Atlas Mining reports net loss in 2016

Atlas Consolidated Mining and Development Corp. saw its consolidated net loss rise by 8 percent to P879 million in 2016 mainly due to a one-time loss on tax credits.

Atlas Mining said in a statement that it made provisions last year for a P495-million loss on disputed input tax credits.

Excluding that, the company said it was able to improve underlying net loss by 53 percent to P384 million compared to P814 million in 2015.

“The company realized both higher revenues and lower operating costs, benefiting from an ongoing cost and efficiency program,” Atlas Mining said.

Revenues went up 7 percent to P12.1 billion due to an increase in the volume of copper shipped as well as higher turnover on gold that tempered the impact of lower copper prices.

The company sold 4 percent more copper concentrates at 173,130 dry metric tons (dmt), but the prices fell by 10 percent to a full-year average of $2.21 per pound.

On the other hand, Atlas Mining sold 18 percent more gold at 32,211 ounces, with the average price jumping by 8 percent to $1,241 an ounce.

“Additional revenue was also realized from the sale of 25,000 dmt of magnetite for P12 million as compared to none in 2015,” the company said.

Atlas’ subsidiary, Carmen Copper Corp., was among 12 mine operators not threatened with an order for closure or suspension of operations when Environment Secretary Regina Lopez announced in February the results of a mine audit.

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