Bilyonaryo - Business

Ricky Razon-led Apex seals acquisition of Inigo Zobel and Ramon Ang’s Asia Alliance Mining

February 10, 2023

Bilyonaryo.com

Apex Mining Corp. of ultra bilyonaryo Enrique K. Razon Jr. has formally acquired control of Asia Alliance Mining Resources Corp. (AAMRC) from Clariden Holdings Inc., which is owned by ultra bilyonaryos Inigo Zobel and Ramon S. Ang for $81.5 million (roughly P4.4 billion).

In a stock exchange filing, APX said the deed of absolute sale was signed Friday following compliance with the closing conditions.

The transaction involved the acquisition by APX of 1.9 million shares or 100 percent of the outstanding capital of AARMC from Clariden and other selling shareholders including Simon L. Paz, Leo Atayde, Marie Paz Tacorda, Anabelle Dera, and Irene Escueta. The shares were acquired for $42.8947 per share.

APX said the total consideration shall be paid upon signing of the share purchase agreement and the balance of $76 million shall be paid in four equal annual installments over the next five years.

The acquisition will allow APX to expand its mining operations in Maco, Davao De Oro and provide it with a suitable site for a new tailings storage facility when its existing TSF reaches full capacity within the next three years.

AAMRC has interests over copper mines and mining claims covering 19,135.12 hectares, situated in the municipalities of Mabini, Maco and Maragusan, Davao de Oro covered by the North Davao Mining Corp. application FTAA-XI-14 (NDMC claims).

The NDMC mining claims that will be developed and operated by AAMRC surround the existing mining claims and operations of APX in Maco, Davao de Oro.

APX had an application for production sharing agreement (APSA) which overlapped with the NDMC claim but lost the case against PMDC in the Supreme Court in 2020.

Related News Tags: Apex Mining Corp., Asia AAlliance Mining Resources Corp. (AAMRC), Inigo Zobel, Ramon Ang, Ricky Razon

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