Atlas Consolidated Mining and Development Corp. said its wholly-owned subsidiary, Carmen Copper Corp. hit $30 million in sales in March and posted record production in the first quarter of 2012.
CCC produced 7.35 million pounds of payable copper in March 2012, with its first quarter copper output up by 21 percent from year-ago level, Atlas said.
“The surge in productivity enabled CCC to complete three shipments of copper concentrate to Chinese smelters within one calendar month and to earn a monthly revenue exceeding $30 million for the first time since the start of commercial operations in 2008,” Atlas said.
“Clearly, the investments we made in 2011 are starting to pay off. Our operating results, together with the success of our $300-million bond offering, are giving us confidence to go ahead with our expansion projects over the next two years with the goal of optimizing operations by enhancing productivity and reducing costs,” Adrian Ramos, executive vice-president of Atlas, said in the statement.
Atlas is a diversified mining conglomerate in the Philippines. CCC, which operates the Toledo copper mine in Cebu province, is presently the largest exporter of copper concentrate.
Atlas earlier said CCC was funding mining expansion plans and paying loans with proceeds of a $300-million dollar-denominated fixed-rate notes issuance.
Atlas will conduct exploration works around CCC’s mining area.
Atlas wants to increase CCC’s milling capacity to 60,000 tons per day by 2013 from the present capacity of 40,000 tons per day.