Atlas Mining rebounds, nets P164 million in first quarter

MANILA, Philippines - Atlas Consolidated Mining and Development Corp. posted a net income of P164 million for the first quarter, reversing from a loss of P393 for the same quarter in 2009.

In a report submitted yesterday to the Philippine Stock Exchange, Atlas said its majority owned subsidiary, Carmen Copper Corp. (CCC) improved its performance during the quarter, processing over 2.5 million tons of ore with production rates expected to exceed 38,000 tons per day.

Revenues generated for the quarter amounted to P2,200 billion with net income from operations of P382 million.

Berong Nickel Corp. (BNC), the nickel subsidiary of Atlas, reported a loss of P26 million due the continued suspension of mining operations.

The market for direct shipping laterite nickel ore continues to improve and long term customer sales in China and Japan are being vigorously pursued.

Meanwhile, a drilling program has commenced in the tenement areas surrounding Berong to better define and upgrade the mineralization to JORC status for future value added processing opportunities.

Atlas also announced the completion of its seventh shipment of copper concentrate for 2010 by CCC on May 12.

A total of 5,235 wet metric tons of copper concentrate was loaded on the vessel MV Transco Star, destined for the Jinlong Copper smelter in China.

The copper concentrate is estimated to contain 28.19% copper, 2.83g/t gold and 24.88 g/t silver.

The shipment has an estimated value of $9.2 million.

Since the commencement of commercial operations in September 2008, a total of 20 shipments of copper concentrate have been made, comprising in aggregate approximately 98,520 dry metric tons. All shipments have been made to China.