ATLAS Consolidated Mining and Development Corp. posted a 191% year-on-year increase in its net income for the first quarter to P1.22 billion on the back of higher production and strong metal prices.

In a stock exchange disclosure, Atlas Mining said that gross revenues for the quarter improved 54% year on year to P5.49 billion due to higher production and higher metal prices.

The listed mining firm said its copper metal production for the period rose 26% year on year to 20.01 million pounds as a result of higher milling tonnage and increased copper grades, while gold production also climbed 13% year on year to 6,015 ounces.

Atlas Mining said its wholly owned subsidiary, Carmen Copper Corp., reported higher copper production and shipments during the quarter due to higher tons of ore milled and higher realized grades.

“Shipments were higher by 27% from 17.02 million pounds of copper metal in 2021 to 21.69 million pounds in 2022,” it said in the disclosure.

“The increase in metal prices continued in the first quarter this year where copper price increased by 16% from $3.93 per pound (/lb) to $4.56/lb and gold price from $1,797 per ounce (/ounce) to $1,885/ounce compared to the same period last year,” the mining firm added.

Meanwhile, Atlas Mining said its cash costs in the first quarter went up 50% to P2.94 billion due to higher shipments and production while earnings before interest, tax, depreciation, and amortization (EBITDA) increased 55% to P2.60 billion.

“With sustained production, Atlas Mining continues to benefit from a strong metals market. We remain focused on keeping our operations resilient and efficient to ensure sustained and optimized earnings even under emerging challenging situations,” Atlas Mining President Adrian Paulino S. Ramos said.

On Wednesday, shares in Atlas Mining at the local bourse dropped 3.99% to end at P6.25 apiece. — Revin Mikhael D. Ochave