UPDATE: Peru's Cerro Verde SAA 4Q Loss $100 Million Vs Gain $165 Million
February 05 2009 - 2:44PM
Dow Jones News
Base metals mining company Sociedad Minera Cerro Verde SAA
(CVERDEC1.VL) said it had a fourth-quarter net loss of $100.4
million, compared to a $165.0 million gain in the same quarter a
year earlier.
The net loss was mainly due to weaker revenues tied to lower
copper prices, and higher sales costs.
The company said that revenues totaled $26.1 million in the
fourth quarter compared to $422.7 million in the same quarter a
year earlier.
The company added that the 93.8% decline in net sales
quarter-over-quarter was caused in part by a provisioning for
future sales, worth $247.7 million.
Cerro Verde is majority controlled by Freeport McMoRan Copper
& Gold (FCX). Compania de Minas Buenaventura SAA (BVN) and a
subsidiary of Sumitomo Corp. (8053.TO) also have equity stakes in
the company.
-By Robert Kozak; Dow Jones Newswires; 511-9927 7269;
peru@dowjones.com