April 30, 2013 / 5:05 PM / 5 years ago

Peru miner Buenaventura shares drop 5 pct on falling profits

LIMA, April 30 (Reuters) - Shares of Peru’s top precious metals miner Buenaventura dropped more than 5 percent in Lima on Tuesday as gold prices slip and after the firm said its first-quarter profit fell 51 percent.

Buenaventura reported on Monday that its net income had shrunk to $102.7 million compared with the year earlier period on weaker metals prices, higher costs and reduced contributions from the Yanacocha and Cerro Verde mines it owns parts of.

The company said on Friday that contract workers at one of the company’s main silver mine returned to work after striking for ten days.

It did not say whether the strike affected output at its Uchucchacua mine in central Peru of about 11 million ounces of silver per year.

Buenaventura is the largest publicly traded mining company in Peru.

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