Atlas Mining trims losses
Atlas Consolidated Mining and Development Corp. has trimmed its net loss by 67 percent to P565 million in 2019 on higher revenues and better production.
In a regulatory filing, Atlas said revenues grew 21 percent to P17.13 billion on higher metal production and shipment volumes that tempered lower copper prices.
Earnings before interest, tax, depreciation and amortization also increased 59 percent to P6.11 billion as the gains from higher revenues offset higher cash costs.
Copper metal produced in the company’s wholly-owned Carmen Copper Corp. rose 25 percent to 107.24 million pounds as ore milled increased to 17.57 million metric tons.
Gold production jumped by 40 percent to 37,786 ounces amid higher tonnage milled and higher realized ore grades.
With sustained production, copper concentrate shipped increased by 31 percent to 193,400 MT.
Copper metal content also went up 31 percent to 110.25 million pounds and gold content improved 42 percent to 35,374 ounces.
Copper prices were lower by eight percent at $2.72 per pound while average realized gold price increased to $1,394 per ounce.