Copper project push Atlas earnings higher

Listed Atlas Consolidated Mining and Development Corp. on Wednesday reported that its earnings in the year's first six months grew by nearly four times owing to higher volume of metals shipped by its subsidiary - Carmen Copper Corp. (CCC). In a statement to the Philippine Stock Exchange, Atlas said its consolidated net income reached P2.028 billion in the January to June period from P687 million last year. Consolidated gross revenues, meanwhile, improved by about 60 percent to P6.738 billion from P4.207 billion. "CCC was able to sell its copper concentrate production at an average price of $9,181 per tonne of copper during the first half of 2011," Atlas said. Atlas also sid that its nickel project - Berong - has resumed its mining activities and allowed for the completion of two shipments in July 2011. Atlas owns 25.2-percent stake in the Berong Nickel Project. Through its holding company SM Investments Corp., the Sy family - the country's wealthiest has acquired 17.9 percent stake in Atlas last month from the Ramos family, owners of the National Bookstore chain. CMA/OMG, GMA News