Atlas makes first shipment of copper concentrates

Atlas Consolidated Mining and Development Corp. has made its first shipment of copper concentrates from its Carmen Copper Mine in Toledo City.

The shipment, made last Dec. 29, weighed 5,625.86 wet metric tons (WMT) with a preliminary grade estimate of 28.21Yo copper, 2.60 gm/ton gold and 20.04 gm/ton silver.

The shipment was destined for Qingdao, China via MV Asian Wind.

According to Atlas, still stored at the Sangi port warehouse bins in Toledo City are an estimated 2,968 WMT of copper concentrates.

Atlas subsidiary Carmen Copper Corp. (CCC) which operates the Carmen copper mining project expects to complete its second shipment of 5,600 WMT of copper concentrates before the end of this month.

Pursuant to the offtake agreement entered into by CCC and MRI Trading AG (MRI), the first 30,000 metric tons (MT) of copper concentrates or 8,250 MT of contained copper produced from the Carmen Copper Mine shall be sold to MRI at an average price of $7,612.50 per MT of contained copper.

CCC started the rehabilitation of the Carmen copper mine in September 2007 and commenced ore processing on Sept. 22, 2008.