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- **Revenue Records**: 2025 net sales up 17% to $13.4 billion, driven by zinc (+36%), silver (+15%), and molybdenum (+7.4%).
- **Copper Production Decline**: 2026 copper output expected to drop 4.7% to 911,400 tons due to lower ore grades.
- **Tia Maria Progress**: $800 million committed, targeting 120,000 tons/year by 2028 with first production in mid-2027.
- **ESG Leadership**: 2025 investments of $400 million in community infrastructure and international safety accreditations.

**【CFO Opening Remarks & Financial Summary】**
- **Record Financial Performance**: 2025 net sales reached $13.4 billion (17% YoY growth), adjusted EBITDA hit $7.8 billion (22% YoY), and net income was $4.3 billion (28% YoY growth), driven by higher by-product production and metal prices.
- **Production Highlights**: Copper production for 2025 was 956,270 tons (-1.8% YoY), with zinc (+36%), silver (+15%), and molybdenum (+7.4%) leading growth. 2026 copper production expected to decline 4.7% to 911,400 tons due to lower ore grades.
- **Cost Management**: Operating cash cost per pound of copper before by-product credits was $2.29 in Q4 2025, up 3% YoY, but by-product credits improved to $1.77 per pound.

**【Expansion Projects】**
- **Tia Maria Project**: 24% complete with $800 million committed, targeting 120,000 tons/year by 2028. 2026 capital spend of $508 million planned, with first production in mid-2027.
- **Los Chancas & Michiquillay**: Delays due to illegal mining and geological reviews, respectively.

**【ESG & Community Initiatives】**
- **Safety & Recognition**: Buenavista mine and La Caridad unit received international safety accreditations. 2025 health campaigns benefited 5,000 community members.
- **Sustainability Investments**: $400 million in infrastructure projects through Peru's Works for Taxes program.

**【Q&A Highlights】**
- **Cost Guidance**: Operating costs expected to remain flat per pound, with by-product credits supporting margins.
- **Silver Production**: 2026 guidance of 24 million ounces, with potential upside from high ore grades at Buenavista.
- **Tia Maria Timeline**: Construction on track for mid-2027 start, with 30,000 tons in 2027 and full capacity by 2028.
- **Market Outlook**: 2026 copper deficit estimated at 320,000 tons, supported by EV and AI demand, despite China real estate concerns.

Southern Copper Corporation (SCCO) Q4 2025 Earnings Call Transcript

- **Q3 2025 Financial Standout**: $3.4 billion net sales (+15% YoY), $1.975 billion EBITDA (+17%), and $1.108 billion net income (+23%).
- **Copper Production Challenges**: 7% QoQ drop to 234,892 tons, but byproducts (zinc +46%, silver +16%) offset with $895 million credits.
- **Tia Maria Project Momentum**: 23% completion, 2027 production start, and $866 million 2026 CapEx allocation.
- **ESG Leadership**: 180,000-ton GHG reduction, 67 hectares reforested, and $0.90/share dividend with 65 million shares remaining.
- **2026 Outlook**: 911,000 tons copper (-1% YoY), Q4 cash costs to $2.15-$2.20/lb, and $2 billion CapEx for growth projects.

**【CFO Presentation Summary】**
- **Record Financial Performance**: Q3 2025 net sales reached $3.4 billion, up 15% YoY, driven by higher byproduct production (zinc +46%, silver +16%) and improved metal prices. Adjusted EBITDA rose 17% to $1.975 billion, with a margin of 59%.
- **Copper Production Challenges**: Copper output fell 7% QoQ to 234,892 tons due to lower ore grades in Peru and Mexico. Full-year 2025 production expected at 960,000 tons (-2% YoY), with costs at $2.23/lb (cash cost $0.42/lb with byproduct credits).
- **Byproduct Growth**: Zinc production surged 46% QoQ to 45,482 tons, silver +16% to 23 million ounces, and molybdenum +8% to 30,000 tons. Byproduct credits totaled $895 million ($1.81/lb copper equivalent).
- **Expansion Projects**: Tia Maria project in Peru reached 23% completion, with production expected in 2027. Los Chancas and Michiquillay projects progressing, with Tia Maria requiring $866 million in 2026 CapEx.
- **ESG Initiatives**: Improved sustainability ratings, reduced GHG emissions by 180,000 tons via renewable energy, and community investments like school modernization and health programs.
- **Dividends**: Q3 2025 dividend of $0.90/share (cash) and 0.0085 shares (stock), with 65 million shares remaining in treasury.

