SOUTHERN COPPER CORP/
For the period ended Sep 30, 2026. Filed Oct 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.
Sep 30, 2026 · Filed Oct 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 2026-06-30; filed 2026-07-31.
0001104659-26-089169
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-30.
0001104659-26-120639
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 144 current paragraphs.
63 unchanged; 42 reworded; 39 added; 33 removed; 4 previous and 0 current paragraphs rearranged.
Tables are not compared: 89 previous and 91 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 (39)
Current report
Net sales in the third quarter of 2026 totaled $4,696.6 million, which represented a 39.1% increase compared to the figure recorded in the same period in 2025. This increase was primarily driven by an increase in the sales volumes of zinc (+0.8%) and higher prices for copper (LME, +44.4%; COMEX, +34.2%), molybdenum (+35.5%), silver (+58.7%), and zinc (+35.9%); growth in net sales occurred despite a drop in the sales volumes for copper (-0.4%), molybdenum (-0.2%), and silver (-12.2%).
Current report
Net income attributable to SCC for the third quarter of 2026 reached $1,801.8 million, which represented a 62.7% increase compared to the figure recorded in the same period in 2025. This increase was primarily driven by an increase in net sales (+39.1%), which reflected higher metal prices across all our products, while operating costs increased at a considerably lower rate (+17.0%); in this scenario, operating income was up 59.2%.
Current report
Net sales in the nine-month period of 2026 rose 38.6% compared to the same period in 2025. This increase was primarily driven by an increase in the sales volumes of zinc (+2.0%) and higher prices for copper (LME, +40.6%; COMEX, +30.6%), molybdenum (+34.3%), silver (+108.2%), and zinc (+26.2%); growth in net sales occurred despite a reduction in the sales volumes for copper (-2.3%), molybdenum (-5.3%), and silver (-3.6%).
Current report
Net income attributable to SCC for the nine-month period of 2026 increased by 66.8% compared to the same period of 2025. This increase was primarily driven by higher net sales (+38.6%), which reflected higher metal prices across all our products, while operating costs increased at a considerably lower rate (+14.2%), resulting in a 61.9% increase in operating income.
Current report
Molybdenum production decreased 2.2% in the third quarter of 2026 compared to the same period in 2025. This decline was driven by lower production at Buenavista (-8.3%) and La Caridad (-12.5%), which was pressured downward mainly by lower ore grades. These declines were partially offset by higher production at Toquepala (+8.9%) and Cuajone (+6.1%).
Current report
Silver mine production decreased 1.9% in the third quarter of 2026 compared to the figure registered in the same period in 2025. This decline was driven by lower production at Toquepala (-1.5%), Cuajone (-0.6%), La Caridad (-5.0%), and Buenavista (-7.1%). These declines were partially offset by higher production at the IMMSA (+4.6%) operations.
Current report
Silver mine production increased 1.5% in the nine-month period of 2026 compared to the print for the same period in 2025. This evolution was driven by higher production at our Buenavista (+0.9%), La Caridad (+5.7%), and IMMSA (+5.9%) operations, and partially offset by lower production at our Toquepala (-5.4%) and Cuajone (-5.3%) mines.
Current report
Zinc production decreased 7.2% in the nine-month period of 2026 compared to the figure for the same period in 2025. This decline was primarily attributable to lower production at both our Buenavista zinc concentrator (-10.1%) and IMMSA operations (-1.7%).
Current report
Project update: As of September 30, 2026, the Company has invested $884.3 million in project execution and committed $1,101 million to cover diverse activities, acquisitions and related contracts. Large-scale earthworks have concluded, and 18.9 million metric tonnes of material have been transferred to the La Tapada stripping deposit. Most work orders for the project’s primary equipment have been issued. Purchase orders for the leaching process have been placed to secure the main equipment— which will be outfitted with cutting-edge technology—as well as secondary equipment and materials.
Current report
Project update: Social and environmental management programs are currently being implemented in the communities within the project’s direct area of influence, in accordance with the Framework Agreement signed for the Development of the Tiaparo Peasant Community and the Los Chancas Mining Project. In addition, measures are being taken to regain
Current report
control of the project area, which has been threatened by illegal miners. Regaining control is essential if we are to continue developing our Los Chancas project.
Current report
Project update: The deposit’s Mineral Resource Estimation and Classification report has been developed with geological information obtained from drilling programs and geological models and complies with SEC’s S-K 1300 mining disclosure standards. A conceptual study is underway to determine where a conventional and/or filtered tailings storage facility should be located; hydrological, hydrogeological, and geotechnical studies are also being conducted.
Current report
Cuajone Expansion - Moquegua: To maintain or potentially increase production levels, the Company is evaluating expanding the Cuajone operation from its current milling capacity of 90,000 tonnes per day to 120,000 tonnes per day (a 33% increase). The expansion will require additional mining equipment and a new production line at the Cuajone concentrator. Current estimates point to a capital cost of $680 million to produce an average of 55,000 tonnes of copper and 1,400 tonnes of molybdenum per year.
Current report
As part of a thoughtful review of the matter, studies are underway to determine the viability of expanding to 150,000 tonnes of milling capacity per day.
