Atlas posts record metal exports

MANILA, Philippines—Atlas Consolidated Mining and Development Corp.’s wholly owned subsidiary, Carmen Copper Corp. (CCC), has set a new record in metal exports, according to a disclosure to the Philippine Stock Exchange.

Atlas said on Monday that CCC posted $34.66 million worth of metal exports in April, with 8.58 million pounds of payable copper. This beat the company’s March 2012 record of $30 million, with 7.35 million pounds of payable copper.

In an attached report to the disclosure, CCC resident manager Rodrigo C. Cal said the estimated value of the April shipments was based on provisional and hedged prices of $3.79 per pound of copper and $1,648 per ounce of gold.

The report said CCC made three shipments in April with total volume of 14,824 dry metric tons (DMT). All were consigned to Chinese smelters and shipped through MRI Trading AG.

Cal also said that CCC’s mill processed almost 1.23 million tons of ore from the Lutopan pit in Toledo City, Cebu province. This resulted in the production of 13,137 DMT of copper concentrate with an average grade of 27.34 percent copper, 2.8 grams per ton gold and 20.11 grams per ton silver.

CCC posted $30 million in sales in March 2012, also from three shipments of copper concentrate to Chinese smelters. With that, the company earned a monthly revenue exceeding $30 million for the first time since the start of commercial operations in 2008. CCC also posted a record 7.35 million pounds of payable copper in March 2012.

Adrian Ramos, executive vice president of Atlas, said the higher monthly exports showed that the investments which the company made in 2011 were starting to pay off.

“Our operating results and the success of our $300-million bond offering are giving us confidence to forge ahead with our expansion projects over the next two years. These projects are aimed at optimizing operations by enhancing productivity and reducing costs,” Ramos said.

Originally posted: 03:47 pm | Monday, May 7, 2012

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Tags: Business , carmen copper corp. , copper , Exports , gold , metals , mining , Mining and quarrying , News , Philippines