Atlas Consolidated Mining and Development Corp. on Friday reported P3.86 billion in net income last year, or more than 32 times higher than P118 million a year earlier, due to stable production and higher metal prices.
“The turnaround of Atlas Mining is credited to a resilient and stable operation that was sustained over the years with a disciplined focus on safety and efficiency,” Atlas Mining President Adrian S. Ramos said in a statement, adding that these factors enabled the company “to survive the market downturn and to optimize earnings in a resurgent commodities market.”
The company said metal prices stayed high last year, with the average price of copper rising by 52.7% to $4.26 per pound, while gold rose 1.4% to $1,802 per ounce.
Atlas Mining’s wholly owned subsidiary, Carmen Copper Corp., reported higher copper production and shipments in the second half of 2021 due to “improvements in copper head grades and recovery.”
Copper metal production in the second half of the year increased 13% to 43.68 million pounds from 38.73 million pounds. Gold increased 25% to 13,997 ounces from 11,716 ounces.
However, copper production decreased year on year to 82 million pounds from 107.09 million pounds in 2020. Gold also declined to 25,173 ounces from 47,857 ounces.
Earnings before interest, tax, depreciation, and amortization was P9.77 billion for the year, 10% higher than P8.92 billion in 2020. Core income in 2021 rose to P3.28 billion, up 26.6% from P2.59 billion in the previous year.
“Atlas Mining continues to strengthen its overall financial position supported by its improving earnings, efficient operations and robust metal market,” the company said.
At the stock exchange, Atlas Mining shares increased by 37 centavos or 5.01% to finish at P7.75 on Friday. — Luisa Maria Jacinta C. Jocson
