Atlas Consolidated Mining and Development Corp. booked a slight uptick in net income in the first half of the year to P2 billion from P1.94 billion in the same period in 2021.
The company attributed the growth to the increase in grades and metal prices for the period.
Atlas Mining subsidiary Carmen Copper Corp. reported lower copper production for the period to 36.58 million pounds, down by over 5 percent from 38.73 million pounds in 2021, attributed to lower tonnage milled.
In the first half of 2022, milling tonnage decreased by 6 percent from 9.26 million tons to 8.66 million tons.
Despite the drop in tonnage, the company’s copper grade increased by 1 percent from 0.231 percent to 0.234 percent as gold grade improved by 6 percent from 5.09 grams per dry metric ton (dmt) to 5.41 grams per dmt.
Copper metal content of concentrate shipped also decreased by 2 percent to 38.8 million pounds but gold content increased by 6 percent to 11,212 ounces due to higher gold grade.
Atlas Mining said the increase in metal prices continued in the first half of the year: copper by 6 percent from $4.21 per lb to $4.45 per lb, and gold by 4 percent from $1,812 per ounce to $1,879 per ounce from the same period last year. – Jed Macapagal
