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UPDATE 1-Peru's Buenaventura posts 65 pct drop in 3rd-qtr income

Wednesday, 30 Oct 2013 | 6:50 PM ET

LIMA, Oct 30 (Reuters) - Peruvian precious metals miner

Buenaventura said on Wednesday that

its net income fell 65 percent to $65.1 million in the third quarter from the same period a year earlier.

The company posted a 15 percent decline in net sales to $335.3 million, a drop the miner attributed to lower mineral prices.

A 28 percent decline in gold production at Yanacocha, a mine in which Buenaventura owns a 43.65 percent stake, contributed to a 41 percent dip in royalty income.

Earnings before interest, taxes, depreciation and amortization, a financial indicator known as EBITDA, were down 37 percent to $237.7 million. The company credited a one-time inventory write-down and "social responsibility expenses" at Yanacocha for the decline.

Buenaventura is Peru's largest publicly traded mining company.