Peru's Cerro Verde Q3 Net $164.9 Million Vs $310.4 Million
31 Octubre 2011 - 11:14AM
Noticias Dow Jones
Copper miner Sociedad Minera Cerro Verde SAA (CVERDEC1.VL)
posted third-quarter net income of $164.9 million, down from $310.4
million in the same quarter a year earlier, due to a decrease in
copper prices and lower volume of copper sold.
The company said revenue totaled $470.1 million in the third
quarter compared with $675.9 million in the same quarter a year
earlier.
In the third quarter, Cerro Verde said it produced 157 million
pounds of copper compared with 165 million pounds in the same
quarter of the previous year.
The Cerro Verde mine is located in southern Peru.
Cerro Verde is majority controlled by Freeport-McMoRan Copper
& Gold Inc. (FCX). Compania de Minas Buenaventura SAA (BVN,
BUENAVC1.VL) and a subsidiary of Sumitomo Corp. (8053.TO) also have
equity stakes in the company.
-By Ryan Dube, Dow Jones Newswires; 51-945043802;
peru@dowjones.com
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