In a disclosure to the Philippine Stock Exchange, Atlas said it signed an agreement with Carmen Copper covering its subscription to 46.188 million common shares of the subsidiary at P4 per share or a total of P184.75 million.
Atlas said the amount raised from the transaction would be used by Carmen Copper to fund capital expenditures related to the operation of its Toledo mine in Cebu province.
Atlas, the country's second-largest miner, has been increasing copper concentrate production at Toledo as it ships more of the concentrate to China.
The company earlier said it was eyeing to increase production to 42,000 tons per day (tpd) by mid-2010, and about 50,000 tpd by the first half of 2011 from an original production rate of 20,000 tpd.
Atlas has delivered its 13th shipment of copper from Toledo to China early December, as part of a 60,000-ton supply deal with Swiss firm MRI Trading.
Operations at the Toledo mine, estimated to have deposits of 874 million tons of copper ore with an average grade of 0।41%, resumed in July last year after a 14-year hiatus due to lack of funding to repair damage caused by typhoons.
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