Atlas posted 71% drop in third-quarter profit

Gold and copper miner Atlas Consolidated Mining and Development Corp. saw its net income decline by 71 percent in the third quarter despite higher revenues.

Atlas Mining said in a disclosure to the stock exchange Monday third-quarter net income reached P808 million, down from P3.07 billion in the same period last year.

Revenues from July to September 2023 grew 9 percent to P14.5 billion from P13.3 billion a year ago despite flat growth in production.

Atlas Mining said its subsidiary Carmen Copper Corp. (CCC), which operates copper mines in the city of Toledo, Cebu, posted an increase in gold and copper metal production and shipment in the third quarter.

Gold production increased 12 percent to 16.923 ounces, while copper output rose 12 percent to 61.41 million pounds. Shipments also climbed 3 percent.

Copper metal price averaged $3.9/lb in the third quarter, lower by 6 percent than last year’s $4.15/lb. Gold price increased to $1,935/ounce from $1,827/ounce in the same period of 2022.

Aside from gold and copper, CCC is also pursuing the development and commercial production of other marketable by-products such as pyrite, magnetite, and molybdenum.

It exports 100 percent of the copper it produces to smelters in China and Japan.

SM Investments Corp. owns 37.26-percent stake in the mining firm.