SOUTHERN COPPER CORP/
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
SCCO$167.27+1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001558370-25-009879
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001104659-25-104914
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 143 previous paragraphs and 142 current paragraphs.
60 unchanged; 50 reworded; 31 added; 30 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 87 previous and 89 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (31)
Current report
Recent U.S. tariff policy changes have thus far had a limited impact on our results. As such, we are confident now that the long-term fundamentals of prices for copper and other metals will remain very positive.
Current report
Net sales in the third quarter of 2025 totaled $3,377.3 million, representing a 15.2% increase compared to the same period in 2024. An upswing in performance was mainly supported by increased sales volumes of molybdenum (+7.9%), silver (+21.9%), and zinc (+7.3%), along with higher prices for copper (+6.5% LME; +14.2% COMEX), molybdenum (+12.1%), silver (+34.4%) and zinc (+1.6%). This effect was partially offset by a decrease in copper sales volumes (-3.6%).
Current report
Net income attributable to SCC for the third quarter of 2025 reached $1,107.6 million, marking a 23.5% increase compared to the same period in 2024. Heightened performance was primarily supported by an increase in net sales
Current report
(+15.2%), which was mainly related to higher metal prices and was partially offset by higher operating costs (+8.6%), income taxes (+17.7%) and interest expenses (+9.9%).
Current report
Net sales for the nine months of 2025 increased 10.4% compared to the same period in 2024. This growth was driven by with increased sales volumes of molybdenum (+6.7%), silver (+16.6%) and zinc (+18.7%), along with higher prices for copper (+4.6% LME; +11.9% COMEX), molybdenum (+3.3%), silver (+29.2%) and zinc (+3.3%). These positive effects were slightly offset by a decrease in copper sales volume (-1.0%).
Current report
Silver mine production increased 16.4% in the third quarter of 2025 compared to the same period of 2024. This growth was mainly driven by higher production at our La Caridad (+44.7%), Buenavista (+37.5%) and IMMSA (+11.1%) operations. However, this positive performance was slightly offset by lower production at our Toquepala (-15.6%) and Cuajone (-2.2%) mines.
Current report
by-product revenues from $0.86 to $0.61. This 29.3% reduction was primarily supported by higher sales volumes of molybdenum, silver and zinc.
Current report
As of October 14, 2025, the Company received from the Ministry of Energy and Mines an authorization for the commencement of exploitation activities for the Tía María project. This authorization is based on the considerations outlined in the supporting technical report and the environmental certification approved for the project. Consequently, we will soon initiate pre-stripping activities in La Tapada, and begin building main project components.
Current report
Project update: As of September 30, 2025, social and environmental management programs are underway in the communities directly influenced by the project, in accordance with the Framework Agreement signed between the Tiaparo Peasant Community and the Los Chancas Mining Project. Necessary actions are being undertaken to regain control of the project in response to the presence of illegal miners—control that is essential to continue advancing the development of our Los Chancas Project.
Current report
Project update: The geological information obtained from drilling programs has been used to develop the models required to estimate the deposit’s Mineral Resources. These models are currently being audited by a third party under the SEC’s mining disclosure standards, S-K 1300. A conceptual study is underway to determine the best location for a conventional and/or filtered tailings storage facility. Hydrological, hydrogeological, and geotechnical studies are also being conducted.
Current report
Our sustainability ratings are on the rise. In its Corporate Sustainability Assessment 2025, S&P Global increased SCC’s rating by four points over last year’s print. This result positions the company among the leaders in the mining sector’s performance ranking, with a rating that is more than twice the industry’s average. Some of SCC’s disaggregated ratings were the highest reported for the sector: i) transparency and reporting, ii) environmental management, iii) biodiversity, iv) cybersecurity, v) labor practices, vi) human rights and vii) community relations.
Current report
We prevent greenhouse gas emissions at our operations. The electricity our underground mines has received from the Fenicias wind farm has enabled us to curb greenhouse gas emissions by 180 thousand carbon tons thus far in 2025, which is equivalent to the electricity supply needed to sustain 40 thousand households in Mexico.
Current report
We are recovering ecosystems in Mexico and Peru. Thus far in 2025, we have conducted advance work to restore 67 hectares at our Buenavista del Cobre installations in Sonora and slightly less than 10 hectares in the Ite wetlands in Peru. These efforts entail reincorporating areas of the landscape that were previously impacted by our operations and
Current report
providing important environmental services. Additionally, we are preparing stocks and terraces and are installing assisted irrigation systems on approximately 200 hectares in Sonora, which will be reforested in 2025.
Current report
**Tía María supports education in the Arequipa region of Peru.**Through the works for taxes mechanism, we are financing the modernization and upgrades at an emblematic secondary school in the District of Cocachacra, which will serve 400 students, and a Biomedical Sciences Laboratory at the Universidad Nacional de San Agustín in Arequipa, which will be used by 3,000+ students and researchers.
Current report
Healthy communities with Dr. Vagón. During its tour of Sonora in 2025, the Health Train sponsored by Fundación Grupo México imparted more than 20 thousand free consultations in eight municipalities, marking an all-time high in Dr. Vagón’s history. Over its nine previous visits to the region, more than 59 thousand medical consultations and 70 thousand prescriptions were provided at no cost. With these results, Dr. Vagón has become one of the most important traveling health projects in Sonora, Mexico.
