Atlas Mining and Development Corp. recorded a 113-percent jump in net income in the first three months of the year to P563 million P264 million in the same period in 2023 driven by higher revenues as well as increased milling throughput of subsidiary Carmen Copper Corp.
Atlas Mining’s gross revenues for the period reached P5.55 billion, up 12 percent from last year’s P4.93 billion.
The company said milling tonnage of Carmen Copper rose 14 percent to 4.75 million dry metric tons (dmt) from 4.18 million dmt with daily milling average up 12 percent to 52,198 dmt from 46,464 dmt.
Atlas Mining said this offset the decrease in average copper metal price which fell 5 percent to $3.83 per lb from last year’s $4.05 per lb.
Average gold price went up by 9.7 percent to $2,074 per ounce from $1,890 per ounce.
