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Atlas Mining avails of P129M credit facility from BDO

By: Riza T. Olchondra, January 25th, 2012 02:00 AM

MANILA, Philippines—Atlas Consolidated Mining and Development Corp. has taken out another loan from Banco de Oro Unibank Inc. (BDO).

The listed miner disclosed Tuesday that it availed itself of a P129-million credit facility from BDO.

The proceeds of the facility will be used to finance Atlas’ working capital requirements, according to Atlas.

Atlas has a work program to conduct exploration works around its mining subsidiary’s mining area in Cebu province.

The listed miner wants to increase the milling capacity of its subsidiary Carmen Copper Corp. (CCC) to around 60,000 tons per day by 2013. CCC’s present capacity is 40,000 tons per day.

In the first nine months of 2011, Atlas had a strong performance with high metal prices and increased shipments pushing gross revenue to about P9.9 billion from over P6.6 billion in the same period in 2010.

The consolidated net income for the January-September period of 2011 was estimated at P2.64 billion from P47 million in 2010.

CCC, meanwhile, reported a net income of P2.599 billion for the first three quarters of 2011. That is about 4.7 times its net income during the same period last year. Atlas began consolidating 100 percent of CCC’s results at the end of July 2011.

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