Atlas Mining loss widens as costs rise

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ATLAS Consolidated Mining and Development Corp. saw its net loss widen to P696 million in the second quarter from P361.67 million a year ago, as costs and expenses continued to rise.

However, for the six-month period Atlas Mining’s net loss fell to P221 million from P572.6 million during the same period a year ago.

In a regulatory filing, the listed miner said second-quarter revenues surged 52% to P3.5 billion, but costs and operating expenses which ballooned to P3.07 billion from P2.4 billion a year ago.

Six-month revenues jumped 47% to P7.6 billion, which Atlas Mining attributed to higher shipment volumes and rising metal prices.

“Increased shipment volume (in the first half) pushed copper metal content higher by 15% from 36.83 million pounds to 42.47 million pounds. Gold content increased by 60% from 8,365 ounces to 13,380 ounces,” the company said.

Atlas Mining said it benefited from higher realized metal prices, noting average realized copper price rose by 20% to $3.12/lb. from last year’s $2.60/lb. The average realized gold price also went up by 6% to $1,314/oz. from $1,241/oz. a year ago.

Its subsidiary Carmen Copper Corp. increased its milling tonnage by 18% 7.67 million tons of ore, leading to an 8% rise in copper metal production to 39.55 million pounds. — AGAM