Carmen Copper inks deal with Swiss firm
Carmen Copper Corp., a subsidiary of Atlas Consolidated Mining and Development Corp., has signed an off-take agreement with MRI Trading AG of
Under the contract, Carmen Copper will sell to MRI the first 60,000 dry metric tons of copper concentrate produced from Carmen’s Toledo, Cebu copper mine.
The first delivery has been set for June 2009.
MRI also agreed to provide a hedge on copper prices for the first 30,000 tons of concentrate that will be delivered to its warehouse at the
Atlas and Carmen Copper obtained just this month a mineral production sharing agreement (MPSA) with the Department of Environment and Natural Resources.
This will pave the way for the start of operation this month of the $95-million Carmen Copper project in
Atlas projects a revenue of at least P500 million from its existing nickel mining operations this year.
For next year Atlas is optimistic that this year its revenue will increase to between P2 billion and P3 billion once its Carmen Copper mine starts operation.
The
MRI Trading, according to its website, is a private company engaged in international physical commodities trading and investments. It sources and markets a diverse range of non-ferrous raw materials to various industrial consumers in the world. — Marianne Go
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