Atlas Consolidated Mining and Development Corporation (“Atlas Mining) completed the first quarter of the year 2023 with a reported net income of Php264 million from Php 1.22 billion for same period in 2022. The lower income was mainly due to lower grade and milling tonnage as well as a non-recurring non cash gain booked in 2022 by its wholly owned subsidiary, Carmen Copper Corporation (CCC).
Copper metal price stood at $4.05/pound, lower by 11% from last year of $4.56/pound but gold price increased from USD 1,85/ounce to USD 1,890/ounce in the first quarter of 2023.
Earnings before interest, tax, depreciation and amortization (EBITDA) was Php1.70 billion, 355 lower compared to Php2.60 billion for the same period in 2022.
During the period, CCC was able to pay down its load obligations by another $15 million coming from internally generated cash.