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December 17, 2007 |
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ATLAS CONSOLIDATED: Reports on Rehabilitation of Cebu Mine Site Directors of Atlas Consolidated Mining and Development Corporation reported that the US$200 million rehabilitation of its copper mine in Cebu is progressing well and on schedule. The mid-2008 target of first production of copper concentrates for export is likewise on schedule, averaging 47,000 tonnes pet year of contained copper for at least the next decade. Approximately 3,600 personnel have been hired by the Atlas subsidiary, Carmen Copper Corporation ("CCC"), to work at its Toledo Copper Mine which is well advanced in its rehabilitation program. With skills still available at the Toledo mine, practically all the rehabilitation/reconstruction activities are done in-house ftom the fabrication of the flotation cells at the processing plants to the repairs and reconstruction of the port facilities. Waste stripping at the South Lutopan Pit is ongoing, with materials moved averaging at 73,500 tons per day, exceeding the programmed waste stripping of 55,000 TPD. It is expected that ore will be exposed earlier than planned which ensures the availability of ore materials as soon as the concentrator is ready to process ore, most likely by July 2008 at an initial capacity of 20000 TPD ramping up to its maximum capacity of 42,000 TPD by the 3rd quarter of 2009. The advance waste stripping is mainly due to the acquisition of a new fleet of relatively large Komatsu surface mining equipment and the supervision of experienced open pit mine staff who worked at the same mine for decades. At the mine undergtound, preparatory works for the underground dewatering work is ongoing and well within schedule which include the repairs and reconditioning of the air compressors, hoisting facilties, transformers and power generating sets, shaft's structural steel works, and other. Ten (10) new submersible pumps are now at the mine site ready for installation. Simultaneous major repair and reconstruction works are presently being done at the concentrator, port facilities, access roads and drainage systems,industrial and domestic water supply systems, assay and metallurgical laboratories and housing facilities. All these activities, including the construction of the new tailings disposal system which involves the driving of a 1.8 km tunnel, are expected to be completed by June 2008 as programmed. In line with the progress of the rehabilitation activities, the Atlas Board of Directors during a regular meeting approved the further infusion of funds into the Toledo Mining Project in the total amount of US$6.553 million through Adas's subscription to additional CCC share. About Atlas Consolidated Headquartered in Mandaluyong City, Philippines, Atlas Consolidated Mining and Development Corporation was established through the merger of assets and equities of three Soriano- controlled pre-war mines, the Masbate Consolidated Mining Company, IXL Mining Company and the Antamok Goldfields Mining Company. The company is engaged in mineral and metallic mining and exploration that primarily produces copper concentrates and gold with silver and pyrites as major by-products. The company's copper mining operations are centered in Toledo City, Cebu, where two open pit mines, two underground mines and milling complexes (concentrators) are located. The Cebu copper mine ceased operations in 1994. Activities after the shutdown were limited to safeguarding and maintaining the property, plant and equipment at the minesite. The closure has brought huge losses to the mining firm. In January 2004, Atlas decided to rehabilitate the company and its assets since copper and nickel prices have recovered. As of December 31, 2006, Atlas' total liabilities of PHP3.81 billion exceeded total assets of PHP2.99 billion, resulting in a capital deficiency of PHP820.5 million. Total current liabilities of PHP1.91 billion as of December 31, 2006, also exceeded total current assets of PHP305.22 million. |
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