Southern Copper Corporation

Strong Copper Production Increase: Southern Copper reported an 11% increase in copper production for Q3 2024, totaling 252,219 tons, driven by enhanced operations in Peru and Mexico. The company expects to produce 975,000 tons of copper in 2024, marking a 7% increase from 2023. For 2025, copper production is projected to be slightly lower at 978,300 tons, reflecting stable operational capabilities.

Positive Financial Performance: Sales surged 17% year-over-year to $2.9 billion in Q3 2024, largely due to a 21% increase in copper sales value. Net income for Q3 2024 reached $897 million, a 45% increase from Q3 2023, driven by higher copper prices and effective cost control measures. The adjusted EBITDA margin improved to 57% from 52% in the previous year.

Increased Cash Costs and by-product credits: The operating cash cost including by-product credits was $0.76 per pound for Q3 2024, stable relative to the previous quarter. However, cash cost before by-product credits was reported at $1.95 per pound, showing a slight decline, but costs are expected to remain around this level in 2024 and 2025. By-product credits decreased by 11% due to lower prices for molybdenum and silver.