SOUTHERN COPPER CORP

Previous wording

Additionally, changes in international trade policies and relationships may affect global commodity prices and market conditions and could have a material adverse impact on our business and results of operations. The adoption and expansion of trade restrictions; trade tensions; or other changes in governmental policies related to taxes, tariffs, trade agreements or any policies, are difficult to predict and could adversely affect the demand for our products, our costs, our customers, our suppliers and the U.S. economy and, consequently, could have a material adverse effect on our cash flows, competitive position, financial condition or results of operations. In April 2025, reciprocal tariffs were enacted by the United States government for imports from several countries. Later in the month, most of these tariffs were paused for 90 days. China promptly responded to raise duties on imports of goods from the United States by levying new tariffs on US products. The financial markets reacted to these developments, causing fluctuations in the market prices for our main products and our common stock. We cannot assure that the market prices of our products and our common stock, our financial condition or our results of operations will not be adversely affected by any potential future developments related to tariffs, trade tensions or regulatory uncertainty.

Current wording

Additionally, changes in international trade policies and relationships may affect global commodity prices and market conditions and could have a material adverse impact on our business and results of operations. The adoption and expansion of trade restrictions; trade tensions; or other changes in governmental policies related to taxes, tariffs, trade agreements or any policies, are difficult to predict and could adversely affect the demand for our products, our costs, our customers, our suppliers and the U.S. economy and, consequently, could have a material adverse effect on our cash flows, competitive position, financial condition or results of operations. In April 2025, reciprocal tariffs were enacted by the United States government for imports from several countries. Most of these tariffs were paused but are expected to go into effect on August 1, 2025. In July 2025, the United States announced trade agreements with the European Union and Japan. The pause for reciprocal tariffs with China expires on August 12, but the trade tensions between these countries have deescalated as negotiations were conducted during July. In addition, on July 30, 2025, the United States also announced a 50% tariff on imports of semi-finished copper products and copper-intensive derivative products effective August 1, 2025. The financial markets reacted to these developments, causing fluctuations in the market prices for our main products and our common stock. We cannot assure that the market prices of our products and our common stock, our financial condition or our results of operations will not be adversely affected by any potential future developments related to tariffs, trade tensions or regulatory uncertainty.