Atlas Mining Corporation used to be the largest copper mine in Southeast Asia for almost 40 years until it closed down after a devastating storm in 1994 and a slump in metal prices in the world market.
Now after a little over a decade since then, the mine will reopen and start commercial operations in 2007. Located in Lutopan, Toledo City, in the western seaboard of Cebu, the mine was projected to run for another 20 more years with an estimated total copper deposits of 218 million metric tons.
Before the closure, the copper mine giant used to generate revenue of P624M annually to the national government that turned the once sleeping town of Toledo into a vibrant city six years only after the facilities began operation. When the storm hit the province in 1994, the facilities were badly damaged that rehabilitating them would cost the company millions of pesos, compounded with the slumping metal prices, thus the forced closure of the mine.
The reopening of the mine will spur the economic activities in and around Toledo City and the city itself would again enjoy the vibrant economy it once had. The economic benefits the mine would bring would certainly uplift the living condition of some residents of the city and its environs.
On reopening, the company will be employing some 2,700 direct workers initially. That translates to an estimated P287M of annuall payroll and an increased revenue to Toledo City which is estimated to be at P12M annually while the national coffers will get a whopping P306M.