Cerro Verde reported operating and earnings results for the first quarter of 2014. The company increased first quarter copper output to 134.4Mlb from 121.7Mlb a year earlier.

The company reported its first quarter profit drop 29.4% to $98 million on lower copper prices. Sales fell to $347 million from $394 million a year earlier, as copper dropped to $2.47/lb from $3.05/lb a year earlier.