SOUTHERN COPPER CORP/
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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.
Mar 31, 2026 · Filed Apr 30, 2026
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 2025-09-30; filed 2025-10-31.
0001104659-25-104914
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001104659-26-052647
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 142 previous paragraphs and 123 current paragraphs.
56 unchanged; 44 reworded; 22 added; 40 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 89 previous and 79 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 (22)
Current report
Net sales in the first quarter of 2026 totaled $4,251.4 million, representing a 36.2% increase compared to the same period in 2025. This performance was mainly supported by growth in the sales volumes of silver (+11.6%) and zinc (+16.4%), together with higher prices for copper (+37.5% LME; +26.9% COMEX), silver (+157.9%), molybdenum (+24.2%), and zinc (+14.0%). These positive effects were partially offset by a decrease in the sales volumes of copper (-4.9%) and molybdenum (-2.8%).
Current report
Molybdenum production decreased 2.2% in the first quarter of 2026 compared to the same period in 2025. This decline was mainly driven by lower production at our Buenavista (-19.2%) and IMMSA (-0.9%) operations, primarily due to lower ore grades. These decreases were partially offset by higher production at Toquepala (+5.6%) and Cuajone (+1.0%), reflecting improved ore grades and recoveries.
Current report
Zinc production increased 2.0% in the first quarter of 2026 compared to the same period in 2025. This growth was mainly driven by higher production at our IMMSA operations (+9.1%). These increases were partially offset by lower production at our Buenavista Zinc concentrator (-1.9%).
Current report
Project update: As of March 31, 2026, the Company has committed $948 million across various project activities. Large-scale earthmoving works have moved 7.5 million tons of material from La Tapada deposit. The majority of purchase orders for major equipment have been issued. Regarding the SX-EW process, purchase orders have been placed for key equipment with state-of-the-art technology.
Current report
Regarding energy supply, foundation works at the main electrical substation, as well as work to build the 220kV transmission line, are underway. In parallel, large-scale earthworks for the grading of the main dry and wet area components are in their final stage, setting the groundwork for civil construction in key areas for secondary and tertiary crushing (dry area), solvent extraction (SX), and electrowinning (EW) (wet area) among others.
Current report
Project update: As of March 31, 2026, we continue to implement environmental and social programs in the communities of Tapayrihua and Tiaparo, which are located within the direct area of influence of the Los Chancas Mining Project. Despite these efforts, the presence of illegal miners within the project area has prevented the project from further progress. In this context, the Company continues to work with the relevant authorities to regain control of the project area.
Current report
Project update: Development of the geotechnical, hydrological, and hydrogeological studies is ongoing. In addition, studies related to the project’s reserve estimation and mine plan have commenced.
Current report
Under the Mexican constitution, the government is solely responsible for electric energy transmission. TheComisión Federal de Electricidad (CFE), as the competent government entity, must interconnect the Baja California peninsula with the rest of the country. In this context, our project’s initiation is dependent on action at the Mexican government level.
Current report
**For the fifth consecutive year, S&P Global included SCC in its Sustainability Yearbook,**which recognizes companies that rank within the top 15% for corporate sustainability performance. In 2025, Southern Copper ranked 4th among 256 companies in the Mining and Metals sector and stood in the top 2% of best performers. Notably, SCC also led the ranking for copper mining companies.
Current report
Southern Copper Corporation was recognized by Morningstar Sustainalytics as an ESG Industry Leader. SCC ranked 7th among 215 companies in the metals sector with diversified operations for its performance in environmental, social and governance risk management.
Current report
The National Water Authority recognizes our water management efforts in Peru. Southern Peru was awarded the*“Certificado Azul”* and the distinction of “Water-Responsible and Community-Supportive Company” within the framework of the Water Footprint Reduction and Shared Value program, for the efficient management of water at our
Current report
Toquepala operations and for our contributions to strengthening agriculture in Ilabaya and Candarave (Tacna region), including the restoration of 61 hectares of terraces and traditional crops, benefiting 720 farmers.
