Atlas Mining swings to profit on higher metal prices

ATLAS CONSOLIDATED Mining and Development Corp. swung to a profit in the first quarter of the year, driven by higher metal prices and increased shipment volumes.

In a statement, Atlas Mining said its consolidated income surged 325% to P475 million during the January-March period, from a P211-million net loss during the same period last year.

“Excluding provisions for gains on copper price hedges, its underlying earnings increased to P149 million on the strengthen of higher production, shipments and metal prices,” the company said.

Gross revenues went up 46% to P4.1 billion from P2.8 billion.

Atlas Mining noted the commodities market remained strong in the first quarter, as metal prices rose year on year. The average realized price of copper went up by 19% to $3.14 per pound from $2.63 per pound from a comparable period last year.

The average realized gold price likewise climbed by 9% to $1,330 per ounce, from $1,225 per ounce a year ago.

Copper metal produced increased 16% to 20.32 million pounds, while shipment volume rose 16% to 22.60 million pounds of copper metal.

Atlas Mining also saw improved gold production, which jumped 59% to 6,537 ounces. —