Connect with us

Hi, what are you looking for?


Atlas Mining returns to profitability with P118-M net income

ATLAS CONSOLIDATED Mining and Development Corp. recorded a P118-million net income last year due to improved production and higher metal prices.

The listed mining firm disclosed in a regulatory filing on Monday that its net income for 2020 is a reversal from the P565-million net loss it had the year earlier.

Revenues last year reached P18.32 billion, a 7% increase from P17.13 billion in 2019, while its earnings before interest, tax, depreciation, and amortization (EBITDA) rose 45.8% year on year to P8.92 billion.

“The improvement in the bottom line is attributed to the sustained stability of operation and production, the significant increase in gold volume, the increase in metal prices in the second half and the decrease in operating costs,” Atlas Mining said in the disclosure.

Gold output of the company’s Cebu-based wholly owned subsidiary, Carmen Copper Corp., reached 47,857 ounces for 2020, a 26.7% increase from 37,786 ounces in 2019.

Carmen Copper also produced 107.09 million pounds of copper metal in 2020, a drop of 0.1% from the 107.24 million pounds it had the year earlier.

“Milling tonnage increased by 5% from 17.57 million tons to 18.37 million tons. On the other hand, copper grades decreased by 5% from 0.319% to 0.304%; while gold grade significantly improved by 31% from 6.24 grams per dry metric tons (DMT) to 8.17 grams per DMT,” Atlas Mining said in the disclosure.

“Copper metal content of concentrate shipped decreased by 4% to 106.07 million pounds, while gold content increased by 23% to 43,480 ounces due to higher gold grade,” it added.

According to Atlas Mining, the average realized copper price for 2020 rose 2.6% to $2.79 per pound, while the average realized gold price also improved 27.5% to $1,777 per ounce.

The company added that cash costs also fell 14.3% year on year to P9.51 billion due to decreases in waste stripping, fuel, power, explosives, and maintenance parts.

Adrian Paulino S. Ramos, Atlas Mining president, said the company had been able to post growth in earnings due to improving metal prices and on the operational improvements it attained over the years.

“We are confident that these improvements will serve as an effective hedge against any downturn in the commodities market. We will continue to focus on operational stability and safety, cost efficiencies, and sustainability,” Mr. Ramos said in the disclosure.

On Monday, shares of Atlas Mining at the stock exchange improved 0.80% or five centavos to finish at P6.29 apiece. — Revin Mikhael D. Ochave

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



British Airways has begun cancelling flights to America over concerns signals from 5G mobile phone masts could endanger the lives of passengers. The UK...


The unstoppable rise of the online marketplace model – operated by the likes of Amazon, Expedia and eBay – is driving the largest fundamental...


Boris Johnson has declared the end of coronavirus restrictions today as officials step up plans for post-pandemic Britain. Working-from-home guidance and Covid passes will...


Social media stars including Jodie Marsh and five ex-Love Islanders including Francesca Allen are to be subjected to a name and shame Instagram campaign...


Private details of hundreds of debit and credit cards in the UK are being leaked on the dark web every week for as little...


Inflation has risen to its highest level in nearly three decades because of a spike in the cost of a range of goods and...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.