Listed Apex Mining Co. Inc. has secured a $108 million omnibus loan and security agreement (OLSA) with the Philippine National Bank (PNB) and the Bank of Commerce.
The term loan finalized on Wednesday is a restructuring of Apex Mining’s existing short-term borrowings with Bank of Commerce. The funds also cover payments for Apex Mining’s full acquisition of Asia Alliance Mining Resources Corp. (AAMRC) designed to strengthen its mining portfolio.
The loan will be drawn in three annual tranches until 2026, with repayment scheduled quarterly over five years. Apex Mining further said the OLSA is secured by AAMRC shares as an extra layer of security for the banks.
Apex Mining’s financial performance has been buoyed by a surge in gold prices and increased mining output. In the first nine months this year, the company reported a robust 33 percent rise in consolidated net income to P3.07 billion from P762.49 million last year. Gross revenue from gold and silver sales also climbed 24 percent reaching P10.84 billion from P8.73 billion in 2023.
Apex Mining’s operational strength is anchored at its Maco mine in Davao de Oro and the Sangilo mine in Itogon, Benguet. Its mining reserves and resources, certified in 2021, show sufficient capacity to maintain a production rate of 3,000 tons per day until at least 2032.
Apex Mining president and CEO Luis Sarmiento attributed the company’s performance to the increase in tons milled and favorable market conditions for gold.
“This deal positions Apex Mining well for the future, supporting our growth strategy while enhancing operational stability,” Sarmiento said.
