Atlas Mining and Development Corp. recorded a 60-percent drop in net income in the first half of the year to P803 million from P2 billion in the same period in 2022 on lower milling tonnage of ores and the decline in copper prices in the global market.
In a disclosure to the Philippine Stock Exchange yesterday, Atlas Mining said copper metal price for the period stood at $3.95 per pound (lb)from last year’s $4.45 per lb. Gold went up 3.06 percent to $1,937 per ounce from $1,879 per ounce.
The company said milling tonnage for the period dropped 2 percent at 8.5 million dry metric tons (dmt) from 8.66 million dmt with daily milling average also down 2 percent to 46,984 dmt from 47,851 dmt.
Revenues rose 4 percent to P10.1 billion from P9.74 billion.
