Base metals mining company Sociedad Minera Cerro Verde SAA (CVERDEC1.VL) said it had a fourth-quarter net loss of $100.4 million, compared to a $165.0 million gain in the same quarter a year earlier.

The net loss was mainly due to weaker revenues tied to lower copper prices, and higher sales costs.

The company said that revenues totaled $26.1 million in the fourth quarter compared to $422.7 million in the same quarter a year earlier.

The company added that the 93.8% decline in net sales quarter-over-quarter was caused in part by a provisioning for future sales, worth $247.7 million.

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; 511-9927 7269; peru@dowjones.com