052807: Atlas unit signs $100M loan agreement with Deutsche Bank

May 28, 2007
Updated 15:43:08 (Mla time)

Xinhua Financial News Service

MANILA, Philippines -- Atlas Consolidated Mining & Development Corp. unit Carmen Copper Corp. has signed a $100 million loan agreement with Deutsche Bank AG that would fund the rehabilitation of its copper mines in the central province of Cebu, Atlas said.

The loan facility was guaranteed by the state-run Trade and Investment Development Corp. of the Philippines, Atlas said.

Carmen Copper has recently completed three months of preparations for the rehabilitation of its mines and expects to accelerate rehabilitation when it draws on the loan in the next 30 days.

It expects the mines to begin full-scale commercial operations in April 2008.

The Carmen mines have remaining copper ore resources of 874 million tons and 1.2 billion tons of ore previously classified as waste.

The expected average annual production is 47,000 tons of copper concentrate, 41.000 ounces of gold, 135,000 tons of pyrite concentrate and 419,000 tons of magnetite iron ore concentrate.

Atlas shares closed P1.25 or 6.49 percent lower at P18.

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