Atlas Mining attained Php3 billion Net Income in Q3 2022

By: Philippine Resources October 21, 2022

Photo credit: Atlas Consolidated Mining and Development Corporation

Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) completed the third quarter of the year 2022 with a reported net income of Php3.069 billion compared to the net income of Php3.477 billion for same period in 2021. Stable production in the three quarters sustained the improvement in net income.

Atlas Mining’s wholly-owned subsidiary, Carmen Copper Corporation, reported copper metal production from 64.09 million pounds in 2021 to 54.82 million pounds in 2022 resulted from lower tonnage milled. In the third quarter of 2022, milling tonnage decreased by 11% from 14.22 million tonnes to 12.60 million tonnes. The reduction in copper metal production was mainly due to inclement weather experienced during the first four months of the year and this quarter. Copper grades decreased by 3% from 0.246% to 0.238%. Gold production decreased year-on-year by 13% from 19,562 ounces to 16,923 ounces due also to lower gold grades from 5.38 grams/dmt to 5.36 grams/dmt. Copper metal content of concentrate shipped decreased by 12% to 56.90 million pounds and gold content decreased by 11% to 16,377 ounces from 18,415 ounces.

Metal prices remained low in the third quarter of this year where copper price decreased by 2% from $4.22/lb to $4.15/lb but gold price increased by 1% from USD1,803/ounce to USD1,827/ounce compared to the same period last year.

Earnings before interest, tax, depreciation and amortization (EBITDA) was Php4.37 billion for the three quarters of 2022 compared to Php8 billion in 2021. Operating cost was adversely affected by higher energy and fuel prices, and higher waste charged to operations.

Accordingly, cash generated from operations improved which enabled the additional loan payment of $74.6 million of Atlas Mining’s loans on the three quarters of 2022. With the partial repayment of loan, an accounting gain of Php1.45 billion was recognized in the third quarter of 2022.

 

Article courtesy of the Philippine Stock Exchange


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