MANILA - Infrastructure and property development firm Anglo Philippines Holdings Corp. has agreed to extend a $11.5-million loan to Atlas Consolidated Mining and Development Corp.

In a disclosure to the Philippine Stock Exchange, the company said its board has approved the loan facility, which will carry an interest rate of 15 percent per annum and a term of one year.

"Atlas and Anglo executed the loan agreement covering a facility for the amount of $11.5 million," Anglo Philippines said.

Anglo Philippines said proceeds from the loan will be used primarily to fund the working capital requirements of Atlas' Toledo mining project in Cebu. As of end-March, the company holds an 11.5% interest in the mining firm.

Earlier, Atlas said its unit Carmen Copper Corp. is planning to spend as much as $85 million this year to complete the $260-million rehabilitation of the Toledo mines as well as to support current operations.

The Toledo mines, composed of the Lutopan, Biga, and Carmen pits, have a combined life of 10 to 12 years. Atlas is planning to increase the mines' copper production to 30,000 metric tons a day from the current daily output of 20,000 MT.

Atlas shares closed unchanged at P5.90 apiece on Monday. Aside from Toledo, the mining firm also operates the Berong mineral properties in Palawan through Berong Nickel Corp.