Business

Fred Ramos, Martin Buckingham unload P87M shares as Atlas Mining roars to 6-year high

Bilyonaryo Fred Ramos and Martin Buckingham rode on the rally in mining stocks to cash out some of their holdings in Atlas Consolidated Mining and Development.

Ramos’ Alakor Corp. sold 11.335 million shares at P7.18 to P8.12 each on April 23 and 26. This is more than double what he sold in the first quarter this year.

READ: Copper prices hit $10K for first time in a decade

Alakor still has 12.835 percent stake in Atlas worth P3.671 billion.

Atlas executive vice president and director Buckingham dumped 500,000 shares at a price range of P7.30 to P7.60 on April 26.

READ: Fred Ramos unloads P40M Atlas Mining shares in Q1

Buckingham was left with a .3 percent share in Atlas worth P85 million.

Atlas zoomed to a 52-week high of P8.85, its highest level since 2015, after President Rodrigo Duterte lifted the ban on mining while copper prices soared to $10,000 per ton for the first time since 2011.

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