Atlas Mining Attained Php2 Billion Net Income in 1H 2022
by Philippine Resources - July 28, 2022
Photo credit: Atlas Consolidated Mining and Development Corporation
Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) completed the first half of the year 2022 with a reported net income of Php2 billion compared to the net income of Php1.935 billion for the same period in 2021. The improvement in the bottom line is attributed to the considerable increase in grades and metal prices during the first half of the year.
Atlas Mining’s wholly-owned subsidiary, Carmen Copper Corporation, reported copper metal production from 38.73 million pounds in 2021 to 36.58 million pounds in 2022 which attributed to lower tonnage milled. In the first half of 2022, milling tonnage decreased by 6% from 9.26 million tonnes to 8.66 million tonnes. On the other hand, copper grade increased by 1% from 0.231% to 0.234% and gold grade improved by 6% from 5.09 grams/dmt to 5.41 grams/dmt. Copper metal content of concentrate shipped decreased by 2% to 38.80 million pounds but gold content increased by 6% to 11,212 ounces due to higher gold grade.
The increase in metal prices continued in the first half of this year where copper price increased by 6% from $4.21/lb to $4.45/lb and gold price increased by 4% from USD1,812/ounce to USD1,879/ounce compared to the same period last year.
Number of shipments were comparatively the same as first half of last year but the higher prices in the first half of this year pushed revenues to grow by 8% to Php9.74 billion from Ph9.01 billion.
Earnings before interest, tax, depreciation and amortization (EBITDA) settled at Php3.89 billion in the second quarter of 2022 compared to Php4.93 billion in the same period of 2021. The reduction was caused by the increase in energy cost particularly power and fuel. This likewise pulled down core income for the period to Php930 million in the first half of 2022 from Php2.16 billion in same period of 2021.
Accordingly, cash generated from operations improved which enabled the additional loan payment of $60 million of Atlas Mining’s loans on the first half of 2022. With the partial repayment of loan, an accounting gain of Php938 million was recognized in the second quarter.
Article courtesy of the Philippine Stock Exchange
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Philippine Resources - July 26, 2021
Atlas Mining Net Income rose to Php 1.94 billion in 1H 2021
Atlas Consolidated Mining and Development Corporation ("Atlas Mining") reported net income on Php1.94 billion for the first half of 2021 compared to the net loss of Php190 million for the same period in 2020. Net income improvement benefitted from higher metal prices and improved production and shipment volumes in the second quarter. Metal prices rose in the second quarter this year with average copper price higher by 70% to 4.21/lb and gold price by 10% to USD1,812/ounce compared to the same period last year. Atlas Mining's wholly-owned subsidiary, Carmen Copper Corporation, reported higher copper production and shipments in the second quarter compared to the first quarter due to improvement in grades and milling tonnage. Quarter-on-quarter, copper metal produced increased by 43% from 15.93 million lbs to 22.80 million lbs while gold produced increased by 9% from 5,346 ounces to 5,829 ounces. Year-on-year, copper metal production decreased from 54.17 million pounds in 2020 to 38.73 million pounds in 2021, due mainly to the decrease in copper grades by 26% from 0.311% to 0.231% as ore milled in the first quarter was sourced from stockpiles. Gold production decreased year-on-year by 51% from 22,815 ounces to 11,176 ounces due also to lower gold grades from 7.68 grams/dmt to 5.09 grams/dmt. Cash costs decreased by 10% year-on-year from Php4.75 billion in 2020 to Php4.26 billion in 2021, due to overall lower volumes of shipments and production. Earnings before interest, tax, depreciation and amortization (EBITDA) was Php4.932 billion for the first half, 46% higher compared to Php3.373 billion in 2020. Core income for the period was Php2.158 billion in 2021 compared to Php366 million in 2020. Based on its improved earnings, efficient operations and positive outlook, Atlas Mining continues to improve its balance sheet.
