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.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.