Atlas Attains P2-B Income
Atlas Consolidated Mining and Development Corporation reported a net income of Php2 billion for the first half of 2022, as compared to Php1.935 billion for the same period in 2021. The increase in grades and metal prices during the first half of the year contributed significantly to the improvement in the bottom line.
Photo Insert: Carmen Copper Corporation, a wholly-owned subsidiary of Atlas Mining, reported a decrease in copper metal production from 38.73 million pounds in 2021 to 36.58 million pounds in 2022 due to a decrease in milled tonnage.
Carmen Copper Corporation, a wholly-owned subsidiary of Atlas Mining, reported a decrease in copper metal production from 38.73 million pounds in 2021 to 36.58 million pounds in 2022 due to a decrease in milled tonnage.
Tonnage milled decreased by 6 percent from 9.26 million tonnes to 8.66 million tonnes in the first half of 2022.
In contrast, the copper grade increased by 1%, from 0.231 percent to 0.234 percent, and the gold grade increased by 6%, from 5.09 grams/dmt to 5.41 grams/dmt. Copper metal content of shipped concentrate decreased by 2% to 38.80 million pounds, whereas gold content increased by 6% to 11,212 ounces due to a higher gold grade.
In the first half of this year, the price of copper increased by 6 percent from $4.21/lb to $4.45/lb, and the price of gold increased by 4 percent from $1,812/ounce to $1,879/ounce, compared to the same period in the previous year.
Comparatively, the number of shipments was comparable to the first half of the previous year, but the higher prices in the first half of this year increased revenues by 8 percent, from Php9.01 billion to Php9.74 billion.
In the second quarter of 2022, earnings before interest, taxes, depreciation, and amortization (EBITDA) settled at Php3.89 billion, compared to Php4.93 billion in the same period of 2021.
The decrease was a result of the rising cost of energy, specifically electricity and fuel. This also decreased the period's core income from Php2.16 billion in the first half of 2021 to Php930 million in the first half of 2022.
Therefore, improved cash flow from operations enabled Atlas Mining to make an additional $60 million loan payment in the first half of 2022. The partial repayment of a loan resulted in a second-quarter accounting gain of Php938 million.