Sociedad Minera Cerro Verde Reports Earnings Results for the Year 2016
February 09, 2017 at 10:52 pm IST
Sociedad Minera Cerro Verde posted a $341 million profit for full-year 2016 compared with a $33.3 million profit in 2015. Sales more than doubled to $2.384 billion from $1.116 billion a year earlier, which was partly countered by higher sales costs and financial expenses. Capex totaled $421.6 million in 2016, down from $1.700 billion, as work finished on the expansion project. Annual sales jumped to 995Mlb copper concentrates and 109Mlb cathodes in 2016 from 440Mlb and 104Mlb in 2015, respectively.