Southern Copper Corporation Earnings Recaps
Q3 2026
Oct 24, 2026
Southern Copper’s shares fell 2.1% after earnings, a roughly flat reaction. Results benefited from sharply higher metal prices, while copper production declined and operating costs rose; management now sees a slight copper-market surplus in 2026.
Key takeaways
- Third-quarter sales rose 39% year over year to $4.7 billion, while adjusted EBITDA increased 54% to $3.0 billion; the adjusted EBITDA margin was 65%, versus 59% a year earlier.
- Copper production fell 1% year over year to 232,396 tons in the quarter and 2.9% year to date. The company expects 918,000 tons of copper production in 2026, 0.7% above its initial plan.
- Operating costs and expenses increased 17% year over year, or $223 million, with higher diesel and fuel, labor, power, depreciation, and other costs.
- Production was weaker across several metals: quarterly molybdenum and mined silver each fell 2%, zinc mine production fell 8%, and refined zinc production fell 6% year over year.
- Copper prices rose sharply, with the LME average up 44% year over year to $6.41 per pound. Management estimates a slight copper-market surplus for 2026; global inventories covered approximately 14 days of demand as of October 9.
Q3 2025
Oct 30, 2025
Southern Copper Corporation achieved record net sales, adjusted EBITDA, and net income in Q3 2025, driven by strong byproduct production and improved metal prices, despite a decline in copper output.
Key takeaways
- Net sales reached $3.4 billion, reflecting a 15% increase year-over-year due to higher prices for copper, molybdenum, silver, and zinc.
- Molybdenum production rose 8%, and silver sales surged 65% on volume growth and price increases, underscoring strong demand in the byproduct market.
- Cash costs for copper were competitive at $0.42 per pound, positioning the company favorably within the industry.
- Zinc production jumped 46%, primarily from enhanced output at the Buenavista zinc concentrator, highlighting operational efficiencies.
- Year-to-date copper production decreased by 3% to 714,098 tons, primarily due to lower ore grades impacting operations in Peru and Mexico.