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)