Southern Copper $(SCC)$ reported FY 2025 net sales of USD 13.4 billion (+17.4%) and operating income of USD 7.0 billion. Net income attributable to shareholders was USD 4.3 billion (+28.4%), with earnings per share of USD 5.24; cash dividends totaled USD 3.10 per share and stock dividends were USD 3.50 per share. For FY 2025, SCC said copper represented 74.8% of sales, with average LME copper prices at USD 4.51/lb (+8.7%) and COMEX copper prices at USD 4.82/lb (+14.2%); molybdenum represented 10.5% of sales with average prices of USD 22.01/lb (+3.8%), while silver represented 7.3% of sales with average prices of USD 39.99/oz (+41.6%). Copper sold was 2,067.0 million pounds, and mined copper production was 2,108.2 million pounds (-1.8%), which the company attributed mainly to lower ore grades at several operations. Operating cash cost per pound of copper produced was USD 2.17 before by-product revenues and USD 0.58 net of by-product revenues (down 34.0%), supported by higher by-product revenues per pound. Capital investments were USD 1.3 billion in FY 2025 (+29.0%), and SCC’s board approved a USD 1.9 billion capital investment program for 2026 as it advances an organic growth plan targeting 1.6 million tonnes of copper production by 2033. SCC also highlighted progress at its Tía María project in Peru, with committed spending of USD 790 million as of December 31, 2025, project progress at 24%, and 3,589 jobs generated in 2025; the project budget is USD 1.8 billion. For 2026, SCC expects copper production of 911,400 tonnes and estimates a 2026 copper market deficit of 320,000 tonnes, with global inventories of 1,054,000 tonnes at the end of January 2026 (about 14 days of demand).

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