SOUTHERN COPPER CORP/

Current report

Current and potential military conflicts, along with heightened geopolitical tensions globally, including the ongoing conflict between Israel/Iran and instability in Eastern Europe could adversely impact our operations, global economic conditions and commodity markets. Such events may cause significant disruptions to global supply chains, such as delays in shipping through critical routes like the Strait of Hormuz, increased costs for fuel and energy, and restricted access to key raw materials for our operations. These conditions may result in higher operating costs and reduced margins.

Current report

Such conflicts may also contribute to market volatility, fluctuation in foreign currency exchange rates, access to capital and investor sentiment, which could adversely affect our stock price and the cost of financing. Furthermore, the imposition of economic sanctions, export controls or other trade restrictions by the U.S. or other governments may limit our ability to conduct business in certain regions, disrupt international trade flows and affect demand for our products.

Previous report

Our business operations may be adversely affected by changes in regulatory policy or the imposition of new tariffs or other trade restrictions, which could significantly increase our costs, pricing strategies, disrupt our supply chain and complicate international sourcing and customer relationships. Uncertainty about future trade or tariff measures may hinder planning, force pricing adjustments, and reduce our competitiveness. If such developments occur, they could have a material adverse effect on our margins, results of operations and market position.

Previous report

Changes in international trade policies and relationships may materially adversely affect global commodity prices and market conditions and our business, financial condition and results of operations. The adoption and expansion of trade restrictions; tariffs, taxes or other governmental trade measures and uncertainty about such trade measures could reduce the demand for our products, increase our costs, disrupt customer and suppliers relationships and harm the U.S. economy, any of which could materially impair our cash flows, competitive position, financial condition and results of operations. In April 2025, the U.S. imposed reciprocal tariffs on imports from several countries; most were paused but are expected to take effect August 1, 2025. In July 2025, the U.S. announced trade agreements with the European Union and Japan. On July 30, 2025, the U.S. announced a 50% tariff on semi-finished copper products and copper-intensive derivative products effective August 1, 2025. The pause for reciprocal tariffs with China expires on November 10, but the trade tensions between these countries have escalated during October. These developments produced market volatility for our principal products and our common stock. We cannot assure investors that future tariff actions, trade tensions, or related regulatory changes will not adversely affect our product prices, stock price, financial condition or results of operations.