Atlas Mining unit buys $5M equipment for copper mine

Mining firm Atlas Consolidated Mining and Development Corp. on Tuesday said its subsidiary Carmen Copper Corp had bought $5 million of heavy mining equipment for the re-opening of its copper mine in Cebu. "This is another important step towards resuming commercial operations," the company said in a disclosure to the Philippine Stock Exchange. Carmen Copper purchased the equipment, which will be delivered on November 2006, from Japan's Marubeni Corp. through a deferred payment sales agreement (DPSA). Atlas plans to re-open the Toledo mine in November next year, 10 years after stopping its operations due to typhoon and a drop in metals prices. The mine is expected to produce 175,000 tons of concentrate, containing about 50,000 tons of copper each year. The mining firm earlier said it was planning to list Carmen Copper either in the Toronto or the London Stock Exchange. - GMANews.TV