Copying and distributing are prohibited without permission of the publisher

Higher copper output, rod sales lift Southern Copper profits 50%

February 09, 2012 - 17:32 GMT Location: London

KEYWORDS: Southern Copper Corp , Grupo Mexico , Buenavista , copper output , rod sales , zinc , silver

Southern Copper Corp achieved a record net income of $2.34 billion in 2011, up 50.3% year-on-year as overall production rose and rod sales jumped sharply, the company said on Thursday February 9.

The Arizona-based group produced 155,098 tonnes of refined copper last year, up 41.9%, while rod production rose to 28,387 tonnes, a four-fold increase over the previous year. The company achieved higher output at the Buenavista mine in Mexico as it was brought back up to full capacity, boosting overall mine production to 587,491 tonnes, up 22.8% year-on-year. Southern Copper...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.

If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.

A standard subscription include one year's worth of news and prices. You can also upgrade to the full archive and benefit from more than 13 years of intelligence. Start your subscription today.

Free trial

Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.

Free trial

Already have an account?

Lead & Zinc

May 24, 2012 17:28 Pan American Silver’s revenues up 20% in Q1
May 24, 2012 17:07 CLOSE TO CLOSE: Base metals follow euro higher in LME kerb
May 24, 2012 13:48 Base metal prices stable in LME officials as euro plateaus
May 24, 2012 12:08 Brazilian zinc consumption will grow 6% in 2013
May 24, 2012 11:25 Shanghai copper price little changed; arbitrage gap narrows

Copper

May 24, 2012 17:28 Pan American Silver’s revenues up 20% in Q1
May 24, 2012 17:07 CLOSE TO CLOSE: Base metals follow euro higher in LME kerb
May 24, 2012 15:26 Copper products sales in Brazil hit record $8.6bn
May 24, 2012 13:59 Copper concentrator failure halts production at Botswana’s Mowana mine
May 24, 2012 13:48 Base metal prices stable in LME officials as euro plateaus

Minor & Precious Metals

May 24, 2012 17:28 Pan American Silver’s revenues up 20% in Q1
May 24, 2012 10:04 Rubamin ceases production of cobalt; Chemlock diversifying
May 24, 2012 00:15 PolyMet expects review by 1st qtr.
May 24, 2012 00:12 Electrolytic manganese sale price irks market
May 23, 2012 19:51 Trevali buys mill to ease Halfmile start-up

Comment & analysis

EXPERT VIEW FROM ERNST & YOUNG: Horror week favours the brave

Seven days is a long time in the investment world, but last week must have felt longer than most.
COMMENT: When super-cycle poster child BHP Billiton trims its plans...

BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.
LORD COPPER: There is nothing to fear after JP Morgan loss ...

So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.