Current report
Detailed engineering is still underway for the concentrator, SX-EW plant, water desalination facilities, logistics infrastructure and power delivery.
Current report
Our sustainability ratings continue to improve. In its Corporate Sustainability Assessment 2026 (CSA), S&P Global increased SCC’s rating by two points over last year’s print. The Company ranks among the top three performers in the mining sector, with a rating double that of the industry average. Some of SCC’s individual ratings were top-of-class for the sector: i) transparency and reporting, ii) materiality, iii) risk management, iv) business ethics, v) energy, vi) biodiversity, and vii) community relations.
Current report
**Silver Helmet Award for best safety performance.**Four operations in Sonora —lime plant, La Caridad mine, the Minera Mexico’s copper smelter and refinery— were awarded the “Silver Helmet” by the Mexican Mining Chamber (CAMIMEX) for their safety and accident prevention metrics. This is the first time that four operations in Sonora
Current report
received this award simultaneously, which attests to our teams’ commitment to strengthen preventive practices, safety controls and worker protection.
Current report
Participative environmental monitoring in Michiquillay. As part of our commitment to promote stakeholders’ active participation in new project development, the Participative Environmental Committee for the Michiquillay project in Peru completed its third verification of environmental performance in 2026. Community leaders and representatives of private entities sit on this Committee, which has the technical capabilities to collect soil, water and air samples and interpret results. Their participation in project development strengthens actions and measures to prevent or manage impacts on the environment and communities.
Current report
Forging Futures program continues to bear fruit in Peru.For the past 14 years, our program“Forjando Futuro” (Forging Futures) has been developing capacities and providing access to local job opportunities in the areas of influence of our operations in Peru and Mexico. Currently, 17% of the jobs on the Tia Maria project are held by locals, who access these opportunities through our onsite offices or in coordination with local contractors. Under this program, we have awarded 700 scholarships to young people to obtain certifications to operate heavy equipment or engage in welding and topography. These efforts strengthen participants’ technical competencies and broaden capacities to successfully insert in the job market. **
Current report
Net sales in the third quarter of 2026 totaled $4,696.6 million, which represented a 39.1% increase compared to the figure for the same period in 2025. This increase was primarily driven by an increase in sales volumes of zinc (+0.8%) and higher prices for copper (LME, +44.4%; COMEX, +34.2%), molybdenum (+35.5%), silver (+58.7%), and zinc (+35.9%), despite a drop in sales volumes of copper (-0.4%), molybdenum (-0.2%), and silver (-12.2%).
Current report
Net income attributable to SCC for the third quarter of 2026 reached $1,801.8 million, which represented a 62.7% increase compared to the print for the same period in 2025. This increase was primarily driven by an increase in net sales (+39.1%), which reflected higher metal prices across all our products, while operating costs increased at a considerably lower rate (+17.0%), resulting in a 59.2% increase in operating income.
Current report
Net sales in the nine-month period of 2026 increased by 38.6% compared to the print for the same period in 2025. This increase was primarily driven by an increase in sales volumes of zinc (+2.0%) and by higher prices for copper (LME, +40.6%; COMEX, +30.6%), molybdenum (+34.3%), silver (+108.2%), and zinc (+26.2%), despite a reduction in the sales volumes of copper (-2.3%), molybdenum (-5.3%), and silver (-3.6%).
Current report
Net income attributable to SCC for the nine-month period of 2026 increased by 66.8% compared to the same period in 2025. This increase was primarily driven by an increase in net sales (+38.6%), which reflected higher metal prices across all our products, while operating costs increased at a considerably lower rate (+14.2%), resulting in a 61.9% increase in operating income.
Current report
Third quarter: Operating costs and expenses were $1,881.5 million for the third quarter of 2026, compared to $1,608.5 million for the same period in 2025. The increase of $273.0 million was primarily due to:
Current report
Nine months: Operating costs and expenses were $5,318.3 million for the nine-month period of 2026, compared to $4,658.9 million for the same period in 2025. The increase of $659.4 million was primarily due to:
Current report
Net sales in the third quarter of 2026 increased by $415.6 million compared to the figure reported for same period in 2025. This increase was primarily driven by an increase in the sales volumes of molybdenum (+11.1%) and higher prices for copper (LME, +44.4%), molybdenum (+35.5%), and silver (+58.7%); growth in net sales occurred despite a drop in sales volumes of copper (-9.9%) and silver (-34.6%).
Current report
Operating costs and expenses were $705.1 million in the third quarter of 2026 compared to $630.9 million in the same period of 2025. The increase of $74.2 million was primarily due to:
Current report
Net sales in the nine-month period of 2026 increased by $1,137.2 million compared to the print for the same period in 2025. This increase was primarily driven by an increase in prices for copper (LME, +40.6%), molybdenum (+34.3%), and silver (+108.2%), and occurred despite a drop in sales volumes of copper (-10.9%), molybdenum (-1.5%) and silver (-28.9%).
