Atlas Consolidated Mining and Development Corporation details a 29% rise in net income for the third quarter of 2024, driven by higher production and metal prices.
Inquirer reported that the mining company’s net income reached around Php 1.13 billion, up from Php 880 million during the same period last year. Revenues for the quarter amounted to Php 15.56 billion, a 7% increase from Php 14.52 billion, while its core net income grew by 5% to Php 807 million.
Atlas Mining’s milling tonnage and daily milling average also rose by 10%, reaching 13.73 million dry metric tons (DMT) and 50,122 DMT, respectively.
Meanwhile, its subsidiary, Carmen Copper Corporation, saw a 12% increase in gold production, totaling 20,939 ounces compared to 18,772 ounces in the previous year, while copper concentrate output rose 11% to 123,000 DMT from 110,000 DMT.
Copper prices increased by 6% to USD 4.14 per pound, rising from USD 3.90 per pound, whereas gold prices advanced by 18.09% to USD 2,285 per ounce, up from USD 1,935 per ounce.
The company shipped 24.49 million DMT during the quarter, a 10% increase from 22.14 million DMT last year. Gold shipments totaled 19,461 ounces, up 10% from 17,620 ounces, while copper concentrate shipments increased by 12% to 123,000 DMT from 110,000 DMT.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 4% to P5.12 billion, compared to P4.91 billion in the same period last year.
Established in 1969, Atlas Mining has interests in copper, nickel, mineral exploration, and water source development. Its main project is the Toledo copper mine in Cebu, operated by Carmen Copper. The company also holds a stake in Berong Nickel Corporation’s nickel laterite mining project in Palawan.
