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Article: Anglo extends loan to Atlas Mining
- Article from:
- The Manila Times
- Article date:
- July 14, 2009
- Author:
CopyrightCopyright Content Parnership Pty Ltd Jul 14, 2009. Provided by ProQuest LLC. (Hide copyright information)
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A member of the consortium that runs the Metro Rail Transit Line 3 (MRT 3) has extended a multi-million dollar loan to its affiliate to fund its copper mine.
In a disclosure to the Philippine Stock Exchange, Anglo Philippine Holdings Corp. said it has extended a one-year, $11.5-million loan to Atlas Mining and Development Corp. that would carry an interest rate of 15 percent.
The holding firm said the proceeds of the loan would primarily fund the working capital requirement of Atlas's Toledo mining project.
Atlas is the local partner of London-based Toledo Mining Corp.
Its unit, Carmen Copper Corp., operates the Toledo mine in Cebu and produces copper.
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