Atlas Consolidated Mining and Development Corporation (Atlas) posted a net income of PHP 645 million in the first quarter of 2026, reversing a PHP 404-million net loss recorded during the same period last year.
The company attributed the improved performance to progress in the ongoing mine redevelopment program of its wholly owned subsidiary, Carmen Copper Corporation (CCC), as well as stronger copper and gold prices.
Atlas said CCC is now in the final year of its three-year mine redevelopment program, which is expected to be completed by the third quarter of 2026.
According to the company, the redevelopment efforts have gradually exposed new ore sources for mine and mill production, contributing to the stronger first-quarter financial results.
Operational data showed mixed production performance during the period.
Milling tonnage declined by 21% year-on-year to 3.14 million dry metric tons, while copper concentrate production fell by 19% to 26,000 dry metric tons. Gold production also dropped by 46% to 2,370 ounces.
However, ore grade improved by 2% to 0.194%, while average realized metal prices increased significantly.
Average copper prices rose by 34% year-on-year to USD 5.77 per pound, while gold prices surged by 68% to USD 4,895 per ounce.
Atlas said it will disclose its full first-quarter financial and operating results through its SEC Form 17-Q filing once available.
How important are higher copper prices in sustaining the profitability of Philippine mining firms amidst redevelopment activities?
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