MANILA -Lower production and higher costs shaved Atlas Consolidated Mining and Development Corp.’s earnings by 78 percent in the first quarter of the year.
In a disclosure on Thursday, the listed mining company said its net income plummeted to P264 million from P1.22 billion in the same period last year. Likewise, revenues decreased by 10 percent to P4.9 billion from P5.5 billion.
“The lower income was mainly due to lower grade and milling tonnage as well as nonrecurring noncash gain booked in 2022 by its wholly owned subsidiary, Carmen Copper Corp. (CCC),” it added.
CCC holds the exclusive operating rights over the in situ mineral resources and ore reserves of Carmen, Lutopan and Biga mineral deposits, collectively known as Toledo copper mine covering 1,674 hectares.
Cash cost, representing expenses paid in cash, rose by 10 percent to P3.2 billion from P2.9 billion.
CCC’s milling tonnage decreased by 9 percent to 4.2 million tons from 4.6 million tons. Daily milling average hit 46,464 dry metric tons (DMT), down by 9 percent.
Gold produced slightly declined to 5,975 ounces while copper metal production tumbled to 19.88 million pounds.
In terms of shipments, both copper concentrate and copper metal gross dropped to 35 DMT and 19.66 million pounds.
Further, copper metal price stood at $4.05 per pound, 11-percent lower than previous level, while gold price was relatively flat at $1,890 per ounce.
Earnings before interest, taxes, depreciation and amortization shrank by 35 percent to P1.7 billion.