Atlas Mining trims 9-month loss to P45 million

MANILA, Philippines — Atlas Consolidated Mining and Development Corp. has trimmed its net loss to P45 million in the first nine months on higher revenues and better production.

In a regulatory filing, Atlas said net loss declined 94 percent as revenues went up 18 percent to P13.03 billion on higher metal production and shipment volumes that tempered lower copper prices.

Earnings before interest, tax, depreciation and amortization also increased 42 percent to P4.77 billion as the gains from higher revenues offset higher cash costs.

Copper metal produced in the company’s wholly-owned Carmen Copper Corp. grew 29 percent to 81.54 million pounds as ore milled improved to 13.07 million metric tons.

Gold production also improved year on year by 43 percent to 28,704 ounces amid higher tonnage milled and higher realized ore grades.

With sustained production, copper concentrate shipped in the first three quarters increased 30 percent to 146,786 MT.

Copper metal content went up 29 percent to 83.45 million pounds, while gold content improved 38 percent to 26,716 ounces.

However, copper prices were nine percent lower year on year at $2.73 per pound while average realized gold price increased to $1,367 per ounce.

Cash costs were also higher by eight percent to P8.35 billion amid the increase in production and shipment.