**【Q&A Highlights】**
- **Cash Costs & Production**: Q4 2025 cash costs expected to drop to $2.15-$2.20/lb due to Peruvian production recovery. 2026 copper production forecast at 911,000 tons, with Tia Maria contributing 100,000 tons by 2027.
- **Projects & Risks**: Tia Maria construction unaffected by recent Peru protests; Los Chancas facing delays due to illegal mining. Cuajone concentrator expansion ($600-700 million) under review to mitigate ore grade decline.
- **Government Engagement**: Ongoing talks with Mexico over 2024 Sonora spill, though company considers matter resolved.
- **Hedging Strategy**: No current plans to hedge byproducts, though zero-cost collars used for past projects.
- **Capital Allocation**: 2026 CapEx expected at $2 billion, primarily for Tia Maria. Cash position at $4.5 billion supports organic growth over M&A.

Southern Copper Corporation (SCCO) Q3 2025 Earnings Call Transcript

- **Market Strength**: Copper price up 11% YoY, with 300,000 mt deficit expected. Arbitrage premium narrowed to 7%.
- **Production Growth**: Zinc (+49%), silver (+14%), molybdenum (+9%) driven by new concentrators and ore grades.
- **Financial Excellence**: EBITDA up 23% to $1.75B, net income +29% to $946M. Cash cost drops to $0.77/lb, lowest in sector.
- **Capital Expansion**: $15B+ capex pipeline, with Tia Maria entering construction phase at $200M this year.
- **ESG Leadership**: Top CDP rankings, 2 new schools in Peru, and 628 local hires at Tia Maria.


**【Market Overview】**
- Copper price on LME rose 11% YoY to $4.24/lb in Q1 2025, driven by supply deficit of 300,000 mt expected by year-end. Global inventories cover only 1 week of demand.
- COMEX-LME price arbitrage peaked at $0.73/lb (17% premium) amid U.S.-China trade tensions, but narrowed to 7% by end of Q1.

**【Production Highlights】**
- Copper: 240,226 mt (stable vs. Q1 2024), with 968,200 mt guidance for 2025 (+2,400 mt vs. prior plan). Molybdenum up 9% to 27,400 mt, silver +14% to 23M oz, zinc +49% to 39,375 mt.
- Key drivers: Buenavista SX-EW (+24%), Toquepala concentrate (+2%), and new zinc concentrator at Buenavista (+161%).

**【Financial Performance】**
- Revenue: $3B (+20% YoY), with 19% growth in copper sales, 59% in zinc, and 58% in silver.
- Adjusted EBITDA: $1.75B (+23% YoY), margin 56% vs. 55% prior. Net income: $946M (+29% YoY), cash flow from ops: $721M (+9% YoY).
- Operating cash cost: $0.77/lb (including by-product credits), down 21% QoQ due to higher premiums and cost control.

**【Capital Expenditure】**
- 10-year capex >$15B, with $1.5B in 2025 for projects like Tia Maria ($200M this year, $980M in 2026, $460M in 2027), Michiquillay, and Los Chancas.
- Mexican projects: $600M for modernization, water efficiency, and El Arco concentrator/SX-EW plant.

**【ESG Initiatives】**
- Built 2 high-performance schools in Peru with $60M investment, benefiting 600 students annually.
- Ranked above sector average in CDP climate change and water security assessments.
- Tia Maria project to create 764 direct jobs and 5,900 indirect jobs by 2027, with 628 local hires as of Q1.

**【Dividend Policy】**
- Q1 2025 dividend: $0.70/share + 0.0099 shares, reflecting 711M in tax payments for 2024 results. Cash flow management prioritizes operational funding over hoarding.


Actual			0.2621	0.3182	0.6084	0.7113	0.9266	1.1325	1.0482	1.0108	0.9546	0.5241	0.6271	1.095	0.9827	0.6645	0.7487	0.5428	0.8891	1.1537	1.0936	0.9735	1.147	1.1875	1.3273	1.5409
Forecast			0.3332	0.2565	0.5133	0.6554	0.8597	1.1092	1.1068	1.0558	1.0162	0.826	0.5176	0.7796	0.9531	0.7435	0.676	0.7006	0.7131	1.0186	1.0557	0.987	1.1002	1.0915	1.2386	1.4997
Surprise	0.00%	0.00%	-21.34%	+24.05%	+18.53%	+8.53%	+7.78%	+2.10%	-5.29%	-4.26%	-6.06%	-36.55%	+21.16%	+40.46%	+3.11%	-10.63%	+10.75%	-22.52%	+24.68%	+13.26%	+3.59%	-1.37%	+4.25%	+8.80%	+7.16%	+2.75%

SCCO

SCCO fundamentals

SCCO Q4 2025 Earnings

Earnings Call

You can ask Aime

SCCO

SCCO fundamentals

SCCO Q4 2025 Earnings

Earnings Call

SCCO Earnings Call Summary for Q4/202510:00 AM on Jan 28, 2026

SCCO Earnings Call Summary for Q3/202511:00 AM on Oct 29, 2025

SCCO Earnings Call Summary for Q2/2025 Mar 26, 2026

SCCO Earnings Call Summary for Q1/202510:00 AM on Apr 25, 2025

SCCO Earnings Call Summary for Q4/2024 Mar 26, 2026

You can ask Aime