http://business.inq7.net/money/topstories/view_article.php?article_id=7795
By Elizabeth L. Sanchez
Inquirer
Published on Page B4 of the July 3, 2006 issue of the Philippine Daily Inquirer

CARMEN COPPER CORP., a subsidiary of mining giant Atlas Consolidated Mining and Development Corp., is keen on a possible public listing next year on either the Toronto Stock Exchange in Canada or the London Stock Exchange, Atlas chair Alfredo Ramos said.
Ramos stressed that a decision on the planned listing has yet to be finalized. Carmen Copper carries Atlas’ copper mining-related assets in Toledo, Cebu.

Ramos explained that the company has not qualified with the Philippine Stock Exchange’s profitability requirements as of this time since Carmen Copper has not started mining operations.

Proceeds of a proposed initial public offering will partly finance the reopening of the Toledo mines in Cebu that Atlas Mining closed in 1994 after it was beset by a mudslide, low world copper prices and huge debts.

Atlas Mining is bent on reopening its copper mines in Toledo City and in developing its other copper assets through its newly formed unit, Carmen Copper.

Formerly controlled by the Soriano group, which also ran blue chip firms like beverage and food conglomerate San Miguel Corp. and integrated paper manufacturer Paper Industries Corporation of the Philippines, Atlas Mining fell under the control of creditors in 1994.
Alakor Corp., headed by businessman Alfredo Ramos, has acquired majority control of the Toledo mines, with Atlas Mining unloading a big chunk of its obligations in a debt-for-equity swap with Alakor and Minoro Mining and Exploration Corp.

Philippine mining has been gaining foreign investor interest after the Supreme Court upheld a law that allows foreign ownership of mining projects.