Peru miner Buenaventura's second-quarter profit drops 88 percent

LIMA, July 31 Wed Jul 31, 2013 10:27am EDT

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LIMA, July 31 (Reuters) - Top Peruvian precious metal miner Buenaventura reported an 88 percent drop in second-quarter net income on lower prices and production.

Net income fell to $19 million from $153.2 million a year earlier, the company said in an earnings report late on Tuesday.

Buenaventura's shares were down 2.7 percent at $13.91 in Wednesday morning trading.

Production from mines the company owns directly fell 65 percent, while sales were down 18 percent because of lower prices for gold, silver and copper.

Silver output was lower than expected, in part because of a 10-day strike at Buenaventura's Uchucchacua mine. Gold production from Yanacocha, a mine the company owns a 43.65 percent stake in, fell 25 percent.

So far this year, Buenaventura's net income has fallen 66 percent from a year earlier, the company said.

Buenaventura is the largest publicly traded mining company in Peru, a top metal producer.

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