Atlas Mining sinks to P814-M loss in 2015

Listed Atlas Consolidated Mining and Development Corp. incurred a net loss of P814 million last year, weighed down by low metal prices.

This was a reversal of the P397 million net income reported in 2014.

Atlas Mining, however, said the P814 million loss was an improvement from the P1.3 billion loss in the first nine months of 2015 on the back of increased production volumes and ongoing cost efficiency improvements.

The narrower net loss was also attributed to the P244 million net income share from Berong Nickel Corp., net foreign exchange gain of P138 million, and P295 million realized gains on derivatives.

“This is attributable to the recognition of derivative assets and liabilities from provisional pricing contracts still outstanding at the end of the year for copper concentrate shipments,” the company said.

Production levels in the company’s wholly- owned Carmen Copper Corp. rose to 55.6 million pounds spurred by higher head grade, continuous improvement in copper recovery and increased milling tonnage.

Copper grade improved to 0.307 percent from 0.292 percent.

Milling tonnage also expanded 13 percent to 9.5 million tons as average daily throughput delivered 51,800 tonnes per day (tpd) for the second half from 46,600 tpd during the previous semester.

Copper prices remained low in 2015 at $2.46 per pound, down 21 percent from $3.12 per pound a year ago.

Likewise, the average realized gold price fell nine percent to $1,152 per ounce from $1,265 per ounce.