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LISTED
Atlas Consolidated Mining and Development Corp. and
Crescent Asian Special Opportunities Portfolio have
poured in an additional $10-million capital into Carmen
Copper Corp.
In
exchange for the additional capital, Atlas Consolidated
and Crescent Asian will split 112,328,767 common shares
in Carmen Copper.
Based on
their shareholdings’ ratio in Carmen Copper, Atlas
Consolidated accounted for $6.55 million of the
$10-million infusion while Crescent Asian accounted for
$3.44 million.
Carmen
Copper, a wholly owned unit of Atlas Consolidated, got
last year a $100-million syndicated loan to fund the
rehabilitation of the Toledo copper mine in Cebu. The
mining unit completed the prerehabilitation program of
the Toledo mine and expects the production of copper
concentrates to start after a full rehab.
The
rehabilitation involves structural repairs of some
facilities at the mine site and the acquisition of a new
fleet of open-pit mining equipment.
The unit
has the operating rights over the Toledo Copper Mines
Complex, which is composed of several underground mines,
open pits, and processing facilities to exploit the
Carmen, Biga and DAS ore bodies. Of the three, Carmen
was the first to be mined.
Under
Atlas Consolidated, Toledo Copper operated as one of the
largest copper producers in Asia from 1955 until the
suspension of all operations in 1994 following a super
typhoon that flooded the Carmen underground mine. The
Carmen mine has an aggregate resource of 874 million
tons. This year, production of the Carmen mine is seen
to increase by 42,000 tons.
Prior to
the mine’s suspension of operations, Toledo Copper was
producing 5.7 million tons of copper and 2 million
ounces of gold concentrates. At its peak from 1979-1984,
production from the TCMC made Atlas the third-largest
copper producer in the world. |
