Atlas mining trims loss by 13% in 2018
MANILA, Philippines — Atlas Consolidated Mining and Development Corp. has trimmed its net loss by 13 percent to P1.72 billion in 2018 on higher revenues and better production.
In a regulatory filing, Atlas said revenues jumped nearly 20 percent to P14.2 billion on higher metal production and better prices.
Earnings before interest, tax, depreciation and amortization also inched up one percent to P3.85 billion.
Copper metal produced in the company’s wholly-owned Carmen Copper Corp. increased 10 percent to 85.83 million pounds as ore milled improved to 16.26 million metric tons.
Gold production also improved year-on-year by 23 percent to 27,013 ounces.
Copper concentrate shipped grew 14 percent to 147,400 MT as copper metal content increased by 12 percent to 84.46 million pounds and gold content surged 31 percent to 24,988 ounces.
Atlas said copper prices improved by six percent to $2.96 per pound, while average realized gold price increased to $1,270 per ounce.
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