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MANILA, Philippines - The holding company of the Consunji group has bought into Atlas Consolidated Mining and Development Corp.
Cebu-based Atlas told the Philippine Stock Exchange that DFC Holdings Inc. has acquired 5.3 percent of the mining firm's issued and outstanding capital stock in the open market, completing the purchase on March 29.
“The investment of DFC Holdings in Atlas signals a positive development for the future prospects of the company’s commercial mining operations which will benefit from the technical expertise that the Consunji group will surely bring into the fold. With that and the continuing support and leadership of the Sy family’s SM group and the Ramos group, I am confident that Atlas stakeholders will be looking forward to sharing in the fruits of the growth of the enterprise,” Adrian S. Ramos, Atlas executive vice president, said.
Last year, SM Investments Corp. bought almost 18 percent of the miner for $142 million. SM said its position in Atlas is purely an investment, adding that the conglomerate has no plans of actively pursuing mining as a business.
Atlas owns the country’s largest exporter of copper concentrate, Carmen Copper Corp. Atlas also owns Berong Nickel Corp., TMM Management, Inc., Ulugan Nickel Corp., Ulugan Resources Holdings Inc., Nickeline Resources Holdings Inc., Atlas Exploration Inc., and Amosite Holdings Inc.
The Consunji group is involved in construction, mining, power generation, and utilities infrastructure projects. Its Semirara Mining Corp. is the country's biggest coal miner.
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