Carmen Copper secures $5.4-M loan for Toledo mine

Carmen Copper Corp., a subsidiary of listed Atlas Consolidated Mining & Development Corp. has secured a $5.4-million loan from Manchester Securities Corp. to partly fund the acquisition of additional equipment for the rehabilitation of its mine in Toledo, Cebu. In a statement posted at the website of the Philippine Stock Exchange on Tuesday, Atlas said Carmen Copper arranged for the loan to purchase "additional heavy mining equipment from Komatsu Limited." The latest equipment to be purchased is on top of the $10.2-million worth of equipment that Carmen had ordered earlier. "The combined equipment inventory will be sufficient to commence open pit operations when project implementation commences," Atlas said. The firm said the bridge loan from Manchester was arranged while documentation for the $100-million loan facility from Deutsche Bank was being completed. "The loan will be repaid once the proceeds from the Deutsche Bank facility is drawn down," Atlas said. In January Atlas announced that Carmen Copper will be borrowing $100 million from Deutsche Bank through the the Philippine Export-Import Credit Agency.-GMANews.TV