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Manila Bulletin devider Business devider Apex buying Top Frontier's copper mine for $81.5 M

Apex buying Top Frontier's copper mine for $81.5 M

Published Dec 6, 2022 03:19 pm

Apex Mining Co. Inc. is buying the Davao de Oro copper mining operations controlled by Clariden Holdings Inc., a subsidiary of Iñigo Zobel and Ramon S. Ang’s Top Frontier Holdings Inc. for $81.5 million (P4.56 billion) .

In a disclosure to the Philippine Stock Exchange, Apex said its Board of Directors has approved on the acquisition of 1.9 million shares of Asia Alliance Mining Resources Corporation (AAMRC) representing 100 percent of its outstanding capital stock.

The acquisition is being made under terms and conditions agreed with the sellers Clariden and Simon L. Paz, Leo Atayde, Marie Paz Tacorda, Anabelle Dera, and Irene Escueta.

The total consideration of $81.5 million or $42.8947 per share is payable as follows: $5.5 million shall be paid upon signing of the Share Purchase Agreement and the balance of $76 million shall be paid in four equal annual installment over the next five years.

“The purchase price was product of negotiation of the parties. No particular principle was used in determining the amount of consideration,” said Apex.

The acquisition will allow Apex to expand its mining operations in Maco, Davao De Oro and provide it with a suitable site for a new Tailings Storage Facility (TSF) that it needs to sustain and expand its mining operation beyond the limited lifespan of its current TSF.

AAMRC is a mining company which has interests, by virtue of a Notice of Award issued by the Philippine Mining Development Corporation (PMDC) as the highest bidder for the Joint Operating Agreement (JOA) over copper mines and mining claims covering 20,237 hectares, situated in the Municipalities of Mabini, Maco and Maragusan, Davao de Oro (Project Area) covered by the North Davao Mining Corporation (NDMC) application FTAA-XI-14 (the NDMC Claims).

Based on the Area Status and Clearance issued by the Department of Environment and Natural Resources Region XI, the Project Area has been amended to 19,135.12 hectares.

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

Apex 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 Tags

Top Frontier Investment Holdings Inc. Clariden Holdings Inc. Apex Mining Co. Inc.
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