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FDC, APEX Mining renew power supply agreement

03:17 PM January 09, 2019
FDC, APEX Mining renew power supply agreement

POWER PURCHASE AGREEMENT. Executives of FDC Misamis Power Corporation (FDC Misamis) and APEX Mining Co. Inc. (APEX Mining) shake hands during the signing ceremony of the renewal of Electric Power Purchase Agreement (EPPA) between the two companies held at Annabel’s Restaurant in Tomas Morato, Quezon City. Photo shows (L-R) APEX Mining Adviser Mr. Paul B. Juat, FDC Misamis Treasurer & CFO Mr. Daniel L. Ang Tan Chai, and President & CEO Mr. Juan Eugenio L. Roxas, APEX Mining President and CEO Mr. Walter W. Brown, SVP and COO Engr. Luis R. Sarmiento and SVP for Corporate Operations Mr. Gil A. Marvilla.

MANILA — The Gotianun Group’s FDC Misamis Power Corp. has signed an agreement with listed APEX Mining Corp. for the renewal of a two-year power supply contract for the mining company’s plant in Compostela Valley.

Under the contract, FDC Misamis will provide APEX Mining four megawatts of power supply but APEX Mining can increase the capacity if deemed necessary.

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FDC Misamis is a wholly-owned subsidiary of FDC Utilities Inc., the power arm of conglomerate Filinvest Development Corp. It operates a 3 x 135-MW circulating fluidized bed coal thermal plant in Villanueva, Misamis Oriental.

The renewal of the contract means FDC Misamis will still be the exclusive power supplier of APEX Mining in its processing plant located at its mine site at Masara, Maco, Compostela Valley.

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FDC Misamis, one of Mindanao’s giant power producer, has been the power provider of APEX Mining since the mining company started its commercial operations in 2016 under a two-year 3-MW power pact that ended in December 2018.

FDC Misamis president and CEO Juan Eugenio Roxas said the new exclusive power contract with APEX Mining is a continuation of the strong partnership of the two companies.

“Our first two years with APEX Mining has been a very good experience and we are very happy to renew this power supply agreement with APEX. We are proud to be the provider of APEX Mining as we deliver reliable and of course cheap source of power, so more years to go for APEX and FDC Misamis,” Roxas said.

He welcomed APEX Mining’s decision to review the power contract.

“The decision of APEX Mining in renewing their power contract with us is a clear manifestation that the said company has both the trust and confidence with FDC Misamis,” Roxas said.

He likewise assured the rest of FDC’s customers in Mindanao that the company would continue to provide better service in delivering reliable and affordable power to all Mindanaoans.

APEX Mining president and CEO Dr. Walter W. Brown, for his part, expressed his satisfaction with the services of FDC Misamis.

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“It’s very pleasant doing business with FDC Misamis. I hope that we will have more partnerships,” he said.

Brown and Roxas signed the agreement on behalf of their respective companies. Also present during the signing and acted as witnesses were APEX Mining’s Senior Vice President and COO Engr. Luis R. Sarmiento, Senior Vice President for Corporate Operations Mr. Gil A. Marvilla and Technical Adviser to the President Mr. Paul B. Juat, and FDC Misamis’ Treasurer and CFO Mr. Daniel L. Ang Tan Chai./asu

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TAGS: APEX Mining Corp., Business, FDC Misamis, Philippines, power purchase agreement, power sector, renewal
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