Southern Copper Says Q2 Profit Falls 14.4 Pct-Shanghai Metals Market

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Southern Copper Says Q2 Profit Falls 14.4 Pct

Industry News 09:50:56AM Jul 30, 2012 Source:SMM

LIMA, July 28 (Reuters) - Southern Copper said on Saturday its second-quarter net profit fell 14.4 percent to $564 million from the same period a year ago as global metals prices retreated.

It said revenue declined 7.9 percent to $1.66 billion even as production rose 10 percent to 160,595 tonnes. The company, a top producer of the red metal, said output at its Cuajone mine in Peru rose 31 percent while production at the La Caridad mine in Mexico rose 18 percent.

"Looking beyond the current volatile markets, the medium to long term outlook remains positive for metals, as strong demand growth from China and the emerging economies is poised to continue," Chairman German Larrea said in a statement.

"The quality of our assets and expansion plans, combined with our positive long term view of copper prices gives us confidence in the sustainable cash generating ability of our business."

The unit of Grupo Mexico, which has mines in Peru and Mexico, said expansion projects at Toquepala and Cuajone were proceeding and that it was redrafting an environmental impact study to overcome opposition to its Tia Maria project in Peru.

It also said engineering work on its Angagueo project in Mexico was moving forward and that its new Buenavista copper processing facility would open in September.

 
 

 

Key Words:  Southern Copper   net profit 

Southern Copper Says Q2 Profit Falls 14.4 Pct

Industry News 09:50:56AM Jul 30, 2012 Source:SMM

LIMA, July 28 (Reuters) - Southern Copper said on Saturday its second-quarter net profit fell 14.4 percent to $564 million from the same period a year ago as global metals prices retreated.

It said revenue declined 7.9 percent to $1.66 billion even as production rose 10 percent to 160,595 tonnes. The company, a top producer of the red metal, said output at its Cuajone mine in Peru rose 31 percent while production at the La Caridad mine in Mexico rose 18 percent.

"Looking beyond the current volatile markets, the medium to long term outlook remains positive for metals, as strong demand growth from China and the emerging economies is poised to continue," Chairman German Larrea said in a statement.

"The quality of our assets and expansion plans, combined with our positive long term view of copper prices gives us confidence in the sustainable cash generating ability of our business."

The unit of Grupo Mexico, which has mines in Peru and Mexico, said expansion projects at Toquepala and Cuajone were proceeding and that it was redrafting an environmental impact study to overcome opposition to its Tia Maria project in Peru.

It also said engineering work on its Angagueo project in Mexico was moving forward and that its new Buenavista copper processing facility would open in September.

 
 

 

Key Words:  Southern Copper   net profit