Atlas Mining’s copper unit to restart in ’07

ATLAS Consolidated Mining and Development Corp. said its Carmen Copper Corp. unit would restart next year after “partnering” with investment fund Crescent Asian Special Opportunities Portfolio.
       The mine, which closed after it was flooded by a typhoon in 1994, will reopen in 18 months, Manila-based Atlas said in a statement to the Philippine Stock Exchange Tuesday. The mine will generate up to $3 billion in foreign exchange earnings in the next 12 years, the statement said.
       “It will provide up to 3,000 new jobs in Toledo and nearby cities, as well as millions of pesos in tax remittances to both the national and local governments,” Atlas president Alfredo Ramos said in the statement, which provided no further details.
       The reopening of the mine has been received warmly by local officials.
       “We look forward to the reopening of the Atlas copper mine,” said Toledo City mayor Arlene Zambo. “We are happy for the opportunity to have jobs in the mines again.”
       The project used to employ up to 12,000 Toledo residents.
       Ramos said the company is exploring ways to accelerate the rehabilitation process, especially the settlement of outstanding obligations and the de-watering of the underground copper mine in preparation for rehabilitation. Draining the mine would be completed in four to six months, he added.
       Another key component of the mine rehabilitation is a reforestation program that would include the planting of trees that could be used to make bio-diesel, like Jatropha, Atlas executive vice president and chief finance officer Martin C. Buckingham said.
       Atlas is also working to improve the community’s water and power facilities, the company said.
       Crescent Asian was considering taking a 34-percent stake in Carmen Copper for $33 million ahead of a planned initial public offering of the mine, Atlas said in February.
       Atlas said in September that it needs $150 million to rehabilitate the mine, which has an estimated 870 million tons of ore resources.
With Bloomberg