Atlas’ nine-month income fell 12% to P3 billion

Gold and copper miner Atlas Consolidated Mining and Development Corp. reported Tuesday a 12-percent decline in nine-month net income to P3 billion from P3.4 billion in the same period last year on lower production.

Atlas Mining said in a disclosure to the stock exchange revenues in the first nine months slipped 9 percent to P13.3 billion from P14.6 billion a year ago.

Atlas Mining produced 12.6 million metric tons in the nine-month period, down 11 percent from 14.2 million MT a year earlier because of inclement weather experienced this year.

Wholly-owned subsidiary Carmen Copper Corp. reported a 14-percent drop in metal production to 54.82 million pounds in the first nine months from 64.09 million pounds a year earlier.

Copper grades decreased by 3 percent to 0.238 percent from 0.246 percent. Gold production declined 13 percent to 16,923 ounces from 19,562 ounces because of lower gold grades.

Copper metal content of concentrate shipped went down by 12 percent to 56.90 million pounds, while gold content fell 11 percent to 16,377 ounces from 18,415 ounces.

Copper prices eased 2 percent to $4.15 per lb from $4.22 per lb, while gold prices inched up by 1 percent to $1,827 an ounce from $1,803 per ounce in 2021.

The increase in energy and fuel prices and higher waste charged to operations also affected the firm’s operating cost in the first nine months.

Meanwhile, Atlas Mining said cash generated from operations improved in the first nine months, which enabled it to repay $74.6 million worth of loans.

“With the partial repayment of loan, an accounting gain of P1.45 billion was recognized in the third quarter of 2022,” Atlas Mining said.