Current report
**Certificate for Conservation.**Tandem Global, an international organization specialized in conservation and habitat management certification, recognized our Buenavista del Cobre Mine (BVC) for its biodiversity conservation efforts in the Sierra La Elenita ecosystem in Cananea, Sonora.
Current report
We drive talent development through our Scholarship program. Each year, more than 9,000 individuals benefit from our educational, sports, and cultural programs in the communities where we operate. In 2026, we awarded scholarships to seven gifted students to continue their professional education at universities in Mexico and the United States, in recognition of their achievements in disciplines such as music, cinema, and sports.
Current report
Net sales in the first quarter of 2026 totaled $4,251.4 million, representing a 36.2% increase compared to the same period in 2025. This performance was mainly supported by an increase in the sales volumes of silver (+11.6%) and zinc (+16.4%) and by higher prices for copper (+37.5% LME; +26.9% COMEX), silver (+157.9%), molybdenum (+24.2%), and zinc (+14.0%). These positive effects were partially offset by lower sales volumes of copper (-4.9%) and molybdenum (-2.8%).
Current report
Net income attributable to SCC for the first quarter of 2026 reached $1,576.9 million, representing an increase of 66.7% compared to the same period in 2025. This performance was mainly supported by higher net sales (+36.2%), which rose mainly on the back of stronger metal prices and by-product volumes (silver/zinc) in the first quarter of 2026. These positive effects were partially offset by increases in operating costs (+11.6%) and income taxes (+67.2%).
Current report
First quarter: Operating costs and expenses were $1,771.0 million for the first quarter of 2026, compared to $1,586.4 million for the same period of 2025. The increase of $184.7 million was primarily due to:
Current report
Net sales in the first quarter of 2026 increased by $315.4 million compared to the same period in 2025. This improvement was mainly supported by an increase in sales volumes of molybdenum (+4.5%) and by higher prices for copper (+37.5%, LME), silver (+157.9%), and molybdenum (+24.2%). These positive effects were partially offset by a decrease in the sales volumes of copper (-15.6%) and silver (-24.3%).
Current report
Net sales in the first quarter of 2026 increased by $694.1 million compared to the same period in 2025. This growth was mainly supported by an increase in the sales volumes of copper (+3.6%), silver (+24.6%) and zinc (+27.4%) and by higher prices for copper (+26.9%, COMEX), silver (+157.9%), zinc (+14.0%), and molybdenum (+24.2%). These positive effects were slightly offset by lower sales volumes of molybdenum (-8.9%).
Current report
Operating costs and expenses were $1,016.0 million for the first quarter of 2026 compared to $783.9 million for the same period of 2025. The increase of $232.1 million was primarily due to:
Current report
Net sales in the first quarter of 2026 increased by $163.1 million compared to the same period in 2025. This growth was mainly supported by an increase in the sales volumes of copper (+42.7%), silver (+13.5%) and zinc (+8.7%) and by higher prices for copper (+26.9%, COMEX), silver (+157.9%) and zinc (+14.0%).
Current report
Operating costs and expenses were $177.8 million for the first quarter of 2026 compared to $137.0 million for the same period of 2025. The increase of $40.7 million was primarily due to:
Removed paragraphs (40)
Previous 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.
Previous 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%).
Previous 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%).
Previous 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%).
Previous report
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 report
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 report
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 report
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 report
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 report
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 report
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 report
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 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.
Previous report
Tia Maria will generate significant revenues for the Arequipa region from day one of its operations. At current copper prices, we expect to export $18.2 billion and contribute $3.8 billion in taxes and royalties during the first 20 years of operation. The project budget has been set at $1,802 million.
Previous report
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 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.
Previous 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.
Previous report
We estimate an investment of approximately $2.5 billion will be required and expect production start-up by 2032. Michiquillay will become one of Peru´s largest copper mines and will create significant business opportunities in the Cajamarca region; generate new jobs for the local communities; and contribute with taxes and royalties to the local, regional and national governments.
Previous 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.
Previous 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.
Previous 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.
Previous 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
Previous 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.
Previous 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.
Previous 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.
Previous 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%).
Previous 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%).
Previous 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:
Previous 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:
Previous 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%).
