Gold and copper miner Atlas Consolidated Mining and Development Corp. said net income in the first half of the year reached P1.94 billion, a turnaround from a net loss of P190 million in the same period last year.
Atlas attributed the company’s positive first-half result largely due to higher metal prices and improved production shipment volumes during the second quarter of the year.
Metal prices rose during the second quarter of the year with average copper prices jumping 70 percent to $4.21/pound (lbs) and gold prices increasing 10 percent to $1,812/ounce compared to the same period last year.
The company’s wholly-owned copper mining unit Carmen Copper Corp., which operates a mine site in Toledo Cebu, also reported higher copper production and shipments in the second quarter of the year compared with the first quarter of 2021.
Copper metal output jumped 43 percent to 22.80 million pounds from 15.93 million while gold production rose nine percent to 5.829 from 5.346 ounces.
But on a year-on-year basis, copper metal production decreased 29 percent to 38.73 million lbs. due mainly to lower copper grades as ore milled in the first quarter of the year was sourced from stockpiles.
Gold production also declined 55 percent to 11,176 ounces due to lower gold grade.
Atlas in the first half of the year made 14 shipments from 18 in the same period last year.
The company primarily exports its copper production to smelters in China and South Korea.
Share price of Atlas on Friday surged 12.2 percent to P6.50.