Silver Verde May Mining Announces Letter of Intent to Acquire Golden Eagle Mining Co., Inc.

Silver Verde May Mining Company announce that it has signed a letter of intent to acquire all of the issued and outstanding shares of Golden Eagle Mining Co., Inc.. Upon completion of due diligence and further director approvals, Verde May will issue 14,287,680 of its common shares to acquire all of the shares of Golden Eagle. Golden Eagle is an Idaho corporation incorporated in 1968. Golden Eagle... 

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Atlas Mining posts lower 2006 net income

Atlas Consolidated Mining and Development Corp. said Monday its consolidated net income in 2006 declined to P47 million from P85.4 million a year earlier. Income at parent level, however, was higher at P272 million on the back of retiring liabilities and market-to-market gain on restructured debt. Alfredo Ramos, president and chairman of Atlas, said the company’s total liabilities dropped by... 

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Mining sector sees stronger year ahead on brisk investments

THE mining industry expects to make a strong comeback this year driven by brisk investments, keen interest from major global players, higher commodity prices and more stable investment policies in place, a top industry official said. “We’re off to a good start this year,” said Benjamin Philip Romualdez, president of the Chamber of Mines of the Philippines. The industry had suffered... 

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Atlas unit buys more mining equipment from Marubeni of Japan

ATLAS Consolidated Mining and Development Corp. unit Carmen Copper Corp. has signed an agreement to buy more mining equipment worth five million dollars from Marubeni Corp. of Japan, Atlas said. The agreement provides for a 40 percent down payment, the company said. Last month, Carmen Copper bought mining equipment worth nine million dollars from Marubeni. “The delivery of the heavy mining equipment,... 

Mining firm will start releasing payments tomorrow

After over a decade, 1,940 displaced workers of Atlas Consolidated Mining and Development Corp. (ACMDC) will receive their separation benefits from the company starting tomorrow. A total of P101 million has been set aside as payment to the employees, who were part of a 12,000-strong workforce of what used to be Southeast Asia’s largest copper mine. Rodrigo Cal, assistant vice president and resident...