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Atlas Mining attained Php420 million Net Income in Q1 2021

May 06, 2021
Manila, Philippines

Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) reported a net income of Php420 million for the first quarter of 2021 compared to the net loss of Php37 million for the same period in 2020. Sustaining its stable operation has driven the significant turn-around in the bottom line as it was able to capture the increase in copper prices which more than offset the lower volume of production and shipments.

The increase in metal prices continued in the first quarter this year where copper price increased by 55% to $3.93/lb and gold price also continued to improve by 14% to USD1,797/ounce compared to the same period last year.

Atlas Mining’s wholly-owned subsidiary, Carmen Copper Corporation, reported lower production due to the lower grades of ore milled as these were sourced from stockpiles. Copper grades were lower by 33% from 0.321% to 0.215%; while gold grade decreased by 19% from 7.12 grams/dmt to 5.77 grams/dmt. This caused copper metal production to decrease from 27.92 million pounds in 2020 to 15.93 million pounds in 2021. Gold production decreased by 52% from 11,169 ounces to 5,346 ounces. Correspondingly, copper metal content of concentrate shipments decreased by 36% to 17.02 million pounds and gold content decreased by 46% to 5,239 ounces.

Cash costs decreased by 20% from Php2.44 billion in 2020 to Php1.96 billion in 2021 as volume of shipments and production decreased. But with lower volume due to lower grade of ore milled, the average cost per pound increased by 54% from USD1.10/lb in 2020 to USD1.69/lb in 2021.

Earnings before interest, tax, depreciation and amortization (EBITDA) settled at Php1.677 billion, 3% higher compared to Php1.622 billion of 2020 on the strength of improving metal prices. This pushed core income for the period higher by 412% to Php576 million in 2021 from Php133 million in 2020.

According to Atlas Mining President, Adrian Ramos, “The results attained are a testament to the resilience and stability of the operations of Atlas Mining which enabled it to benefit from the improvement in the commodities markets. We are ever more confident that with our focus on operational stability, safety and efficiencies, Atlas Mining will sustain the growth it has achieved.”

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