Atlas says rehabilitated mine now producing copper concentrate

MANILA, Philippines- Listed Atlas Consolidated Mining and Development Corp. on Thursday announced that its rehabilitated Carmen Copper Mine in Toledo City, Cebu has produced copper concentrate. In a statement to the Philippine Stock Exchange, Atlas said the mine produced 620 metric tons of copper concentrates and that current ore stockpiles now exceed 235,000 MT. In August, Atlas disclosed that it has signed an offtake agreement to sell 60,000 dry metric tons of copper concentrate to MRI Trading AG. Last month, Atlas said it had successfully commissioned the Carmen Copper Corp. The first phase of the rehabilitation required 5800 personnel, while the next stage involves underground development work, indicating that ore supplies will come from the open mine pit. Rehabilitation for remaining facilities will be completed by the first half of next year. Copper and pyrite concentrates examined from initial tests are stored in mine-site stockpiles before these are delivered to newly-constructed bins at Sangi pier. Besides being expected to produce up to 130 million pounds of ore, the Toledo facility is also seen to bring about some 70,000 ounces of gold, 260,000 ounces of silver, 160,000 dry metric tons (dmt) of pyrite and 440,000 dmt of magnetite concentrates yearly. For the first half, Atlas reported losses worth P523 million, reversing earnings of P17 million the previous year, owing to weak sales of laterite nickel ore together. Unrealized foreign exchange losses of P288 million and an interest of P165 million also increased losses. GMANews.TV