Apollo Global Capital Inc., a holding firm, has signed an operating agreement with Masbate 2145 Philippines Inc. to expand its mining operations in the Philippines.
The agreement, signed through its offshore mining subsidiary JDVC Resources Corp., covers a 15,909.33-hectare mineral property in the towns of Mobo, Uson, and Milagros in Masbate province.
Under the deal, JDVC is designated as the exclusive operator with rights to explore, develop, extract, operate, and market minerals within the contract area.
"This agreement expands the company's mining footprint through its subsidiary, JDVC, by providing access to a significant mineral property in Masbate," Apollo Global Capital said in a disclosure. "The exclusive rights to explore and develop this area align with the company's long-term strategy to increase mineral production and shareholder value."
JDVC will conduct all exploration activities, including securing mining permits and licenses such as the Declaration of Mining Project Feasibility and Environmental Compliance Certificate. The operator will also convert the exploration permit into a Mineral Production Sharing Agreement.