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MANILA - Atlas Consolidated Mining and Development Corp. on Tuesday said its copper unit made two shipments of concentrates to China last month.
In a disclosure to the Philippine Stock Exchange, Cebu-based Atlas said Carmen Copper Corp. shipped 9,840 dry metric tons of concentrate in August. The shipment, which was consigned to Chinese smelters, was valued at $20.66 million based on the provisional prices of $3.48 per pound of copper and $1,662 per ounce of gold.
The shipped concentrates averaged 26.69 percent copper, 3.38 grams per ton gold, and 23.56 grams per ton silver.
Atlas said it would get paid for 5,589,000 pounds copper and 739 ounces of gold.
The company said mill throughput for August reached 1,324,000 metric tons of ore at an average grade of 0.29 percent copper, resulting in the production of 11,582 dry metric tons of copper concentrate with an average grade of 26.69 percent copper, 2.27 grams per ton of gold and 24.05 grams per ton of silver.
Atlas said the concentrates came from 1,280,816 dry metric tons of ore, bulk of which was mined at the Lutopan Pit and only 9.7 percent from the Carmen Pit.
Copper metal concentrated output hit 59,395,562 pounds in the first eight months of this year, higher than the 45,941,425 produced a year ago.
CCC holds exclusive rights over mineral reserves in the 1,674-hectare Toledo copper mine complex, which is estimated to contain 1.5 billion tons of ore, or about 5 million tons of copper.
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