Previous report
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 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:
Previous report
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 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:
Previous report
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 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:
Previous 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%).
Previous 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:
Previous report
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 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:
Reworded paragraphs (44)
Previous 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.
Current wording
For 2026, we believe that prices will hold at the current level of about $22.00 per pound due to high demand for stainless steel in China and given its diverse applications in critical industries.
Previous 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.
Current wording
Regarding by-products, we expect to produce 166,800 tonnes of zinc in 2026, which is 1% above our initial plan. We also expect to produce 27,400 tonnes of molybdenum in 2026, which represents an increase of 5% compared to our initial plan. For silver, we expect to produce 24 million ounces in 2026, an increase of 1.3% compared our initial goal.
Previous 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):
Current wording
Earnings**:** The table below highlights key financial and operational data of our Company for the three-month period ended March 31, 2026 and 2025 (in millions, except copper price, percentages and per share amounts):
Previous wording
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 wording
Net income attributable to SCC for the first quarter of 2026 reached $1,576.9 million, representing an increase of 66.7% compared to the same period in 2025. This performance was mainly supported by higher net sales (+36.2%), driven mainly by stronger metal prices. These positive effects were partially offset by higher operating costs (+11.6%) and an increase in income taxes (+67.2%).
Previous wording
Production**:** The table below highlights our mine production data for the three and nine-month periods ended September 30, 2025 and 2024:
Current wording
Production**:** The table below highlights our mine production data for the three-month period ended March 31, 2026 and 2025:
Previous wording
The table below highlights our mine production data for the three and nine-month periods ended September 30, 2025 and 2024:
Current wording
The table below highlights our copper mine production data for the three-month period ended March 31, 2026 and 2025:
Previous 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).
Current wording
First quarter: Copper mine production in the first quarter of 2026 stood at 508.3 million pounds, reflecting a 4.0% decrease compared to the same period of 2025. This decline was mainly attributed to lower production at Cuajone (-11.9%, which was attributable to a decrease in ore grades and mineral milled); Toquepala (-8.4%; due to lower ore grades); IMMSA (-4.6%; due to lower ore grades) and Buenavista (-0.8%; due to lower ore grades and recoveries). These effects were slightly offset by higher production at La Caridad (+5.5%; driven by improved recoveries, ore grades and increased SX-EW production).
Previous wording
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 wording
Silver mine production increased 11.1% in the first quarter of 2026 compared to the same period of 2025. This growth was mainly driven by higher production at our La Caridad (+22.1%), Buenavista (+20.7%) and IMMSA (+10.8%) operations. However, this positive performance was slightly offset by lower production at our Cuajone (-7.5%) and Toquepala (-1.6%) mines.
Previous wording
We define operating cash cost per pound of copper produced before by-product revenuesas cost of sales (exclusive of depreciation, amortization and depletion), plus selling, general and administrative charges, treatment and refining charges net of sales premiums; less the cost of purchased concentrates, workers’ participation and other miscellaneous charges, including royalty charges, and the change in inventory levels; divided by total pounds of copper produced by our own mines.
Current wording
We define operating cash cost per pound of copper produced before by-product revenuesas cost of sales (exclusive of depreciation, amortization and depletion), plus selling, general and administrative charges, treatment and refining charges net of sales premiums; less the cost of purchased concentrates, workers’ participation and other miscellaneous
Previous wording
revenues in this way because we consider our principal business to be the production and sale of copper. As part of our copper production process, much of our by-products are recovered. These by-products, as well as the processing of copper purchased from third parties, are a supplemental part of our production process and their sales value contribute to covering part of our incurred fixed costs. We believe that our Company is viewed by the investment community as a copper company, and is valued, in large part, by the investment community’s view of the copper market and our ability to produce copper at a reasonable cost.
