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Atlas to Ship 150,000 Tons of Nickel Ore to China (Update1)
By Ian C. Sayson
March 5 (Bloomberg) -- Atlas Consolidated Mining & Development Corp., the
third-largest Philippine metal producer by market value, said its Berong
nickel mine will ship 150,000 metric tons of ore to China this month.
This month's shipment is more than three times the 45,000 tons that
Manila-based Atlas last month said it would sell to China in February.
``Demand for ore produced at Berong exceeds supply,'' Atlas Chairman Alfredo
Ramos said in a statement to the Philippine Stock Exchange. Berong's
production will be raised to 3,000 to 4,000 tons a day, compared with 2,000
tons earlier this year, the company said.
Atlas Mining said in September production at the Berong nickel mine, on the
central island of Palawan, will help sustain a return to profit.
Ramos said today Berong has a potential reserve of 275 million dry metric
tons with an average grade of 1.3 percent nickel, classifying it as the
world's fourth-largest nickel laterite deposit.
Shares of Atlas fell 6.8 percent to 8.20 pesos, their lowest in three
months, at the noon close of trading today in Manila. The main Philippine
Stock Exchange Index today fell 4.5 percent.
To contact the reporter on this story: Ian C. Sayson in Manila at
[EMAIL PROTECTED] .
*Last Updated: March 4, 2007 23:57 EST*
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