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SCC’s earnings up 28.4% in third quarter

Keywords: Tags  Southern Copper, SCC, copper prices, Carolina Guerra

SÃO PAULO — Southern Copper Corp. (SCC) saw earnings increase by 28.4 percent year on year in the third quarter due to "operating efficiencies and cost containment" measures, it said.

Earnings before interest, taxes, depreciation and amortization (Ebitda) totaled $684 million in the third quarter, up from $532 million in the same 2012 period.

Refined copper production totaled 186,038 tonnes in the third quarter, a 15.7 percent year-on-year increase, as operations returned to normal levels after scheduled maintenance in 2012.

Mined copper, by contrast, saw a 3.4 percent year-on-year decrease in the quarter to 154,993 tonnes.

SCC’s sales also fell 10.8 percent to $1.38 billion in the third quarter, mainly as a result of lower metals prices.

Average copper prices fell 8.3 percent to $3.21 per pound ($7,076 per tonne) in the third quarter compared with a year ago, according to SCC’s report.

SCC is 81.8-percent owned by Grupo México SAB de CV and the remaining stake is held by international investors.

A version of this article was first published in AMM sister publication Metal Bulletin.

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