Atlas Consolidated Mining and Development Corp. reported a net income of P645 million in the first quarter of 2025, reversing a net loss of P404 million a year earlier, as higher copper and gold prices boosted revenues.
In a disclosure on Tuesday, the mining firm said revenues rose 11% to P4.51 billion, while cash costs increased 25% to P2.32 billion. Earnings before interest, taxes, depreciation and amortization jumped 122% to P2.17 billion.
The company attributed the turnaround to its subsidiary Carmen Copper Corp., which is in the final year of a three-year redevelopment program. The program, set to end by the third quarter of 2025, has gradually exposed ore sources for mine and mill production.
Atlas produced 26,000 dry metric tons of copper concentrate in the first quarter, down 19% year-on-year. Gold output fell 46% to 2,370 ounces. The company made 5.22 shipments, a 19% decline.
However, metal prices surged: copper rose 34% to $5.77 per pound, while gold climbed 68% to $4,985 per ounce.
"The redevelopment program has gradually exposed ore sources for mine and mill production according to plan," Atlas Mining said.