• By The Financial District

Atlas Mining Earns P3.4 Billion

Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) reported a net income of Php3.48 billion for the three quarters of 2021 compared to the net income of Php490 million for the same period in 2020.


Photo Insert: Operations at an Atlas Mining site



Higher metal prices and stable production in the three quarters sustained the improvement in net income.


Metal prices remained high in the third quarter this year pushing average copper price higher by 60% to $4.22/lb and gold price by 4% to USD1,803/ounce compared to the same period last year.



Atlas Mining’s wholly-owned subsidiary, Carmen Copper Corporation, reported higher copper production and shipments in the third quarter compared to the second quarter due to improvements in copper head grades and recovery.


Quarter-on-quarter, copper metal produced increased by 11% from 22.80 million lbs to 25.36 million lbs while gold produced increased by 44% from 5,829 ounces to 8,386 ounces.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Year-on-year, copper metal production decreased from 81.62 million pounds in 2020 to 64.09 million pounds in 2021, due mainly to the decrease in copper grades by 20% from 0.309% to 0.246% as ore milled in the first quarter was sourced from stockpiles.


Gold production decreased year-on-year by 45% from 35,814 ounces to 19,562 ounces due also to lower gold grades from 8.05 grams/dmt to 5.38 grams/dmt. Cash costs decreased by 3% year-on-year from Php7 billion in 2020 to Php6.82 billion in 2021, due to overall lower volumes of shipments and production


Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Earnings before interest, tax, depreciation, and amortization (EBITDA) were Php8.02 billion for the three quarters, 31% higher compared to Php6.13 billion in 2020. Core income for the period was Php3.34 billion in 2021 compared to Php1.64 billion in 2020.



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