Peruvian miner Buenaventura says 3Q net edges up 1 percent
Peruvian miner Compania de Minas Buenaventura SAA says net income rose 1 percent in the third quarter as stronger gold production offset rising costs and falling metal prices, the Associated Press reported.
The Lima-based miner said Thursday that profits rose to US$100.1 million, or US$0.40 cents a share, from US$99.9 million, or US$0.39 cents a share, in the same quarter last year.
Operational income fell 20 percent to US$71.4 million due to higher contractor expenses and energy costs at mines.
The drop was offset by a 20 percent jump in production at the Yanacocha gold mine over the same period in 2007.
U.S. shares of the company rose 6.2 percent Thursday to close at US$12.28 before earnings were released.
Buenaventura is Peru's largest publicly traded precious metals company.