Atlas Consolidated Mining and Development, a prominent name in the mining industry, revealed a steep decline in its net income for the year 2023. The company’s net income plummeted by 65%, totaling P1.12 billion ($20.16 million), a stark decrease from the previous year’s P3.22 billion ($57.96 million). This downturn is attributed primarily to the diminished copper prices observed throughout 2023 and a one-off gain related to early loan repayments.
The mining giant noted a significant drop in copper prices, with the average dropping to $3.81 per pound from the preceding year’s average of $4.51 per pound, marking a 15% decrease. Despite the fall in income, Atlas Mining witnessed a 13% increase in its revenues, climbing to P19.91 billion ($358.38 million) from P17.68 billion ($317.84 million) in 2022. Additionally, earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a 23% rise, reaching P6.7 billion ($120.6 million) from 2022’s P5.4 billion ($97.2 million).
Carmen Copper Corp., a subsidiary of Atlas Mining and the operator of its copper mines located in Toledo, Cebu, reported positive growth in both gold and copper production and shipments for the last year. Gold production experienced a 20% increase, totaling 26,818 ounces, while copper output ascended by 13%, reaching 84.1 million pounds. Furthermore, copper shipments witnessed a 9% uplift, amounting to 83.57 million pounds, with gold shipments also rising by 20% to 25,366 ounces.
Carmen Copper is renowned for producing and exporting copper metal in concentrate, along with gold and silver as the main by-products, exporting the entirety of its copper to smelters in China and Japan.
On the trading floor, Atlas Mining’s shares experienced a dip, falling by 3.22% or 11 centavos, to conclude at P3.31 per share ($0.06 per share) as of Wednesday’s stock exchange closing. 
