Higher output lifts Atlas Mining profit

MANILA, Philippines — The improved production of copper and gold more than doubled the bottomline of Atlas Consolidated Mining and Development Corp. to P563 million in the first quarter.

In a regulatory filing, Atlas said its net income surged by 113 percent to P563 million in the first three months compared to P264 million in the same period last year.

This came after revenues picked up by 12 percent to P5.55 billion.

Copper metal produced in the company’s wholly owned Carmen Copper Corp. (CCC) increased by 15 percent to 22.89 million pounds as ore milled improved to 4.75 million dry metric tons.

Copper concentrate output likewise jumped by 21 percent to 43,000 dry metric tons, which were all shipped to smelters in China and Japan.

Total shipments for the quarter improved by almost 20 percent to 8.6 from last year’s 7.25.

The increase in production and shipment managed to offset lower copper prices for the three-month period, which went down by five percent to $3.83 per pound from $4.05 per pound in 2023.

CCC is the country’s top copper producer, accounting for more than half of the annual output.

On the other hand, gold production rose by 41 percent to 8,437 ounces. Nearly 8,000 ounces of the total were also exported, up 44 percent.

Gold prices increased by nearly 10 percent to $2,074 per ounce.

Meanwhile, Atlas’ cash costs went up by six percent to P3.41 billion.

The firm’s earnings before interest, tax, depreciation and amortization grew by more than a quarter toP2.14 billion.