PROFIT DOUBLES AS ATLAS STRIKES GOLD

Listed Atlas Consolidated Mining and Development Corp. reported a 113-percent surge in its first-quarter net income to P563 million due to buoyant gold prices and higher volume of mineral output.

“The higher income was mainly due to higher revenue as well as higher milling throughput from the mine operations by its wholly owned subsidiary, Carmen Copper Corporation (CCC),” Atlas Mining said in a disclosure on Monday.

Revenues stood at P5.54 billion, an increase of 12 percent, while the firm’s cash cost, or the expenses paid in cash, went up by 6 percent to P3.4 billion.

Earnings before interest, tax, depreciation and amortization posted a 26-percent upturn to end at P2.1 billion.

In the three months to March, copper metal price dropped by 5 percent to $3.83 per pound but gold price rose by 9.7 percent to $2,074 per ounce.

Milling tonnage by its unit CCC climbed by 14 percent to 4.75 million dry metric tons (DMT) and daily milling average rose 12 percent to 52,198 DMT.

CCC produced 8,437 ounces of gold, surging by 41 percent. It also delivered 22.89 million pounds of copper, an increment of 15 percent.

The subsidiary made 8.6 shipments in the past year, up by 19 percent. It delivered 7,994 ounces of gold and 22.78 million pounds of copper.

Atlas Mining holds interests in copper, nickel, mineral exploration and water source development. Its major project is Toledo copper mine in Cebu province.

It has an operating agreement with CCC covering the exclusive rights over the in situ mineral resources and ore reserves of Carmen, Lutopan and Biga mineral deposits (or the Toledo copper mine spanning 1,674 hectares).