Atlas Consolidated Mining and Development Corporation Reports H1 Results, Revenues Up 23% to P12.47 Billion

Atlas Consolidated Mining and Development Corporation (Atlas Mining) posted revenues of P12.47 billion, a 23% growth from last year. Net income ended at P2.07 billion for the first half of 2024.  

Copper metal price stood at $4.13/lb in the first half of 2024, higher by 5% from last year of $3.95/lb. However, gold price had increased to USD 2,216/ounce from USD 1,937/ounce in the same period of 2023.

Earnings before interest, tax, depreciation and amortization (EBITDA) was P5.28 billion for the first quarter of 2024 compared to P3.61 billion in the same period of 2023.

​Atlas Consolidated Mining and Development Corporation (Atlas Mining) is a diversified natural resource-based company with significant holdings of mineral resources in the Philippines. Once the country's and Asia's largest copper producer, Atlas Mining is again poised to be one of the preeminent mining companies in the Philippines.

​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.

To optimize its operations, and in line with the expansion of its beneficiation plant, Carmen Copper is pursuing the development and commercial distribution of marketable by-products from its copper concentrate processing such as molybdenum, magnetite, and pyrite.

Atlas Mining also has a stake in the nickel laterite mining project of Berong Nickel Corporation (Berong Nickel) in Palawan. Berong Nickel has been engaged in the direct shipping of nickel laterite ore since 2007.