Carmen Copper Corporation (“Carmen Copper”) is a wholly-owned subsidiary of Atlas Consolidated Mining and Development Corporation (“Atlas Mining”). Carmen Copper has an operating agreement with Atlas Mining and it has exclusive operating rights over the in situ mineral resources and ore reserves of Carmen, Lutopan and Biga mineral deposits, collectively known as Toledo copper mine covering 1,674 hectares. This is part of the Atlas mineral property covering 5,218 hectares, consisting of 3,284 hectares Atlas-owned mining claims and 1,934 hectares of mining claims belonging to claim-owners who have valid operating agreements with Atlas. Carmen Copper resumed the Toledo mining operation in September 2007.
A total of 92 million metric tonnes of combined extracted and waste materials were moved from the Lutopan and Carmen open pit mines, 18 million dmt or 20% of which consisted of extracted ore while the remaining 80% or 74 million dmt were stripped waste materials. Lutopan Pit produced 43% of the ore materials delivered to the mill amounting to 8 million dmt with a head grade of 0.347%. Carmen Pit produced a total of 10 million dmt at 0.330% head grade.
Carmen Copper continued to accelerate the development of Carmen Pit to ramp-up ore production. Two (2) units of PC2000 excavators and six (6) units KOM375-7 dump trucks were added to the existing fleet in Carmen Pit in November and December, respectively. Some of the hauling trucks from Lutopan Pit were also transferred to Carmen Pit during the later part of the year, in line with plans to concentrate mining operation in Carmen Pit by 2015.