Southern Copper Corporation Reports Unaudited Consolidated and Production Earnings Results for the First Quarter Ended of March 31, 2018
April 27, 2018 at 03:42 pm IST
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Southern Copper Corporation reported unaudited consolidated earnings results for the first quarter ended of March 31, 2018. For the quarter, the company reported net sales of $1,841.1 million compared to $1,583.9 million a year ago. Operating income was $773.3 million compared to $570.4 million a year ago. Income before income tax was $704.4 million compared to $485.3 million a year ago. Net Income attributable to the company was $470.7 million compared to $314.4 million a year ago. Basic and diluted net income attributable to the company's common shareholders was $0.61 compared to $0.41 a year ago. Net cash provided by operating activities was $649.8 million compared to $490.1 million a year ago. Adjusted EBITDA was $939.4 million compared to $722.3 million a year ago. Capital investments were $295.7 million compared to $245.6 million a year ago
Copper production decreased 4.2% in first quarter of18 when compared with first quarter of 2017, principally due to a lower production at the Buenavista SX-EW plant. Silver mine production increased by 3.9% in first quarter of 2018 when compared with first quarter of 2017.
Southern Copper Corporation is an integrated copper producer. The Company is engaged in the production of copper, molybdenum, silver, and zinc. The Companyâs mining, smelting and refining facilities are located in Peru and Mexico and conducts exploration activities in those countries and in Argentina, Chile and Ecuador. Its segments include the Peruvian operations, Mexican open-pit operations and Mexican underground mining operations. Its Peruvian operations include the Toquepala and Cuajone mine complexes and smelting and refining plants, including a precious metals plant, industrial railroad and port facilities. Its Mexican open-pit operations include the La Caridad and Buenavista mine complexes and the smelting and refining plants, including a precious metals plant and a copper rod plant and support facilities that service both mines. Its Mexican underground mining operations include five underground mines that produce zinc, copper, lead, silver and gold, and a zinc refinery.