Current report
Operating costs and expenses were $2,011.2 million for the nine-month period of 2026 compared to $1,930.5 million for the same period in 2025. The increase of $80.7 million was primarily due to:
Current report
Net sales in the third quarter of 2026 increased by $829.8 million compared to the figure reported for the same period of 2025. This increase was primarily driven by an increase in the sales volumes of copper (+6.0%) and higher prices for copper (COMEX, +34.2%), molybdenum (+35.5%), silver (+58.7%) and zinc (+35.9%); net sales were up despite a drop in the sales volumes of molybdenum (-10.1%), silver (-10.8%), and zinc (-12.5%).
Current report
Operating costs and expenses were $1,037.0 million for the third quarter of 2026 compared to $882.0 million for the same period of 2025. The increase of $155.0 million was primarily due to:
Current report
Net sales in the nine-month period of 2026 increased by $2,281.1 million compared to the same period of 2025. This increase was primarily driven by an increase in the sales volumes of copper (+4.0%) and silver (+3.0%) and higher prices for copper (COMEX, +30.6%), molybdenum (+34.3%), silver (+108.2%) and zinc (+26.2%); growth in net sales occurred despite a drop in the sales volumes of molybdenum (-8.7%) and zinc (-11.3%).
Current report
Operating costs and expenses were $2,954.2 million for the nine-month period of 2026 compared to $2,431.7 million for the same period in 2025. The increase of $522.4 million was primarily due to:
Current report
Net sales in the third quarter of 2026 increased by $78.3 million compared to the figure reported for the same period in 2025. This increase was primarily driven by an increase in the sales volumes of copper (+12.4%), silver (+6.3%), and zinc (+2.5%), and higher prices for copper (COMEX, +34.2%), silver (+58.7%), and zinc (+35.9%).
Current report
Operating costs and expenses were $201.9 million in the third quarter of 2026 compared to $153.5 million for the same period in 2025. The increase of $48.3 million was primarily due to:
Current report
Net sales in the nine-month period of 2026 increased by $330.1 million compared to the figure for the same period in 2025. This increase was primarily driven by an increase in the sales volumes of copper (+14.0%), silver (+5.0%), and zinc (+3.9%), and higher prices for copper (COMEX, +30.6%), silver (+108.2%), and zinc (+26.2%).
Current report
Operating costs and expenses were $559.5 million for the nine-month period of 2026 compared to $452.0 million in the same period of 2025. The increase of $107.5 million was primarily due to:
Current report
Nine-month period ended September 30, 2026: Net income was $5,063.5 million, which represented approximately 85.7% of the net operating cash flow. Working capital variances provided $233.8 million of cash, primarily reflecting the following:
Removed paragraphs (33)
Previous report
Net sales in the second quarter of 2026 totaled $4,289.0 million, which represented a 40.6% increase compared to the same period in 2025. This increase, which was primarily driven by higher prices for copper (LME, +39.8%; COMEX, +30.5%), molybdenum (+43.1%), silver (+118.6%), and zinc (+30.8%), occurred despite a decrease in sales volumes of copper (-1.5%), molybdenum (-13.1%), silver (-8.7%) and zinc (-8.8%).
Previous report
Net income attributable to SCC for the second quarter of 2026 reached $1,670.0 million, which represented a 71.6% increase compared to the same period in 2025. This increase was primarily driven by higher net sales (+40.6%), reflecting higher metal prices across all our products, while operating costs increased at a considerably lower rate (+13.8%).
Previous report
Net sales for the first half of 2026 increased by 38.4% compared to the same period in 2025. This increase, which was primarily driven by higher sales volumes of silver (+1.1%) and zinc (+2.6%), as well as higher prices for copper (LME, +38.8%; COMEX, +28.6%), molybdenum (+33.7%), silver (+137.9%), and zinc (+22.6%), occurred despite a drop in the sales volumes of copper (-1.5%) and molybdenum (-8.0%).
Previous report
Net income attributable to SCC for the first half of 2026 increased by 69.2% compared to the same period in 2025. This increase was primarily driven by higher net sales (+38.4%), which reflected higher metal prices across all our products, while operating costs increased at a considerably lower rate (+12.7%).
Previous report
Molybdenum production decreased 11.0% in the second quarter of 2026 compared to the same period in 2025. This decline was driven by lower production at all of our operations, Toquepala (-21.9%), Cuajone (-1.4%), Buenavista (-12.4%), and La Caridad (-3.5%), primarily due to lower ore grades.
Previous report
Silver mine production decreased 3.8% in the second quarter of 2026 compared to the same period in 2025. This decline was driven by lower production at all our operations: Toquepala (-12.4%), Cuajone (-7.6%), and Buenavista (-6.8%) mines, primarily due to lower ore grades. These declines were partially offset by higher production at our La Caridad (+3.4%) and IMMSA (+2.6%) operations, driven by improved ore grades and recoveries.
Previous report
Silver mine production increased by 3.3% in the first half of 2026, primarily driven by higher production at our Buenavista (+5.6%), La Caridad (+12.3%), and IMMSA (+6.7%) operations. This increase was partially offset by lower production at our Toquepala (-7.2%) and Cuajone (-7.6%) mines.
