Atlas Mining widens 9-month net loss

MANILA, Philippines — Listed Atlas Consolidated Mining and Development Corp. has incurred a net loss of P939 million in the nine-month period, higher than the previous year despite improved revenues.

In a regulatory filing, Atlas said revenues inched up two percent to P9 billion, mainly due to improved prices, offsetting the company’s lower production during the period.

Earnings before interest, tax, depreciation and amortization also went up nine percent to P2.5 billion.

Production levels in the company’s wholly-owned Carmen Copper Corp., milled 10.5 million metric tons (MT) of ore and produced copper metal of 58 million pounds, 25 percent lower than the recorded last year.

Copper concentrate shipments went down 22 percent to 103,000 dry MT with copper metal content decreasing to 60 million pounds and gold content dipping 40 percent to 14,901 ounces.

Copper prices improved in the nine-month period at $2.70 per pound, up 27 percent.

The average realized gold price, meanwhile, was slightly down by 0.23 percent at $1,255 per ounce.

Average cost per pound, however, increased 30 percent $1.77 per pound due to one-off costs related to loan refinancing, higher waste charged to operations, lower by-product credits and lower volume shipped.

Last year, Atlas reduced its capital expenditures to $27 million from the original planned spending of $104 million as it decreased mill throughput in response to challenging market conditions.

The company further reduced its capital expenditures to $12 million this year.