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Southern Copper Corporation (NYSE:SCCO,BVL:SCCO) has reported its first quarter results for 2014. Highlights included an 11.8 percent decrease in net sales from the fourth quarter of 2014 due to lower red metal prices and lower copper sales, a decrease in net income of 20.4 percent, and an increase in copper mine production.
Southern Copper Corporation (NYSE:SCCO,BVL:SCCO) has reported its first quarter results for 2014. Highlights included an 11.8 percent decrease in net sales from the fourth quarter of 2014 due to lower red metal prices and lower copper sales, a decrease in net income of 20.4 percent, and an increase in copper mine production.
As quoted in the press release:
Copper mine production increased by 13,683 tons or 9.2% in 1Q14 compared with 1Q13, due to higher throughput at the Buenavista, Cuajone and La Caridad mines and higher ore grades and higher recoveries at the Toquepala, Cuajone and Buenavista mines. Molybdenum and silver production also increased by 15.7% and 8.6% in 1Q14 compared with 1Q13. The 754 tons increase in molybdenum production was mainly result of the new molybdenum plant at Buenavista (+605 tons).
Click here to read the Southern Copper Corporation (NYSE:SCCO) press release