Copper miner Sociedad Minera Cerro Verde SAA (CVERDEC1.VL) posted third-quarter net income of $304.1 million, compared with $198.1 million in the same quarter a year earlier, due to rising copper prices and increased sales.

The company said that revenues totaled $675.9 million in the third quarter compared with $469.5 million in the same quarter a year earlier.

Cerro Verde said that in the third quarter it produced 164.8 million pounds of copper compared with 160.9 million pounds in the same quarter of the previous year.

The Cerro Verde mine is located in southern Peru.

Cerro Verde is majority controlled by Freeport McMoRan Copper & Gold Inc. (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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