AT borrowing PHP 1.8 billion for Cebu copper mine

08 Jun

Atlas Consolidated Mining & Development Corp. (AT) is borrowing PHP 1.8 billion to finance the development of an ore source in its copper mine in Cebu.

Its board approved on June 4 the availment of the convertible loans. The loans, which are convertible into Atlas Mining shares, will have a 3-year tenor and will earn an interest rate of 4% per annum, payable semi-annually.

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AT president Adrian Ramos said the proceeds would be used to develop the Carmen open pit in its Toledo copper-gold mine in Cebu where it is currently sourcing high-grade ore.

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Posted by on June 8, 2015 in AT, Corporate News, Stock Market


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