Apex Mining Co. Inc. has opted to continue developing its mining asset in Mongolia to maximize opportunities presented by what it bared as a favorable mining environment.
The business also issued a statement reducing the impairment charge it was prepared to book on the asset to only P161 million, sharply lower than the initially announced P1.3 billion.
Apex Mining told the Philippine Stock Exchange Wednesday that a serious assessment of the project had taken place which led to the decision to keep the project after all.
The enterprise also said that a potential investor has signified interest to take over the project in Mongolia.
Apex Mining own a stake at the Khar At Uui gold project in Mongolia registered under the joint venture company Erdeneminas LLC, which is 51 percent owned by Minas de Oro Mongol LLC, a wholly-owned subsidiary of Monte Oro Resources & Energy Inc. (MOREI).
The remaining 49 percent is owned by Mongolian exploration company Erdenejas LLC.
MOREI ,in turn, is a wholly owned subsidiary of Apex Mining.
