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