Carmen Copper lays off workers

Carmen Copper Corporation (CCC) is now starting to layoff some of its contractual workers as the rehabilitation of the old Atlas mining nears completion come March next year.

CCC vice president and resident manager Rodrigo C. Cal said the company, formerly known as Atlas Consolidated Mining and Development Corporation (ACMDC), had maintained a total of 5,800 workers since it started the US$248 million rehabilitation and testing program.

The rehab program was to be completed this month, however, Cal said the company has to retain some of its construction workers, as the completion schedule extends to March of 2009.

On the other hand, the copper mining plant is ready to ship 10 thousand tons of copper concentrate to a Swiss copper buyer—Marc Rich International. The initial 10 thousand tons of copper concentrate translate to an estimated revenue of US$1.8 million.

At this point, the rehabilitation of the 3,000 hectares copper mining in Toledo City is manned by 5,800 workers. The second phase of the rehab will be completed by by November of 2009.

Around four thousand workers will be slashed from the total workforce once the mining operation starts full commercial operation and by March 2009, over 2,800 workers will be laid off.

CCC has a capacity to produce 42,000 tons of copper concentrate a day. Phase 1 of the rehab would allow the plant to produce at least 20,000 tons a day. It has started to export US$1.8 million of copper concentrate to its clients abroad.

In the next 12 years, CCC is seen to generate substantial foreign exchange earnings of up to US$3 billion.

CCC was able to get $100 million loan from the Deutsch Bank while a syndicate of foreign banks called Crescent Asian Special Opportunities Portfolio (CASOP) put up an additional US$33 million in capitalization.

In the 1980's, during the "glory days" of Atlas Mining, the Philippines was the third largest copper concentrate supplier in the world with a capacity to produce 110 thousand tons a day.

 Cal said the rich ore source within the Toledo area could offer a good source of copper as well as pyrites and magnetite concentrates in the next 25 years.