Atlas Consolidated Mining and Development Corp. returned to profitability in the first half of 2026, posting a net income of P4.6 billion as higher gold and copper prices more than offset weaker production.
The listed mining company reversed a P653 million net loss recorded in the same period last year, buoyed by a sharp rise in metal prices and stronger operating performance.
Atlas said gold prices averaged $4,622 per ounce during the six-month period, up 49% from a year earlier, while copper prices rose 38% to an average of $5.57 per pound, significantly boosting revenues despite lower output.
Consolidated revenues climbed 46% year on year to P24.7 billion, driven primarily by favorable commodity prices and improved earnings from its mining operations.
The company's flagship Carmen Copper Corp. operation in Cebu produced 37.2 million pounds of copper and 17,795 ounces of gold during the first half, both lower than the corresponding period last year due to declining ore grades as mining progresses deeper into the pit. However, higher realized metal prices more than compensated for the reduced production volumes.
Atlas has been undertaking a mine redevelopment program aimed at accessing higher-grade ore and extending the life of the Carmen mine. The company said operational improvements and favorable market conditions contributed to the turnaround in earnings.
The first-half performance builds on Atlas' return to profitability in the first quarter, when it posted a P645 million net income after benefiting from stronger copper and gold prices and improved milling operations.
Mining companies have benefited from elevated precious and base metal prices this year, supported by geopolitical uncertainty, resilient demand and supply constraints, although analysts expect commodity markets to remain volatile in the second half of 2026.
