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MANILA - Atlas Consolidated Mining and Development Corporation on Thursday said it revised upwards this year's copper production target to take advantage of the rising global price for the commodity.
On the sidelines of the 2012 Mining Conference, Adrian Ramos, Atlas executive vice-president, said the company raised its target to 90 million pounds from an earlier estimate of 80 million pounds.
The higher target would translate to 31-32 shipments of copper concentrates, up from the earlier target of 28 shipments.
For next year, Atlas expects copper output to increase by another 30 percent to 120 million pounds.
“We expect improved copper deliveries for next year. We are hoping to complete at least 40 shipments of copper concentrate in 2013,” Ramos said.
Atlas earlier said it earmarked $105 million for the upgrade of mine facilities and for an increase in production of wholly owned subsidiary Carmen Copper Corporation.
Atlas said the expansion CCC is already in full swing and is 12 months ahead of schedule, adding that it expect the new milling facility to commence operations by end of the first quarter or early second quarter of 2013.
Of the $105 million capex, at least $50 million is set aside for the upgrade of milling facility, $30 million for the optimization of operations, and another $25 million for the upgrade of its mine fleet to deliver the copper ore.
The facilities upgrade would help increase copper production to 10 million pounds of copper concentrate a month or 120 million pounds a year.
Atlas recently bought two new ball mills that will increase CCC's processing capacity from 40,000 tons of copper ore a day to 60,000.
Finland's Outotex, which is considered a global leader in minerals and metals processing technology, will deliver the two six-megawatt ball mills, along with complementary flotation equipment.
Ramos said Atlas is on track “to match or even better” last year’s profits and revenues, adding that targets would depend on the prices of copper in the world market.
He said prices have improved over the past months, but remain 14 percent lower than last year.
Atlas earlier reported a P1.61 billion profit in the first six months, up by 49 percent from P1.075 billion a year ago.
The Cebu-based firm also said revenues reached P7 billion, higher by 13 percent from last year.
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