The Enrique Razon controlled Apex Mining (APX) is making progress on its debt repayment. Over the years APX has been on negative free cash flows. The cash generated from its operations were not enough to cover its capital expenditures. It consistently borrowed money to pay debt and put cash on its balance sheet.

In 2020 APX generated 2.1 Billion Pesos of cash from operations as against its capital expenditures of 1.6 Billion Pesos.
In the first quarter of 2021, APX used its own cash to pay down debt. It did not borrow money during the period. At the end of period long-term loans were down by 375 Million Pesos. It is small step towards the sustainability of its debt.
Until APX generates enough cash from operations that it can return capital to shareholders, APX could be out of the radar to value investors.

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