Carmen Copper secures BOI perks for Cebu mine project

Atlas Consolidated Mining & Development Corp. (ACMDC) subsidiary Carmen Copper Corp. has been registered as a non-pioneer enterprise with the Board of Investments.

By virtue of its registration, CCC, as operator of the Toledo mining project in Cebu, shall enjoy fiscal incentives which include a four-year income tax holiday and duty-free importation of capital equipment.

ACMDC said CCC hopes to upgrade its registration to pioneer status in the near future.

At the same time, ACMDC said the Securities and Exchange Commission has approved the increase in its authorized capital stock from P6.5 billion to P12 billion. Of the capital hike, P5.46 billion was subscribed to by Alakor Corp. and its various assignees based on the par value of P10 per share pursuant to the October 2000 debt for equity swap agreement between ACMDC and Alakor.

The swap pertains to the conversion of Alakor’s advances to Atlas into equity CCC needs around $160 million for the rehabilitation of the Toledo Copper mine in Cebu, which the company hopes to source from a combination of debt and equity infusions.

CCC, a company spun off by ACMDC to take charge of the development of the Toledo copper mine, secured environmental permits from the government, allowing the resumption of its mining operations.

Independent reviews of the mine show commercial viability and its re-opening is expected to reap substantial benefits, both social and economic, to the national and local economies.

ACMDC is also expected to commence production work on its nickel project in Berong, Palawan which reportedly contains the fourth largest nickel laterite resource worldwide in terms of contained nickel.