3 Low-Rated Stocks Analysts May Be Underestimating Ahead of Q3 EarningsSouthern Copper NYSE: SCCO reported record quarterly net sales, adjusted EBITDA and net income for the second consecutive quarter, supported by substantially higher copper and by-product prices, while production was broadly stable and the company advanced several expansion projects in Peru and Mexico.
Vice President of Finance, Treasurer and CFO Raul Jacob said third-quarter net sales rose 39% year over year to $4.7 billion. Copper accounted for 74% of sales, while molybdenum, silver and zinc represented 12%, 7% and 4%, respectively.
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Copper’s Record Rally Highlights a Deeper Supply ProblemThe company reported record adjusted EBITDA of $3 billion, up 54% from the third quarter of 2025, with an adjusted EBITDA margin of 65%, compared with 59% a year earlier. Net income reached a record $1.8 billion, a 63% increase from $1.1 billion in the prior-year quarter. The net income margin expanded to 38% from 33%.
“We are very pleased to report strong third quarter performance as we hit record highs for net sales, adjusted EBITDA, and net income for the second consecutive quarter,” Jacob said.
Higher Prices Offset Production Pressures
Copper Is the AI Trade No One Priced In—3 Miners With the Most to GainCopper production totaled 232,396 tons during the quarter, down 1% from a year earlier. Production in Peru declined 6%, reflecting lower ore grades and recoveries at the Toquepala and Cuajone mines. That decline was partly offset by a 2.5% increase in Mexico, driven largely by higher output from Buenavista and IMMSA operations.
For the first nine months of 2026, copper production declined 2.9% to 693,602 tons. Southern Copper expects to produce 918,000 tons of copper during 2026, 0.7% above its initial plan.
Market pricing was a significant contributor to the company’s results. The average London Metal Exchange copper price rose 44% to $6.41 per pound from $4.24 per pound in the third quarter of 2025. The average COMEX copper price increased 34% to $6.48 per pound, Jacob said.
Southern Copper estimated that global copper inventories totaled 1.105 million tons as of Oct. 9, covering approximately 14 days of global demand. Based on prevailing supply-and-demand conditions, the company expects either a slight deficit or slight surplus in the copper market during 2026.
By-product prices also rose sharply. Molybdenum averaged $32.93 per pound, up 36% year over year, while silver averaged $62.80 per ounce, up 59%. Zinc prices increased 36%, according to the company.
Cash Costs Fall as By-Product Credits Rise
Total operating costs and expenses increased 17%, or $223 million, from the prior-year quarter. Jacob cited higher diesel and fuel costs, worker participation, inventory consumption, depreciation, power and labor costs. Those increases were partially offset by a $22 million translation difference and exchange-rate effects on local-currency costs.
Operating cash cost per pound of copper, net of by-product credits, fell 77% to $0.09 in the third quarter from $0.52 a year earlier. The company attributed the decline primarily to a 31% increase in by-product revenue credits, which totaled $1.2 billion, or $2.36 per pound.
Cash costs before by-product credits were $2.46 per pound, up 10% from the comparison period cited by the company, as higher production and administrative costs were partly offset by premiums and treatment and refining benefits. Jacob said Southern Copper expects fourth-quarter cash costs before by-product credits to be in line with or slightly better than the third-quarter level, though he noted that costs remain difficult to forecast.
Expansion Projects Target More Than 1 Million Tons of Copper
Southern Copper’s capital investment program for the decade exceeds $21 billion. The company said projects under construction at Tía María in Peru and El Pilar in Mexico are expected to add a combined 156,000 tons of refined copper production annually, allowing the company to surpass 1 million tons of annual copper production.
Tía María is expected to produce 120,000 tons of SX-EW copper cathodes annually in its early years. Operations are scheduled to begin in the first half of 2028. As of Sept. 30, the project was 50% complete, with $884 million invested and $1.1 billion committed. Jacob said the revised timing reflected the additional time needed for mechanical assembly and engineering work. He did not provide an updated capital-cost estimate during the call.
