Apex Mining Co. Inc. is launching a last ditch effort at reversing a complete write off of assets in Mongolia that it has booked for P1.3 billion, according to a company official.
Ramon Peter Adviento, assistant vice president for corporate investor relations, told reporters a team of geologists and company president are in Mongolia to meet with their principals in hopes of reversing an impairment charge on assets once booked for P1.3 billion.
Apex Mining owns a stake at the Khar At Uui gold project in Mongolia registered under the joint venture company Erdeneminas LLC, 51 percent of which is owned by Minas de Oro Mongol LLC, a wholly-owned subsidiary of Monte Oro Resources & Energy Inc. (MOREI), with the remaining 49 percent by the Mongolian exploration company, Erdenejas LLC.
Apex Mining, which owns MOREI, had said the Mongolian gold project remains under their continued care and maintenance although an investor has signified an interest to take over the joint venture. The company said Erdenejas has not yet returned on the proposed investor entry.
MOREI is a wholly owned Apex Mining subsidiary.
The divestment plans notwithstanding, Adviento said the company as a whole remains interested in possible ventures abroad.
“Our geologists are looking at properties in the areas (where the Razon Group) has interests or has ports. If there is a potential, we look them up. We are moving towards a level of ability to export human capital, to open up new mines around the world; we’re preparing for that,” he added.
Adviento also said Apex Mining is ramping up efforts to reach world-class mining statu and gain access to better capital financing and mining contracts.
Apex Mining existing projects include gold mines in Maco, Davao de Oro as well as at the Sangilo mines in Itogon and the Suyoc mines in Mankayan, both located in Benguet Province.