Current report
BENEFIT PLANS
Current report
At the Company’s July 2025 Board of Directors meeting, approval was granted by the Board to terminate the Retirement Benefit Plan for Salaried Employees of Southern Copper Corporation (the “Plan”) effective December 1, 2025. The Termination will proceed as a standard termination. Since November of 2000, the Plan has been frozen and closed to new participants and accruals of benefits. Retirees currently receiving their monthly benefits from The Metropolitan Life Insurance Company (“MetLife”) will continue to receive their monthly benefit from MetLife. Plan participants that will begin drawing their benefits for the first time after October 1, 2025, will receive their benefit from Midland Insurance Company.
Current report
Settlement charges related to the Plan termination, which will include the recognition of accumulated gains and losses recorded within other comprehensive income on the Company’s balance sheet, are currently expected to occur in the fourth quarter of 2025. The Plan termination is subject to certain conditions, including regulatory review, and the Company has the right to change the effective date of the termination or revoke the termination. It is not expected that the Plan termination will have a material impact on the Company’s financial statements, and the termination process is expected to be completed by April 30, 2026.
Current report
Net sales in the third quarter of 2025, net sales totaled $3,377.3 million, representing a 15.2% increase compared to the same period in 2024. This performance was mainly supported by increased sales volumes of molybdenum (+7.9%), silver (+21.9%), and zinc (+7.3%), along with higher prices for copper (+6.5% LME; +14.2% COMEX), molybdenum (+12.1%), silver (+34.4%) and zinc (+1.6%). These positive effects were partially offset by a decrease in copper sales volumes (-3.6%).
Current report
For the nine months of 2025, net sales increased 10.4% compared to the same period in 2024. This growth was driven by increased sales volumes of molybdenum (+6.7%), silver (+16.6%) and zinc (+18.7%), along with higher prices for copper (+4.6% LME; +11.9% COMEX), molybdenum (+3.3%), silver (+29.2%) and zinc (+3.3%). These positive effects were slightly offset by a decrease in copper sales volume (-1.0%).
Current report
Third quarter: Operating costs and expenses were $1,608.5 million in the third quarter of 2025, compared to $1,480.6 million in the same period of 2024. The increase of $127.9 million was primarily due to:
Current report
Nine months: Operating costs and expenses were $4,658.9 million in the first nine months of 2025 compared to $4,401.7 million in the same period of 2024. The increase of $257.2 million was primarily due to:
Current report
Net sales in the third quarter of 2025 increased $111.7 million compared to the same period of 2024. This improvement was mainly driven by higher sales volumes for silver (+33.0%) and molybdenum (+6.1%) and by higher prices for copper (+6.5%, LME), silver (+34.4%) and molybdenum (+12.1%). These positive effects were partially offset by a decrease in copper sales volume (-5.3%).
Current report
Operating costs and expenses were $630.9 million in the second quarter of 2025 compared to $640.2 million in the same period of 2024. The decrease of $9.3 million was primarily due to:
Current report
Operating costs and expenses in the first nine months of 2025 increased $92.8 million to $1,930.5 million compared to $1,837.7 million in the same period of 2024. This was primarily due to:
Current report
Operating costs and expenses were $882.0 million in the third quarter of 2025 compared to $736.5 million in the same period of 2024. The increase of $145.5 million was primarily due to:
Current report
Operating costs and expenses in the first nine months of 2025 increased $194.1 million to $2,431.7 million compared to $2,237.6 million in the same period of 2024. This was primarily due to:
Current report
Net sales in the third quarter of 2025 increased $14.9 million compared to the same period of 2024. This improvement was primarily driven by an increase in sales volumes of silver (+12.5%) and lead (+21.4%) and by higher prices for copper (COMEX, +14.2%) and silver (+34.4%). However, these effects were partially offset by a decrease in sales volumes of copper (-1.7%) and zinc (-28.4%).
Current report
Operating costs and expenses were $153.5 million in the third quarter of 2025 compared to $148.3 million in the same period of 2024. The increase of $5.2 million was primarily due to:
Current report
Operating costs and expenses in the first nine months of 2025 increased by $16.4 million to $452.0 million compared to $435.6 million in the same period of 2024. This was primarily due to:
Removed paragraphs (30)
Previous report
In the first half of 2025, the copper market registered a significant arbitrage difference between COMEX and LME prices. At its peak in July 11, 2025, the COMEX price was 119 cents per pound or 27% above the LME price. This huge difference reflected the strong possibility that a 50% tariff will be imposed on U.S. copper imports from various countries.
Previous report
Although we maintain a very positive long-term outlook for copper, we believe high tariffs for international trade from the U.S. will affect economic growth worldwide, consequently impacting copper demand in the long run.
Previous report
Net sales in the second quarter of 2025 totaled $3,051.0 million, representing a 2.2% decline compared to the same period in 2024. This result was primarily driven by a decrease in sales volumes of copper (-3.0%) and lower LME prices for copper (-2.3%), molybdenum (-5.2%), and zinc (-7.0%). These effects were partially offset by an increase in sales volumes of zinc (+14.0%), molybdenum (+2.7%) and silver (+13.9%), and by higher prices for silver (+16.6%) and COMEX copper (+3.7%).
Previous report
Net income attributable to SCC for the second quarter of 2025 reached $973.4 million, marking a 2.4% increase compared to the same period in 2024. This performance was primarily supported by a reduction in total operating costs and expenses (-3.1%), which was mainly attributable to an inventory variance in the cost of sales, and by an increase in interest income (+100.4%) related to higher cash and short-term investment balances. These positive factors were partially offset by the previously mentioned 2.2% decline in net sales, which reflected lower metal prices and reduced copper sales volumes.
