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Atlas Mining’s net income sees 65% plunge

AngMinero News by AngMinero News
March 12, 2024
in Business, News
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Atlas Mining 1Q profit up thrice
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Atlas Consolidated Mining and Development Corp. has reported a 65% plummet in its earnings, dropping to Php 1.1 billion last year from Php 3.2 million in 2022.

Atlas Mining said this decrease is a result of the impact of lower copper prices throughout 2023 and the recognition of a one-time gain resulting from the early payment of a loan in 2022, as stated in their submission to the Philippine Stock Exchange.

The average copper metal price in 2023 saw a noteworthy dip, averaging USD 3.81 per pound, reflecting a 15% decrease from the previous year’s USD 4.51 per pound, inclusive of hedging pains.

Despite the challenging circumstances, gross revenues saw a 13% growth, reaching Php 19.91 billion in the past year, up from Php 17.68 billion in 2022.

Carmen Copper Corporation, the operating subsidiary, reported milling 16.9 million dry metric tons (DMT) of ore in 2023, a slight decline from the 16.86 million DMT recorded in 2022.

Revenues increased due to a 10% improvement in ore grade, increasing to 0.265% in 2023 from 0.241% in the preceding year. This led to an 11% growth in copper concentrate output, reaching 152,000 DMT compared to 137,000 DMT in 2022.

Additionally, Gross copper metal production showed a 13% growth, totaling 84.1 million pounds, while gold production experienced a 20% growth, reaching 26.82 million ounces compared to 22.34 million ounces in 2022.

However, the overall growth in revenues faced headwinds from the faster expansion of operating costs, depreciation, tax, royalties, and financing charges.

The company reported an Earning before Interest, Tax, Depreciation, and Amortization (EBITDA) of Php 6.7 billion for the year, marking a 23% increase compared to the Php 5.4 billion registered in 2022.

Tags: ATLAS CONSOLIDATED MININGatlas consolidated mining and development corpCarmen Coppercarmen copper corp.Copper Mining

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