LIMA, Feb 15 (Reuters) - Peruvian miner Volcan reported net profit of $211 million last year, a 36 percent drop from 2011, due to lower minerals prices, a regulatory agency said on Friday.
Volcan, one of Peru’s top silver and zinc producers, posted profits of $54.4 million in the fourth quarter, a 23 percent decrease over the same period in 2011.
Though the company’s volume shipments rose, overall sales fell 4.2 percent to $1.16 billion last year.
“This decrease is explained mainly by last year’s drop in average prices for zinc (-11.2 percent), lead (-14.2 percent) and silver (-11.3 percent),” the company said in a report released by Peru’s Conaseva agency.
Volcan, whose shares are among the most liquid on Lima’s stock market, posted earnings of $329 million in 2011.
Last year, the company’s volume shipments of silver rose 11.7 percent, zinc 6.4 percent and lead 12.5 percent, compared to 2011.
Volcan said it produced 22 million ounces of silver last year, up from 21.1 million in 2011, while zinc production fell 6 percent.
The company said in December that an expansion push would allow it to raise silver production to 30 million ounces.