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Apex Mining quits Chamber of Mines

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By James A. Loyola

Apex Mining Company, Inc., has resigned from the Chamber of Mines of the Philippines (COMP) which is the industry organization of mining companies and of businesses involved in the mining industry in the Philippines.

In a disclosure to the Philippine Stock Exchange, Apex Mining President Dr. Walter W. Brown expressed his disappointment and frustration with COMP’s response to the President’s call for the mining industry to clean up its acts.

“I do not agree that we should blame the illegal small-scale miners when the mining industry is put to task for perceived destruction of the environment,” he said.

Brown explained that, “I would rather that the Chamber regulate its own ranks and discipline its members who do not comply with existing mining rules and regulations, and those who pay lip service to responsible mining.”

Apex Mining is one of the 13 mines which passed the Department of Environment and Natural Resources audit during the time of former DENR Secretary Gina Lopez.

“Every organization has its own share of good members and bad members. But the mining industry is subject to intense scrutiny now.  If we do not clean up our ranks, all the good will go down the same drain with the bad, when the industry is taxed to death, as the President has warned.” Dr. Brown added.

Apex Mining reported a 254 percent surge in consolidated net income for the first quarter of 2017 to P100.2 million from P39.3 million in the same quarter last year on the back of record production.

The firm said Parent Company net income amounted to P112.2 million, 118% higher than the P51.3 million net income reported in 2016.

Mill throughput of the Maco mine reached a record 135,904 tons, an average of 1,677 tons per day. Revenue generated by the Maco mine increased to P991.5 million this quarter as compared to P775.4 million for the same period a year ago.

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