MGB-7 director Roger de Dios said there is optimism that Atlas would be revived once rehabilitation works are completed to start its full operation in 2007.
Atlas employed at least 10,000 workers and was the biggest mining firm in Asia until it folded up in 1994 due to ballooning debts, escalating labor problems, and the drop in copper prices in the world market.
Atlas needs $120 million for rehabilitation alone, and another $160 million to put it back in operation, said De Dios.
Negotiations with a foreign investor have not been finalized yet but De Dios said there are local investors willing to bankroll the rehabilitation cost.
De Dios said the government has been working closely with Atlas officials to ensure safety of workers once the mines are reopened. He said the mines could last for 12 years and is expected to hire 3,000 direct mineworkers, and thousands more of indirect workers.
He said that, this early, MGB-7 has monitored Atlas' compliance with environmental and safety requirements before the firm can start rehabilitation and operation.
De Dios said it is expected that the ailing mining industry of the country would be revived and more investors would be drawn here, especially with the reentry of Atlas.
Malacañang has already set up the Mineral Development Council to implement a plan to help the mining industry and make it more attractive to foreign investors. - Wenna A. Berondo