Listed Atlas Consolidated Mining and Development Corp. was able to minimize its losses for the second quarter given higher production and shipment volumes, which made up for the low copper prices during the period.
In a regulatory filing, Atlas Mining reported a 70-percent cut in its net loss to P66 million during the quarter from P221 million a year ago.
Its wholly owned subsidiary Carmen Copper Corp. was able to increase its copper and gold production by 30 percent and 36 percent, respectively, to 51.46 million pounds and 18,119 ounces. This was due to higher tonnage milled and higher realized grades.
The company’s milling tonnage rose by 9 percent to 8.33 million tons, while copper and gold grades improved by 23 percent and 2 percent, respectively.
Metal prices in the first semester were lower year-on-year. Copper prices were at an average of $2.80 a pound versus $4.12 a pound last year, while gold prices recorded an average rate of $1,304 per ounce against $1,313 an ounce a year ago.
Nonetheless, lower prices were offset by operating efficiencies put together by Atlas Mining. The higher volume of shipments, however, resulted in an 11-percent rise in the company’s costs to P5.66 billion from P5.11 billion in the same period last year.
Earnings before interest, tax, depreciation and amortization settled at P3.01 billion. Core income rose by 235 percent to P220 million against core loss of P163 million in 2018. —KARL R. OCAMPO