Cerro Verde Posts Drop In Q4 Net Income

Sociedad Minera Cerro Verde SA posted a decline its fourth-quarter net income.

Cerro Verde's quarterly net income declined to $205 million, from $384 million, in the year-earlier period. The company's revenue fell to $565 million from $783 million.

For full year 2011, Cerro Verde's net income rose to $1.08 billion, from $1.07 billion in 2010. Cerro Verde's revenue climbed to $2.52 billion, from $2.37 billion in 2010.

Cerro Verde produced 145 million pounds of copper in the fourth quarter, down from 171 million pounds, in the year-ago quarter.