Atlas (ATSP-O) has filed for bankruptcy protection, but will continue producing lead, zinc and silver at its Andacaba mine in southwestern Bolivia.
Meanwhile, the company hopes to sell its 61% holding in perlite producer Cornerstone Industrial Minerals (CORN-C). Subject to approval of the U.S. bankruptcy court, Atlas expects to receive a US$2.9 million offer for Cornerstone.
The company has filed a motion with the court for approval of interim financing of US$750,000. The financing is secured by the value of the Cornerstone transaction and would come out of the eventual proceeds.
Atlas also plans to complete a third-party remediation agreement for closure and reclamation of the Moab Utah uranium mill site. Atlas has been working with the Nuclear Regulatory Commission since 1994 on an environmental impact statement for reclamation of the site.
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