Atlas subsidiary’s profit surged to P2.54B in 2011

Carmen Copper Corp. (CCC), a wholly owned subsidiary of Atlas consolidated Mining and Development Corp., has posted a 2011 net income of P2.541 billion, up from only P670 million in 2010.

CCC operates the Toledo copper mine in the province of Cebu.

Its 2011 core income reached P2.283 billion, or up by 59.5 percent from the 2010 level.

CCC’s performance in 2011 compared to that in 2010 showed a 41.2-percent rise in actual gross revenue to about P12.5 billion from P8.85 billion; a 61.5-percent increase in Ebitda to P4.18 billion from P2.587 billion, and a 15.8-percent rise in shipped volumes to 68 million pounds of copper from 58.7 million pounds.

CCC sold its copper output in 2011 at an average realized price of $8,879 per ton or $4.03 per pound, which is higher than the average in 2010 of $7,034 per ton or $3.19 per pound.

CCC is on-track with the open-pit development of the higher-grade Carmen ore body, and is expediting the finalization of its plans for a phased expansion, starting with the initial target of raising its current throughput capacity of 40,000 tons per day to 60,000 tons per day.