Atlas Mining Grows Net Income
In the third quarter, Atlas Consolidated Mining and Development Corp. reported a net income of P490 million, a welcome figure from its P45 million loss last year during the same time.
According to the company, this was due to the important increases in gold volume, sustained stability of its production and operations, an increase in metal prices and the decrease in operating costs.
“The return to profitability of Atlas Mining has validated the strategies that were diligently implemented over recent years. We have focused on stabilizing operations and sustaining efficiencies by investing in maintenance, safety and optimizing our mine plan that resulted in sustained higher volumes of production and lower cost per pound of copper,” Atlas Mining President Adrian Ramos said. “This has positioned our company not only to withstand any downturn in the commodities market but also to maximize earnings when metal prices improve as we have experienced this year.”
Wholly owned subsidiary Carmen Copper Corp. was able to increase its copper production to 81.62 million pounds from 81.54 lb year-on-year. Gold production also increased by 25 per cent to 35,814 ounces from 28,704 oz.
Atlas Mining credited the improved copper output on higher tonnage milled and gold production on higher realized gold grades. Milling tonnage increased to 13.73 million tonnes, which is 5 per cent higher than 13.07 million tonnes last year. Meanwhile, the copper metal content of concentrate shipped went down by 4 per cent to 79.77 million lb and gold content increased to 19 per cent to 31,821 oz due to higher gold grade.
This increase that began in June continued until the third quarter when the cost of copper went up by 20 per cent to $2.97/lb as compared to the six-month realized average price of $2.47/lb. In addition, the price of gold also increased to 16 per cent to $1,905/oz, against the six-month average of $1,647.
Focused on the metallic mineral exploration and mining, Atlas Mining operates the nickel laterite mining project of Berong Nickel Corp. in Palawan province and the Toledo copper mine in Cebu province. Presently, Atlas Mining shares increased to 14 centavos or 3.28 per cent to come out with P4.41 apiece.