Southern Copper SCCO Q2 2026 earnings

“As Peru is approaching another executive power transition, we are encouraged by the initial statements made by President-elect Ms. Keiko Fujimori. Accordingly, SCC reiterates its commitment to work with the incoming administration to promote economic growth and social development in Peru through the advancement of our Peruvian projects Tía María, Los Chancas, and Michiquillay, which represent a combined investment of approximately $10.3 billion. SCC delivered another exceptional quarter, registering record-breaking results in sales, adjusted EBITDA, and net income. These outstanding achievements are driven by operating excellence and reflect our commitment to creating long-term value for our stakeholders in a context marked by sustained demand for copper and the other minerals we produce. As part of the development of the Tía María project, the Company secured $1.25 billion through a bond, carrying a 5.35% annual coupon and maturing in 2036. The project is expected to produce 120,000 metric tonnes of refined copper during its initial years of operation using SX-EW technology. Cash cost is estimated at $1.16 per pound of copper. We expect all equipment to be fully assembled next year, and initial production to begin in the second half of 2027. SCC is also advancing its Michiquillay project, a world-class copper deposit with a strong potential to spur Peru's development. Located in Cajamarca, Michiquillay is expected to produce approximately 225,000 metric tonnes of copper per year, along with molybdenum, gold, and silver by-products, over an initial mine life of more than 25 years. The project's investment requirement is estimated at approximately $2.5 billion, and production is expected to begin in 2032.”