First quarter returns of Peruvian mining firms projected to be mixed, brokerage says
Peruvian companies are projected to indicate mixed results from the first quarter of the year, Dow Jones Newswires reports a brokerage stated.
Drivers of the mixed results include reduced prices for metals and larger generation, according to Inteligo SAB.
Southern Copper Corporation, a global leader in the manufacture of the reddish metal, is projected to post first quarter net profits of $608.3 million, representing an advance of 27 percent as compared with the same period last year.
Total generation is largely due to greater production from the firm's operation in Mexico at its Buenavista site. The company runs mines and conducts smelting and refining operations at its locales in Mexico and Peru.
The firm, in which Grupo Mexico holds a controlling stake, is projected to release results from its first quarter of the year on April 30.
First quarter results at the biggest publicly traded precious metal mine in Peru are projected to advance, according to Inteligo. The prospects of stronger results for Compania de Minas Buenaventura's are driven by increased prices of precious metals.
The company's net profit is projected to be $223.9 million, representing an increase of 2.6 percent more than the same quarter last year.
First quarter results, which likely include mine production reporting, are slated for release once the market closes on April 27.
Preoccupations about a slowdown in the global economy impacted the price of precious metals, which in turn impacted the mining companies.
A poll administered by Reuters indicates the world economy will grow by 3.3 percent this year.