El Pilar, in Mexico’s Sonora state, is expected to produce 36,000 tons of copper cathodes annually. The $551 million project began early site preparation in September, with construction expected to begin in the first quarter of 2027 and production targeted for the second half of 2029.
The company also outlined longer-term Peruvian projects:
Los Chancas: Expected annual production of 130,000 tons of copper and 7,500 tons of molybdenum, with estimated capital investment of $2.6 billion and a planned 2031 start. The company said illegal miners must be removed from its concession before development can proceed at a faster pace.
Michiquillay: Expected to produce 225,000 tons of copper annually, along with molybdenum, gold and silver by-products. Southern Copper estimates investment of approximately $2.5 billion and expects production by 2032.
Cuajone expansion: The company is evaluating an increase in milling capacity from 90,000 to 120,000 tons per day, requiring estimated capital spending of $680 million. The expansion could add average annual production of 55,000 tons of copper and 1,400 tons of molybdenum. Southern Copper is also studying a potential expansion to 150,000 tons per day.
Dividend Declaration
Southern Copper announced a quarterly cash dividend of $1.30 per common share and a stock dividend of 0.0126 common shares per share. Both are payable Nov. 19 to shareholders of record as of Nov. 3, 2026.
About Southern Copper (NYSE:SCCO)Southern Copper Corporation NYSE: SCCO is a mining and metals company engaged primarily in the exploration, development, extraction, processing and production of copper. The company also produces molybdenum, zinc, silver and lead, along with related byproducts. Its operations include open-pit mines, underground mines, concentrators, smelters, refineries and other processing facilities.
Southern Copper operates mainly in Peru and Mexico. Its Peruvian assets include the Toquepala and Cuajone copper mines, while its Mexican operations include the Buenavista del Cobre and La Caridad mines, as well as associated processing and infrastructure facilities.
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Společnost Southern Copper má ve 3. čtvrtletí vykázat zisk 2,04 USD na akcii, což představuje meziroční nárůst o 51,1 %, při tržbách ve výši 4,49 mld. USD (+33,1 %).
Wall Street expects a year-over-year increase in earnings on higher revenues when Southern Copper (SCCO - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis miner is expected to post quarterly earnings of $2.04 per share in its upcoming report, which represents a year-over-year change of +51.1%.
Revenues are expected to be $4.49 billion, up 33.1% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 2.41% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Southern Copper?For Southern Copper, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Southern Copper will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Southern Copper would post earnings of $1.97 per share when it actually produced earnings of $2.01, delivering a surprise of +2.03%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Southern Copper doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Southern Copper má ve třetím čtvrtletí roku 2026 podle konsenzu dosáhnout tržeb ve výši 4,50 miliardy USD, což představuje meziroční nárůst o 33,3 %, a EPS ve výši 2,07 USD, meziročně o 53,3 % vyšší.
Key Takeaways Southern Copper's Q3 revenues are estimated at $4.50 billion, up 33.3%, with EPS projected to rise 53.3%.Copper production fell 3.5% in Q2, while lower ore grades and recoveries in Peru weighed on output.Higher metal prices and cost-control efforts may cushion lower production volumes and elevated expenses.
Southern Copper Corporation (SCCO - Free Report) is expected to deliver year-over-year improvements in both its top and bottom lines when it reports third-quarter 2026 results next week.
The Zacks Consensus Estimate for the quarter’s revenues is $4.50 billion, indicating year-over-year growth of 33.3%. The consensus mark for earnings suggests 53.3% growth from the year-ago quarter’s actual and is currently pegged at $2.07 per share. The estimate has moved up 14.4% in the past 60 days.
Image Source: Zacks Investment Research
Southern Copper’s Earnings Surprise HistoryThe company’s bottom line beat the Zacks Consensus Estimate in each of the trailing four quarters. Over the same period, the company recorded an average earnings surprise of 6.34%.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for SCCOOur proven model does not conclusively predict an earnings beat for Southern Copper this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, but that is not the case here.
