Mandaluyong–(PHStocks)–Atlas Consolidated Mining and Development Corp. (PSE: AT) has announced that its wholly owned subsidiary Carmen Copper Corp. (CCC), which operates the Toledo copper mine in Cebu, has reported a net income of PhP2.541 billion for 2011 – nearly three times its net income of PhP670 million in the previous year. The 2011 core income of CCC is pegged at PhP2.283 billion, which represents an increase of 59.5% over that in 2012.
CCC’s improved performance in 2011 relative to 2010 showcases a 41.2% rise in actual gross revenues (from PhP8.851 billion to PhP12.498 billion), a 61.5% increase in EBITDA (from PhP2.587 million to PhP4.178 billion), and a 15.8% upturn in shipped volumes (from 58.7 million pounds of copper to 68 million pounds of copper).
CCC sold its copper production in 2011 at an average realized price of $8,879 per tonne ($4.03 per pound) of copper, which is higher than 2010’s average price of $7,034 per tonne ($3.19 per pound).
CCC is on track with the open-pit development of the higher-trade Carmen ore body, and is expediting the finalization of its plans for a phased expansion starting with the initial target of raising its current throughput capacity of 40,000 tonnes per day to 60,000 tonnes per day.