Atlas Consolidated Mining and Development Corporation reported a turnaround in the first quarter of the year with a net income of P164 million compared to a loss of P393 million for the same quarter in 2009.

The firm said in a disclosure to the Philippine Stock Exchange that the improved result is attributed to the improved performance of the company’s majority owned subsidiary, Carmen Copper Corporation (CCC).

During the quarter, the Carmen copper mine processed over 2.5 million tons of ore with production rates expected to exceed 38,000 tons per day during the third quarter of this year.

Total revenues generated for the quarter amounted to P2.20 billion with net income from operations of P382 million. Five shipments of copper concentrate were made during the quarter amounting to approximately 24,500 dry metric tonnes.

Berong Nickel Corporation (BNC), the nickel subsidiary of Atlas, reported a loss of P26 million due the continued suspension of mining operations.

However, the firm said the market for direct shipping laterite nickel ore continues to improve and long term customer sales in China and Japan are being vigorously pursued.

Meanwhile, a drilling program has started in the tenement areas surrounding Berong to better define and upgrade the mineralization to JORC status for future value added processing opportunities.

Atlas also announced the completion of its seventh shipment of copper concentrate for 2010 by CCC last May 12. A total of 5,235 wet metric tons of copper concentrate was loaded on the vessel MV Transco Star, destined for the Jinlong Copper smelter in China.

The copper concentrate is estimated to contain 28.19 percent copper, 2.83 grams of gold per ton and 24.88 grams of silver per ton. The shipment has an estimated value of $9.2 million.

Since the start of commercial operations in September 2008, a total of 20 shipments of copper concentrate have been made by CCC, comprising in aggregate approximately 98,520 dry metric tons. All shipments have been made to China. (JAL)