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Atlas Mining revenues up by 47% in H1 2018

14 August 2018
Manila, Philippines

Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) reported a lower consolidated net loss of PHP221 million as revenues grew by 47% to PHP7.60 billion on the strength of higher shipment volume and higher metal prices.

Increased shipment volume 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. Atlas Mining further realized greater value from its shipments with higher realized metal prices. The commodities market remained strong lifting the average realized copper price higher by 20% from USD2.60/lb.to USD3.12/lb. And the average realized gold price higher by 6% from USD1,241/oz.to USD1,314/oz.

Carmen Copper Corporation, Atlas Mining’s wholly-owned subsidiary, increased its milling tonnage by 18% year-on-year from 6.47 million tons of ore to 7.67 million tons of ore. This resulted in an 8% improvement in copper metal production from 36.62 million pounds in 2017 to 39.55 million pounds in2018.Gold production also improved year-on-year by 43% from 9,302 ounces to 13,333 ounces.

Cash cost increased by 27% from PHP4.03 billion to PHP5.11 billion due to higher volume of shipments. However, operational efficiencies were attained as production improved, reducingC1 cost by 4% from $1.83/lb.to $1.76/lb.

With robust revenue growth and improving operational efficiencies, earnings before interest, tax, depreciation and amortization (EBITDA) grew by128% to Php2.59billion as compared to Php1.14 billion as of June 2017. Likewise, core loss declined by 84% from PHP1 billion to PHP163 million.

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