Previous report
Net sales for the first half of 2025 increased 8.0% compared to the same period in 2024. This growth was driven by higher sales volumes of zinc (+25.3%), copper (+0.3%), molybdenum (+6.1%) and silver (+14.0%) and by higher prices for copper (COMEX +10.5%, LME +3.6%), silver (+26.3%) and zinc (+3.3%). This was slightly offset by a decrease in molybdenum prices (-1.3%).
Previous report
Silver mine production increased 15.4% in the second quarter of 2025 compared to the same period of 2024. This growth was driven by higher production at our Buenavista (+27.9%), La Caridad (+15.2%), IMMSA (+13.4%) and Cuajone (+8.4%) operations. However, this performance was slightly tempered by a decline in production at our Toquepala (-0.6%) mine.
Previous report
revenues from $0.91 to $0.70. This 23.6% reduction was mainly supported by higher sales volumes for silver and zinc, along with the aforementioned decrease in operating cash costs.
Previous report
Minera Mexico is planning to invest more than $600 million in 2025 at both its open pit and underground mines. Half of this investment will be used to guarantee the viability of long-term operations by actively modernizing and updating assets. The remaining funds will target improvements in water usage and tailings management to ensure that our operations are safe and efficient. In addition, we will invest in efforts to bolster optimization and growth.
Previous report
Project update: On June 6, 2025, the "Framework Agreement for the Development of the Tiaparo Peasant Community and the Los Chancas Mining Project" was signed with the community of Tiaparo. This agreement will be in effect throughout the construction and operation phases of the project. This agreement, as well as the important steps taken to control illegal mining activities related to the project represent important milestones in the development of our Los Chancas project.
Previous report
Project update: As of June 30, 2025, the exploration project’s total progress was 45%. The drilling program was completed, totaling 145,928 meters, and 59,098 core samples were submitted for chemical analysis. Diamond drilling has provided the information necessary to interpret the distribution of mineralization in geological sections and develop geological modeling, which is required for the mineral resource estimate, currently underway. The geometallurgical studies have been successfully completed, and hydrological, hydrogeological, and geotechnical studies for the project are about to begin.
Previous report
**SCC continued to strengthen its focus on sustainability and transparency.**For the first time, SCC’s Sustainable Development Report was verified by an independent third party. This verification complies with the standards of ESG rating agencies and bolsters investor confidence by providing detailed information on our performance across 15 material sustainability topics. The most noteworthy results include a 24% reduction in the lost time injury frequency rate
Previous report
since 2023; 39% of our electricity consumption was sourced from renewable energy in 2024; and The Copper Mark certification was achieved for all our open-pit operations.
Previous report
**SCC was included in the sustainability indices FTSE4Good Developed, FTSE4Good US and FTSE4Good US 100 developed by FTSE Russell.**a subsidiary of the London Stock Exchange Group. This inclusion the Company’s compliance with FTSE Russell’s environmental, social and governance (ESG) standards which are designed to identify companies with exemplary sustainability practices. Southern Copper obtained a score 60% above the average for the nonferrous metals’ subsector. Its presence in the FTSE4Good Developed and FTSE4Good US 100 indices places it among the top sustainability performers in developed markets globally and among the 100 highest-rated companies in the United States, respectively.
Previous report
The FTSE4Good Index Series is a series of benchmark and tradable indices for ESG. These indices are used by a wide range of market participants to create and evaluate responsible investment funds and other sustainability-focused financial products. FTSE Russell’s ESG assessment considers a broad set of indicators, including climate change strategy; water security and biodiversity (E); health and safety; labor standards and community engagement (S); corporate governance structure; anti-corruption; and risk management practices (G).
Previous report
International recognition for conservation of the Mexican gray wolf. At an event held in Detroit (June 3-4), SCC was recognized by the Tandem Global Awards 2025 in the category of “Mammal Projects.” These awards recognize excellence in corporate conservation by US-based and international companies that implement actions to protect biodiversity and improve natural environments. Buenavista del Cobre’s Environmental Management Unit, located in Cananea (Sonora), was recognized for its participation in the Binational Mexico-United States Program for the Conservation of the the Mexican Gray Wolf. This program focuses on driving genetic recovery and behavioral rehabilitation as well as reintroducing the gray wolf, which is on the brink of extinction, in the natural habitat.
Previous report
Tía María: generating sustainable value. As SCC advances in building the Tía María mining project in Arequipa, Peru, we continue to drive development in neighboring communities by generating employment and hiring local suppliers. To date, we have created 1,376 new jobs. 802 were filled with local applicants, which represents 11% of the economically active population (EAP) of the nearby Tambo valley. SCC has also hired 50 local suppliers in the transportation, general services and machinery rental sectors, consequently improving the quality of life of more than 300 families. By creating employment, hiring local suppliers and rolling out Tía María’s local programs, SCC serves the needs of the majority of the Tambo Valley’s population.
Previous report
Driving musical education in Mexican communities. As part of our Youth Orchestras and Choirs, professionals from the Academy of Music of the Palacio de Minería impart master classes to all students and teachers from the seven communities in Mexico that participate in the project. SCC also offers scholarships to outstanding students who wish to pursue higher learning in Orchestral Conducting and Pedagogy at the Instituto Superior de Música de Puebla, Mexico. This attests to the Company’s commitment to cultural and educational development.
