Atlas says subsidiary produced $24.4-m worth of metals

Listed Atlas Consolidated Mining and Development Corp. reported on Friday that its operating subsidiary Carmen Copper Corp. produced an estimated $24.44-million worth of metals in August. In a statement to the Philippine Stock Exchange, Atlas said, of the amount $23.36 million were from copper and $1.08 million were from gold. "Two shipment of 4,283 DMT (dry metric tonnes) of copper concentrates were made for the month totaling 9.694 DMT through MRI Trading AG, which were consigned to a Chinese and Korean smelter respectively," Atlas said. For the year’s first semester, Atlas said its consolidated net income grew four times to P2.028 billion owing to the higher volume of metals shipped by Carmen Copper. Atlas also said that its nickel project - Berong - has resumed its mining activities and allowed for the completion of two shipments in July 2011. Atlas owns 25.2-percent stake in the Berong Nickel Project. Through its holding company SM Investments Corp., the Sy family - the country's wealthiest - has acquired 17.9 percent stake in Atlas in July from the Ramos family, owners of the National Bookstore chain. --CMA/OMG, GMA News