18 March 2015 Manila, Philippines 

Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) turned in a 12% increase in its revenues to Php16.2 billion in 2014, fueled by higher revenues from copper, gold and nickel.  Despite lower realized metal prices, copper revenues (accounting for 85% of total revenues) grew by 10% to Php13.7 billion as concentrate shipments grew by 14% in 2014.  Gold revenues also grew by 17% to Php1.3 billion. 

Following the commissioning of the expanded processing plant in March this year, wholly-owned subsidiary Carmen Copper Corporation (“Carmen Copper”) registered a 14% increase in its average daily milling throughput to 49,200 tonnes per day (tpd) from 43,000 tonnes per day in 2013.  Copper recovery likewise increased from 82% to 85% which offset the lower grade realized in 2014.  The improvement in throughput and copper recovery pushed copper production higher by 15% to 105.5 million pounds of copper metal in concentrate and gold output by 23% to 26,310 ounces.  However, the full impact of the expanded plant has yet to be realized because of process design changes necessary for optimization and weather disturbances in the fourth quarter.

With improved production, total volume of copper concentrate shipped during the year expanded by 14% to 176,000 dry metric tons (dmt).  Copper metal content rose 15% to 103.8 million pounds of copper metal in concentrate, while gold content tracked 23% higher to 24,071 ounces.  As a result, revenue still rose in spite of the slide in the realized prices of copper and gold in 2014.  Copper prices fell by 5%, hovering at an average of US$3.12 per pound, while gold dropped by 9% and averaged at US$1,265 per ounce. 

Owing to higher production and shipment levels, total operating cash costs likewise increased by 23% to Php11.2 billion.  Average cash cost per pound of copper rose by 12% from US$1.78 to US$1.99/lb as the expanded plant underwent process optimization after commissioning.  Total cost also increased by 16% from US$2.44/lb to US$2.83/lb because of higher depreciation from new assets and higher financing charges.  The cost efficiencies will be realized as Carmen Copper continues to optimize its expanded plant.     

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) tapered by 7% to Php5.1 billion in 2014 due mainly to the weakening of metal prices.  Consolidated Net income slid to Php397 million, coming from Php1.9 billion last year, due mainly to the collective effect of lower prices, increased depreciation, higher financing charges, and the higher income tax provision in 2014 following the expiration of the income tax holiday incentive of Carmen Copper in October 2013. 

For Berong Nickel Corporation (“BNC”) where Atlas Mining holds 25% equity interest, 2014 proved to be a milestone year.   BNC topped the One (1) million wet metric tonnes (wmt) mark for both production and shipment numbers as production grew more than two-fold to 1.3 million wet metric tonnes, while shipments grew significantly by 58%.  This translated to a Net Income of Php322 million, a turnaround from a net loss position last year.

According to Atlas Mining Executive Vice President, Mr. Adrian Ramos, “2014 challenged Atlas Mining to manage the constraints on the optimization of its expanded processing plant and the effects of uncontrollable events such as the drop in world copper prices and unusual weather phenomena.  This year, to reinforce our resilience, the Atlas Mining team will focus on maximizing efficiencies to reduce operating costs, and on enhancing risk mitigation systems.” Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) turned in a 12% increase in its revenues to Php16.2 billion in 2014, fueled by higher revenues from copper, gold and nickel.  Despite lower realized metal prices, copper revenues (accounting for 85% of total revenues) grew by 10% to Php13.7 billion as concentrate shipments grew by 14% in 2014.  Gold revenues also grew by 17% to Php1.3 billion. 

Following the commissioning of the expanded processing plant in March this year, wholly-owned subsidiary Carmen Copper Corporation (“Carmen Copper”) registered a 14% increase in its average daily milling throughput to 49,200 tonnes per day (tpd) from 43,000 tonnes per day in 2013.  Copper recovery likewise increased from 82% to 85% which offset the lower grade realized in 2014.  The improvement in throughput and copper recovery pushed copper production higher by 15% to 105.5 million pounds of copper metal in concentrate and gold output by 23% to 26,310 ounces.  However, the full impact of the expanded plant has yet to be realized because of process design changes necessary for optimization and weather disturbances in the fourth quarter.

With improved production, total volume of copper concentrate shipped during the year expanded by 14% to 176,000 dry metric tons (dmt).  Copper metal content rose 15% to 103.8 million pounds of copper metal in concentrate, while gold content tracked 23% higher to 24,071 ounces.  As a result, revenue still rose in spite of the slide in the realized prices of copper and gold in 2014.  Copper prices fell by 5%, hovering at an average of US$3.12 per pound, while gold dropped by 9% and averaged at US$1,265 per ounce. 

Owing to higher production and shipment levels, total operating cash costs likewise increased by 23% to Php11.2 billion.  Average cash cost per pound of copper rose by 12% from US$1.78 to US$1.99/lb as the expanded plant underwent process optimization after commissioning.  Total cost also increased by 16% from US$2.44/lb to US$2.83/lb because of higher depreciation from new assets and higher financing charges.  The cost efficiencies will be realized as Carmen Copper continues to optimize its expanded plant.     

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) tapered by 7% to Php5.1 billion in 2014 due mainly to the weakening of metal prices.  Consolidated Net income slid to Php397 million, coming from Php1.9 billion last year, due mainly to the collective effect of lower prices, increased depreciation, higher financing charges, and the higher income tax provision in 2014 following the expiration of the income tax holiday incentive of Carmen Copper in October 2013. 

For Berong Nickel Corporation (“BNC”) where Atlas Mining holds 25% equity interest, 2014 proved to be a milestone year.   BNC topped the One (1) million wet metric tonnes (wmt) mark for both production and shipment numbers as production grew more than two-fold to 1.3 million wet metric tonnes, while shipments grew significantly by 58%.  This translated to a Net Income of Php322 million, a turnaround from a net loss position last year.

According to Atlas Mining Executive Vice President, Mr. Adrian Ramos, “2014 challenged Atlas Mining to manage the constraints on the optimization of its expanded processing plant and the effects of uncontrollable events such as the drop in world copper prices and unusual weather phenomena.  This year, to reinforce our resilience, the Atlas Mining team will focus on maximizing efficiencies to reduce operating costs, and on enhancing risk mitigation systems.”