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Atlas Mining trims losses

A company official points to one of two open mining pits at the vast copper mines of Carmen Copper Corporation in Toledo City, Cebu. (Ventures Cebu Photo)

Copper producer Atlas Consolidated Mining and Development Corporation said higher production and shipment volumes allowed it to trim its consolidated net loss in 2018 to P1.72 billion, 13% lower than the 2017 loss.

In a disclosure to the Philippine Stock Exchange on Friday, March 8, 2019, Atlas Mining said it generated P14.21 billion in revenues, 19% higher than in 2017.

Its wholly-owned subsidiary Carmen Copper Corporation saw an improvement in its operations, with earnings before interest, tax, depreciation and amortization (EBITDA) settling at P3.85 billion, 1% higher compared to P3.81 billion in 2017.

Milling tonnage increased by 14% to 16.26 million tonnes of ore in 2018. Copper metal production went up by 10% to 85.83 million pounds while gold production rose 23% to 27,013 ounces.

“Production efficiencies were sustained throughout the year,” the company said.

With sustained production, copper concentrate shipped increased by 14% to 147,400 tonnes in 2018 with copper metal content increasing by 12% to 84.46 million pounds and gold content increasing by 31% to 24,988 ounces.

But the higher volume of shipments also led to a 28% increase in cash costs.

Moreover, “operating cost was adversely affected by higher energy prices, higher waste charged to operations and higher mine product excise tax rate which doubled from 2% to 4% in 2018.”

Core loss increased due mainly to higher depreciation and depletion charges, the company added.

The Toledo mines are among the largest copper mines in Asia. (Ventures Cebu)

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