Previous report
NET SALES
Previous report
In the second quarter of 2025 totaled $3,051.0 million, representing a 2.2% decline compared to the same period of 2024. This result was primarily driven by a decrease in sales volumes of copper (-3.0%) and lower LME prices for copper (-2.3%), molybdenum (-5.2%) and zinc (-7.0%). These effects were partially offset by an increase in sales volumes of zinc (+14.0%), molybdenum (+2.7%) and silver (+13.9%) and by an increase in prices for silver (+16.6%) and COMEX copper (+3.7%).
Previous report
For the first half of 2025, net sales increased by 8.0% compared to the same period in 2024. This increase was driven by higher sales volumes of zinc (+25.3%), copper (+0.3%), molybdenum (+6.1%) and silver (+14.0%) and improved market prices for copper (COMEX +10.5%, LME, +3.6%), silver (+26.3%) and zinc (+3.3%). This was slightly offset by a decrease in molybdenum prices (-1.3%).
Previous report
Second quarter: Operating costs and expenses were $1,464.0 million in the second quarter of 2025, compared to $1,511.0 million in the same period of 2024. The decrease of $47.0 million was primarily due to:
Previous report
Six months: Operating costs and expenses were $3,050.4 million in the first six months of 2025 compared to $2,921.1 million in the same period of 2024. The increase of $129.3 million was primarily due to:
Previous report
Net sales in the second quarter of 2025 dropped $68.5 million compared to the same period of 2024. This decline was mainly driven by a decrease in copper sales volume (-5.7%) and by lower prices for copper (LME, -2.3%) and molybdenum (-5.2%). These effects were partially offset by an increase in sales volumes of molybdenum (+8.3%) and silver (+7.7%) and by higher silver prices (+16.6%).
Previous report
Operating costs and expenses were $595.1 million in the second quarter of 2025 compared to $626.3 million in the same period of 2024. The decrease of $31.2 million was primarily due to:
Previous report
Operating costs and expenses in the first six months of 2025 increased $102.0 million to $1,299.6 million compared to $1,197.6 million in the same period of 2024. This was primarily due to:
Previous report
Operating costs and expenses were $765.9 million in the second quarter of 2025 compared to $786.1 million in the same period of 2024. The decrease of $20.2 million was primarily due to:
Previous report
Operating costs and expenses in the first six months of 2025 increased $48.6 million to $1,549.7 million compared to $1,501.1 million in the same period of 2024. This was primarily due to:
Previous report
Net sales in the second quarter of 2025 decreased $6.0 million compared to the same period of 2024. This decline was primarily driven by a reduction in the copper sales volume (-16.0%) and by a decrease in zinc prices (-7.0%). However, these effects were partially offset by an increase in sales volumes of silver (+11.3%) and zinc (+0.2%) and by higher prices for copper (COMEX, +3.7%) and silver (+16.6%).
Previous report
Operating costs and expenses were $161.5 million in the second quarter of 2025 compared to $134.1 million in the same period of 2024. The increase of $27.4 million was primarily due to:
Previous report
Operating costs and expenses in the first six months of 2025 increased by $11.2 million to $298.5 million compared to $287.3 million in the same period of 2024. This was primarily due to:
Reworded paragraphs (50)
Previous wording
For 2025, we believe that prices will hold at the current level of about $20.00 per pound given its diverse applications in critical industries.
Current wording
For 2026, we believe that prices will hold at the current level of about $20.00 per pound due to this metal’s properties and diverse applications in critical industries.
Previous wording
Regarding by-products, we expect to produce 173,400 tonnes of zinc from our mines, up 33% from 2024 production level. This growth will be driven by the production of our Buenavista Zinc concentrator (110,700 tonnes), which is operating at full capacity. We also expect to produce 28,700 tonnes of molybdenum in 2025, which represents a decrease of 1.0% compared to 2024 production levels. For silver, we expect to produce 22.8 million ounces of this metal, an increase of 9% compared to last year’s production.
Current wording
Regarding by-products, we expect to produce 174,700 tonnes of zinc from our mines, up 34% from 2024 production level. This growth will be driven by the production of our Buenavista Zinc concentrator (113,400 tonnes), which is operating fully dedicated to zinc production. We also expect to produce 30,000 tonnes of molybdenum in 2025, which represents an increase of 4% compared to 2024 production levels. For silver, we expect to produce 23 million ounces of this metal, an increase of 10% compared to last year’s production.
Previous wording
Earnings**:** The table below highlights key financial and operational data of our Company for the three and six-month periods ended June 30, 2025 and 2024 (in millions, except copper price, percentages and per share amounts):
Current wording
Earnings**:** The table below highlights key financial and operational data of our Company for the three and nine-month periods ended September 30, 2025 and 2024 (in millions, except copper price, percentages and per share amounts):
Previous wording
Net income attributable to SCC in the first six months of 2025 increased by 13.8% compared to the same period in 2024. This improvement was primarily driven by an 8.0% rise in sales and an 89.2% increase in interest income. These positive factors were partially offset by a 4.4% increase in operating costs, mainly related to variances in workers’ participation and inventory, and by a 10.6% increase in income taxes.
Current wording
Net income attributable to SCC in the nine months of 2025 increased by 17.2% compared to the same period in 2024. This improvement was primarily driven by a 10.4% rise in sales and a 62.5% increase in interest income. These positive effects were partially offset by a 5.8% increase in operating costs, mainly related to variances in workers’ participation and purchased copper concentrates as well as a 13.1% increase in income taxes.
