Atlas/Carmen

Atlas ups stake in Carmen Copper to 100%

Atlas will make Carmen Copper a 100% subsidiary and plans to induct a new strategic investor after buying out its private equity partner, Casop.
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Atlas's copper mine in Lutopan, Philippines
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<div style="text-align: left;"> Atlas's copper mine in Lutopan, Philippines </div>

Atlas Consolidated Mining and Development will shell out $368 million to make Carmen Copper a wholly owned subsidiary, buying out the 45.54% owned by Casop, its private equity partner.

Atlas, which is based in Manila, also told the Philippine Stock Exchange on Friday that it will raise $390 million through a combination of debt and equity to finance the acquisition. BDO Capital and Investment and Evercore Partners are advising Atlas on the acquisition and the fundraising.

Atlas is an integrated resources company that has been in business since 1935. It is primarily engaged in copper and nickel mining, but also earns revenue from water supply. The company’s...

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