Atlas Consolidated concludes copper contract with China

Atlas Consolidated Mining and Development Corp. on Monday said that it concluded its copper concentrates shipment for the year to China, via subsidiary Carmen Copper Corp. Using the transport vessel m/v Transco Star, Atlas Consolidated made a deliver to China’s Jinchuan Group Ltd. on Sept. 25, Atlas told the Philippine Stock Exchange. The shipment, valued at $9.057 million, consisted of 5,762.149 wet metric tons of mineral concentrates that contained 27.97 percent of copper, 2.76 grams of gold per dry metric ton DMT, and 26.24 grams of silver per DMT, China is the world's largest consumer of commodities, including copper and iron ore. “Production levels during this past week indicated outstanding daily mining and ore processing rates," Atlas Consolidated said. The Carmen concentrator posted a record 24-hour milling output of 44,196 DMT of ore on Sept. 19, bringing the average milling rate for the week ending Sept. 24 to above 42,000 DMT per day. Atlas posted a net profit of P460 million in the first six months, reversing a P1.169 billion loss in the same period last year. JE/VS, GMANews.TV