Atlas Mining income plunged by 60% in H1 2023

MANILA  -Lower copper prices alongside weaker production pulled down Atlas Consolidated Mining and Development Corp.’s earnings by 60 percent in the first half of the year.

In a stock exchange disclosure on Monday, Atlas said its net income plunged to P803 million from P2 billion in the same period last year as the price of copper metal slid by 11 percent to $3.95 per pound.

This, despite the company’s revenues growing by 4 percent to P10.13 billion from P9.74 billion.

Cash cost, or expenses paid in cash, rose by 10 percent to P6.5 billion from P5.94 billion.

Milling tonnage at Atlas’ wholly owned subsidiary Carmen Copper Corp. (CCC) declined by 2 percent to 8.5 million dry metric tons (DMT) during the period in review. Daily milling average also slipped by 2 percent to 46,984 DMT.

CCC holds exclusive operating rights over the in situ mineral resources and ore reserves of Carmen, Lutopan and Biga mineral deposits, or the Toledo copper mine, covering 1,674 hectares.

Meanwhile, gold produced rose by 15 percent to 12,925 ounces from 11,257 ounces in 2022.

Gold price also slightly increased to $1,937 per ounce from $1,879 per ounce.

In terms of shipment, copper concentrate climbed by 10 percent to 76,000 DMT, while copper metal gross rose by 9 percent to 42.37 million pounds.

Earnings before interest, tax, depreciation and amortization reached P3.61 billion, down 7 percent.

Atlas suffered the same fate in the first quarter after lower production and higher costs pulled down earnings by 78 percent to P264 million. INQ