Previous wording
Production**:** The table below highlights our mine production data for the three and six-month periods ended June 30, 2025 and 2024:
Current wording
Production**:** The table below highlights our mine production data for the three and nine-month periods ended September 30, 2025 and 2024:
Previous wording
The table below highlights our mine production data for the three and six-month periods ended June 30, 2025 and 2024:
Current wording
The table below highlights our mine production data for the three and nine-month periods ended September 30, 2025 and 2024:
Previous wording
Second quarter: Copper mine production in the second quarter of 2025 stood at 526.9 million pounds, a 1.4% reduction compared to the same period of 2024. This decrease was a result of lower production at Buenavista (-2.9%; due to lower ore grades and the fact that the new concentrator is fully dedicated to zinc production), La Caridad (-1.7%; due to lower ore grades and recoveries, partially offset by increased SX-EW production) and Cuajone (-1.0%; due to lower ore grades). These reductions were offset by increased production at Toquepala (+0.5%; due to higher recoveries) and IMMSA (+5.2%; due to higher ore grades).
Current wording
Third quarter: Copper mine production in the third quarter of 2025 stood at 517.8 million pounds, reflecting a 6.9% decrease compared to the same period of 2024. This decline was mainly attributed to lower production at Buenavista (-10.7%, which was attributable to lower ore grades and to the fact that the new concentrator was fully dedicated to zinc production); Toquepala (-8.4%; due to lower ore grades and recoveries); and Cuajone (-5.6%; due to lower ore grades). These effects were partially offset by higher production at La Caridad (+8.4%; driven by improved recoveries and increased SX-EW production) and at IMMSA (+10.2%; supported by higher ore grades and milling volume).
Previous wording
Molybdenum production increased 3.5% in the second quarter of 2025 compared to the same period of 2024. This growth was largely driven by improved production at our Cuajone (+8.9%), Toquepala (+7.4%), and Buenavista (+0.6%) mines, primarily due to higher ore grades. However, this performance was slightly offset by a decrease in production at our La Caridad (-0.5%) operations, which was driven by lower ore grades and recoveries.
Current wording
Molybdenum production increased 8.3% in the third quarter of 2025 compared to the same period of 2024. This growth was largely driven by improved production at our La Caridad (+24.2%) and Toquepala (+10.0%) mines, primarily due to higher ore grades. However, this performance was slightly offset by a decrease in production at our Buenavista (-8.7%) and Cuajone (-2.4%) operations, which was driven by lower ore grades and recoveries.
Previous wording
Zinc production increased 56.0% in the second quarter of 2025 compared to the same period in 2024. This significant growth was primarily driven by full-capacity operations at the Buenavista Zinc concentrator, which produced 30,894 tonnes of zinc (+126.3%) in the second quarter of 2025.
Current wording
Zinc production increased 46.3% in the third quarter of 2025 compared to the same period in 2024. This significant growth was primarily driven by full-capacity operations at the Buenavista Zinc concentrator, which produced 30,086 tonnes of zinc (+108.2%) in the third quarter of 2025.
Previous wording
Six months: Mined copper production in the first six months of 2025 was 1,056.5 million pounds, and represented a slight decrease of 0.7% compared to the same period of 2024. This decline was primarily attributable to lower production at Buenavista (-1.2%, due to lower ore grades and the full allocation of the new concentrator to zinc production), La Caridad (-4.0%; due to lower recoveries) and Cuajone (-0.3%; due to lower ore grades). This was partially offset by an increase in production at our Toquepala (+1.0%; due to higher milling) and IMMSA operations (+3.1%; due to higher ore grades).
Current wording
Nine months: Mined copper production in the nine months of 2025 was 1,574.3 million pounds, and represented a decrease of 2.8% compared to the same period of 2024. This decline was primarily attributable to lower production at Buenavista (-4.5%; due to lower ore grades and recoveries, and to the fact that the new concentrator was fully dedicated to zinc production. The aforementioned was partially offset by higher SX-EW output), Toquepala (-2.2%; due to lower ore grades and recoveries), Cuajone (-2.1%; due to lower ore grades) and La Caridad (-0.2%; due to lower milling volumes, which was partially offset by increased SX-EW production). The drop in mined copper production was slightly offset by higher production at our IMMSA operations (+5.5%; due to higher milling volumes and ore grades).
Previous wording
Molybdenum production increased 5.9% in the first six months of 2025 compared to the same period in 2024. This rise was mainly due to higher production at our Toquepala (+10.2%), Buenavista (+5.2%) and La Caridad (+5.1%) mines, reflecting an increase in ore grades. Growth, however, was slightly offset by a 0.9% decrease in production at the Cuajone mine.
Current wording
Molybdenum production increased 6.7% in the nine months of 2025 compared to the same period in 2024. This growth was mainly due to higher production at our La Caridad (+10.9%), Toquepala (+10.2%), and Buenavista (+0.3%) mines, reflecting an increase in ore grades. Growth, however, was slightly offset by a 1.4% decrease in production at the Cuajone mine.
Previous wording
Silver mine production increased 14.6% in the first six months of 2025, primarily due to higher production at our Buenavista (+36.6%), IMMSA (+10.4%), La Caridad (+5.8%) and Cuajone (+4.3%) operations. This growth was slightly offset by a decline in production at our Toquepala mine (-0.8%).
Current wording
Silver mine production increased 15.3% in the nine months of 2025, primarily due to higher production at our Buenavista (+36.9%), La Caridad (+17.9%), IMMSA (+10.6%) and Cuajone (+2.1%) operations. This growth was slightly offset by a decline in production at our Toquepala mine (-5.9%).
Previous wording
Zinc production increased 52.9% in the first six months of 2025. This growth was primarily driven by full-capacity operations at the Buenavista Zinc concentrator, which produced 56,227 tonnes during the period.
Current wording
Zinc production increased 50.5% in the nine months of 2025. This growth was primarily driven by full-capacity operations at the Buenavista Zinc concentrator, which produced 86,313 tonnes (+128.3%) during the period.
Previous wording
Our operating cash cost per pound of copper produced, before and net of by-product revenues, is presented in the table below for the three and six-month periods ended June 30, 2025 and 2024:
Current wording
Our operating cash cost per pound of copper produced, before and net of by-product revenues, is presented in the table below for the three and nine-month periods ended September 30, 2025 and 2024:
Previous wording
In the second quarter of 2025, the operating cash cost per pound before by-product revenues fell from $2.15 to $2.11 compared to the same period of 2024, driven mainly by lower operating costs (-2.5%). By-product revenues per pound increased by 6.1% from $1.40 to $1.48. As a result, the operating cash cost per pound net of by-product revenues dropped 16.8%, from $0.76 to $0.63. This reduction reflects effective cost management and higher by-product revenues, primarily from zinc and silver.
Current wording
In the third quarter of 2025, the operating cash cost per pound before by-product revenues increased from $1.96 to $2.23 compared to the same period of 2024, driven mainly by the unit cost effect of a drop in copper production (-7.5%) and higher production costs (+8.9%). By-product revenues per pound rose 51.4%, from $1.19 to $1.81. As a result, the operating cash cost per pound net of by-product revenues decreased 44.8%, from $0.76 to $0.42. This decline reflects stronger by-product revenues, primarily from molybdenum, zinc and silver.
Previous wording
For the first six months of 2025, the operating cash cost per pound before by-product revenues decreased from $2.13 to $2.08, which was mainly the result of a decrease in treatment and refining charges due to market conditions. In addition, a 13.5% increase in by-product revenues per pound helped reduce the operating cash cost per pound net of by-product
Current wording
For the nine-month period of 2025, the operating cash cost per pound before by-product revenues increased from $2.07 to $2.13, mainly due to the unit cost effect of a slight decrease in copper production (-2.7%) as well as higher production costs (+2.9%), and offset, to a large extent, by lower treatment and refining charges due to market conditions. Additionally, a 25.6% increase in by-product revenues per pound helped reduce the operating cash cost per pound net of
Previous wording
We are subject to market risks arising from the volatility of copper and other metal prices. For the remaining six months of 2025, assuming that expected metal production and sales are achieved; tax rates remain unchanged and giving no effects relative to potential cost changes, metal price sensitivity factors would indicate the following change in estimated net income attributable to SCC resulting from metal price changes:
Current wording
We are subject to market risks arising from the volatility of copper and other metal prices. For the remaining three months of 2025, assuming that expected metal production and sales are achieved; tax rates remain unchanged and giving no effects relative to potential cost changes, metal price sensitivity factors would indicate the following change in estimated net income attributable to SCC resulting from metal price changes:
Previous wording
Capital Investment Programs: We made capital investments of $553.5 million in the first half of 2025, compared to $545.6 million in the same period of 2024. In general, the capital investments and investment projects described below are intended to increase production, decrease costs or address social and environmental commitments.
Current wording
Capital Investment Programs: We made capital investments of $902.7 million in the first nine months of 2025, compared to $792.0 million in the same period of 2024. In general, the capital investments and investment projects described below are intended to increase production, decrease costs or address social and environmental commitments.
Previous wording
Tia Maria - Arequipa: This greenfield project, located in Arequipa, Peru, will use state of the art SX-EW technology with the highest international environmental standards with a capacity of 120,000 tons of SX- EW copper cathodes per year.
Current wording
Tia Maria - Arequipa: This greenfield project, located in Arequipa, Peru, will use state of the art SX-EW technology with the highest international environmental standards with a capacity of 120,000 tonnes of SX- EW copper cathodes per year.
Previous wording
Project update: As of June 30, 2025, the Company had generated 1,376 new jobs, 802 of which were filled with local applicants. To the fullest extent possible, we intend to fill the 3,500 jobs estimated to be required during Tia Maria’s construction phase with workers from the Islay province. In 2027, when we start operations, the project will generate 764 direct jobs and 5,900 indirect jobs.
Current wording
Project update: As of September 30, 2025, progress at Tia Maria stood at 23% and 2,109 new jobs had been generated; 809 of these positions were filled with local applicants. To the fullest extent possible, we intend to fill the 3,500 jobs estimated to be required during Tia Maria´s construction phase with workers from the Islay province. In 2027, when we start operations, the project will generate 764 direct jobs and 5,900 indirect jobs.
Previous wording
The project is in the early construction phase, and progress constructing access roads and platforms has reached 90%. The Company will advance these efforts alongside work to set up a temporary camp, engage in massive earthworks, and roll out mine-opening activities. To date, we have installed 59 kilometers of live fence to delimit the property.
Current wording
In the early construction phase, progress on access roads and platforms stands at 90%. We will advance these efforts alongside work to set up a temporary camp; engage in massive earthworks; and roll out mine-opening activities.
Previous wording
The Company has several projects in its Mexican pipeline that may boost organic growth if they are found to be of value for both stakeholders and the communities in which we operate. These projects are Angangueo, Chalchihuites and the Empalme Smelter, which could bolster our position as a fully integrated copper producer.
Current wording
SCC has several projects in its Mexican pipeline that may boost organic growth if they are found to be of value for both stakeholders and the communities in which we operate. These projects are Angangueo, Chalchihuites and the Empalme Smelter, which could bolster our position as a fully integrated copper producer. We are conducting talks with the current administration to continue rolling out SCC’s Mexican investments for $10.2 billion.
Previous wording
We have a number of other projects that we may develop in the future. We continuously evaluate new projects on the basis of our long-term corporate objectives, expected return on investment, environmental concerns, required investment
Current wording
We have a number of other projects that we may develop in the future. We continuously evaluate new projects on the basis of our long-term corporate objectives, expected return on investment, environmental concerns, required investment and estimated production, among other considerations. All capital spending plans will continue to be reviewed and adjusted to respond to changes in the economy and market conditions.
Previous wording
Los Chancas - Apurimac: This greenfield project, located in Apurimac, Peru, is a copper and molybdenum porphyry deposit. Current estimates of indicated copper mineral resources are 98 million tonnes of oxides with a copper content of 0.45% and 52 million tonnes of sulfides with a copper content of 0.59%. The Los Chancas project envisions an open-pit mine with a combined operation of concentrator and SX-EW processes that are expected to produce 130,000 tonnes of copper and 7,500 tonnes of molybdenum annually. The estimated capital investment is $2,600 million and the project is expected to begin operating in 2031. We continue to engage in social and environmental improvements for the local communities and are working on the project´s environmental impact assessment.
Current wording
0.45% and 52 million tonnes of sulfides with a copper content of 0.59%. The Los Chancas project envisions an open-pit mine with a combined operation of concentrator and SX-EW processes that are expected to produce 130,000 tonnes of copper and 7,500 tonnes of molybdenum annually. The estimated capital investment is $2,600 million and the project is expected to begin operating in 2031. We continue to engage in social and environmental improvements for the local communities and are working on the project´s environmental impact assessment.
Previous wording
Our discussion and analysis of financial condition and results of operations, as well as quantitative and qualitative disclosures about market risks, are based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of these consolidated financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We make our best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include: ore reserves, revenue recognition, ore stockpiles on leach pads and related amortization, estimated impairment of assets, asset retirement obligations, determination of discount rates related to the financial lease liabilities, classification of operating leases versus financial leases, valuation allowances for deferred tax assets, unrecognized tax benefits and fair value of financial instruments. We base our estimates on historical experience
Current wording
Our discussion and analysis of financial condition and results of operations, as well as quantitative and qualitative disclosures about market risks, are based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of these consolidated financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We make our best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include: ore reserves, revenue recognition, ore stockpiles on leach pads and related amortization, estimated impairment of assets, asset retirement obligations, determination of discount rates related to the financial lease liabilities, classification of operating leases versus financial leases, valuation allowances for deferred tax assets, unrecognized tax benefits and fair value of financial instruments. We base our estimates on historical experience and on various other assumptions that we believe reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.
Previous wording
The following highlights key financial results for the three and six-month periods ended June 30, 2025 and 2024:
Current wording
The following highlights key financial results for the three and nine-month periods ended September 30, 2025 and 2024:
Previous wording
The table below outlines the average published market metal prices for our metals for the three and six-month periods ended June 30, 2025 and 2024:
Current wording
The table below outlines the average published market metal prices for our metals for the three and nine-month periods ended September 30, 2025 and 2024:
Previous wording
The table below provides our metal sales as a percentage of our total net sales for the three and six-month periods ended June 30, 2025 and 2024:
Current wording
The table below provides our metal sales as a percentage of our total net sales for the three and nine-month periods ended September 30, 2025 and 2024:
Previous wording
The table below provides our copper sales by type of product for the three and six-month periods ended June 30, 2025 and 2024. The difference in value between products is the level of processing. At the market price, concentrates take a discount since they require smelting and refining processes, while refined and rod copper receive premiums due to their purity and presentation.
Current wording
The table below provides our copper sales by type of product for the three and nine-month periods ended September 30, 2025 and 2024. The difference in value between products is the level of processing. At the market price, concentrates take a discount since they require smelting and refining processes, while refined and rod copper receive premiums due to their purity and presentation.
Previous wording
The table below provides our copper sales volume by type of product as a percentage of our total copper sales volume for the three and six-month periods ended June 30, 2025 and 2024:
Current wording
The table below provides our copper sales volume by type of product as a percentage of our total copper sales volume for the three and nine-month periods ended September 30, 2025 and 2024:
Previous wording
Non-operating income (expense) represented a net expense of $43.1 million and $100.1 million in the three and six months ended on June 30, 2025 compared to a net expense of $76.7 million and $110.8 million in the three and six months ended June 30, 2024.
Current wording
Non-operating income (expense) represented a net expense of $44.6 million and $144.7 million in the three and nine months ended on September 30, 2025 compared to a net expense of $23.6 million and $134.4 million in the three and nine months ended September 30, 2024.
Previous wording
Second quarter: The $33.6 million decrease in the expense level was due to:
Current wording
Third quarter: The $21.0 million increase in the expense level was due to:
Previous wording
Six months: The $10.7 million decrease in the expense level was due to:
Current wording
Nine months: The $10.3 million increase in the expense level was due to:
Previous wording
The table below presents information regarding the volume of our copper sales by segment for the three and six-month periods ended June 30, 2025 and 2024:
Current wording
The table below presents information regarding the volume of our copper sales by segment for the three and nine-month periods ended September 30, 2025 and 2024:
Previous wording
The table below presents information regarding the volume of sales by segment of our significant by-products for the three and six-month periods ended June 30, 2025 and 2024:
Current wording
The table below presents information regarding the volume of sales by segment of our significant by-products for the three and nine-month periods ended September 30, 2025 and 2024:
Previous wording
Net sales in the first six months of 2025 increased $168.8 million compared to the same period in 2024. This growth primarily reflects improvements in sales volumes of copper (+4.2%), molybdenum (+6.8%), and silver (+15.0%) as well as an increase in market prices for copper (+3.6%, LME) and silver (+26.3%). However, this was slightly offset by a decrease in molybdenum prices (-1.3%).
Current wording
Net sales in the first nine months of 2025 increased $280.5 million compared to the same period in 2024. This growth primarily reflects improvements in sales volumes of copper (+0.9%), silver (+21.0%) and molybdenum (+6.6%), as well as an increase in market prices for copper (+4.6%, LME), silver (+29.2 %) and molybdenum (+3.3%).
Previous wording
Net sales in the second quarter of 2025 increased $16.3 million compared to the same period of 2024. This growth was mainly driven by higher sales volumes of zinc (+63.3%) and silver (+11.5%). This was supported by full-capacity production at the Buenavista zinc concentrator, as zinc sales volumes reached 64.0 million pounds in the second quarter of 2025. Additionally, higher prices for copper (COMEX, +3.7%) and silver (+16.6%) further supported the rise in net sales. However, these positive effects were mostly offset by a decrease in sales volumes of copper (-3.3%) and molybdenum (-1.7%) and by a decrease in prices of molybdenum (-5.2%) and zinc (-7.0%).
Current wording
Net sales in the third quarter of 2025 increased $342.2 million compared to the same period of 2024. Growth was mainly driven by higher sales volumes of zinc (+169.5%), silver (+17.7%) and molybdenum (+9.6%), and was supported by full-capacity production at the Buenavista zinc concentrator. Zinc sales volumes over the period reached 48.8 million pounds in the third quarter of 2025. Additionally, higher prices for copper (COMEX, +14.2%) , silver (+34.4%) and molybdenum (+12.1%) further supported the rise in net sales. However, these positive effects were slightly offset by a decrease in sales volumes of copper (-2.8%).
Previous wording
Net sales in the first six months of 2025 increased by $299.7 million compared to the same period of 2024. This growth primarily reflects growth in sales volumes of molybdenum (+5.6%), silver (+10.3%) and zinc (+120.0%). Additionally, positive developments for metal prices, mainly copper (+10.5%, COMEX), silver (+26.3%) and zinc (+3.3%) contributed to this performance. Start-up at the Buenavista zinc concentrator played a pivotal role, as zinc sales volumes reached 97.3 million pounds for the period. However, this was partially offset by a decline in the sales volume of copper (-4.4%) and a decrease in molybdenum prices (-1.3%).
Current wording
Net sales in the first nine months of 2025 increased $641.8 million compared to the same period of 2024. This growth primarily reflects improvements in sales volumes of zinc (+134.4%), silver (+12.7%) and molybdenum (+6.9%). Additionally, positive developments for metal prices, mainly copper (+11.9%, COMEX), silver (+29.2%) and zinc (+3.3%) contributed to this performance. Start-up at the Buenavista zinc concentrator played a pivotal role, as zinc sales volumes reached 146.1 million pounds for the period. However, this was partially offset by a decline in the sales volume of copper (-3.9%).
Previous wording
Net sales in the first six months of 2025 increased $3.1 million compared to the same period of 2024. This growth primarily reflects favorable metal price trends, primarily for copper (COMEX, +10.5%), silver (+26.3%), and zinc (+3.3%). Growth in silver sales volumes (+3.1%) boosted this performance. However, these positive effects were partially offset by a drop in sales volumes of copper (-23.8%) and zinc (-4.2%).
Current wording
Net sales in the first nine months of 2025 increased $18.1 million compared to the same period of 2024. This growth primarily reflects favorable metal price trends, primarily for copper (COMEX, +11.9%), silver (+29.2%), and zinc (+3.3%). Growth in silver sales volumes (+6.2%) boosted this performance. However, these positive effects were partially offset by a drop in sales volumes of copper (-17.6%) and zinc (-13.7%).
Previous wording
The following table shows the cash flow for the six-month periods ended June 30, 2025 and 2024 (in millions):
Current wording
The following table shows the cash flow for the nine-month periods ended September 30, 2025 and 2024 (in millions):
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Los Chancas - Apurimac: This greenfield project, located in Apurimac, Peru, is a copper and molybdenum porphyry deposit. Current estimates of indicated copper mineral resources are 98 million tonnes of oxides with a copper content of
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
We are currently expecting to obtain permits and licenses that had been put on hold by the previous government in Mexico. We are conducting talks with the current administration to continue rolling out SCC’s Mexican investments for $10.2 billion.
Previous report — wording carried elsewhere
and estimated production, among other considerations. All capital spending plans will continue to be reviewed and adjusted to respond to changes in the economy and market conditions.
Previous report — wording carried elsewhere
and on various other assumptions that we believe reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.