover eight villages in two municipalities in Compostela Valley Province.
According to Palma, they are looking at hiring more personnel to reach their production goals.
This comes after AMCI in November 9, released its “modest” financial results in the first 9 months of 2017.
In a disclosure to the Philippine Stock Exchange, AMCI reported in the same period that it closed P305 million worth of consolidated net income, only 5% higher from P305 million year-on-year.
Revenues from gold was P2.8 billion, while from silver at P192.9 million. However, the company had total liabilities worth P6.2 billion in the same period.
Apart from that, AMCI’s parent company also had several loans maturing in 2018, among them include a P2.25-billion loan from BDO, and another $8-million loan from Union Bank of the Philippines.
Expansion questioned
Meanwhile, Interface Development Interventions (IDIS) questioned AMCI’s planned increased production, saying “it is too much to bear” for the environment.
“If you excavate all of it, what will be left for the biodiversity and the community?” said Chinkie Pelino-Golle, IDIS executive director.
Golle said if the mining company pushes through its plan, the government should ensure it can monitor the effects of mining in the environment by implementing provisions of the mining law.
AMCI began exploring in the late 70s in the Maco Gold Mine, formerly known as Masara, situated in the towns of Maco and Mabini, Compostela Valley Province.
The company is 40.32% owned by Prime Metroline Holdings, which is also the controlling stockholder of Bloomberry Resorts Corporation led by Filipino billionaire Enrique K. Razon, Jr. (with reports from Mick Basa / davaotoday.com)
Apex, Apex Mining, Apex Mining Company Incorporated, Prime Metroline Holdings
