Atlas to fully own Carmen Copper in $368M deal

Reuters

Posted at Jun 24 2011 10:56 AM | Updated as of Jun 24 2011 06:56 PM

MANILA, Philippines - The Philippines' Atlas Consolidated Mining and Development Corp said on Friday it will buy out its Singapore-based partners for $368 million to fully own unlisted Carmen Copper Corp, which operates the Toledo mine in central Cebu province.

Atlas said the Philippine Stock Exchange has granted its request for a suspension in trading of its shares from Friday until June 27. The stock gained more than 18 percent this week, and hit a four-year high of 20.15 pesos on Thursday.

Atlas plans to raise $390 million via debt and equity to finance the acquisition and to provide for general working capital requirements of Carmen Copper, it said in a regulatory filing.

It has mandated BDO Capital and Investment Corp, a unit of Banco de Oro Unibank and Evercore Partners as advisers and deal arrangers.

Atlas said its board would determine the structure of the capital raising on June 24, ahead of a stakeholders meeting on June 27.

The company said its board approved its acquisition of the combined 45.54 percent stake of CASOP Atlas Corp and CASOP Atlas B.V. in Carmen Copper, which holds exclusive rights over mineral reserves in the 1,674-hectare Toledo copper mine complex.

Both CASOP Atlas Corp and CASOP Atlas B.V. are units of Crescent Asia Special Opportunities Portfolio (CASOP) of Singapore. (Reporting by Erik dela Cruz; Editing by Rosemarie Francisco)