Apollo Global signs new mining accord

September 30, 2021

A SUBSIDIARY of listed holding firm Apollo Global Capital Inc. forged a mines consortium agreement for its offshore magnetite iron mining project in Gonzaga, Cagayan.

The listed firm said in a stock exchange disclosure on Tuesday that its subsidiary, JDVC Resources Corp., and Agbiag Mining and Development Corp. entered into an agreement with equipment procurement contractor, Pelletized Iron & Titanium Vanadium (Phils.) Corp. (PITV)

Under the agreement, PITV was assigned 100 hectares out of the 1,897.0242-hectare area. It will deliver and manage siphon vessels and commercial extraction production platforms comprising of ship management, maintenance, and operation.

“PITV guarantees a minimum monthly volume production of 100,000 tons of export or high-grade magnetite iron sand,” the disclosure said.

For its part, Agbiag — as the mining contractor — will supervise, monitor, and collect royalties for JDVC.

Meanwhile, Apollo Global said the Cagayan Economic Zone Authority (CEZA) recently approved the application of Agbiag for the establishment of an on-shore production platform for a magnetite iron ore upgrading plant, as applied by PITV. 

“This will be the strategic production platform of PITV, where instead of putting the magnetic separators on board a vessel, it will be installed onshore, inside CEZA, in order to achieve an output that has higher export grade magnetite iron for higher export value, through the upgrading plant,” it said.

https://www.bworldonline.com/apollo-global-unit-enters-new-mines-consortium-deal/