Peruvian miner Compañía de Minas Buenaventura SAA posted a 198% jumpyear over year in first-quarter net income to US$51.6 million, or 20 cents pershare, from US$17.3 million, or 7 cents per share, despite a 4% drop in netsales to US$220.6 million.
The company achieved the net income on the back of lowertotal operating costs, and gains from foreign exchange and deferred income tax.
EBITDA from direct operations in the first quarter increased34% year over year to US$60.3 million from US$45.0 million.
The lower net sales were the result of the general declinein all metal prices, as well as lower gold, lead and zinc volume sold. Silvervolume sold increased 13% partially offsetting the decline in sales.
Buenaventura produced about 293,238 ounces of gold in the firstquarter, compared to 358,785 ounces of gold produced a year earlier. Silverproduction stood at about 6.0 million ounces in the quarter, up from 5.6million ounces in the year-ago quarter.