CBN: Atlas makes third shipment of copper to China
Atlas Consolidated Mining and Development Corp. said Monday it has completed its third shipment of copper concentrates to Nandong, China from its mine in Toledo City, Cebu.
The listed firm told the stock exchange that it shipped a total of 5,501.9 wet metric tons of copper concentrates, with a preliminary grade estimate of 28.56 percent copper, 2.54 grams per ton gold and 26.51 gm/ton silver. The delivery was made via MV Siti Halimah.
According to Atlas, the shipment was part of the initial 60,000 metric tons of copper concentrates committed by subsidiary Carmen Copper Corp., which operates the Toledo mine, pursuant to an offtake agreement with MRI Trading AG. Roughly half of volume was hedged at an average price of $7,612.50 per metric ton of contained copper.
Carmen finished the initial phase of the rehabilitation of the Cebu copper mine and commenced ore processing in September 2008. The company is likely to ramp up its milling capacity to 35,000 tons per day by the third quarter of this year.
The second phase of the copper mine rehab, which would increase its output to 42,000 tons of copper ore per day, is expected to be finished by the first quarter of 2010, Atlas said.
