Atlas Mining avails of P129M credit facility from BDO

A+
A
A-

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.

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

editors' picks

advertisement

popular

advertisement

videos