Apex Mining Co. said it completed Friday the full takeover of Asia Alliance Mining Resources Corp., a company that recently won the mining and development rights over copper mines in the southern province of Davao de Oro.
The listed mining company late in December struck a deal with all the shareholders of Asia Alliance to buy their entire shareholdings for a total $81.5 million, which will be paid over five years.
Asia Alliance’s mining claims span over 19,000 hectares and straddles three towns in Davao de Oro. The mining claims covered by the takeover surround the area mined by Apex Mining.
