Atlas Consolidated Mining and Development Corp. reported Tuesday a lower loss of P325 million in the first six months of 2016 from P611 million year-on-year on improved revenues.
Atlas Mining said in a disclosure to the stock exchange revenues reached P6.1 billion, up 16 percent from P5.3 billion on year. Copper revenues reached P5.1 billion, while gold sales hit P10.1 billion.
Atlas Mining’s wholly-owned subsidiary Carmen Copper Corp. registered copper metal concentrate of 54.5 million pounds, up 17 percent from 46.4 million pounds on year.
Copper concentrate shipments grew 19 percent to 92,100 dry metric tons from 77,500 tons in 2015.
The company said copper metal content rose 20 percent to 54 million pounds from 45.2 million pounds, while gold content jumped 48 percent to 17,797 ounces from 12,043 ounces.
The mining company said copper prices remained weak in the first half of the year, or down 21 percent to $2.12 per pound from $2.67 per pound last year.
The average realized gold price, however improved 2 percent to $1,227 per ounce from$1,202 per ounce the previous year.
Atlas Mining said in response to challenging market conditions, it would reduce Carmen Copper’s mill throughput from its nameplate capacity of 60,000 tonnes per day to 40,000 tpd.
The plan involves reducing the stripping capital expenditure and operating costs through containment initiatives and increased production efficiencies.
“Atlas Mining continues to optimize operations and cash flows by improving its operational efficiencies and further reducing cash costs in light of low copper prices,” Atlas Mining said.
“Atlas Mining remains steadfast in its commitment as a responsible mining company, protecting and enhancing the environment and assisting in the development of its host and neighboring communities,” it added.
