Peru's Cerro Verde 1Q Net $106.2 Million Vs $352.1 Million
April 30 2009 - 9:00AM
Dow Jones News
Base metals miner Sociedad Minera Cerro Verde SAA (CVERDEC1.VL)
on Thursday said it had first-quarter net income of $106.2 million,
compared with $352.1 million in the same quarter the year
earlier.
The weaker net income was mainly due to weaker copper prices, it
said.
The company said that operating income totaled $320.1 million in
the first quarter, compared with $711.4 million in the same quarter
the year before.
The company produced 166.9 million pounds of copper in the first
quarter compared with 162.2 million in the same quarter a year
earlier.
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; 511-221-7050;
peru@dowjones.com