Previous report
Zinc production decreased by 6.9% in the first half of 2026. This decline was primarily attributable to lower production at our Buenavista zinc concentrator (-11.1%), which was partially offset by higher production at our IMMSA (+1.4%) operations.
Previous report
Project update: As of June 30, 2026, the Company has committed $1,101 million across various project activities, of which $693 million has already been invested. Mass earthworks have moved 13.85 million tonnes of material from La
Previous report
Tapada deposit (a 71% progress). Most purchase orders for the project’s major equipment have been issued. With respect to the leaching process, purchase orders have been placed for key state-of-the-art equipment, and procurement activities for the remaining major equipment continue.
Previous report
Project update: As of June 30, 2026, the presence of illegal miners within the project area continues despite the State’s on-site enforcement efforts through the Environmental Prosecutor’s Office; this has hindered the project's progress. Meanwhile, community development and environmental management programs remain underway in the communities of Tiaparo and Tapayrihua, both located within our direct area of influence.
Previous report
Project update: Studies to estimate mineral reserves and develop the mine plan, as well as hydrological and hydrogeological assessments, are currently underway. In addition, geotechnical research is progressing and entering its final phase.
Previous report
Cularjahuira dam improves agricultural results in Candarave. Over the last five years, the Cularjahuira dam, located in Candarave in southern Peru, has transformed the lives of 18% of farmers of the area and their families by providing year-round access to water. According to the Ministry of Agricultural Development, crop yields in the area have risen around 20%. This infrastructure, with a capacity of 2.5 million cubic meters, was built by our company through an alliance with the Peruvian state and local farmers. We continue to work with authorities to build the Callazas and Calientes dams, also located in Candarave. With these additional dams, more than 90% of farmers’ water needs will be covered.
Previous report
**SCC students’ performance in science and mathematics makes Sonora proud.**Students from the Nacozari and Esqueda schools, both in Sonora, Mexico, performed admirably in national and international competitions, including the Mexican Mathematics Olympics and Infomatrix 2026. These achievements reflect the Company’s commitment to education and the development of STEM skills. The Company currently benefits 3,000 students through the 11 education centers it operates in Mexico and Peru.
Previous report
Sports drive community integration and wellbeing. To promote integration and wellbeing through sports, our company joined the Global Social Initiative of the Mexican Government. Our efforts, which focus on communities neighboring our operations, have brought together 2,629 participants who are organized into 206 teams of employees and community members, with categories for children and youth. Alongside these initiatives, 580 volunteers worked to create 14 community murals and recondition sports venues, which strengthens harmonious relations, inclusion and the social fabric. These sports and cultural programs cover approximately 41% of the young population close to our Mexican operations.
Previous report
Net sales in the second quarter of 2026 totaled $4,289.0 million, which represented a 40.6% increase compared to the same period in 2025. This increase, which was primarily driven by higher prices for copper (LME, +39.8%; COMEX, +30.5%), molybdenum (+43.1%), silver (+118.6%), and zinc (+30.8%), occurred despite a decrease in the sales volumes of copper (-1.5%), molybdenum (-13.1%), silver (-8.7%) and zinc (-8.8%).
Previous report
Net income attributable to SCC for the second quarter of 2026 reached $1,670.0 million, which represented a 71.6% increase compared to the same period in 2025. This increase was primarily driven by higher net sales (+40.6%), reflecting higher metal prices across all our products, while operating costs increased at a considerably lower rate (+13.8%).
Previous report
Net sales for the first half of 2026 increased 38.4% compared to the same period in 2025. This increase, which was primarily driven by higher sales volumes of silver (+1.1%) and zinc (+2.6%), as well as higher prices for copper (LME, +38.8%; COMEX, +28.6%), molybdenum (+33.7%), silver (+137.9%), and zinc (+22.6%), occurred despite a drop in sales volumes of copper (-1.5%) and molybdenum (-8.0%).
Previous report
Net income attributable to SCC for the first half of 2026 increased 69.2% compared to the same period in 2025. This increase was primarily driven by growth in net sales (+38.4%), which were buoyed by higher metal prices across all our products, while operating costs increased at a considerably lower rate (+12.7%).
Previous report
Second quarter: Operating costs and expenses were $1,665.8 million for the second quarter of 2026, compared to $1,464.0 million for the same period of 2025. The increase of $201.8 million was primarily due to:
Previous report
Six months: Operating costs and expenses were $3,436.8 million for the first six months of 2026, compared to $3,050.4 million for the same period of 2025. The increase of $386.4 million was primarily due to:
Previous report
Net sales in the second quarter of 2026 increased $406.2 million compared to the same period in 2025. This increase was primarily driven by higher prices for copper (LME, +39.8%), molybdenum (+43.1%), and silver (+118.6%), despite lower sales volumes of copper (-6.5%), molybdenum (-19.9%), and silver (-27.0%).
Previous report
Operating costs and expenses were $648.6 million for the second quarter of 2026 compared to $595.1 million for the same period of 2025. The increase of $53.4 million was primarily due to:
Previous report
Net sales in the first six months of 2026 increased $721.5 million compared to the same period in 2025. This increase, which was primarily driven by higher prices for copper (LME, +38.8%), molybdenum (+33.7%), and silver (+137.9%), occurred despite a drop in the sales volumes of copper (-11.4%), molybdenum (-8.0%), and silver (-25.6%).
