Atlas Mining income down 17%MANILA, Philippines — Lower production volumes and high costs weighed down the net earnings of Atlas Consolidated Mining and Development Corp. last year. In a disclosure to the Philippine Stock Exchange yesterday, Atlas Mining ended 2022 with a consolidated net income of P3.22 billion, 17 percent percent lower than the P3.86 billion recorded in 2021. Copper metal produced decreased by 10 percent to 74.45 million pounds while gold produced went down by 11 percent to 22,339 ounces. Despite the higher second half production, year-on-year copper metal production decreased to 82.41 million pounds from 107.09 million pounds in 2020 mainly due to the decrease in copper grades by 19 percent to 0.247 percent. Copper metal price stood at $4.02 per pound, lower by six percent while gold price was steady at $1,804 per ounce.
