Copper miner Sociedad Minera Cerro Verde SAA (CVERDEC1.VL) posted second-quarter net income of $343.3 million, up from $137.7 million in the same quarter a year earlier, due to rising copper prices and increased sales.

The company said revenue totaled $744.0 million in the second quarter compared with $375.7 million in the same quarter a year earlier.

In the second quarter, Cerro Verde said, it produced 170 million pounds of copper compared with 166 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 SA (BVN, BUENAVC1.VL) 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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