CEBU, Philippines - Atlas Consolidated Mining and Development Corp. (ACMDC) said its wholly-owned subsidiary has completed its second shipment of copper concentrates from its Toledo mine in Cebu for this year.
In a disclosure to the Philippine Stock Exchange, ACMDC said Carmen Copper Corp. shipped a total of 5.4 million wet metric tons (wmt) of copper concentrates to Yanggu XiangguangCopper Co. Ltd. Of Shandong province in China.
Preliminary assay indicates that the shipped concentrates contain 28.44 percent copper, 3.81 grams gold/dry metric ton (dmt) and 28.04 grams silver/ dmt.
Atlas said it currently has 3,800 wmt of copper concentrates left in its storage and that it continues to build up inventory for the next shipment expected to be completed in early February 2010.
Atlas earlier subscribed to 46.188 million common shares of Carmen Copper at P4 each share or a total of P184.75 million.
Atlas said the amount raised from the transaction would be used by Carmen Copper to fund capital expenditures related to the operation of its Toledo mine.