SM Group’s Atlas Mining closes nonoperational water, exploration units

Atlas Mining, part of the SM Group, has approved the dissolution of AquAtlas Inc., its water resource development arm, and Atlas Exploration Inc., its mineral exploration subsidiary, to streamline operations and enhance efficiency.

The operator of the Toledo copper mine in Cebu said the move addresses the inactivity of these entities since 2009 and 2015, respectively.

AquAtlas Inc., once a leader in water resource management, oversaw the Malubog Dam in Toledo City, one of the largest privately owned reservoirs in the Philippines, which supplies industrial and domestic water.

The dam, built in 1970, has a surplus capacity of 100,000 cubic meters per day under a bulk water agreement with Toledo City Water District.

Atlas Exploration Inc., dedicated to expanding Atlas Mining’s mineral base, targeted copper and gold deposits in Surigao del Sur but required Free Prior and Informed Consent (FPIC) from the Manobo Tribe and approval by the National Commission on Indigenous Peoples (NCIP) for its projects.