(The Philippine Star) | Updated November 17, 2016 - 12:00am
MANILA, Philippines –
Atlas Consolidated Mining and Development Corp. has trimmed its nine-month net
loss amid higher shipment volumes.
In a disclosure to the
local bourse, the company said net loss declined 64 percent to P470 million.
Nine month revenues
rose four percent to P8.7 billion, mainly driven by an increase in shipment
volumes.
Copper revenues
decreased by one percent to P7.3 billion while gold revenues surged 41 percent
to P1.5 billion on increased volumes and higher gold price.
Production levels in
the company’s wholly-owned Carmen Copper Corp. rose to 77.1 million pounds,
five percent higher than the year ago.
Copper concentrate shipments
were eight percent higher at 131,336 dry metric tons with copper metal content
increasing to 77 million pounds of copper metal in concentrate, and gold
content growing by 24 percent to 24,706 ounces.
Copper prices remained
low during the period at $2.13 per pound, down 17 percent.
On the other hand, the
average realized gold price improved seven percent to $1,258 per ounce.
In response to
challenging market conditions, Atlas is reducing its capital expenditures to
$27 million this year from the original planned spending of $104 million as it
decreased mill throughput.
The company is lowering
its capex by 74 percent this year and will reduce it further to $12 million by
2017.
The company has also
decided to reduce mill throughput at the Carmen Copper Mine in Cebu to 40,000
tpd from its nameplate capacity of 60,000 tpd.
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