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Peru Mining Companies Seen Posting Lower 2nd-Quarter Earnings

LIMA, Peru--The second-quarter financial results of mining companies in Peru are expected to come in lower than the year-ago period due to lower base-metal prices, higher costs and strikes at some operations, brokerage Inteligo SAB said. Southern Copper Corp. (SCCO, SCCO.VL), one of the world's biggest producers of copper, is expected to post net earnings of $591.3 million in the second quarter, which would be a decrease of 10.1% compared with same period last year, Inteligo said in a report sent by email Friday. Southern Copper's results are expected to be hurt by lower copper prices, though an increase in output at its units in Peru and Mexico should offset that somewhat, Inteligo said. Southern Copper operates mines, smelting and refining facilities in Mexico and Peru. Grupo Mexico (GMEXICO.MX) has a controlling stake in Southern Copper. Sociedad Minera Cerro Verde SAA (CVERDEC1.VL), another major copper producer in Peru, is expected to report a 21.5% decline in net earnings to $269.3 million due to lower copper prices and production, Inteligo said. Cerro Verde is 53.56%-owned by Freeport-McMoRan Copper & Gold Inc. (FCX). Freeport has already released its results, reporting that Cerro Verde produced 151 million pounds of copper in the second quarter, down from 170 million pounds in the year-ago period. Compania de Minas Buenaventura SAA (BVN, BUENAVC1.VL), Peru's largest publicly traded precious-metals miner, is expected to report net earnings of $190.4 million, which would be a 6.7% decrease from the year-ago period, Inteligo said. "Buenaventura's net earnings will drop as the mild increase in revenues will be offset by lower margins," Inteligo said. It added that a strike at Buenaventura's Orcopampa gold mine last quarter isn't expected to have a significant impact on production. Buenaventura said it will release its results July 31 after the market closes. Volcan Compania Minera SA's (VOLCABC1.VL) net profit is forecast to decline 57.2% in the second quarter to $43.2 million, Inteligo said. "Volcan's net earnings will suffer from the strike at its Cerro de Pasco unit, lower base-metal and silver prices and higher personnel expenses," Inteligo said. Peru is the world's second-biggest producer of copper and silver. It also is a major producer of gold, lead and zinc. Write to Ryan Dube at [email protected] Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Freeport Mcmoran (FCX)
DateTimeHeadline
03/22/201701:29:00Freeport Indonesia Resumes Copper Concentrate Production, But...
03/21/201714:47:00Metals: Copper Falls as Supply Concerns Diminish
03/21/201711:40:00Correction to Freeport Indonesia Story (on March 18)
03/21/201708:09:00Copper Falls as Supply Concerns Diminish
03/18/201707:29:00Freeport's Dispute With Indonesia Is Hitting Output From Giant...
03/13/201716:10:00Metals: Weaker Dollar and Mine Strikes Lift Copper
03/13/201708:25:00Metals Advance Ahead of U.S. Rates Decision
03/02/201707:06:00Metals Pull Back as Dollar Climbs
02/28/201707:17:00Copper Pulls Back Ahead of Trump's Address
02/27/201706:52:00Copper Gains as Supply Tightens
02/24/201713:13:22Annual Report (10-k)
02/24/201706:40:00Copper Gains on Weak Dollar, Supply Worries
02/23/201707:09:00Copper Falls on Weak Demand
02/22/201706:25:00Copper Pulls Back Ahead of Fed Minutes
02/21/201706:57:17Current Report Filing (8-k)
02/21/201706:24:00Copper Pulls Back as Dollar Strengthens
02/20/201711:28:00Freeport-McMoRan Won't Accept Terms of Indonesia's Permit Deal...
02/20/201711:04:00Freeport-McMoRan Won't Accept Terms of Indonesia's Permit Deal...
02/20/201710:52:00Freeport-McMoRan Refuses Indonesia's Permit Deal
02/20/201709:28:00Freeport-McMoRan Updates Status of PT Freeport Indonesia Operations

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