Carmen Copper Corp exports 64,000 wet metric tons concentrates

MANILA, Philippines - Carmen Copper Corp. (CCC), a subsidiary of Atlas Consolidated Mining and Development Corp., has exported to China a total of approximately 60,781.838 wet metric tons (wmt) of copper concentrate with the completion of its 11th shipment last Oct. 25.

The shipment, having a total volume of 5,560.372 wmt, is destined for Rizhao, China.

The concentrates are consigned to Jinchuan Group Ltd.

The latest shipment is the second completed by CCC for this month.

The shipped concentrates contain approximately 28.27 percent copper, 2.97 grams of gold/ dry metric ton and 27.85 grams of silver/dry metric ton.

The estimated value of the shipment is $8.44 million.

In a disclosure to the Philippine Stock Exchange, CCC said remaining concentrate stock at its Sangi warehouse bins in Toledo City, Cebu, is still roughly around 1,784 wmt.

Its inventory is steadily being built up to 5,500 wmt for the next shipment.

Since the start of production last year, CCC has exported to China approximately 60,781.838 wmt of copper concentrate.

Ball mills no. 1 and no. 7 of the Carmen concentrator’s grinding plant are expected to be on stream early November this year and in the early part of 2010, respectively, in a move to ramp up milling output to 42,000 tons of ore per day.

Atlas also informed the PSE that its board of directors approved Tuesday, Oct. 27, the assignment by Atlas to Berong Nickel Corp. of its rights to and interests in Quezon and Palawan.  - Marianne Go