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Atlas Mining revenues up by 9% in Q1 2019

Mining News - Published on Fri, 17 May 2019

Image Source: Bilyonaryo
ATLAS Consolidated Mining and Development Corp reported a net loss of PHP 35 million despite revenues that increased 9 percent from PHP 4.10 billion to PHP 4.47 billion on the strength of higher production and shipment volumes that tempered the impact of lower copper prices. Its wholly-owned subsidiary, Carmen Copper Corp, sustained improvements in its operations. Copper metal production increased by 35 percent from 20.32 million pounds in 2018 to 27.47 million pounds in 2019. Gold production also increased by 50 percent from 6,537 ounces to 9,828 ounces in 2019. The increase in copper and gold production resulted from higher tonnage milled and higher realized grades. Milling tonnage increased by nine percent from 3.99 million tonnes to 4.36 million tonnes.

On the other hand, copper grades improved by 17 percent from 0.267 percent to 0.313 percent, while gold grade improved by nine percent from 5.71 grams to 6.21 grams per dmt.

With sustained production, copper concentrate shipped in the first quarter increased by 26 percent from 39,400 tonnes to 49,500 tonnes, with copper metal content increasing by 23 percent to 27.72 million pounds, and gold content increasing by 29 percent to 8,819 ounces.

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Posted By : Rabi Wangkhem on Fri, 17 May 2019
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