Atlas Consolidated Mining and Development Corporation recorded a net income of Php1.22 billion for the first quarter, nearly thrice its Php 420 million profit in the same period last previous year.
The increase in net income was attributed to higher production and higher metal prices. The price of copper increased by 16% to $4.56 per pound (lb) from $3.93/lb year-on-year, while gold went up to $1,885 per ounce (oz) from $1,797/oz previously.
Subsidiary Carmen Copper Corporation also reported higher copper production and shipments for the first quarter due to higher tonnes of ore milled and higher realized grades.
It particularly produced 20.01 million pounds of copper metal in the first quarter of 2022, 26% up from the 15.93 million in the same period in the previous year mainly due to the eight percent increase in milling tonnage to 4.57 million tonnes from 4.22 million tonnes, as well as the increase in copper grades by 12% to 0.241% from 0.215%.
Gold production also went up by 22% to 6,015 oz from 5,346 oz, while gold grades decreased to 5.34 grams per dry metric tonne (dmt) from 5.77 grams/dmt.
Shipments of copper metals also went up by 27% to 21.69 million pounds from 17.02 million pounds.
With higher production and shipments, Atlas Mining’s revenues soared by 54% to Php5.49 billion from Php3.57 billion. The company’s core income also hit Php992 million.
“With sustained production, Atlas Mining continues to benefit from a strong metals market. We remain focused on keeping our operations resilient and efficient to ensure sustained and optimized earnings even under emerging challenging situations,” Atlas Mining President Adrian Ramos said in a statement.
