Southern Copper Q1 net down 20 pct on spending, lower copper prices
LIMA, April 27
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.