Apex Mining temporarily halts ops in Davao after 7.4 quake
Manila, Philippines – Billionaire Enrique Razon Jr.-led Apex Mining Co. Inc. has temporarily halted operations in its Maco mine site in Mindanao amid aftershocks following last week’s magnitude 7.4 earthquake there.
Apex Mining told the stock exchange on Monday, Oct. 13, that Friday’s tremor offshore Manay in Davao Oriental left “no significant damage in major infrastructures” in the Maco mine site in Davao de Oro. No injuries were reported either, as workers evacuated the underground and surface work areas.
Underground and mill operations resumed that day, the miner said, but the provincial governor has ordered a temporary suspension of all mining operations in Davao de Oro since Friday night after a series of aftershocks.
“The suspension remains in effect until a thorough assessment has been conducted by the Mines and Geosciences Bureau (MGB), Provincial Disaster Risk and Reduction Management Office (PDRRMO), and other concerned agencies,” Apex Mining said in a disclosure on Monday.
“Resumption of operations shall only be allowed upon issuances of clearance by proper authorities,” the disclosure read.
The MGB and PDRRMO had inspected the Maco mine site over the weekend, the miner said, adding that it “is awaiting the results of said audit and clearance to resume full operations, as of this reporting time.”
Razon has a controlling share in the listed miner, through Prime Strategic Holdings, Inc., and also through Monte Oro Resources & Energy, Inc.
Apex Mining grew its profit by an annual 70 percent in the first half amid rising metal prices. Its Maco mine produces gold and silver bullions and buttons. Through its wholly owned subsidiary Itogon-Suyoc Resources, Inc, the miner holds the mineral rights to the Sangilo and Suyoc mines in Itogon, Benguet. All production from the Maco and Sangilo mines are being sold to Heraeus Ltd., a refining company based in Hong Kong.
Apex Mining [APX] shares rose 0.96 percent, or P0.10, to end Monday’s trade at P10.48 each.
NewsWatch Plus business news anchor Lois Calderon contributed to this story.
