Atlas Consolidated Mining and Development Corp. reported an 81 percent plunge in net income to P218 million for the first nine months of the year, as operational setbacks at its Carmen Copper Mine offset the benefits of rising global metal prices.
The sharp earnings drop was driven by a double-digit decline in copper and gold output, lower ore grades, and a decline in shipment volumes—factors that overwhelmed gains from higher market prices for both commodities.
Revenues for January to September fell 17 percent year-on-year to P12.87 billion. Copper production dropped 23 percent to 44.6 million pounds, while gold output slipped 36 percent to 13,385 ounces. Shipments also declined, with copper exports down 24 percent to 43.8 million pounds and gold down 37 percent to 12,311 ounces.
This performance came despite a favorable pricing environment. Gold prices surged 42 percent to an average of USD3,245 per ounce, as investors flocked to safe-haven assets amid global economic uncertainty. Copper also saw a 5 percent increase, averaging USD4.37 per pound.
The company attributed the lower output to ongoing pre-stripping activities under a three-year redevelopment program at its Carmen Copper Mine, operated by its wholly owned subsidiary, Carmen Copper Corporation. The program, set for completion by mid-2026, involves significant stripping work that has temporarily reduced ore extraction and impacted financial results.
Atlas said it remains confident the program will position the mine for stronger production and profitability in the years ahead, once redevelopment is complete.
