Copper miner Sociedad Minera Cerro Verde SAA (CVERDEC1.VL) posted third-quarter net income of $164.9 million, down from $310.4 million in the same quarter a year earlier, due to a decrease in copper prices and lower volume of copper sold.

The company said revenue totaled $470.1 million in the third quarter compared with $675.9 million in the same quarter a year earlier.

In the third quarter, Cerro Verde said it produced 157 million pounds of copper compared with 165 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, BUENAVC1.VL) and a subsidiary of Sumitomo Corp. (8053.TO) also have equity stakes in the company.

-By Ryan Dube, Dow Jones Newswires; 51-945043802; peru@dowjones.com

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