Southern Copper Q1 net down 20 pct on spending, lower copper prices

LIMA, April 27 Sat Apr 27, 2013 8:08am EDT

LIMA, April 27 (Reuters) - Southern Copper's first quarter net profit tumbled 20.3 percent to $495.4 million, dragged down by a steep increase in capital spending and weaker prices for the red metal, the company said late on Friday.

The miner, a unit of Grupo Mexico, said its capital expenditures jumped 78.6 percent to $316.8 million in the first three months of the year.

Southern Copper aims to increase copper production capacity by approximately 84 percent from 640,000 tons to 1,175,000 tons by 2017.