Reuters reported that the Philippines' Atlas Consolidated Mining and Development Corporation is exploring potential copper sites to expand mining operations in central Cebu province as it seeks to hike output by 50% in 2 years.

Mr Adrian Paulino Ramos VP of Atlas said that "Our immediate plan is to increase daily capacity to 60,000 tonnes per day of copper concentrates from around 40,000 tonnes currently. Atlas' longer term goal is to ramp up capacity to as much as 100,000 tonnes of copper concentrates per day.”

He expected copper prices to remain supported by demand in China, Atlas' main buyer and tight global supply due to strikes at some major mines around the world.

Mr Ramos said that Atlas partly owned by conglomerate SM Investments Corporation posted net income of PHP 1.6 billion for January to September period reversing a net loss of PHP 85 million in the same period last year. Higher output of a wholly owned unit, Carmen Copper Corporation which operates the Toledo mine in Cebu, and higher copper prices boosted Atlas' profits. We are exploring areas around Carmen Copper's mine and we are also looking at some areas in Mindanao.

The SM Group will raise its stake in Atlas to about 33% from 17% currently if its Banco de Oro Unibank unit converts a loan of PHP 5.34 billion into equity.

Jose Sio CFO of SM Group who sits on the Atlas board said that Banco de Oro has until July next year to exercise its debt to equity conversion option.

(Sourced from Reuters)