MANILA, Philippines - Leading gold producer Apex Mining on Monday said its French chairman and chief executive vice president has resigned due to personal reasons.
Benoit de Galbert resigned as Apex Mining chairman, chief executive vice president and director last week.
As chairman and chief executive vice president, de Galbert started The Apex Project 300, which increases the capacity of the plant from 850 tons daily to 3,000 tons; and starts with a mine development of 1500 tons per day, which will be increased gradually over the next three years.
“I am confident that the expansion project has taken the right direction and has now all equipment and trained expertise to continue the ramp up. It is with regret that I have to leave the Company for personal reasons. I am sure that shareholders will significantly benefit from this very exciting project in due time. I am wishing Apex for its bright new future and progress over the coming years," de Galbert said in a statement.
Apex Mining named Dr. Walter Brown as director/ chairman for de Galbert's unexpired term, until a successor is elected.
Brown was also named president, replacing Noel V. Tanglao, who remains as board director.
Brown has had extensive experience both in mining and oil exploration industries in the Philippines. At present, Brown is the chairman of A. Brown Company, Palm Thermal Consolidated Holdings Corporation, Palm Thermal Power Corporation and A Brown Energy & Resources Dev’t Inc. and Director of ISM Communications Corporation, and Monte Oro Resources & Energy Inc.
At the same time, former Pag-asa chief Graciano Yumul also resigned from the board, replaced by Ramon Sy, director and vice chairman of Asia United Bank.
Sy is also Chairman or President of the following corporations: Ramsy Corporation, Meridian Assurance Corporation, Travelman Inc., Excell Property Ventures, Salcon Power Corporation, Asian Alliance Holdings, Philequity Management Inc., Operation Smile Philippines.
"The abovementioned changes are in line with structural changes of the management team and re-assessment of the mine and mill expansion project," Apex Mining said in a statement.
In the first quarter of the year, Apex Mining posted a net loss of P29.2 million.