Atlas mining unit makes 10th copper shipment to China

Posted at 10/09/09 12:42 PM

MANILA - Atlas Consolidated Mining and Development Corp. said its subsidiary has successfully loaded its tenth shipment of copper concentrates from the Toledo mine in Cebu.

In a disclosure to the local bourse on Friday, Atlas Mining said Carmen Copper Corp. (CCC) shipped about 5,570.988 wet metric tons (wmt) of copper concentrates to Qingdao, China on Thursday.

The shipment contains about 28.28% copper, 3 grams/dry metric ton of gold, and 28.74 grams/dmt of silver.

"Under the terms of CCC's offtake agreement with MRI Trading AG which has recently been extended by a further 30,000 mt of copper concentrates, the contained copper is to be settled at $6,330 per metric ton or $2.87 per pound," Atlas Mining said.

Since it started production late last year, Atlas Mining said CCC has already exported about 55,221.466 wmt of copper concentrates to China. CCC's next shipment is scheduled on October 18.

"In a bid to ramp up milling output to the target 42,000+ metric tons of copper ore per day, Ball Mills No. 1 and No.7 of the Carmen processing plant are expected to be brought on stream early November this year and early part of 2010, respectively," Atlas Mining said.

"Likewise, CCC is fast-tracking the commissioning of its iron ore magnetite recovery circuit which will generate a valuable by-product credit to complement existing copper, gold and silver production," it added.