Carmen Copper is Key To Turnaround
Philippines copper and nickel miner, Atlas Consolidated Mining and Development Corporation, has reported a profit of P164 million in the first quarter of this year, compared to a loss of P393 million for the same quarter in 2009.
The firm said the improved result is due to the improved performance of the company’s majority-owned subsidiary, Carmen Copper Corporation (CCC).
The Carmen copper mine processed over 2.5 million tons of ore during the quarter with production rates expected to exceed 38,000 tons per day during the third quarter of this year.
Total revenues for the quarter were P2.20 billion with net income from operations of P382 million. Five shipments of copper concentrate were made during the quarter amounting to approximately 24,500 dry metric tonnes.
However, Atlas’ nickel-producing subsidiary Berong Nickel Corporation (BNC), reported a loss of P26 million due the continued suspension of operations although the company is continuing to pursue long-term sales in China and Japan.
Last week CCC completed of its seventh shipment of copper concentrate this year by CCC with the delivery of 5,235 wet metric tons of copper concentrate loaded destined for the Jinlong Copper smelter in China.
The copper concentrate is estimated to contain 28.19 percent copper, 2.83 grams of gold per ton and 24.88 grams of silver per ton. The shipment has an estimated value of $9.2 million.
Twenty shipments have been made by CCC – all to China - since the start of commercial operations in September 2008. Approximately 98,520 dry metric tons have been shipped.
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