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.

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

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