Low metal prices forced Atlas Consolidated Mining and Development Corp. to post a net loss of P637 million in the first quarter of 2015.
Atlas Mining’s performance dove from a gain of P118 million in the same period of 2014, which itself reflected a 79-percent drop year-on-year.
“Our results were severely impacted by low copper prices, which we were not yet able to mitigate through higher production levels as we are currently focusing on key process enhancements and maintenance of our plant and mining equipment,” company president Adrian Ramos said in a statement.
First-quarter revenues fell 28 percent to some P2.64 billion although operating cash cost remained at P2.48 billion.
Atlas Mining said copper price averaged at $2.60 a pound, falling 18 percent year-on-year. At the same time, realized gold price dropped 6 percent to $1,214 an ounce.
Ramos said the lower realized metal prices accounted for around 74 percent of the decline in revenues.
From January to March, the output of copper metal concentrate from Atlas Mining’s fully-owned unit Carmen Copper Corp. slid by 8 percent to 22.4 million pounds.