Previous report
Operating costs and expenses were $1,306.1 million for the first six months of 2026 compared to $1,299.6 million for the same period of 2025. The increase of $6.6 million was primarily due to:
Previous report
Net sales in the second quarter of 2026 increased $757.2 million compared to the same period in 2025. This increase was primarily driven by higher sales volumes of copper (+2.2%), as well as by higher prices for copper (COMEX, +30.5%), molybdenum (+43.1%), silver (+118.6%), and zinc (+30.8%); the improvement in net sales occurred despite a drop in the sales volumes of molybdenum (-7.1%), silver (-3.0%) and zinc (-30.2%).
Previous report
Operating costs and expenses were $901.2 million for the second quarter of 2026 compared to $765.9 million for the same period of 2025. The increase of $135.4 million was primarily due to:
Previous report
Net sales in the first six months of 2026 increased $1,451.3 million compared to the same period in 2025. This increase was primarily driven by higher sales volumes of copper (+2.9%) and silver (+10.2%), as well as higher prices for copper (COMEX, +28.6%), molybdenum (+33.7%), silver (+137.9%), and zinc (+22.6%); net sales rose despite a decrease in sales volumes of molybdenum (-8.0%) and zinc (-10.7%).
Previous report
Operating costs and expenses were $1,917.2 million for the first six months of 2026 compared to $1,549.7 million for the same period of 2025. The increase of $367.5 million was primarily due to:
Previous report
Net sales in the second quarter of 2026 increased $88.7 million compared to the same period in 2025. This increase, which was primarily driven by higher sales volumes of zinc (+0.4%) and higher prices for copper (COMEX, +30.5%), silver (+118.6%), and zinc (+30.8%), occurred despite a drop in the sales volumes of copper (-3.0 %) and silver (-3.6%).
Previous report
Operating costs and expenses were $179.9 million for the second quarter of 2026 compared to $161.5 million for the same period of 2025. The increase of $18.4 million was primarily due to:
Previous report
Net sales in the first six months of 2026 increased $251.7 million compared to the same period in 2025. This increase was primarily driven by higher sales volumes of copper (+14.9%), silver (+4.4%), and zinc (+4.6%), as well as higher prices for copper (COMEX, +28.6%), silver (+137.9%), and zinc (+22.6%).
Previous report
Operating costs and expenses were $357.7 million for the first six months of 2026 compared to $298.5 million for the same period of 2025. The increase of $59.2 million was primarily due to:
Reworded paragraphs (42)
Previous wording
Regarding by-products, we expect to produce 163,900 tonnes of zinc in 2026, which is 0.9% below our initial plan. We also expect to produce 27,900 tonnes of molybdenum in 2026, which represents an increase of 7% compared to our initial plan. For silver, we expect to comply with our plan to produce 24 million ounces of this metal.
Current wording
Regarding by-products, we expect to produce 163,400 tonnes of zinc in 2026, which is 1.0% below our initial plan. We also expect to produce 29,000 tonnes of molybdenum in 2026, which represents an increase of 11.7% compared to our initial plan. For silver, we expect to comply with our plan to produce 24 million ounces of this metal.
Previous wording
Earnings**:** The table below highlights key financial and operational data of our Company for the three-month and six-month periods ended June 30, 2026 and 2025 (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 and nine-month periods ended September 30, 2026 and 2025 (in millions, except copper price, percentages and per share amounts):
Previous wording
Production**:** The table below highlights our mine production data for the three-month and six-month periods ended June 30, 2026 and 2025:
Current wording
Production**:** The table below highlights our mine production data for the three-month and nine-month periods ended September 30, 2026 and 2025:
Previous wording
The table below highlights our copper mine production data for the three-month and six-month periods ended June 30, 2026 and 2025:
Current wording
The table below highlights our copper mine production data for the three-month and nine-month periods ended September 30, 2026 and 2025:
Previous wording
Second quarter: Copper mine production in the second quarter of 2026 stood at 508.5 million pounds, reflecting a 3.5% decrease compared to the same period in 2025. This decline was mainly attributed to lower production at Toquepala (-14.7%; which was due to a decrease in ore grades and mineral milled) and Cuajone (-7.8%; due to lower ore grades). These declines were partially offset by higher production at our Buenavista (+2.9%; due to increased SX-EW production), La Caridad (+3.9%; due to improved recoveries, higher ore grades, and increased SX-EW production) and IMMSA operations (+9.9%; due to higher ore grades).
Current wording
Third quarter: Copper mine production in the third quarter of 2026 stood at 512.3 million pounds, reflecting a 1.1% decrease compared to the same period in 2025. This decline was mainly attributable to lower production at Toquepala (-6.8%, due to a drop in ore grades, mineral milled and SX-EW production), Cuajone (-5.0%; due to lower ore grades), and La Caridad (-7.1%; due to lower ore grades). These declines were partially offset by higher production at Buenavista (+5.2%; fueled by an increase in SX-EW production) and IMMSA (+14.8%; due to higher ore grades).
