Atlas unit buys more mining equipment from Marubeni of Japanadmin
ATLAS Consolidated Mining and Development Corp. unit Carmen Copper Corp. has signed an agreement to buy more mining equipment worth five million dollars from Marubeni Corp. of Japan, Atlas said.
The agreement provides for a 40 percent down payment, the company said.
Last month, Carmen Copper bought mining equipment worth nine million dollars from Marubeni.
“The delivery of the heavy mining equipment, which the company expects to receive in November 2006, more or less completes the open-pit plant requirements for excavating and trucking operations during the initial phase,” Atlas told the stock exchange.
The company’s copper mining operations in Toledo on the central island of Cebu are due to restart as soon as this year. The Toledo mine is expected to generate up to three billion dollars in foreign exchange earnings over the next 12 years.