Current wording
In our calculation of operating cash cost per pound of copper produced, net of by-product revenues, we credit against our costs the revenues from the sale of all our by-products, including, molybdenum, zinc, silver, gold, etc. and the net revenue (loss) on sale of metals purchased from third parties. We disclose this measure including the by-product revenues in this way because we consider our principal business to be the production and sale of copper. As part of our copper production process, much of our by-products are recovered. These by-products, as well as the processing of copper purchased from third parties, are a supplemental part of our production process and their sales value contribute to covering part of our incurred fixed costs. We believe that our Company is viewed by the investment community as a copper company, and is valued, in large part, by the investment community’s view of the copper market and our ability to produce copper at a reasonable cost.
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 nine-month periods ended September 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-month period ended March 31, 2026 and 2025:
Previous 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.
Current wording
In the first quarter of 2026, the operating cash cost per pound before by-product revenues increased from $2.05 in 1Q25 to $2.31 (+12.3%). This increase was mainly driven by the unit cost effect of a decline in copper production (-3.7%) and by higher production costs (+11.6%). By-product revenues per pound rose 87.4%, from $1.29 to $2.41. As a result, the operating cash cost per pound net of by-product revenues improved significantly, shifting from a cost of $0.77 per pound to a credit of ($0.11) per pound, boosted primarily by growth in by-product revenues from silver, molybdenum, and zinc.
Previous 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:
Current wording
We are subject to market risks arising from the volatility of copper and other metal prices. For the remaining nine months of 2026, 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 $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.
Current wording
Capital Investment Programs: We made capital investments of $441.9 million in the first quarter of 2026, compared to $317.8 million in the same period of 2025. 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 tonnes 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 that meets the highest international environmental standards and has the capacity to produce 120,000 tonnes of SX- EW copper cathodes per year. Operations are expected to begin in the third quarter of 2027.
Previous 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.
Current wording
At the end of the first quarter of 2026, progress at Tia Maria stood at 32.5%, and 4,207 new jobs have been generated; 815 of these positions were filled with local applicants. To the fullest extent possible, we intend to fill the 5,000 jobs estimated to be required during Tia Maria´s construction phase prioritizing workers from the Islay province.
Previous 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.
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 are expected to bolster our position as a fully integrated copper producer. We are engaged in talks with the current administration to continue rolling out SCC’s Mexican investments for $10.2 billion.
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
Current 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
Previous 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.
Current wording
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.
Previous wording
Michiquillay Project - Cajamarca: In June 2018, Southern Copper signed a contract for the acquisition of the Michiquillay project in Cajamarca, Peru. Michiquillay is a world class mining project with inferred mineral resources of 2,288 million tonnes and an estimated copper grade of 0.43%. When developed, we expect Michiquillay to produce 225,000 tonnes of copper per year (along with by-products of molybdenum, gold and silver) at a competitive cash-cost for an initial mine life of more than 25 years.
Current wording
Michiquillay Project - Cajamarca: In June 2018, Southern Copper signed a contract for the acquisition of the Michiquillay project in Cajamarca, Peru. Michiquillay is a world-class mining project with inferred mineral resources of 2,288 million tonnes and an estimated copper grade of 0.43%. When developed, we expect Michiquillay to produce 225,000 tonnes of copper per year (along with by-products of molybdenum, gold and silver) for an initial mine life of more than 25 years. We estimate an investment of approximately $2.5 billion will be required and expect production start-up by 2032.
Previous wording
El Arco - Baja California: This is a world-class copper deposit located in the central part of the Baja California peninsula with ore reserves of over 1,230 million tonnes with an average ore grade of 0.40% and 141 million tonnes of leach material with an average ore grade of 0.27%. The project includes an open-pit mine with a combined 120 ktpd concentrator and 28 ktpy SX-EW operations.
Current wording
El Arco - Baja California: This is a world-class copper deposit located in the central part of the Baja California peninsula with ore reserves of over 1,230 million tonnes of sulfides with an average ore grade of 0.40% and 141 million tonnes of leach material with an average ore grade of 0.27%. The project includes an open-pit mine with a combined 120 ktpd concentrator and 28 ktpy SX-EW operations.
Previous wording
Detailed engineering is still underway for the concentrator, SX-EW plant, water desalination, logistics infrastructure and power delivery.
Current wording
Detailed engineering is still underway for the concentrator, SX-EW plant, water desalination facilities, logistics infrastructure and power delivery.
