Pacífico Region V reduced its profits by 98% due to lower copper price
There was a decline in earnings in the period from January to March this year.
The revenues of the mining company reached U.S. $ 52.9 million during the first quarter, down from U.S. $ 73.5 million accrued in the same period last year, mainly affected by the low price of copper, lower grade of ore mined and lower physical sales. As production costs rose by energy costs, among others, totaling $ 47.5 million, which represents an increase of 8.4% over the same period in 2013.
The benefits were reduced by 98%, totaling U.S. $ 192,000, compared to $ 15.6 million in revenues generated a year earlier. In this mainly influenced the decrease in price per pound of copper step Centus $ 345 to $ 302 Centus due to lower sales volumes which increased from 9,151 metric tons to 8,268 MT.
Meanwhile Financial debt from Pacífico Matrix has remained constant over the analysis periods around U.S. $ 12.2 million. The financial debt of the mining subsidiary Pucobre meanwhile, has also remained around $ 50 million, preserved in relation to its assets amount.
Source: Estrategia
