Atlas Completes 33rd Shipment of Copper Concentrate
Atlas Consolidated Mining and Development Corp. (PSE: AT) is pleased to report the completion on 4 January 2011 of its thirty third shipment of copper concentrate through its subsidiary Carmen Copper Corp. (CCC).
Revenue from this shipment consigned to Jinlong Copper Co. Ltd of Tongling, Anhui, China, is estimated to reach US$11.866 million based on a volume of approximately 5,088 dry metric tons (dmt) of copper concentrate containing 28.21% copper, 2.28g gold per dmt, and 24.58g silver per dmt.
The shipment was originally scheduled for loading at CCC’s Sangi port in Toledo City, Cebu, on 17 December 2010, but was delayed due to bad weather and other logistical factors beyond the control of CCC. This notwithstanding, the revenue from the shipment will be recorded as accrued during the fiscal year ended 31 December 2010, subject to compliance with Philippine accounting standards.
CCC continues to stockpile copper concentrate at its Sangi port warehouse pending the next shipment, which starting loading last 7 January 2011. As of 4 January 2011, CCC has already stored an estimated 10,712 dmt of copper concentrate.