FDC Misamis Power Corporation and Apex Mining Corporation, Inc. (Apex Mining) will renew ties for another five-year for a five-megawatt (MW) power pact in a simple yet meaningful signing ceremony of the Electric Power Purchase Agreement (EPPA) held at Annabel’s Restaurant in Tomas Morato, Quezon City on January 7, 2019.
Meaning, FDC Misamis, a wholly-owned subsidiary of FDC Utilities, Inc., the utilities and power arm of Filinvest Development Corporation (FDC), will still be the exclusive power supplier of Apex Mining in its processing plant located at its mine site at Masara, Maco, Compostela Valley.
The newly-signed power agreement, however, already took effect on December 26, 2018 and concludes in 2023. But, as stated in the renewed contract, FDC Misamis, operator of the 3x135-MW circulating fluidized bed coal thermal plant in Villanueva, Misamis Oriental, will provide Apex Mining only four-MW of power supply in the first two years, from 2019 to 2020.
And, will be up to five-MW in 2021 to 2023, the contract further reads. FDC Misamis, one of Mindanao’s giant power producer, has been the power provider of Apex Mining since the former had started its commercial operations in 2016 under a two-year three-MW power pact that ended late of December last year.
“What a wonderful development on our part at the start of the new year,” declared FDC Misamis president and chief executive officer (CEO) Juan Eugenio Roxas, referring to the new EPPA with Apex Mining.
“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.”
Hence, he stressed, “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.”
“We, therefore, value their trust and we assure not just Apex Mining but the rest of our customers in Mindanao that we will continue to better our service in delivering not just reliable but likewise affordable power to all Mindanaoans.”
Representing Apex Mining during the EPPA signing was its president and CEO Dr. Walter W. Brown and Mr. Roxas on behalf of FDC Misamis.
After the signing, Dr. Brown expressed his satisfaction with the services of FDC Misamis.
“It’s very pleasant doing business with FDC Misamis. I hope that we will have more partnerships,” he said.
Also present during the signing and acted as witnesses were Apex Mining’s Senior Vice President and chief operating officer Engineer 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. (PR)