Copper miner Sociedad Minera Cerro Verde SAA (CVERDEC1.VL) posted fourth-quarter net income of $244.6 million, compared with a loss of $100.4 million in the same quarter a year earlier.

The increase in net income was due to increased sales revenues as copper prices improved.

The company said that operating income totaled $559.4 million in the fourth quarter compared with $26.1 million in the same quarter a year earlier.

For full year 2009, the company posted net income of $708.5 million compared with $718.4 million in 2008.

Cerro Verde is majority controlled by Freeport McMoRan Copper & Gold (FCX). Compania de Minas Buenaventura SAA (BVN) and a subsidiary of Sumitomo Corp. (8053.TO) also have equity stakes in the company.

-By Robert Kozak, Dow Jones Newswires; 511-99927 7269; peru@dowjones.com
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