Sociedad Minera Cerro Verde Reports Earnings and Production Results for the Third Quarter of 2014 and Capex Results for the Nine Months of 2014; Announces Expansion Plans
For the period, the company reported Copper production fell to 117Mlb from 146Mlb a year earlier on lower ore grades and copper recovery rates, while sales declined to 112Mlb from 137Mlb.
Capex rose to $1.3 billion through the first three quarters from $716 million a year earlier due to spending at its $4.6 billion expansion project.
The company also announced expansion project is designed to boost concentrator capacity at Cerro Verde to 360,000t/d of ore from 120,000t/d, and provide additional annual production of approximately 600Mlb (272,155t) of copper and 15Mlb of molybdenum, starting in 2016.