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Atlas Mining revenues up 18%, loss down 94% in 3Q 2019

25 October 2019
Manila, Philippines

Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) reported a lower net loss of Php45 million for the three quarters of 2019, a 94% improvement from the Php783 million net loss in 2018 as revenues increased by 18% from Php11.03 billion to Php13.03 billion on the strength of higher production and shipment volumes that tempered the impact of lower copper prices.

Its wholly-owned subsidiary, Carmen Copper Corporation, sustained improvements in its operations. Copper metal production increased by 29% from 63.14 million pounds in 2018 to 81.54 million pounds in 2019. Gold production also increased by 43% from 20,088 ounces to 28,704 ounces in 2019. The increase in copper and gold production resulted from higher tonnage milled and higher realized grades. Milling tonnage increased by 9% from 12.02 million tonnes to 13.07 million tonnes. On the other hand, copper grades improved by 19% from 0.272% to 0.325%; and gold grade improved by 10% from 5.65 grams/dmt to 6.19 grams/dmt.

With sustained production, copper concentrate shipped in the three quarters increased by 30% from 113,218 tonnes to 146,786 tonnes. Copper metal content increased by 29% to 83.45 million pounds and gold content increased by 38% to 26,716 ounces. Copper prices in the three quarters were lower year-on-year with average realized copper price at US$2.73/lb in 2019, 9% lower than US$3.00/lb in 2018; while the average realized gold price was 7% higher at US$1,367/oz in 2019 as against US$1,278/oz in 2018. The improvement in operating efficiencies that increased throughput and realized higher grades resulted in a lower average cost per pound by 24% from US$1.77/lb in 2018 to US$1.35/lb in 2019. However, due to the higher volume of shipments, cash costs were 8% higher from Php7.74 billion to Php8.35 billion.

Earnings before interest, tax, depreciation and amortization (EBITDA) settled at Php4.77 billion, 42% higher compared to Php3.37 billion in the three quarters of 2018 as the gains from higher revenues offset the increase in cash costs. Accordingly, core income increased by 159% to Php438 million even with higher financing and depletion charges in 2019 compared to a core loss of Php742 million in 2018.

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