Higher copper output lifts Atlas’ 2012 profit

MANILA, Philippines – Atlas Consolidated Mining and Development Corp., partly owned by Henry Sy’s SM Investments Corp., reported a 48% rise in 2012 earnings owing to higher production of its copper mine in Cebu.

Atlas Mining said in a statement its net income rose to P3.44 billion in 2012 from P2.33 billion in 2011 as revenues jumped 21% to P15.54 billion from P12.83 billion.

The company said a substantial growth in the copper output of its wholly owned unit Carmen Copper Corp. pushed revenues up despite a 10% decline in the metal’s market price.

Carmen Copper saw a 30% increase in gross shipments, reaching a record-high of 91.39 million pounds in 2012 from 70.46 million pounds in 2011.

The increase came on the back of higher throughput and recovery rate, and better copper ore grades.

Gold shipments also grew 61% to 12,921 ounces in 2012 from 8,048 ounces in 2011.

Following its strong results, Carmen Copper declared its first ever cash dividend amounting to P1 billion.

Carmen Copper operates the Toledo mine in Cebu. Atlas invested around $105 million to upgrade the mine’s mill facility.

The upgrade will be completed within the second quarter, and will allow Carmen Copper to increase its copper concentrate output to 10 million pounds per month from the current 7 to 7.5 million pounds.

“With the completion of the expansion project in Carmen Copper, we are optimistic that Atlas Mining will continue the upward trajectory of its production and profit performance in 2013,” said Atlas Mining Executive Vice President Adrian Ramos. – Rappler.com