Atlas Mining sees $22.5-million profit this year

MANILA, Philippines - Atlas Consolidated Mining & Development Corp.’s subsidiary Carmen Copper Corp. (CCC) is projecting a net profit of $22.5 million this year on the back of a $199 million gross sales revenue.

In an investors’ briefing last Friday, officials of CCC also expressed confidence that its third quarter financial performance (which is expected to be announced by Nov. 19) will be much better than its second quarter performance.

In a presentation by George Bujtor, executive director of CCC, it was also projected that gross sales revenue for next year would continue to increase to $315 million based on a copper price of $7,050 per ton.

CCC is expected to ramp up production next year to 43,158 tons from this year’s expected production of 26,629 tons.

Bujtor also revealed that ACMDC will decide by the end of this year on whether its would continue open pit or resort to underground mining to tap the remaining resources in its Lutopan mine in Toledo, Cebu.

ACMDC is allotting $1 million for further geophysical surveys around the Lutopan mine area for additional gold and copper prospects.

However, ACMDC is also conducting exploration activities for its Sigpit gold project near its current mine operation.

Likewise, it is also conducting exploration activities for its Diwata gold project in San Miguel Surigano del Sur and in other sites in Davao Oriental and Compostela Valley.

Meanwhile, it was also revealed that ACMDC is in negotiations with three interested investors for the development of its Aquatlas Inc.’s bulk water and power project in Cebu.

However, ACMDC has still not decided on which project to proceed with, either the bulk water or the power project.