Apollo Global Capital Inc. (stock symbol APL) assured that its planned offshore mining operations will be good for aquamarine life.
In a report to the Philippine Stock Exchange, APL said that since magnetite iron reserves were toxic to corals fish and other marine life, removing these minerals from the ocean floor would be a boon to their existence.
“The extraction and mining of the magnetite component of the sand makes the area suitable for aquamarine life to flourish. This is what happened in the offshore mining areas in Japan the past several decades, where aquamarine life has thrived after extraction of magnetite sand in the area,” said APL.
APL’s first marine vessel is expected to be deployed this month in extracting magnetite iron sand concentrate from its 4,999-hectare prospect off the towns of Gonzaga, Buguey and Aparri, Cagayan.
APL’s partner, bilyonaryo Frank Lao, a nickel miner and Chinese resto king, is expected to send at least three vessels from March to May 2021 as the company ramps up its production.