http://www.manilatimes.net/national/2006/july/03/yehey/business/20060703bus12.html

ATLAS Consolidated Mining and Development Corp. expects to resume copper production in the first quarter of next year, according to a company official.

”We’re trying to get started the operation. Once we have started that, then we’ll think about expansion. It should be starting this year, but the first copper may come out in the first quarter next year,” said Alfredo Ramos.

Atlas recently disclosed that it has secured an environmental compliance certificate from the Department of Environment and Natural Resources for its Berong nickel project in Palawan.
The company said it plans to develop the project initially as a direct shipping operation to ship “unprocessed high grade saprolite ore to international nickel smelters and unprocessed limonite to regional acid leach, ammonia leach and blast furnace plants.

”Atlas has entered into an agreement with Toledo Mining Corp. (TMC) . . .,whereby TMC initially funds the development of the direct shipping project to earn an interest. In addition TMC has provided a $5-million convertible loan to cover future funding contribution requirements,” Atlas said.

The company said it has conducted a confirmatory exploration and resampling program in the initial production plan starting December last year.

Snowden, an international geological consultancy group, was tapped to recalculate reserves and resources to international standards, based on the results of the confirmatory exploration program and is completing the mine production plan.

Atlas said the direct shipping operation will generate a significant cash flow for the company and TMC given current nickel prices.

Atlas also recently said it has moved to settle the labor dispute with its terminated employees starting June 26.

The company said the move is another step for the reopening of the Toledo mine, which is capable of producing 42,000-metric tons of copper daily and has mineral resources reaching 873 million tons with a grade of 0.41 percent copper and used to employ 14,000 workers in the 1970s and 1980s.

Atlas also said it earlier settled its tax obligations to the City of Toledo and announced a $40-million funding package with Crescent Asian Special Opportunities Portfolio.
–Cheryl M. Arcibal