Atlas copper unit starts mining operations su adultdatingsingle

Atlas copper unit starts mining operations

Post n°23 pubblicato il 02 Novembre 2009 da KENJAMIE

Tag: milano, musica, news, notizie, pensieri, poesia, politica, riflessioni

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Atlas Consolidated Mining and Development Corp. said Friday its copper subsidiary, Carmen Copper Corp., has started mining operations in Toledo City, Cebu.

In a disclosure to the stock exchange, the parent firm said Carmen already began stockpiling ore near the primary crusher it earlier commissioned.

"The rest of the mill will be commissioned over the next few weeks," it said.

Atlas likewise announced that it has been granted a Mineral Production Sharing Agreement, covering an area of roughly 648 hectares in Toledo City that forms part of Carmen's contract area.

Carmen had planned to boost copper production this year, with the rehabilitation of its Toledo mine nearly complete.

However, it said it needs more funds to fully rehabilitate the mine by 2009.

Atlas has so far raised $140 million in capital for unit Carmen, of which $100 million came from Deutsche Bank and $40 million from a Singapore-based financing firm, Crescent Asian Special Opportunities Portfolio.

Atlas, in a separate note on Friday, said it has again agreed over a bridge loan facility of $20 million with a global capital fund.

The bridge loan is intended to be transformed into a convertible loan, the terms of which shall provide for a conversion price of P12.60 per share.

"The terms and conditions of the agreements pertaining to the financing facility are being finalized and shall be subject to the approval and confirmation of the board of directors," Atlas said.

Carmen's copper operation in Toledo City was the biggest in Asia from 1955 until 1994, when it was suspended.