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Atlas Mining revenues up 23% in 9M 2018

14 November 2018
Manila, Philippines
Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) reported a lower consolidated net loss of PHP783 million for the nine months of 2018 as revenues grew by 23% on the strength of higher shipment volume and higher metal prices.
Growth in gross revenues from PHP8.94 billion to PHP11.03 billion was mainly driven by the increase in shipment volume and by favorable metal prices. Copper metal content improved by 9% from 59.53 million pounds to 64.76 million pounds while gold content increased by 30% from 14,901 ounces to 19,382 ounces. The commodities market continued to be stable with average realized copper price higher by 11% from USD2.70/lb. to USD3.00/lb. and the average realized gold price higher by 2% from USD1,257/oz. to USD1,278/oz.
Carmen Copper Corporation, Atlas Mining’s wholly-owned subsidiary, improved its milling tonnage by 14% from 10.50 million tons of ore to 12.02 million tons of ore which resulted in a 9% gain in copper metal production from 58.04 million pounds in 2017 to 63.14 million pounds in 2018. Gold production also improved year-on-year by 26% from 15,934 ounces to 20,088 ounces. Positive production trends continued in the third quarter as volume milled reached 4.35 million tons compared to the quarterly average of 3.83 million tons. This resulted in 23.59 million pounds of copper metal produced compared to the quarterly average of 19.78 million pounds of copper metal. This third quarter level of production was higher than production in the first two quarters of the year.
Due to higher volume of shipments, cash cost increased by 20% from PHP6.47 billion to PHP7.74 billion. C1 cost was contained at the same level as last year at $1.77/lb. copper.
Earnings before interest, tax, depreciation and amortization (EBITDA) as of September 2018 improved by 37% to PHP3.37 billion from PHP2.46 billion in 2017 and its core loss dropped by 20% to PHP742 million from PHP930 million as a result of increasing revenues and improving operational efficiencies.
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