Atlas raises copper output target

Atlas Consolidated Mining and Development Corp. has raised the volume of copper concentrate targeted to be shipped out this year.

In a briefing after the company’s stockholders’ meeting on Wednesday, Atlas vice president and director Adrian Ramos said the company was now targeting to export 90 million pounds of copper concentrate, up from the earlier projection of 80 million lbs.

“We’re just doing what we can to improve productivity and efficiency,” Ramos said, when asked whether the increased output target was meant to compensate for lower prices of copper at the global market.

Atlas has lowered assumed average copper selling prices at $3.40 per lb from a higher range of $3.60-$3.90/lb earlier this year.

The concentrate shipment is mined out of the Toledo mine operated by flagship subsidiary, Carmen Copper Corp. (CCC).

But because Atlas is targeting higher volume this year, value of shipment is still expected to breach $300 million. Based on its latest assumed price, a 90 million lb shipment will be potentially valued at $306 million, 5.5 percent higher than the actual value of shipment made by Atlas last year.

Atlas’ first semester consolidated core income amounted to P1.69 billion versus a restated level of P1.02 billion in the same period last year. Net income in the first half attributable to parent equity holders amounted to P1.48 billion.