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Peruvian mining company Buenaventura reports 4Q profits up 54 percent

Peruvian mining company Buenaventura reports 4Q profits up 54 percent

Peruvian mining company Compania de Minas Buenaventura SAA on Thursday said fourth-quarter profit rose 54 percent as the company sold more gold and zinc and prices for the metals soared.
Net income rose to US$123.7 million (euro81.8 million), or US$0.97 (euro0.64) a share, from US$80.5 million (euro53.2 million at current rates), or US$0.63 (euro0.42) a share, in the fourth quarter of 2006, the Lima-based company said in a statement.
Sales increased 18.4 percent in the fourth quarter to US$238.2 million (euro157.5 million) over the year ago period. Gold prices rose by about a third in the fourth quarter, and on Thursday reached a record US$975 an ounce.
Buenaventura, Peru's largest publicly traded producer of gold, silver, and other precious metals, holds a 43.6 percent stake Latin America's largest gold mine, the Yanacocha mine in Cajamarca, Peru.
Net income fell 36 percent for the year to US$274.8 million (euro181.7 million) from US$428.1 million (euro283.1 million) in 2006, as the company sold off gold hedge contracts at prices well below the metal's current market value.
Released from those obligations, Buenaventura will be free to profit more from rising gold prices in the future.


Updated : 2021-06-14 22:15 GMT+08:00