Atlas Mining posts 29% net income growth as of Q3 2024

FILE PHOTO: Listed firm Atlas Consolidated Mining and Development Corp. reports a 29 percent increase in net income as of the third quarter of this year on the back of higher production and metal prices. INQUIRER FILES

Listed firm Atlas Consolidated Mining and Development Corp. reported a 29 percent increase in net income as of the third quarter of this year on the back of higher production and metal prices.

The mining company’s net income surged to P1.13 billion from P880 million in the same period last year.

Revenues totaled P15.56 billion, climbing by seven percent from P14.52 billion, while core net income inched up by five percent to P807 million.

Atlas Mining said both milling tonnage and the daily milling average increased by 10 percent, ending at 13.73 million dry metric tons (DMT) and 50,122 DMT, respectively.

Its subsidiary Carmen Copper Corp.’s gold production totaled 20,939 ounces, 12 percent higher than 18,772 ounces a year ago while copper concentrate output expanded by 11 percent to 123,000 DMT from 110,000 DMT.

Copper prices went up by six percent to $4.14 per pound from $3.90 per pound. On the other hand, gold prices rose by 18.09 percent to $2,285 per ounce from $1,935 per ounce.

During the reference period, Atlas Mining made 24.49 shipments as opposed to 22.14. The company delivered 19,461 ounces of gold, an increment of 10 percent from 17,620 ounces. Copper concentrate shipments totaled 123,000 DMT, an increase of 12 percent from 110,000 DMT.

READ: Atlas Mining profit doubled in Q1

Earnings before interest, taxes, depreciation, and amortization, meanwhile, went up by four percent to P5.12 billion from P4.91 billion.

Incorporated in 1969, Atlas Mining holds interests in copper, nickel, mineral exploration, and water source development, with the Toledo copper mine in Cebu province as its main project.

Carmen Copper Corp has exclusive operating rights over the in-situ mineral resources and ore reserves of Carmen, Lutopan, and Biga mineral deposits, collectively known as the Toledo copper mine. It also owns a stake in the nickel laterite mining project of Berong Nickel Corp. in Palawan province, which has been engaged in the direct shipping of nickel laterite ore since 2007.