Low copper prices bring down Atlas Mining income by 65%

MANILA, Philippines —  Earnings of Atlas Consolidated Mining and Development Corp. plunged by 65 percent to P1.12 billion in 2023 from P3.22 billion in 2022 due to lower global copper prices and payment of loans.

“The net income after tax was mainly due to lower copper prices in 2023 and the previous year’s recognition of one-time gain on early payment of loan,” the company said yesterday.

The listed mining firm said copper metal prices averaged at $3.81 per pound in 2023, lower by 15 percent from the $4.51 per pound average in 2022.

Atlas Mining said its gross revenues went up by 13 percent to P19.91 billion from P17.68 billion, while cash costs slipped by six percent to P13.17 billion from P12.39 billion.

The firm’s earnings before interest, tax, depreciation and amortization grew by almost a quarter to P6.7 billion in 2023 from P5.41 billion in 2022.

Atlas Mining saw a reversal in its core income after posting P865 million from a loss of P894 million.

Atlas Mining’s subsidiary Carmen Copper Corp. (CCC) saw higher shipments last year despite relatively flat output.

The operator of mines in Toledo, Cebu exported 151,900 dry metric tons of copper concentrates last year, about eight percent over the 141,200 dry metric tons recorded in 2022.

It made 30.5 shipments in 2023, up slightly from 29 shipments in 2022. The company exports all its copper to smelters in China and Japan.

CCC produced 152,000 dry metric tons of copper metric tons in 2023, up 11 percent from 137,000 in 2022. It saw its milling tonnage last year at a relatively steady level of 16.8 million dry metric tons versus 16.86 million dry metric tons in 2022.

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