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LIMA, April 29 (Reuters) - Peruvian precious metals miner Buenaventura reported first-quarter net income of $17.3 million on Wednesday, well above its $16.1 million loss in the same period a year ago.
The result was below the $37 million estimate of one analyst who recorded the forecast with Thomson Reuters I/B/E/S.
Rising production and falling costs at Yanacocha, a large mine in which Buenaventura owns a 43.7 percent stake, offset an 11 percent year-on-year drop in net sales, the company said in a statement.
Gold output from Yanacocha rose 20 percent in the first quarter from the same period a year ago, according to Buenaventura, Peru’s biggest publicly traded precious metals miner.
The company’s earnings before interest, taxes, depreciation and amortization for operations including its joint ventures rose 26 percent to $142.9 million, Buenaventura said.
Buenaventura posted a $76.1 million net loss for the previous full year. (Reporting by Mitra Taj; Editing by Lisa Shumaker and Ken Wills)