Atlas Consolidated and Mining and Development Corp. reported a net income of P645 million in the first quarter of 2025. This reversed a net loss of P404 million a year ago, driven by higher metal prices.
In a disclosure on Tuesday, Atlas Mining said revenues rose by 11 percent to P4.51 billion.
Cash cost stood at P2.32 billion, up 25 percent. Earnings before interest, taxes, depreciation and amortization soared by 122 percent to P2.17 billion.
Atlas Mining attributed its improved first-quarter financial performance to its subsidiary, Carmen Copper Corp. (CCC). The latter is now in the final year of its three-year redevelopment program.The parent said the redevelopment program, which will end by the third quarter of this year, ‘has gradually exposed ore sources for mine and mill production according to plan.’
Atlas Mining produced 26,000 dry metric tons of copper concentrate, down 19 percent. Gold output plunged by 46 percent to 2,370 ounces.
The company made 5.22 shipments during the period, a 19-percent decrease.
Meanwhile, metal prices have significantly increased. Copper prices climbed by 34 percent to $5.77 per pound. Gold prices surged by 68 percent to $4,985 per ounce.