Atlas subsidiary to ramp up nickel operations in Palawan

Listed Atlas Consolidated Mining and Development Corp. on Tuesday announced that its subsidiary has resumed its mining operations in Palawan. In a statement to the Philippine Stock Exchange, Atlas said Berong Nickel Corp., in which Atlas has a 25.2-percent economic interest, has added equipment to the mine site in Palawan to ramp up nickel ore production to 100,000 wet metric tons per month. BNC is seeking to produce 500,000 wmt of nickel ore products this year, of which 300,000 wmt are expected to be shipped during the coming third and fourth calendar quarters. Atlas also added that BNC is set to export its remaining ore stockpile of 150,000 wmt. "The proceeds of such sale will be used to provide working capital to support the resumption of mining operations. The first two shipments of 50,000 wmt of nickel ore each from the existing stockpile are scheduled to begin loading in June 2011," the company said. -- CMA/OMG, GMA News