Sociedad Minera Cerro Verde Announces Earnings and Production Results for the Third Quarter of 2016 and CapEx Results for the Nine Months of 2016
November 02, 2016 at 07:27 am EDT
Sociedad Minera Cerro Verde announced earnings and production results for the third quarter of 2016 and CapEx results for the nine months of 2016. The company posted a $48.3 million profit compared with a $6.70 million profit in third quarter of 2015. Sales more than doubled to $559 million in third quarter of 2016 from $240 million a year earlier, which was partly countered by higher sales costs and financial expenses.
CapEx totaled $350 million through the first three quarters, down from $1.30 billion a year earlier as work finished on the expansion project.
Third quarter copper production doubled to 265Mlb from 123Mlb in third quarter of 2015, while sales jumped to 275Mlb from 125.6Mlb.