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Carmen Copper Corporation reports nearly P7 billion revenues in 1st half of 2012...

Atlas Consolidated Mining & Development Corporation ("Atlas") reports that its wholly-owned operating subsidiary Carmen Copper Corporation ("CCC") realized revenues of nearly PhP7 billion during the first six months of 2012 which represent a 13% increase relative to total revenues at the end of the same period last year.
This improvement in performance is attributable to the 33% rise in CCC's copper metal production (from 33.87 million pounds during the first half of 2011 to 45.03 million pounds during the fist half of 2012) which was driven by a higher throughput (from an average rate of 37,664 tonnes of copper ore per day to an average rate of 41,174 tonnes of copper ore per day), a higher average copper grade (from 0.29% to 0.33%), and a higher recovery rate (from an average rate of 77% to an average rate of 82%).

The revenue growth demonstrates improved efficiencies and resilience as it was achieved notwithstanding a weaker average realized copper price of US$3.66 per pound for the first semester of 2012 compared to the average realized price of US$4.17 per pound during the first semester of 2011.

On account of stronger revenues, CCC's core income as of 30 June 2012 reached PhP1.66 billion which is already 72% of its core income for the whole of 2011.

The results of CCC's operations for the first half of 2012 translated to a consolidated net income of PhP 1.61 billion.
Speaking on CCC's accomplishments and prospects, Atlas Executive Vice-President Mr. Adrian Ramos said:

"The expansion program of CCC is already in full swing and is tracking ahead of schedule by around twelve months. With our early action on the purchase of two brand new ball mills that will boost CCC'S processing capacity, the planned throughput buildup from 40,000 tonnes of copper ore per day to 60,000 tonnes of copper ore per day will be attained by mid-2013 instead of mid-2014 as initially projected.

The milestones that we have already achieved reinforce the competitiveness and sustain ability of our operations. They are strong indicators of the company's readiness to maximize earnings from a resurgence in the price of copper."

The two six-megawatt ball mills, along with complementary flotation equipment, will be delivered to CCC by Outotec of Finland which is a global leader in minerals and metals processing technology. The enhanced processing plant is expected to significantly increase copper concentrate production in 2013 and to optimize copper recoveries.

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"Carmen Copper Corporation reports nearly P7 billion revenues in 1st half of 2012" was written by Mary under the Business category. It has been read 1572 times and generated 0 comments. The article was created on and updated on 14 August 2012.
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