Atlas completes second shipment to China

ABS-CBN News

Posted at Feb 10 2009 01:18 PM | Updated as of Feb 10 2009 09:18 PM

Atlas Consolidated Mining and Development Corp. has completed its second shipment of copper concentrates to China from its mine in Toledo City, Cebu.

The listed firm told the stock exchange that it shipped a total of 5,690.20 wet metric tons of copper concentrates, with a preliminary grade estimate of 28.73 percent copper, 2.66 gm/ton gold and 24.33 gm/ton silver to Qingdao, China.

The delivery was made last February 8 via MV Perseus.

According to Atlas, the shipment was part of the initial 60,000 metric tons of copper concentrates committed by subsidiary Carmen Copper Corp., which operates the Cebu mine, pursuant to an offtake agreement with MRI Trading AG. Roughly half of volume was hedged at an average price of $7,612.50 per metric ton of contained copper.

Carmen finished the initial phase of the rehabilitation of the Cebu copper mine and commenced ore processing in September 2008. The second phase of the rehab, which would ramp up the mine's output to 42,000 tons of copper ore per day, is proceeding according to plan, Atlas said.