Atlas Mining trims H1 net loss to P325M

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ATLAS Consolidated Mining and Development Corp. on Monday said it trimmed down its net loss in the first six months of the year to P325 million from P611 million a year ago thanks to higher shipment volumes.

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In a statement, Atlas said first-half revenues rose 16 percent from a year ago to P6.1 billion despite lower realized copper prices.

It said copper revenues grew 10 percent to P5.1 billion and gold revenues grew 62 percent to P1.0 billion on increased volumes and higher gold prices.

Copper prices remained weak, down 21 percent in the first six months, but average realized gold price improved by 2 percent to $1,227/oz, it said.

Atlas Mining earlier announced a recovery plan to reduce mill throughput at the Carmen Copper mine. With the implementation of the plan underway, second quarter results showed decreased production levels of 24.5 million pounds of copper metal concentrate, down from 29.9 million in the first quarter.

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