Atlas Consolidated Mining and Development Corp. Wednesday announced the retirement of Alfredo C. Ramos as president of both the company and its fully owned unit, Carmen Copper Corp.
Adrian Paulino, Alfredo’s son and Atlas Mining executive vice president, takes over starting April 1.
The father will remain chair of Carmen Copper.
“Alfredo Ramos played a leading role in reviving a pillar of the Philippine mining industry,” the company said in a statement. “The entire Atlas Mining organization is grateful for his stewardship of the company, and expresses its full support for its new executive officers.”
Adrian is concurrently director of Anglo Philippine Holdings Corp., The Philodrill Corp., United Paragon Mining Corp., Zenith Holdings Corp., and Berong Nickel Corp.
In a board meeting held March 23, the directors of Atlas Mining also named Enrico C. Nera and Tristan B. Choa as executive vice presidents.
Nera, who will also take office as chief operating officer, will be in charge of operations.
A licensed metallurgical engineer, Nera used to be with the consultancy Minercon International, gold producer Philex Mining and international service provider Cytec Industries.
Choa will be responsible for general support services.
An industrial engineer, Choa used to work for Prudential Company Asia, Coca-Cola Export Corp. and Asian Alliance Investment Corp.
Last week, Atlas Mining reported a 79-percent contraction in 2014 income to P397 million.
This was much faster than the 45-percent drop recorded in 2013 when net income was pegged at P1.9 billion.
In 2014, revenues jumped 12 percent to reach P16.2 billion, buoyed by higher output and shipment volumes.
However, lower realized metal prices as well as higher costs, higher depreciation from new assets, financing and income tax charges tempered the effects of brisk production.
These factors came on the heels of the expiration in October 2013 of the income tax perks of subsidiary Carmen Copper.
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