Apex Mining holds off expansion plan

MANILA, Philippines - Listed Apex Mining Co. Inc. has put on hold the production capacity expansion of the processing plant in its Maco gold mine in Compostela Valley because of an ongoing board restructuring.

In a regulatory filing yesterday, the company announced the resignation of its chairman and chief executive vice president  (CEVP) Benoit de Galbert.

Walter William Brown will serve as chairman for the remainder of De Galbert’s unexpired term until his successor is elected.

“Personal matters have rendered it necessary for Mr. De Galbert to withdraw from his involvement with the company, as well as his international team,” the company said.

As chairman and CEVP, De Galbert initiated the Apex Project 300 which entails increasing the capacity of the Maco mine’s processing plant to 3,000 tons per day over the next three years to lower the cost of production per ounce.

New production zones within the mine are also being identified.

“I am confident that the expansion project has taken the right direction and now has all equipment and trained expertise to continue the ramp up. It is with regret that I have to leave the company for personal reasons. I am sure that shareholders will significantly benefit from this very exciting project in due time,” De Galbert was quoted in the filing.

His temporary replacement, Brown is concurrently the chairman of A. Brown Co., Palm Thermal Consolidated Holdings Corp., Palm Thermal Power Corporation and A Brown Energy & Resources Dev’t Inc.

He received two undergraduate degrees: B.S. Physical Science (1959) and B.S. Geology (1960), both from the University of the Philippines, and post graduate degrees from Stanford University: M.S. Economic Geology (1963), and Ph.D. in Geology, major in Geochemistry (1965).

“Dr. Brown has had extensive experience both in the mining and oil exploration industries in the Philippines,” said the company.

The Apex board has also accepted the resignation of one of its director Graciano Yumul. He will be replaced by Ramon Sy who also sits on the board of various companies.

Apex is also implementing several modifications in board committees.

“The above-mentioned changes are in line with structural changes of the management team and assessment of the mine and mill expansion project,” said the company.

In August mining companies Monte Oro Resources and Energy. Inc. and Monte Oro Resources and Energy. Inc. raised their stakes in  Apex, enabling it to raise funds for expansion.