Southern Copper Q4 Profit Flat at $531.8 Million-Shanghai Metals Market

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Southern Copper Q4 Profit Flat at $531.8 Million

Industry News 08:49:26AM Feb 01, 2013 Source:SMM

Jan 31 (Reuters) - Southern Copper posted net income of $531.8 million in the fourth quarter of 2012, down 1 percent from a year earlier on higher costs and lower prices for some products, the company said on Thursday.

The global miner, a unit of Grupo Mexico, said capital expenditures rose 39.9 percent in the last quarter of 2012 To $386 million, and were a record $1.05 billion in all of 2012 - a 71.6 percent rise over 2011.

"The increase reflects our strong commitment to the company expansion programs," said Southern Copper, which is growing its operations in Mexico and Peru. It expects to boost copper production 84 percent to 1,175,000 tonnes by 2017.

Contract negotiations with unions representing workers at Southern Copper's main units in Peru broke down earlier this month, and labor leaders said they were still considering a strike.

The company said it brokered deals that include salary increases with three out of eight unions in Peru and said it expects to reach an agreement with the others "in coming days."

 

Southern Copper Q4 Profit Flat at $531.8 Million

Industry News 08:49:26AM Feb 01, 2013 Source:SMM

Jan 31 (Reuters) - Southern Copper posted net income of $531.8 million in the fourth quarter of 2012, down 1 percent from a year earlier on higher costs and lower prices for some products, the company said on Thursday.

The global miner, a unit of Grupo Mexico, said capital expenditures rose 39.9 percent in the last quarter of 2012 To $386 million, and were a record $1.05 billion in all of 2012 - a 71.6 percent rise over 2011.

"The increase reflects our strong commitment to the company expansion programs," said Southern Copper, which is growing its operations in Mexico and Peru. It expects to boost copper production 84 percent to 1,175,000 tonnes by 2017.

Contract negotiations with unions representing workers at Southern Copper's main units in Peru broke down earlier this month, and labor leaders said they were still considering a strike.

The company said it brokered deals that include salary increases with three out of eight unions in Peru and said it expects to reach an agreement with the others "in coming days."