Atlas Mining’s Jan-Sept net income down 71%

MANILA  -Lower production and higher costs slashed the bottom line of listed Atlas Consolidated Mining and Development Corp. by 71 percent in the first nine months of this year.

Atlas Mining reported a net income of P880 million in the nine months to September compared to P3.07 billion in the same period in 2022.

However, the listed mining firm’s revenues increased by 9 percent to P14.5 billion from P13.3 billion.

The company recorded a core income of P768 million, a reversal from the core net loss of P122 million year-on-year.

Cash cost, referring to expenses paid in cash, rose by 6 percent to P9.6 billion from P9.02 billion.

During the reference period, milling tonnage by its subsidiary Carmen Copper Corp. (CCC) dipped by 1 percent to 12.5 million dry metric tons (DMT) while the daily milling average declined by 1 percent to 45,665 DMT.

CCC saw its gold production climb by 11 percent to 18,772 ounces of gold.

In terms of metal prices, copper price decreased by 6 percent to $3.90 per pound while gold price went up by 5.88 percent to $1,395 per ounce.

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Its shipped copper concentrate inched up by 6 percent to 110,000 DMT. The volume of copper metal gross delivered gained by 7 percent to 61.01 million pounds.

Likewise, it made a shipment of 17,620 ounces of gold during the quarter, an increment of 8 percent.

Meanwhile, earnings before interest, tax, depreciation and amortization increased to about 13 percent to P4.92 billion.

CCC holds an exclusive right over the in situ mineral resources and ore reserves of Carmen, Lutopan and Biga mineral deposits (or the Toledo copper mine spanning 1,674 hectares).

It forms part of Atlas Mining’s mineral property covering 5,218 hectares, consisting of 3,284 hectares of Atlas-owned mining claims. INQ