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Southern Copper says net profit rose 49.7 pct in Q1

LIMA, April 25 (Reuters) - Southern Copper Corp made $470.7 million in net profit in the first quarter, 49.7 percent higher than in the same period a year earlier thanks to higher copper prices and efforts to reduce costs, the company said on Wednesday.

The Arizona-headquartered company, controlled by Grupo Mexico, added in its earnings report that it plans to make $1.6 billion in capital investments this year, including funding for its stalled $1.4 billion Tia Maria copper project in Peru. (Reporting By Mitra Taj, Editing by Franklin Paul)