A Cebu based mine through its parent firm that it shipped copper concentrates to China based smelters reflecting last month’s production.

Parent Atlas Consolidated Mining and Development Corporation said in a disclosure to the Philippine Stock Exchange that for the month of August, Carmen Copper Corporation shipped 9,840 DMT of concentrates worth USD 20.66 million to Chinese smelters.

The shipment was coursed through commodity trader MRI Trading AG, according to Atlas Consolidated saying the concentrates had a payable metal content of over 5.589 million pounds of copper and 739 ounces of gold. Carmen Copper mined 1.324 million tonnes of ore last month with an average grade of 0.29% copper and came up with 11,582 DMT of concentrates.

Atlas Consolidated, whose shares are traded on the PSE said that the bulk of ore came from its Lutopan mine in Cebu and only 9.7% came from the Carmen site. With the Lutopan site nearly mined out, Atlas Consolidated reported last June it has moved its operations to Carmen also in Cebu.

The Carmen deposit contains copper ore of a higher grade than those found in Lutopan, Toledo City where Carmen Copper first started operations. In the eight months to August, Atlas Consolidated said Carmen Copper shipped over 58.818 million pounds of payable copper up from 45.673 million pounds a year earlier.

Source - Gmanetwork.com

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