Philippine Resources - November 05, 2021
Atlas Mining Net Income reached Php3.48 billion in 9M 2021
Photo credit: Bilyonaryo Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) reported net income of Php3.48 billion for the three quarters of 2021 compared to the net income of Php490 million for the same period in 2020. Higher metal prices and the stable production in the three quarters sustained the improvement in net income. Metal prices remained high in the third quarter this year pushing average copper price higher by 60% to $4.22/lb and gold price by 4% to USD1,803/ounce compared to the same period last year. Atlas Mining’s wholly-owned subsidiary, Carmen Copper Corporation, reported higher copper production and shipments in the third quarter compared to the second quarter due to improvements in copper head grades and recovery. Quarter-on-quarter, copper metal produced increased by 11% from 22.80 million lbs to 25.36 million lbs while gold produced increased by 44% from 5,829 ounces to 8,386 ounces. Year-on-year, copper metal production decreased from 81.62 million pounds in 2020 to 64.09 million pounds in 2021, due mainly to the decrease in copper grades by 20% from 0.309% to 0.246% as ore milled in the first quarter was sourced from stockpiles. Gold production decreased year-on-year by 45% from 35,814 ounces to 19,562 ounces due also to lower gold grades from 8.05 grams/dmt to 5.38 grams/dmt. Cash costs decreased by 3% year-on-year from Php7 billion in 2020 to Php6.82 billion in 2021, due to overall lower volumes of shipments and production. Earnings before interest, tax, depreciation and amortization (EBITDA) was Php8.02 billion for the three quarters, 31% higher compared to Php6.13 billion in 2020. Core income for the period was Php3.34 billion in 2021 compared to Php1.64 billion in 2020. Atlas Mining continues to strengthen its overall financial position supported by its improving earnings, efficient operations and robust metals market. Article courtesy of the Philippine Stock Exchange
Philippine Resources - March 08, 2022
Atlas Mining Net Income soared to Php3.86 billion in 2021
Photo credit: Bilyonaryo Atlas Consolidated Mining and Development Corporation ("Atlas Mining") reported a record net income of Php3.83 billion for the year 2021 compared to the net income of Php118 million for the same period in 2020. Stable production, resilient operation and higher metal prices sustained the turnaround performance of Atlas Mining. Metal prices remained high throughout the year pushing average copper price for 2021 higher by 53% to $4.26/1b and gold price from USD1,777/ounce to USD1,802/ounce compared to the same period last year. Atlas Mining's wholly-owned subsidiary, Carmen Copper Corporation, reported higher copper production and shipments in the second half compared to the first half of the year due to improvements in copper head grades and recovery. Copper metal produced in the second half increased by 13% from 38.73 million lbs to 43.68 million lbs while gold produced increased by 25% from 11,176 ounces to 13,997 ounces. Year-on-year, copper metal production decreased from 107.09 million pounds in 2020 to 82.41 million pounds in 2021, due mainly to the decrease in copper grades by 19% from 0.304% to 0.247%. Gold production decreased year-on-year by 47% from 47,857 ounces to 25,173 ounces due also to lower gold grades from 8.17 grams/dmt to 5.37 grams/dmt. Despite operational disruptions arising from high rainfall levels and typhoon Odette that affected our mining area, milling tonnage in 2020 of 50,000 tonnes per day or 18.3 million tonnes was sustained in 2021 which tempered the impact of lower grades. Cash costs decreased by 6% year-on-year from Php9.51 billion in 2020 to Php8.95 billion in 2021, due to overall lower volumes of shipments. Earnings before interest, tax, depreciation and amortization (EB1TDA) was Php9.77 billion for the year, 10% higher compared to Php8.92 billion in 2020. Core income was Php3.28 billion in 2021 compared to Php2.58 billion in 2020. Atlas Mining continues to strengthen its overall financial position supported by its improving earnings, efficient operations and robust metals market. According to Atlas Mining President, Adrian Ramos, "The turnaround of Atlas Mining is credited to a resilient and stable operation that was sustained over the years with a disciplined focus on safety and efficiencies. This enabled Atlas Mining to survive the market downturn and to optimize earnings in a resurgent commodities market." Article courtesy of the Philippine Stock Exchange
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Philippine Resources - March 23, 2023
20 Years of Integral: Celebrating Growth and Transformation
Integral, a purveyor of market-leading process control solutions in the Philippines, celebrates its 20th anniversary this 2023. The event, held in EDSA Shangri-La, was attended by the company’s employees, clients, and supply chain partners. The celebration was a showcase of Integral’s history. But more importantly, it highlighted lessons the company learned as keys to success over the past two decades. As told from the perspective of the founders and employees, the event delivered a playful yet heart-warming glimpse into Integral's journey.
