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Atlas Mining improves operating income 34%, contains net loss to Php211 million in first quarter 2017

15 May 2017
Manila, Philippines

Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) registered a higher consolidated net loss of Php211 million for the first quarter of 2017 mainly due to lower volumes in line with the company’s cash-optimal mine plan that was implemented since second quarter 2016. Excluding financing charges and non-operating items, income from operations improved by 34%.

Atlas Mining’s wholly owned subsidiary, Carmen Copper Corporation, milled 3.135 million tonnes of ore and produced copper metal of 17.55 million pounds, 41% lower than the first quarter last year.

Metal prices sustained the improvement that started in the fourth quarter of 2016. The average realized copper price increased by 25%, from USD2.10/lb in the first quarter of 2016 to USD2.63/lb in the same period this year. Similarly, the average realized gold price improved by 2% to USD1,225/oz from USD1,198/oz.

Cash costs were lower by 20% from Php2.5 billion to Php2.0 billion as the company continued to realize operating efficiencies and costs containment measures. Average cost per pound increased by 32% from USD1.32/lb to USD1.75/lb due to the lower volume realized this year.


The reduction in cash costs mitigated the overall impact of lower revenues on the company’s Earnings before interest, tax, depreciation and amortization (EBITDA) which dropped by 3% to Php751 million from Php778 million. The reduction in costs also contained core loss at almost the same level as last year with 1% increase from Php385 million to Php387 million.


During the first quarter, Carmen Copper Corporation reported that it had successfully refinanced and settled its USD300 million bond which matured in March 2017 with a seven-year term loan of USD320 million availed from BDO Unibank Inc.

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