Atlas Consolidated Mining and Development Corp. concluded 2018 with increased production and higher revenue allowing for a 13 percent cut in its net loss ending with P 1.72 billion for said year.
As reported by Philstar.com, a 20 percent jump was indicated in a regulatory filing, allowing Atlas Mining to post revenues of P 14.2 billion attributed to higher metal production and better prices.
Copper output by Carmen Copper Corp., a company completely owned by Atlas Mining, has seen a 10 percent increase or a total of 85.83 million pounds as ore milled improved to 16.26 million metric tons.
Meanwhile, gold production had the same positive outcome of 27,013 ounces or a year-on-year rise of 23 percent.
Concentrate shipped for copper grew 14 percent to 147,000 MT while copper metal content had a 12 percent growth to 84.46 million pounds. Gold content, on the other hand, had a 31 percent surge to 24,988 ounces.
According to Atlas Mining, prices for copper also improved by six percent to $ 2.96 per pound while gold’s worth was $ 1,270 per ounce.
It was also reported that earnings for Atlas Mining inched up one percent to P 3.85 million. This is before interest, tax, depreciation, and amortization.