Philippine Resources - March 23, 2023
PH, Australia partner for technical cooperation for PPP
Photo: Australian Ambassador to the Philippines Hae Kyong Yu PSM. Credit: AusAmbPH Twitter Page As the Marcos administration becomes bullish in utilizing a public-private partnership (PPP) model in infrastructure projects, the Australian government will be providing its technical expertise in rolling out infrastructure projects under the PPP. Australian Ambassador to the Philippines Hae Kyong Yu PSM told the Philippine News Agency in an interview at her residence Wednesday that the embassy will be launching the Partnerships for Infrastructure (P4I) on March 24. “Infrastructure is a big area that the Philippines is focusing on, and I know President (Ferdinand R.) Marcos (Jr.) has announced that he wants to utilize PPP more where it’s possible. So we are working closely with the Philippine government to share with them how Australia has done it,” Yu said. P4I is an Australian government initiative that brings together experts from the public and private sectors as well as the academe to help Philippine government agencies involved in infrastructure development in the preparation stage of projects that would be under a PPP model. “We can help them with all the project preparation stage. How you do actual cost-benefit analysis of potential projects, and then how you prepare documents for possible procurement, tender processes, and things like that,” the envoy cited. She said that aside from the PPP Center, the P4I also aims to closely work with other agencies including the Department of Transportation, the Department of Energy, the Department of Finance, and the National Economic and Development Authority (NEDA), among others. Yu added that the Australian government will be closely working with the administration through the P4I in meeting its diverse infrastructure requirements, including roads, transport, energy, and public investment management. The Australian envoy said a number of Australian companies have been involved in infrastructure projects in the country. Early this month, NEDA Secretary Arsenio Balisacan announced that the NEDA Board approved PHP9 trillion worth of flagship infrastructure projects, with 45 of these projects possibly being funded through PPPs. “The government shall harness the financial and technical resources of the private sector, which allows the public sector to allocate its funds for greater investment in human capital development, especially to address the scarring in health and education due to the pandemic, and provided targeted assistance that protects vulnerable sectors from economic shocks,” Balisacan had said. By Kris Crismundo Article courtesy of the Philippine News Agency
Philippine Resources - March 21, 2023
PBBM boosts transport sector thru big-ticket projects
Photo credit: Department of Transportation Several big-ticket infrastructure projects in the transportation sector have been approved or are already being implemented by the administration of President Ferdinand R. Marcos Jr., the Department of Transportation (DOTr) reported Monday. In a statement, the DOTr said the Cebu Bus Rapid Transit Project, Davao Public Transport Modernization Project, EDSA Greenways, the Light Rail Transit Line 2 (LRT-2) West Extension, and the Light Rail Transit Line 1 (LRT-1) Cavite Extension are all ongoing as of March 9 according to the National Economic and Development Authority (NEDA). These projects are among the 67 infrastructure flagship projects (IFP) that have been greenlit or are already underway out of the 194 high-impact projects under Marcos’ "Build Better More" program. In the rail sector, these approved and ongoing projects include the Metro Manila Subway Phase 1, Mindanao Rail Phase 1, Metro Rail Transit Line 3 (MRT-3) rehabilitation, Metro Rail Transit Line 4 (MRT-4), Metro Rail Transit Line 7 (MRT-7), New Cebu International Container Port, New Manila International Airport (Bulacan International Airport), North-South Commuter Railway (NSCR), Philippine National Railways (PNR) South Long Haul, and the Subic Clark Railway. The New Dumaguete Airport Development Project (Bacong International Airport) and the Integrated Flood Resilience and Adaptation (InFRA) Phase 1 have also both been approved by NEDA, with six projects awaiting approval. Last week, the NEDA Board, led by Marcos, approved 194 high-impact priority projects with a total cost of around PHP9 trillion. The board also approved amendments to the 2013 Joint Venture guidelines to support the government’s push for more investments in the country’s infrastructure. PNR suspension Meanwhile, Senate President Pro Tempore Loren Legarda has expressed alarm over an impending suspension of select PNR routes due to the NSCR, saying it will affect thousands of commuters, mostly students and workers. “The welfare of the riding public should always be prioritized yet it remains to be seen whether such proposed solutions would effectively and sufficiently address the riding public's urgent demands in time for the imminent suspension of the operations of the PNR,“ Legarda said in her explanatory note on Senate Resolution No. 546. The PNR plans to suspend operations of certain routes for up to five years to facilitate the faster construction of the 55-kilometer NSCR. The construction will start in May and PNR may suspend the routes between Governor Pascual in Malabon City and Calamba City in Laguna, and well as Alabang, Muntinlupa City to Calamba. The Tutuban, Manila-Alabang route will be suspended in October and will affect between 20,000 and 25-000 passengers daily. Legarda urged the Committee on Public Order, chaired by Senator Grace Poe, to look into the impending suspension and come up with alternative solutions. Article courtesy of the Philippine News Agency
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