Investments
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Atlas Consolidated Mining & Development
The Company owns 11.67% of Atlas Consolidated Mining & Development Corporation, which reflected a consolidated net loss of P2.8 billion in 2009. Atlas subsidiary, Carmen Copper Corporation, shipped about 65,000 dry metric tons of copper concentrate in 2009, while another subsidiary, Berong Nickel Corporation, remained under “Care & Maintenance”.
United Paragon Mining Corporation
The Company also owns 25.62% of United Paragon Mining Corporation (UPMC) after converting its receivables into new UPMC equity. UPMC posted a net loss of P45 million in 2009 as it continued to pursue plans to resume gold mining operations in partnership with foreign and local groups.
