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Peru's Cerro Verde 3Q Net $198.1 Million Vs $165.7 Million

LIMA -(Dow Jones)- Copper miner Sociedad Minera Cerro Verde SAA (CVERDEC1.VL) posted third-quarter net income of $198.1 million, compared with $165.7 million in the same quarter a year earlier.

The increase in net income was due to stronger revenue as copper prices improved.

The company said that operating income totaled $469.5 million in the quarter compared with $411.3 million a year earlier.

The company produced 160.9 million pounds of copper in the third quarter compared with 173.6 million pounds a year earlier. That was the result of lower concentrate production due to maintenance at the concentrating plant.

Cerro Verde is majority controlled by Freeport McMoRan Copper & Gold. (FCX) Compania de Minas Buenaventura SAA (BVN) and a subsidiary of Sumitomo Corp. ( 8053.TO) also have equity stakes in the company.

-By Robert Kozak; Dow Jones Newswires; 511-99927 7269; peru@dowjones.com

  (END) Dow Jones Newswires
  10-29-091245ET
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