Atlas Consolidated Mining & Development Corporation said that it is raising capital to fund the reopening of its nickel mining operations.

In a disclosure to the stock exchange, Atlas said its subsidiary Berong Nickel Corporation has finalized the sale of its remaining stockpile of nickel ore.

Atlas said that "Berong will use the proceeds from the sale of the stockpile to provide working capital to support the resumption of operations at the Berong nickel mine. The main aspects of the mining plan have already been determined by Atlas and its joint venture partners."

The stockpile consists of around 150,000 wet tonnes of nickel ore with an average grade of 1.45% nickel. It will be delivered to Shaanxi Energy Metals and Minerals Resources Co Limited in China.

The first shipment of 50,000 wet tonnes is scheduled for May, and 2 more shipments of 50,000 wet tonnes each will be carried out in June. Berong is a unit of London based Toledo Mining Corporation. Atlas, Toledo's local partner, has a 25% economic interest in the nickel project.

In 2009, Berong suspended production and cut jobs at its mine in Palawan due to depressed metal prices during the height of the global economic crisis.

(Sourced from www.abs-cbnnews.com)