Apex to expand capacity of Maco Mine

APEX Mining Co. Inc. on Friday said it would expand the production capacity of its mining site in Mindanao.

In a disclosure to the Philippine Stock Exchange, Apex said it plans to expand production capacity of its Maco Mining by threefold in 2013 through the reopening of historic mining areas and expansion of the current producing areas. At present, the company’s ore processing facility has a milling capacity of 600 to 700 ounces of gold per day.

“The Company has appointed a project team which has already completed preliminary design and cost engineering, leading to the commencement of early construction within the coming months,” Apex said.

Apex added that the final design work and project costing would be released to the market following subsequent board approval.

The company’s board, likewise, approved the election of Benoit de Galbert as member of the Board of Directors to replace Thomas Rodney Jones and as chief executive vice president to oversee both current operations and the expansion of the Maco gold mining and ore processing facility.

De Galbert, who will also be the chairman of the Apex compensation and remuneration committee, has over 25 years of international management experience in the financial and mining sector including 10 years at Elf Aquitaine followed by 10 years with Areva’s project engineering group.

Peregrino Resabal, Apex president, said that the company is scheduled 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.