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Atlas mining reported Php3.2 billion Net Income in 2022

4 March 2023

Manila, Philippines


Atlas Considated Mining and Development Corporation ("Atlas Mining") ended 2022 with a consolidated Net Income After Tax (NIAT) of Php3.2 bilion, lower by 17% from Php3.9 billion in 2021. The lower NIAT was mainly due to the unprecented spikes in fuel and energy prices that resulted in higher operating and production costs as well as lower production levels brought about by significant heavy rainfall volumes experienced by its wholly-owned oeprating mine, Carmen Copper Corporation ("CCC").

Copper metal price this year stood at $4.02/pound, lower by 6% from last year of $4.26/pound but gold price increased from USD1,802/ounce to USD1,804/ounce in 20222.

Earnings before interest, tax,depreciation and amortization (EBITDA) was Php5.4 billion for the year, 45% lower compared to Ph9.7billion in 2021.

CCC was also able to pay its loan obligation amounting to $97.6 million coming from internally generated cash.

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