Previous wording
Zinc production decreased 14.5% in the second quarter of 2026 compared to the same period in 2025. This decline was driven by lower production at our Buenavista zinc concentrator (-18.6%) and the IMMSA operations (-5.9%).
Current wording
Zinc production decreased 7.9% in the third quarter of 2026 compared to the figure registered in the same period in 2025. This decline was driven by lower production at our Buenavista zinc concentrator (-8.1%) and the IMMSA operations (-7.5%).
Previous wording
Six months: Mined copper production in the first half of 2026 was 1,016.8 million pounds, which represented a 3.8% decrease compared to the same period in 2025. This decline was primarily attributable to lower production at Toquepala (-11.5%; due to lower ore grades, mineral milled, and SX-EW production) and Cuajone (-9.9%; due to lower ore grades and mineral milled). These declines were partially offset by higher production at our Buenavista (+1.0%; due to increased SX-EW production), La Caridad (+4.7%; due to improved recoveries, higher ore grades, and increased SX-EW production), and IMMSA operations (+2.4%; due to higher ore grades).
Current wording
Nine months: Mined copper production in the nine-month period of 2026 was 1,529.1 million pounds, which represented a 2.9% decrease compared to the figure for the same period in 2025. This decline was primarily attributable to lower production at Toquepala (-10.0%; due to a drop in ore grades, mineral milled, and SX-EW production), Cuajone (-8.3%; due to lower ore grades and mineral milled), and La Caridad (-0.5%; due to lower ore grades). These declines were partially offset by higher production at our Buenavista (+2.4%; due to an increase in both ore grades and SX-EW production) and IMMSA operations (+6.6%; due to higher ore grades).
Previous wording
Molybdenum production decreased by 6.7% in the first half of 2026 compared to the same period in 2025. This decline was primarily attributable to lower production at our Toquepala (-8.5%), Cuajone (-0.2%), Buenavista (-15.8%), and La Caridad (-2.2%) mines, driven by lower ore grades.
Current wording
Molybdenum production decreased 5.2% in the nine-month period of 2026 compared to the figure reported for the same period in 2025. This decline was primarily attributable to lower production at our Toquepala (-2.7%), Buenavista (-13.4%), and La Caridad (-5.7%) mines, driven by a drop in ore grades. These declines were partially offset by higher production at Cuajone (+2.0%).
Previous wording
We believe that both of these measures are useful tools for our management and our stakeholders. Our cash costs before by-product revenues allow us to monitor our cost structure and address areas of concern within operating management. The measure operating cash cost per pound of copper produced net of by-product revenues is a common measure used in the copper industry and is a useful management tool that allows us to track our performance and better allocate our resources. This measure is also used in our investment project evaluation process to determine a project’s potential
Current wording
We believe that both of these measures are useful tools for our management and our stakeholders. Our cash costs before by-product revenues allow us to monitor our cost structure and address areas of concern within operating management. The measure operating cash cost per pound of copper produced net of by-product revenues is a common measure used in the copper industry and is a useful management tool that allows us to track our performance and better allocate our
Previous wording
contribution to our operations, its competitiveness and its relative strength in different price scenarios. The expected contribution of by-products is generally a significant factor used by the copper industry to determine whether to move forward or not in the development of a new mining project. As the price of our by-product commodities can have significant fluctuations from period to period, the value of its contribution to our costs can be volatile.
Current wording
resources. This measure is also used in our investment project evaluation process to determine a project’s potential contribution to our operations, its competitiveness and its relative strength in different price scenarios. The expected contribution of by-products is generally a significant factor used by the copper industry to determine whether to move forward or not in the development of a new mining project. As the price of our by-product commodities can have significant fluctuations from period to period, the value of its contribution to our costs can be volatile.
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-month and six-month periods ended June 30, 2026 and 2025:
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 and nine-month periods ended September 30, 2026 and 2025:
Previous wording
In the second quarter of 2026, the operating cash cost per pound before by-product revenues increased from $2.11 in 2Q25 to $2.29 (+8.3%). This increase was primarily attributable to the unit cost effect of lower copper production (-3.4%) and higher production costs (+4.7%), which reflected an increase in costs for fuel and operating material costs that was partially offset by a decrease in treatment and refining charges due to market conditions. By-product revenues per pound increased by 51.4%, from $1.48 to $2.24. As a result, the operating cash cost per pound net of by-product revenues improved significantly and decreased from a cost of $0.63 per pound to $0.05 per pound, bolstered mainly by higher by-product revenues from silver and molybdenum.
Current wording
In the third quarter of 2026, the operating cash cost per pound before by-product revenues increased from $2.23 in 3Q25 to $2.46 (+10.2%). This increase was primarily attributable to an increase in production costs (+12.3%), which were pushed upward by higher fuel and energy costs; the upward trajectory of these costs was partially offset by a drop in treatment and refining charges due to market conditions. By-product revenues per pound increased by 30.6%, from $1.81 to $2.36. As a result, the operating cash cost per pound net of by-product revenues decreased significantly, from $0.42 per pound to $0.09 per pound, primarily reflecting higher by-product revenues from silver, molybdenum and zinc.
