Atlas Consolidated Mining and Development Corporation ("Atlas Mining") was incorporated in 1935 as “Masbate Consolidated Mining Company, Inc.”. In the 1980s, it was regarded as the third largest copper mine in the world and was processing 110,000 copper ore a day. However, in the early 1990s, Atlas was forced to suspend its operations due to a typhoon that severely damaged its mines in Toledo. Atlas Mining now has only one (1) mill for operations.
A major restructuring of the Company's assets was undertaken in years 2004 and 2005 with the creation of three special purpose subsidiaries to develop the Toledo Copper Complex, Berong Nickel Project and the Toledo-Cebu Bulk Water and Reservoir Project. As a result, Carmen Copper Corporation (CCC), Berong Nickel Corporation (BNC) and AquAtlas Inc. (AI) were incorporated and, subsequently, were positioned to attract project financing as well as specialist management and operating expertise. In addition, Atlas incorporated a 100%-owned subsidiary, Atlas Exploration Inc. (AEI), to host, explore and develop copper, gold, nickel and other mineral exploration properties. AEI will also explore for other metalliferous and industrial minerals to increase and diversify the mineral holdings and portfolio of Atlas. Atlas is listed in the Philippine Stock Exchange (PSE) and was, until May 1995, listed in the American Stock Exchange (AMEX).
ATLAS EXPLORATION, INC. owns/controls considerable hectare of mineral rights in Cebu and in other parts of the Philippines. Atlas Mining aims to increase and enhance its mineral resource-based assets through a comprehensive exploration program. BERONG NICKEL CORPORATION holds the fourth largest nickel laterite-saprolite deposit in the world. The mine has been shipping laterite nickel ore since February, 2007. BERONG NICKEL CORPORATION
cARMEN COPPER CORPORATION
CARMEN COPPER CORPORATION (CCC) has exclusive operating rights over the in situ mineral resources and ore reserves of Carmen, Lutopan and Biga, collectively known as the Toledo Copper Mine. ATLAS EXPLORATION, INC.
AQUATLAS, INC. utilizes its 13-million cubic meter water reservoir in Toledo City to generate pump-power storage, hydroelectric power for CCC's mining operation, as well as bulk water supply to Toledo City and/or Metro Cebu. AQUATLAS, INC.
Atlas Consolidated Mining and Development Corporation (Atlas Mining) shall be a diversified, competent, progressive, stable, responsible and internationally recognized mineral resource-based company.
Atlas Mining shall contribute to enhancing national development by the exploration and development of its mineral properties as well as mineral extraction and processing to optimize added economic value. It shall undertake this mission through highly competent, dedicated and ethical employees who are motivated to deliver the best because of their sense of mission and a clear understanding of Atlas Mining stakeholder’s needs. It shall create and sustain a culture of continuous improvement through strategic investments in its human resources and relevant state-of-the-art equipment. It shall support the Government’s policy of life-of-mine environmental protection, health, safety and social responsibilities as well as the integrated mine closure planning. Atlas Mining shall pursue all its activities within the context of being a good corporate citizen.
Composition and Qualification
The Atlas Board of Directors (the “Board”) is composed of eleven members who are generally elected by Atlas shareholders during their annual meeting. Of such members, at least two must satisfy the requirements of independence under the Securities Regulation Code (SRC) and Atlas Corporate Governance Manual (the “CG Manual”). Atlas currently has three independent directors who have confirmed that they qualify as such based on the criteria set under Rule 38 of the rules and regulations implementing...