APEX Mining Co., Inc. on Tuesday, February 6th, 2024, said that it had partnered with Lopez-led First Gen Corp. to increase its use of renewable energy in the company's mining operations in Davao de Oro.
"This will allow the company to have uninterrupted, reliable energy for its daily mining operations with a much lower carbon footprint and a higher degree of corporate and ethical responsibility," the company said in a statement.
Apex Mining said that it would source energy from First Gen's Mt. Apo Geothermal Power Plant in Kidapawan, Cotabato.
"This is going beyond mere compliance in our energy management practices Tapping into renewable energy resources is an effective way to manage our environmental impact," Apex Mining President and Chief Executive Officer Luis R. Sarmiento said.
The company conducts its mining operations through its Maco gold mine site in Davao de Oro.
It added that prior to its agreement, the company had already been sourcing 59% of its energy usage from renewable sources.
"Apex Mining's move coincides with the emerging worldwide trend of evaluating mining companies based on their sustainability and energy sourcing practices," it said.
Meanwhile, for the first three quarters of 2023, the company had allocated P89 million for its environmental protection and enhancement program (EPEP).
The EPEP is a comprehensive plan required by the Department of Environment and Natural Resources (DENR) to ensure the responsible management of all land, water, and air resources that are covered by the operations of a mining company.
Shares for rose by 1.05% or three centavos to close at P2.89 apiece on Tuesday.
Click here to read the original article by Adrian H. Halili on BusinessWorld.
