Atlas Mining's net income drops

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ATLAS Consolidated Mining and Development Corp. on Monday, Oct. 23, 2023, reported a third-quarter attributable net income of P880 million, down 71 percent from a year ago.

The decline comes as the listed mining company recorded a nine percent rise in gross revenues to P14.5 billion from P13.3 billion previously, the firm reported in its regulatory filing.

According to Atlas Mining, the price of copper metal during the period dropped by six percent to $3.90 per pound from $4.15 per pound a year ago. Gold prices rose 5.88 percent to $1,935 per ounce from $1,827 per ounce last year.

Meanwhile, its wholly owned subsidiary, Toledo City-based Carmen Copper, posted increases in production and shipment during the period.

Gold production stood at 18,772 ounces, up 11 percent, while copper output rose 12 percent to 61.41 million pounds.

The subsidiary’s gold shipments by volume rose by eight percent to 17,620 ounces while copper metal shipments rose by sevent percent to 61.01 million pounds.


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