Reuters reported that the Philippines' Atlas Consolidated Mining and Development Corporation will buy out its Singapore based partners for USD 368 million to fully own unlisted Carmen Copper Corporation which operates the Toledo mine in central Cebu province.

Atlas said that the Philippine Stock Exchange has granted its request for a suspension in trading of its shares from Friday until June 27th 2011. The stock gained more than 18% and hit 4 year high of 20.15.

Atlas plans to raise USD 390 million via debt and equity to finance the acquisition and to provide for general working capital requirements of Carmen Copper. It has mandated BDO Capital and Investment Corporation a unit of Banco de Oro Unibank and Evercore Partners as advisers and deal arrangers.

Atlas said that its board would determine the structure of the capital raising on June 24, ahead of a stakeholders meeting on June 27th 2011. The company said its board approved its acquisition of the combined 45.54 percent stake of CASOP Atlas Corp and CASOP Atlas BV in Carmen Copper, which holds exclusive rights over mineral reserves in the 1,674-hectare Toledo copper mine complex.

(Sourced from Reuters)