Copper miner Sociedad Minera Cerro Verde SAA (CVERDEC1.VL) posted first-quarter net income of $367.7 million, compared with $241.3 million in the same quarter last year, due to rising copper prices and increased sales.

The company said revenue totaled $740.9 million in the first quarter, compared with $534.1 million in the like same quarter last year.

Cerro Verde said it produced 175.4 million pounds of copper in the latest quarter, compared with 165.2 million pounds in year-earlier period.

The Cerro Verde mine is located in southern Peru.

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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