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 and on various other assumptions that we believe reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.
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 finance 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 nine-month periods ended September 30, 2025 and 2024:
Current wording
The following highlights key financial results for the three-month period ended March 31, 2026 and 2025:
Previous 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:
Current wording
The table below outlines the average published market metal prices for our metals for the three-month period ended March 31, 2026 and 2025:
Previous 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:
Current wording
The table below provides our metal sales as a percentage of our total net sales for the three-month period ended March 31, 2026 and 2025:
Previous 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.
Current wording
The table below provides our copper sales by type of product for the three-month period ended March 31, 2026 and 2025. 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 nine-month periods ended September 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-month periods ended March 31, 2026 and 2025:
Previous 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.
Current wording
Non-operating income (expense) represented a net expense of $36.3 million for the three-month period ended on March 31, 2026, compared to a net expense of $57.0 million for the same period of 2025.
Previous wording
Third quarter: The $21.0 million increase in the expense level was due to:
Current wording
First quarter: The $20.7 million decrease 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 nine-month periods ended September 30, 2025 and 2024:
Current wording
The table below presents information regarding the volume of our copper sales by segment for the three-month period ended March 31, 2026 and 2025:
Previous 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:
Current wording
The table below presents information regarding the volume of sales by segment of our significant by-products for the three-month period ended March 31, 2026 and 2025:
Previous wording
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 wording
Operating costs and expenses were $657.6 million for the first quarter of 2026 compared to $704.5 million for the same period of 2025. The decrease of $46.9 million was primarily due to:
Previous wording
The following table shows the cash flow for the nine-month periods ended September 30, 2025 and 2024 (in millions):
Current wording
The following table shows the cash flow for the three-month period ended March 31, 2026 and 2025 (in millions):
Previous wording
The change in net cash from operating activities for the nine-month periods ended September 30, 2025 and 2024 include, in millions, the following significant items:
Current wording
The change in net cash from operating activities for the three-month period ended March 31, 2026 and 2025 include, in millions, the following significant items:
Previous wording
Nine months ended September 30, 2025: Net income was $3,036.7 million, which represented approximately 93.2% of the net operating cash flow. The cash flow from operating assets and liabilities dropped by $479.0 million due to the following:
Current wording
Three-month period ended March 31, 2026: Net income was $1,581.9 million, which represented approximately 93.3% of the net operating cash flow. The cash flow from operating assets and liabilities dropped $56.1 million due to the following:
Previous wording
Nine months ended September 30, 2024: Net income was $2,592.4 million, which represented approximately 84.7% of the net operating cash flow. The cash flow from operating assets and liabilities decreased by 182.8 million due to the following:
Current wording
Three-month period ended March 31, 2025: Net income was $949.1 million, which represented approximately 131.6% of the net operating cash flow. The cash flow from operating assets and liabilities decreased $504.9 million due to the following:
Previous wording
Nine months ended September 30, 2024: Net cash used in investing activities included $792.0 million for capital investments. The capital investments included:
Current wording
Three-month period ended March 31, 2026: Net cash used in investing activities included $441.9 million for capital investments. The capital investments included:
Previous wording
Investment activities in the nine-month period of 2024 included $280.5 million of net purchase of short-term investments.
Current wording
Investment activities in the first three months of 2026 included $170.5 million of net proceeds from short-term investments.
Previous wording
Nine months ended September 30, 2025: Net cash used in investing activities included $902.7 million for capital investments. The capital investments included:
Current wording
Three months ended March 31, 2025: Net cash used in investing activities included $317.8 million for capital investments. The capital investments included:
Showing the first 40 of 44 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
charges, including royalty charges, and the change in inventory levels; divided by total pounds of copper produced by our own mines.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
In our calculation of operating cash cost per pound of copper produced, net of by-product revenues, we credit against our costs the revenues from the sale of all our by-products, including, molybdenum, zinc, silver, gold, etc. and the net revenue (loss) on sale of metals purchased from third parties. We disclose this measure including the by-product
Previous report — wording carried elsewhere
Nine months: The $10.3 million increase in the expense level was due to: