Atlas Consolidated Mining and Development Corp. reported a 12 percent decline in net income in the first nine months of the year to P3.07 billion from P3.48 billion in the same period in 2021.
The company attributed the decline to lower metal production.
Despite lower net income, the mining firm recorded a 32 percent surge in revenues to P9.02 billion for the period compared with last year’s P6.82 billion.
Wholly-owned subsidiary Carmen Copper Corp. recorded 14 percent decline in copper metal production for the period to 54.82 million pounds, from last year’s 64.09 million pounds due to lower tonnage milled.
Milling tonnage for the period dropped 11 percent from 14.22 million tons to 12.60 million tons mainly attributed to inclement weather experienced during the first four months of the year and in the third quarter of 2022.
Atlas Mining’s gold production decreased year-on-year by 13 percent from 19,562 ounces to 16,923 ounces due also to lower gold grades, from 5.38 grams per dry metric ton (dmt) to 5.36 grams per dmt.
Meanwhile, copper metal content of concentrate shipped decreased by 12 percent to 56.90 million pounds and gold content decreased by 11 percent to 16,377 ounces from 18,415 ounces.
Atlas Mining said metal prices in the third quarter were lower as copper price dropped 2 percent from $4.22 per lb to $4.15 per lb.
In contrast, gold price increased 1 percent from $1,803 per ounce to $1,827 per ounce compared to the same period last year. -Jed Macapagal