Previous wording
For the first half of 2026, the operating cash cost per pound before by-product revenues increased from $2.08 in 2Q25 to $2.30 (+10.3%). This increase was primarily attributable to the unit effect of lower copper production (-3.5%) and higher production costs (+7.1%), mainly reflecting increases in fuel, labor, and operating material costs, which were partially offset by lower treatment and refining charges due to market conditions. By-product revenues per pound increased by 68.1%, from $1.38 to $2.33. As a result, the operating cash cost per pound net of by-product revenues improved significantly and decreased from a cost of $0.70 per pound to a credit of $(0.03) per pound, supported mainly by higher by-product revenues from silver and molybdenum.
Current wording
For the nine-month period of 2026, the operating cash cost per pound before by-product revenues increased from $2.13 in the nine-month period of 2025 to $2.35 (+10.3%). This increase was primarily attributable to the unit cost effect of a decrease in copper production (-2.3%) and an increase in production costs (+8.9%). These costs reflected an increase in fuel, labor, and operating material costs, which were partially offset by decreases in repair material costs and treatment and refining charges, the latter of which reflected market conditions. By-product revenues per pound increased by 53.6%, from $1.52 to $2.34. As a result, the operating cash cost per pound net of by-product revenues decreased significantly, from $0.61 per pound to $0.01 per pound, primarily reflecting higher 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 six months of 2026, assuming that expected metal production and sales are achieved; tax rates remain unchanged and giving no
Current wording
We are subject to market risks arising from the volatility of copper and other metal prices. For the remaining three 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 $864.7 million in the first six months of 2026, compared to $553.5 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.
Current wording
Capital Investment Programs: We made capital investments of $1,380.5 million in the nine-month period of 2026, compared to $902.7 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 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 second half of 2027.
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 will produce 120,000 tonnes of SX- EW copper cathodes per year in the early years. Operations are expected to begin in the first half of 2028.
Previous wording
Regarding the power supply, electromechanical works are underway at the main electrical substations and efforts continue to build the 220-kV transmission line. Concurrently, the mass earthworks required to develop both the dry and wet areas are in their final stage. Civil works and steel structure assembly have commenced in key facilities, including the primary, secondary, and tertiary crushing circuits (dry area), as well as the Solvent Extraction (SX) and Electrowinning (EW) facilities (wet area), among others.
Current wording
On the energy supply front, work is advancing at the main electrical sub-stations, and the 220 kV transmission line is in its final stage of construction. In parallel, large-scale earthworks to develop dry and wet areas have been completed. At the project’s main installations, civil work is advancing alongside efforts to assemble metal structures and the main components of the crushing equipment for the primary, secondary, and tertiary crushing circuits (dry area). In the wet area, work to build the solvent extraction (SX) and electrodeposition (EW) facilities, among others, is progressing.
Previous wording
As of June 30, 2026, the Tia Maria project had reached 42% completion, and 5,817 new jobs had been created. Of these positions, 1,254 have been filled by local applicants. To the greatest extent possible, we intend to fill the approximately 6,000 jobs expected to be required during the construction phase of Tia Maria by giving priority to workers from the Islay province.
Current wording
As of September 30, 2026, the Tia Maria project was 49.6% complete. Additionally, 6,817 new jobs had been created, 1,181 of which were filled by local applicants. To the extent possible, the Company intends to cover the estimated 7,000 jobs that will be created during Tia Maria’s construction phase with workers from the Islay province.
Previous wording
This project is located in Sonora, Mexico, approximately 45 kilometers from Cananea and Buenavista mine. Its copper oxide mineralization contains estimated proven and probable reserves of 317 million tonnes of ore with an average copper grade of 0.249% and a life of mine of 18 years. It will operate as an open-pit mine with an annual production capacity of 36,000 tonnes of copper cathode, utilizing cost-efficient and environmentally friendly SX-EW (Solvent Extraction and Electrowinning) technology. With an investment of $551 million, this project will employ a direct workforce of 450 people during the construction phase and 300 during the operational phase.
Current wording
El Pilar - Sonora: This project is located in Sonora, Mexico, approximately 45 kilometers from Cananea and Buenavista mine. Its copper oxide mineralization contains estimated proven and probable reserves of 317 million tonnes of ore with an average copper grade of 0.249% and a life of mine of 18 years. It will operate as an open-pit mine with an annual production capacity of 36,000 tonnes of copper cathode, utilizing cost-efficient and environmentally friendly SX-EW (Solvent Extraction and Electrowinning) technology. With an investment of $551 million, this project will employ a direct workforce of 450 people during the construction phase and 300 during the operational phase.
Previous wording
El Pilar - Sonora: This new copper project has obtained the necessary environmental permits and will begin early site preparation works in September 2026 to develop energy lines, water pipelines, roads, workers accommodation, etc. Project construction will commence in the first quarter of 2027, and production is expected to begin in the second half of 2029.
