A Cebu-based mine on Tuesday said through its parent firm that it shipped copper concentrates to China-based smelters, reflecting last month’s production.
 
For the month of August, Carmen Copper Corp. shipped 9,840 dry metric tons (DMT) of concentrates worth $20.66 million to Chinese smelters, parent Atlas Consolidated Mining and Development Corp. said in a disclosure to the Philippine Stock Exchange (PSE).
 
The shipment was coursed through commodity trader MRI Trading AG, according to Atlas Consolidated, saying the concentrates had a payable metal content of over 5.589 million pounds of copper and 739 ounces of gold.
 
Carmen Copper mined 1.324 million tons of ore last month with an average grade of 0.29 percent copper, and came up with 11,582 DMT of concentrates, the disclosure read.
 
The bulk of ore came from its Lutopan mine in Cebu and only 9.7 percent came from the Carmen site, said Atlas Consolidated, whose shares are traded on the PSE.
 
With the Lutopan site nearly mined out, Atlas Consolidated reported last June it has moved its operations to Carmen also in Cebu. 
 
The Carmen deposit contains copper ore of a higher grade than those found in Lutopan, Toledo City, where Carmen Copper first started operations.
 
In the eight months to August, Atlas Consolidated said Carmen Copper shipped over 58.818 million pounds of payable copper – up from 45.673 million pounds a year earlier.
 
Carmen Copper earlier reported P7 billion in revenues in the first six months, up 13 percent year-on-year and lifted by a 33-percent increase in production. Consolidated net income totaled P1.61 billion in January to June. — Marc Jayson Cayabyab/VS, GMA News