Atlas Consolidated Mining and Development Corp. said Monday higher copper and gold prices bolstered its financial results in the first half of 2024, with net income surging to P2.07 billion from P803 million in the year-earlier period,
Atlas Mining posted first-half revenues of P12.47 billion, a 23 percent increase on higher metal prices.
Copper prices rose 5 percent to an average USD4.13 per pound from USD3.95 per pound in the first half of 2023 while gold prices surged to USD2,216 per ounce from USD1,937 per ounce over the same period.
Shipments of copper in the first half rose 6 percent to 44.7 million pounds while gold increased 37 percent to 16,565 ounces.
Mill output increased 9 percent to 9.25 million tons, with ore grade down to 0.253 percent from 0.268 percent.
Earnings before interest, tax, depreciation, and amortization stood at P5.28 billion for the first half of 2024, up from P3.61 billion. The increase highlights Atlas Mining’s effective operational performance and cost management strategies.