Current wording
Project update: This new copper project has obtained the necessary environmental permits. Early site preparation began in September 2026 to develop energy lines and build onsite construction offices. Contracts and studies related to the substation and transmission line are in the works. Basic engineering contracts for the access road, railway spur, substations and power lines have been signed. The EPCM bidding process for SX-EW plant is underway and expected to culminate before year-end. Project construction will commence in the first quarter of 2027, and production is expected to begin in the second half of 2029.
Previous wording
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.
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
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.
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-month and six-month periods ended June 30, 2026 and 2025:
Current wording
The following highlights key financial results for the three-month and nine-month periods ended September 30, 2026 and 2025:
Previous wording
The table below outlines the average published market metal prices for our metals for the three-month and six-month periods ended June 30, 2026 and 2025:
Current wording
The table below outlines the average published market metal prices for our metals for the three-month and nine-month periods ended September 30, 2026 and 2025:
Previous wording
The table below provides our metal sales as a percentage of our total net sales for the three-month and six-months periods ended June 30, 2026 and 2025:
Current wording
The table below provides our metal sales as a percentage of our total net sales for the three-month and nine-month periods ended September 30, 2026 and 2025:
Previous wording
The table below provides our copper sales by type of product for the three-month and six-month periods ended June 30, 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.
Current wording
The table below provides our copper sales by type of product for the three-month and nine-month periods ended September 30, 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-month and six-month periods ended June 30, 2026 and 2025:
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 and nine-month periods ended September 30, 2026 and 2025:
Previous wording
Non-operating income (expense) represented a net expense of $(23.8) million and $(60.0) million for the three and six months ended June 30, 2026, compared to a net expense of $(43.1) million and $(100.1) million for the three and six months ended June 30, 2025.
Current wording
Non-operating income (expense) represented a net expense of $(35.0) million and $(95.0) million for the three and nine months ended September 30, 2026, compared to a net expense of $(44.6) million and $(144.7) million for the three and nine months ended September 30, 2025, respectively.
Previous wording
Second quarter: The $19.3 million decrease in the expense level was due to:
Current wording
Third quarter: The $9.6 million decrease in the expense level was due to:
Previous wording
Six months: The $40.1 million decrease in the expense level was due to:
Current wording
Nine months: The $49.7 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-month and six-month periods ended June 30, 2026 and 2025:
Current wording
The table below presents information regarding the volume of our copper sales by segment for the three-month and nine-month periods ended September 30, 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-month and six-month periods ended June 30, 2026 and 2025:
Current wording
The table below presents information regarding the volume of sales by segment of our significant by-products for the three-month and nine-month periods ended September 30, 2026 and 2025:
Previous wording
The following table shows the cash flow for the six-month periods ended June 30, 2026 and 2025 (in millions):
Current wording
The following table shows the cash flow for the nine-month periods ended September 30, 2026 and 2025 (in millions):
Previous wording
The change in net cash from operating activities for the six-month periods ended June 30, 2026 and 2025 include, in millions, the following significant items:
Current wording
The change in net cash from operating activities for the nine-month periods ended September 30, 2026 and 2025 include, in millions, the following significant items:
Previous wording
Six-month period ended June 30, 2026: Net income was $3,256.5 million, which represented approximately 88.4% of the net operating cash flow. The cash flow from operating assets and liabilities dropped $24.2 million due to the following:
Current wording
Nine-month period 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:
Previous wording
Six-month period ended June 30, 2026: Net cash used in investing activities included $864.7 million for capital investments. The capital investments included:
Current wording
Nine-month period ended September 30, 2026: Net cash used in investing activities included $1,380.5 million for capital investments. The capital investments included:
Previous wording
Investment activities in the first six months of 2026 included $1,060.3 million of net purchase of short-term investments.
Current wording
Investment activities in the nine-month period of 2026 included $2,634.6 million of net purchase of short-term investments.
Previous wording
Six months ended June 30, 2025: Net cash used in investing activities included $553.5 million for capital investments. The capital investments included:
Current wording
Nine-month period ended September 30, 2025: Net cash used in investing activities included $902.7 million for capital investments. The capital investments included:
Previous wording
Investment activities in the first six months of 2025 included $430.1 million of net purchase of short-term investments.
Current wording
Investment activities in nine-month period of 2025 included $330.6 million of net purchase of short-term investments.
Previous wording
On July 16, 2026, the Board of Directors authorized a quarterly cash dividend of $1.10 per share of common stock and a stock dividend of 0.0120 shares of common stock per share of common stock, payable on August 27, 2026 to shareholders of record at the close of business on August 11, 2026.
Current wording
On October 15, 2026, the Board of Directors authorized a quarterly cash dividend of $1.30 per share of common stock and a stock dividend of 0.0106 shares of common stock per share of common stock, payable on November 19, 2026 to shareholders of record at the close of business on November 3, 2026.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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
Previous report — wording carried elsewhere
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
Previous report — wording carried elsewhere
Six months ended June 30, 2025: Net income was $1,925.8 million, which represented approximately 113.4% of the net operating cash flow. The cash flow from operating assets and liabilities dropped by $742.7 million due to the following: