LIMA, July 31 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.