Ultra bilyonaryo Ricky Razon’s Apex Mining is poised to expand its mining operations in Maco, Davao de Oro with the acquisition of a mining firm with interests there.
In a regulatory filing, Apex said its board approved the acquisition of 1.9 million shares of Asia Alliance Mining Resources Corp. (AAMRC) for $42.89 each share or a total consideration of $81.50 million.
The shares acquired represent 100 percent of the outstanding capital stock of AAMRC.
Apex Mining said it would have a suitable storage facility (TSF) when its existing TSF reaches its full capacity in the next three years.
AAMRC is a mining company with interests over copper mines and mining claims covering 20,237 hectares in the municipalities of Mabini, Maco and Maragusan, Davao de Oro covered by the North Davao Mining Corp.
Apex Mining said $5.5 million would be paid upon signing of the share purchase agreement, while the balance of $76 million will be paid in four equal annual installment over the next five years.