Atlas Consolidated Mining and Development Corp. said its income for the three quarters of the year ending September 30 fell 12 percent to P3.07 billion from the previous year’s P3.47 billion.
Atlas Mining’s wholly-owned subsidiary, Carmen Copper Corp., reported that its copper metal production during the period declined to 54.82 million pounds from 64.09 million pounds in 2021.
In the third quarter alone, milling tonnage decreased by 11 percent to 12.6 million tons from 14.22 million tons last year.
“The reduction in copper metal production was mainly due to inclement weather experienced during the first four months of the year and this quarter,” the company said.
Copper grades decreased by 3 percent to 0.238 percent from 0.246 percent. Gold production declined by 13 percent year-on-year to 16,923 ounces from 19,562 ounces also due to lower gold grades–from 5.38 grams per dry metric ton (dmt) to 5.36 grams/dmt.
Copper metal content of concentrate shipped went down by 12 percent to 56.9 million pounds and gold content slid by 11 percent to 16,377 ounces from 18,415 ounces.
Metal prices remained low in the third quarter, as the price of copper fell by 2 percent to $4.15/lb from $4.22/lb but the price of gold rose by 1 percent to $1,827 per ounce from $1,803 per ounce last year.
Earnings before interest, tax, depreciation and amortization for the three quarters reached P4.37 billion, or almost half of last year’s P8 billion.
“Operating cost was adversely affected by higher energy and fuel prices, and higher waste charged to operations,” it said.
Cash generated from operations improved which enabled the additional loan payment of $74.6 million of Atlas Mining’s loans on the three quarters of 2022. With the partial repayment of loan, an accounting gain of P1.45 billion was recognized in the third quarter.