MANILA, Philippines - Monte Oro Resources & Energy Inc., a private company led by port magnate Enrique K. Razon, is looking to raise its existing five-percent stake in listed Apex Mining Co. Inc.
“We’d like to invest more if given the opportunity,” Razon said when asked if he is open to acquiring more shares in Apex.
Incorporated in 1970, Apex holds a mineral production sharing agreement (MPSA) for a copper-gold deposit in Maco, Compostela Valley where the company mines an average of 700 tons of ore a day.
In November 2011, Monte Oro acquired 73.34 primary Class A shares of Apex for $6 million. The investment reflected the Razon-led group’s confidence in Apex’s management team and commitment to develop its mineral resources under the MPSA tenements.
Monte Oro, on the other hand, was organized in 2005 to engage in the business of mining and oil and gas exploration in the country. Its principals have a proven track record in port management, power transmission, oil and gas exploration, gaming and property development.
Apex is expanding its existing ore processing facility by three-fold as part of a business plan aimed at upgrading resources, developing new vein systems and achieve a gold production rate of 100,000 ounces per year by 2015.