18/05/2023
The Ramos-Sy mining venture suffers a setback due to lower grade and a drop in copper prices.
A subsidiary's non-recurring non-cash gain from the prior year and lower grade and milling tonnage were the main causes of Atlas Consolidated Mining and Development Corp.'s first quarter profit decline of 78%.
Atlas Mining's net income decreased during the three-month period from P1.22 billion at the end of March this year to P264 million.
The business's earnings fell 11% to P4.69 billion.
The 11 percent year-over-year decline in copper metal prices, which in the first quarter were $4.05 per pound, is one factor in the decline in profitability.
In contrast, the cost of gold increased marginally, going from $1,885 to $1,890 per ounce. Despite these market swings, Carmen Copper Corp., a wholly-owned subsidiary of Atlas Mining, showed good loan management during the time period by reducing its loan obligations by an additional $15 million with internally generated cash.
The 11 percent year-over-year decline in copper metal prices, which in the first quarter were $4.05 per pound, is one factor in the decline in profitability.
In contrast, the cost of gold increased marginally, going from $1,885 to $1,890 per ounce.
Despite these market swings, Carmen Copper Corp., a wholly-owned subsidiary of Atlas Mining, showed good loan management during the time period by reducing its loan obligations by an additional $15 million with internally generated cash.
A subsidiary's non-recurring non cash gain from the prior year and lower grade and milling tonnage combined to reduce Atlas Consolidated Mining and Development Corp.'s first-quarter 2023 profit.
During the three months, Atlas Mining reported a net income of P264 million, a 78 percent decrease from P1.22 billion in the corresponding period the previous year.
Revenues for the company decreased by 11% to P4.69 billion from P5.25 billion in the previous year.
Atlas Mining reported that copper metal prices fell 11% year on year to $4.05 per pound in the first quarter, while gold prices rose from $1,885 to $1,890 per ounce.
However, the company stated that its wholly owned subsidiary Carmen Copper Corp. was able to reduce its loan obligations by another $15 million during the period due to internally generated cash.