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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (36055)	4/24/2009 9:37:33 PM
From: LoneClone	Read Replies (1) \| Respond to of 196200

UPDATE 1-Southern Copper's profit drops on low prices Thu Apr 23, 2009 9:35pm EDT reuters.com (Adds sales, costs) LIMA, April 23 (Reuters) -Southern Copper (PCU.N) trimmed its 2009 capital budget on Thursday and said low metals prices caused first quarter net profit to fall to $78.7 million from $565 million in the same period a year ago. Net sales were $622.0 million in the first quarter, less than half of $1.49 billion in the year earlier period. Output also fell at the company, which is one of the world's largest producers of copper but has had a lingering labor dispute at a mine in Mexico. It said production fell to 119,772 tonnes in the first quarter from 127,862 tonnes in the same period a year earlier. Because of a weak economy, the company said it further reduced its 2009 capital and exploration budget to $328 million from $415.3 million. The readjusted budget includes $177.8 million for the Tia Maria and Toquepala expansion projects in Peru, $58.3 million for other projects, $69.2 million for maintenance and replacement capital expenditures and $22.7 million for exploration. Costs have also fallen as the global economy as weakened. The unit of Grupo Mexico (GMEXICOB.MX) said costs for fuel, power and repair materials fell by 19 percent, 32 percent and 21 percent, respectively. For the latest quarter, the operating cash cost per pound of copper was $0.64, compared with $1.19 per pound a year ago. (Reporting by Terry Wade and Teresa Cespedes; editing by Carol Bishopric)