Atlas Consolidated Mining and Development Corp. reported a 66-percent increase in core income of P366 million for the first half of 2020, from P220 million in 2019.
Cash costs decreased by 16 percent from P5.66 billion in 2019 to P4.75 billion in 2020, which more than offset the impact of lower revenues brought about by the decrease in copper prices in the second quarter.
Atlas Mining’s net loss widened to P190 million from P66 million last year on higher deferred tax provisions.
Subsidiary Carmen Copper Corp. reported a 5 percent increase in copper metal production from 51.46 million pounds in 2019 to 54.17 million pounds in 2020. Gold production increased by 26 percent from 18,119 ounces to 22,815 ounces due to higher tonnage milled and higher realized gold grades, respectively.
Average realized price of copper fell 12 percent to $2.47 per lb. and for gold rose by 26 percent from $1,304 in 2019 to $1,647 per oz. in 2020.