Atlas Mining Income Declines 78% in Q1

Lower production caused a huge decline in income for Atlas Consolidated Mining and Development Corp, the company announced.

Atlas Mining reported a total income of P264 million, down 78% from P1.22 billion in the same period in 2022, the company said in a disclosure to the Philippine Stock Exchange (PSE).

The company’s core income decreased by 73% from P992 million to P265 million.

The lower income, according to Atlas Corp., “was primarily due to lower grade and milling tonnage as well as a non-recurring non-cash gain booked in 2022 by its wholly owned subsidiary, Carmen Copper Corp. (CCC).”

CCC reported a 9% decrease in the production of milling tonnage from 4.57 million dry metric tons (DMT) to 4.18 million DMT.

The daily milling average also decreased as the DMT decreased from 50,796 to 46,464 per day or about nine percent.

Copper metal production went down one step from 20.01 million pounds to 19.88 million pounds, the same as gold production, which reached 5,975 ounces from 6,015.

The amount of copper metal content in the shipments reduced by 8% to 35 million pounds. The price of gold fell 13% to 5,549 ounces.

Decline in manufacturing and shipment caused a 10% decline in gross revenue, from P5.49 billion to P4.93 billion.

Atlas Mining’s EBITDA, or earnings before interest, tax, depreciation, and amortization, decreased by 35% from P2.6 billion to P1.70 billion.

During this period, CCC was able to use its internally generated income to pay off $15 million of its loan obligations.