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Atlas Mining posted Php475 million net income; realized higher production and higher metal prices

15 May 2018
Manila, Philippines

Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) realized a consolidated net income of Php475 million during the first quarter of 2018. Excluding provisions for gains on copper price hedges, its underlying earnings increased to Php149 million on the strength of higher production, shipments and metal prices.

The commodities market remained strong in the first quarter of the year with higher metal prices year-on-year. The average realized copper price increased by 19% from USD2.63/lb to USD3.14/lb. Similarly, the average realized gold price increased by 9% from USD1,225/oz to USD1,330/oz.

Atlas Mining’s wholly-owned subsidiary, Carmen Copper Corporation, took advantage of the higher metal prices with improved production in the first quarter. Copper metal produced increased by 16% from 17.55 million pounds to 20.32 million pounds as ore milled improved to 3.99 million tonnes of ore from 3.14 million tonnes of ore year-on-year. Gold production also improved year-on-year by 59% from 4,120 ounces to 6,537 ounces. Correspondingly, shipment volume increased 16% from 19.47 million pounds of copper metal to 22.60 million pounds.

With the increase in production and shipment, cash costs for the period were higher by 33% to Php2.72 billion from Php2.05 billion in the first quarter of 2017. Average cost per pound remained stable from USD1.75/lb. to USD1.77/lb.

Robust revenues driven by higher metal prices and increased shipment volumes along with stable operating cost pushed earnings before interest, tax, depreciation and amortization(EBITDA) for the first quarter higher by 88% to Php1.41 billion as compared to the Php751 million earnings for the same period last year.

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