Atlas Consolidated Mining and Development Corp. said it had shipped $20.7 million worth of copper concentrates in November. This was based on provisional and hedged prices of $3.63 per pound of copper and $1,749 per ounce of gold.
In a disclosure to the Philippine Stock Exchange, Atlas said its operating company, Carmen Copper Corp. (CCC), which operates the 1,674-hectare Toledo copper mine in Cebu province, shipped 9,782 DMT of concentrates.
Two shipments (4,975 DMT and 4,807 DMT of copper concentrates) were made through MRI Trading AG, which were consigned to Chinese smelters.
CCC resident manager Rodrigo C. Cal said in an enclosed report that the company’s mine produced almost 1.1 million tons of ore with 0.31 percent copper. This made for an output of 9,822 DMT of copper concentrates with an average grade of 26.76 percent copper, 2.32 grams per ton gold and 21.5 grams per ton silver.
The ore came from the Lutopan pit.
Atlas showed strong growth in the first nine months of 2011 on high metal prices and increased shipments, vice president and director Adrian S. Ramos said last month on the sidelines of the company’s stockholders’ meeting in Pasig City.
Ramos said during the stockholders meeting that the company’s gross revenue for the first nine months of 2011 reached P9.9 billion, up from over P6.6 billion in the same period in 2010.
Consolidated net income for the first nine months of 2011 reached P2.64 billion, up from only P47 million a year ago.
Atlas said in a statement that CCC reported a net income of P2.599 billion for the first three quarters of 2011, or 4.7 times its net income during the same period last year.
Atlas began consolidating 100 percent of CCC’s results at the end of July 2011.