Sunday, August 25, 2019

Atlas Mining revenues up by 9% in first quarter

ATLAS Consolidated Mining and Development Corp. reported a net loss of P35 million despite revenues that increased nine percent from P4.10 billion to P4.47 billion on the strength of higher production and shipment volumes that tempered the impact of lower copper prices.

Its wholly-owned subsidiary, Carmen Copper Corp., sustained improvements in its operations.

Copper metal production increased by 35 percent from 20.32 million pounds in 2018 to 27.47 million pounds in 2019. Gold production also increased by 50 percent from 6,537 ounces to 9,828 ounces in 2019.

The increase in copper and gold production resulted from higher tonnage milled and higher realized grades. Milling tonnage increased by nine percent from 3.99 million tonnes to 4.36 million tonnes.

On the other hand, copper grades improved by 17 percent from 0.267 percent to 0.313 percent, while gold grade improved by nine percent from 5.71 grams to 6.21 grams/dmt.

With sustained production, copper concentrate shipped in the first quarter increased by 26 percent from 39,400 tonnes to 49,500 tonnes, with copper metal content increasing by 23 percent to 27.72 million pounds, and gold content increasing by 29 percent to 8,819 ounces.

Metal prices in the first quarter were lower year-on-year with average realized copper price at US$2.81 per pound in 2019, 11 percent lower than $3.14 per pound in 2018, and average realized gold price at $1,305 per ounce in 2019, two percent lower than $1,330 per ounce in 2018.

The improvement in operating efficiencies that increased throughput and realized higher grades resulted in lower average cost per pound by 13 percent from $1.77 per pound in 2018 to $1.54 per pound in 2019.

However, due to the higher volume of shipments, cash costs were 10 percent higher, from P2.72 billion to P2.99 billion. (PR)


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