Bilyonaryo - Business

Sy-Ramos mining venture posts massive profit

March 4, 2022

Bilyonaryo.com

Atlas Consolidated Mining and Development Corp. saw its net income rocket to a record P3.86 billion last year on surging metal prices and stable production.
Commodity prices remained high, pushing average copper price higher by 53 percent to $4.26 per pound and gold price from $1,177 per ounce to $1,082 per ounce.
Core earnings grew 27 percent to P3.28 billion while EBITDA rose 10 percent to P9.77 billion.
Atlas Mining president Adrian Ramos attributed the “strong income growth to a resilient and stable operation that was sustained over the years with a disciplined focus on safety and efficiencies.”
“This enabled Atlas Mining to survive the market downturn and to optimize earnings in a resurgent commodities market,” he said.

Related News Tags: Atlas Consolidated Mining and Development Corp., metal price, production

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