InterAksyon.com means BUSINESS
MANILA, Philippines – SM Investments Corp. acquired a convertible loan owed by Atlas Consolidated Mining and Development Corp.
In a statement, Atlas said SM Investments purchased the P5.418 billion loan from unit Banco De Oro Unibank Inc. (BDO) that the lender and the mining company signed in July last year.
Atlas said SM Investments sent word that it would exercise the conversion option under the agreement as the assignee of BDO.
Should the Henry Sy-owned conglomerate exercise the conversion option, then it would acquire 273,098,160 Atlas common shares, bringing SM Investments’ total stake in the mining company to 28.43 percent.
Atlas said SM Investments’ exercise of this conversion option “affirms its optimism in Atlas’ potential for growth as a key player in the mining industry.”
In April, Atlas said its wholly-owned subsidiary Carmen Copper Corp., which operates the Toledo copper mine in Cebu, produced a record 7.35 million pounds of payable copper in March and increased its production rate during the first quarter of this year by 21 percent year-on-year.
After its $300 million bond sale, Carmen Copper is targeting a 50 percent rise in mill throughput from the current average rate of 40,000 tons per day to 60,000 tons per day by 2014.
It is likewise projecting to sell 80 million pounds of copper metal, which is 12 million pounds more than what was sold in 2011.
Atlas said it is actively pursuing its exploration projects and is looking into acquisition opportunities.
InterAksyon.com means BUSINESS
BUSINESS NEWS
