April 25, 2013

Atlas Mining posts 139% income growth in 1Q2013

Atlas Consolidated Mining and Development Corporation posted a 139% increase in net income in the first quarter of 2013 because of lower operating costs. The company yesterday reported a net income of P569 M for the first quarter of the year against a profit of P238 M in the first quarter of 2012.

The reduction in operating expenses offset losses brought about by lower copper prices during the period. Atlas Mining’s wholly owned subsidiary, Carmen Copper Corporation shipped out 19.9 million pounds of gross copper metal in the first quarter of 2013, the same volume as in last year.

The company is spending $200 M this year, half of which would be spent for the completion of their plant upgrade while half would be spent for the development of the ore body.