LIMA, Peru–Southern Copper Corp. (SCCO, SCCO.VL) said Wednesday third-quarter net earnings decreased to $217.9 million, compared with $663 million in the year-earlier quarter.
Net earnings were $0.26 per share compared with $0.78 per share a year earlier.
Southern Copper’s earnings were down largely due to a $316 million legal payment by the company to the attorneys that initiated litigation in the Minera Mexico derivative lawsuit.
Southern Copper said sales totaled $1.55 billion in the third-quarter, from $1.75 billion in the year-earlier period.
The company said copper mine production totaled 160,379 tons from 155,689 tons a year earlier.
Southern Copper operates mines, smelting and refining facilities in Mexico and Peru. Grupo Mexico (GMEXICO.MX) has a controlling stake in Southern Copper.