Atlas Consolidated Mining and Development Corporation Reported Earnings of P563 Million in Q12024

Atlas Consolidated Mining and Development Corporation (Atlas Mining) reported P563 million in net income for the first quarter of 2024, an increase of 113% over the P264 million recorded for the same period in 2023. The increased revenue and milling throughput from the mining operations by its fully owned subsidiary, Carmen Copper Corporation (CCC), were the primary causes of the increased income.

In the first quarter of 2024, the price of gold grew from US$1,890 per ounce to US$2,074 per ounce, but the price of copper metal decreased by 5% to US$3.83 per pound from US$4.05 per pound the previous year.

In comparison to P1.698 billion in 2023, earnings before interest, tax, depreciation, and amortization (EBITDA) were P2.135 billion for the year, a 26% increase.

​Atlas Consolidated Mining and Development Corporation (Atlas Mining) is a company primarily engaged in metallic mineral exploration and mining.

It operates the Toledo copper mine in the province of Cebu through its wholly-owned subsidiary Carmen Copper Corporation (Carmen Copper). The Toledo copper mine is one of the Philippines' largest copper mines, thus making Carmen Copper a principal producer and exporter of copper concentrate in the country.