MANILA, Philippines - Atlas Consolidated Mining and Development Corp. said it may implement its plans to expand copper production in phases in order to set aside cash to start paying dividends by end of next year.

Atlas has said it plans to double capacity to 100,000 tons per day of copper concentrates in the next two to three years, after raising funds from the family of Chairman Alfredo Ramos and the Henry Sy group in June. Hans Sy and Jose Sio, chief financial officer of Sy-controlled SM Investments, joined the board yesterday.

The company posted a loss of P757 million last year and P2.12 billion in 2009. For the first half of the year, Atlas reported profit of P1.07 billion.

"Getting our capacity to 100,000 tons per day is definitely still the company’s goal, however we also have to balance that with our wanting to paying dividends as soon as possible to our shareholders and also minimizing any more dilution or debt burden to the company upfront," Atlas Vice President Adrian Ramos said in an ABS-CBN News Channel interview.

"We are assessing the different options and trying to see if a phased approach to growth in getting to 100,000 tons per day may be even better for all our shareholders. We are assessing all options in terms of being able to pay dividends sometime towards the end of next year, that's definitely what were going to be trying to work on."

Ramos said the company expects copper sales to increase in the second half to as much as 39 million pounds compared with 34.7 million pounds in the first half. He said the company expects prices to remain high because of continued demand from China.