NEW YORK Southern Copper
Corp.s net income tumbled 17.2 percent to $1.93 billion
last year from $2.34 billion in 2011 as sales fell 2.2 percent
to $6.67 billion largely due to lower commodity prices.
LME copper prices averaged $3.61
per pound in 2012 compared with $4 the previous year, and the
average Comex price fell to $3.61 per pound from $4.01.
The companys copper
production increased 2 percent to 651,801 tonnes last year from
638,810 tonnes in 2011, although fourth-quarter output of
165,089 tonnes was down 2.7 percent from 169,750 tonnes in the
same period a year earlier.
The Phoenix-based company said
it expects to boost its annual copper production to more than
1.17 million tonnes by 2017, in part from its $2.8-billion
investment to increase output at its Buenavista Mine in Mexico
to 488,000 tonnes per year by 2015 from 180,000 tonnes.
Chief financial officer Raul
Jacob said he is optimistic about copper demand this year,
noting that the company is forecasting 8.5-percent growth in
China in 2013, an improvement over 5-percent growth in
The companys molybdenum
sales fell 2.2 percent to 18,220 tonnes in 2012 from 18,635
tonnes the previous year, but zinc sales rose 3 percent to
93,392 tonnes from 90,664 tonnes in the same comparison and
silver sales jumped 14.6 percent to 16,232 tonnes from 14,161
Fourth-quarter net income dipped
1 percent to $531.8 million from $537 million a year earlier on
sales that fell 1.1 percent to $1.65 billion.