Earnings ESP: The Earnings ESP for SCCO is -4.35%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank: Southern Copper currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped Southern Copper’s Q3 PerformanceCopper production fell 3.5% year over year in the second quarter of 2026 to 230,662 tons, while first-half 2026 output declined 3.8% to 461,206 tons. The weakness was concentrated in Peru, where second-quarter production fell 12% because of lower ore grades and recoveries at Toquepala and Cuajone. Even though management raised its copper production outlook for 2026 to 917,000 tons, this suggests a 4% decline from the 956,270 tons of copper produced in 2025.
Other metals are also expected to see declines. Molybdenum production is projected at 27,900 tons in 2026, indicating a 10% decline from the 2025 level. Silver output is projected at 24 million ounces, a decrease of around 1% compared with 2025. Zinc production for the year is projected at 163,900 tons, 7% lower than the 2025 level.
We, thus, expect Southern Copper’s production to be lower year over year in the third quarter of 2026. For comparison, the company mined 234,892 tons of copper in the third quarter of 2025. Including third-party concentrate, copper production was reported at 237,333 tons. Molybdenum production for the quarter was 7,874 tons, silver was 6.2 million ounces and zinc output was 45,482 tons.
Metal prices have trended higher year over year in the third quarter. Copper was supported by demand expectations and supply concerns. Copper prices had touched an all-time high of $6.93 per pound in September, driven by intense front-loading ahead of anticipated U.S. tariffs and supply disruptions. Copper averaged $6.53 per pound in the third quarter. Although silver declined from its January high of $121.64 an ounce, prices averaged around $63 per ounce in the third quarter of 2026. Zinc and molybdenum prices also improved from last year. Zinc prices in the third quarter remained elevated and hovered near multi-year highs supported by persistent global supply tightness, shrinking Western smelter capacity and declining exchange inventories.
Higher realized prices are likely to have offset the impacts of lower production and sales volumes on the company’s revenues in the quarter. However, the company continues to face elevated operating costs and expenses pertaining to workers’ participation, repair materials (mainly heavy equipment spare parts), inventory variance and exchange rate variance. The company's cost-control initiatives are likely to have cushioned the impact on earnings.
SCCO Stock’s Price PerformanceSouthern Copper stock has gained 57.2% in a year compared with the industry’s 42.9% growth.
Image Source: Zacks Investment Research
Stocks Likely to Deliver Earnings BeatHere are some Basic Material stocks with the right combination of elements to post an earnings beat in their upcoming releases.
Reliance, Inc. (RS - Free Report) , scheduled to release third-quarter 2026 earnings on Oct. 21, has an Earnings ESP of +3.37% and a Zacks Rank of 1 at present.
The Zacks Consensus Estimate for earnings for Reliance for the third quarter of 2026 is pegged at $6.76 per share, suggesting an 85.7% year-over-year increase. Reliance has a trailing four-quarter average earnings surprise of 3.15%.
OR Royalties Inc. (OR - Free Report) , scheduled to release third-quarter 2026 earnings on Nov. 11, has an Earnings ESP of +9.43% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for OR Royalties’ earnings for the third quarter of 2026 is pegged at 27 cents per share, indicating 22.7% growth from the year-ago quarter’s reported figure. OR Royalties has a trailing four-quarter average earnings surprise of 9.98%.
FreeportMcMoRan (FCX - Free Report) , scheduled to release third-quarter 2026 earnings on Oct. 27, has an Earnings ESP of +2.60% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for earnings for FreeportMcMoRan for the third quarter of 2026 is 75 cents per share, indicating a 50% year-over-year increase. FreeportMcMoRan has a trailing four-quarter average earnings surprise of 32.61%.
Southern Copper jedná o urychlení investic za 10,2 miliardy USD v Mexiku, které mají podpořit dlouhodobý růst. El Pilar má začít stavět v 1. čtvrtletí 2027 a v roce 2029 dodat 36 000 tun měděné katody.
Key Takeaways Southern Copper plans to advance $10.2B in Mexican investments to support long-term growth.El Pilar construction is set for 2027, with 36,000 tons of copper cathode targeted in 2029.Southern Copper targets 1.056M tons of production in 2029 and 1.6M tons by 2035. Southern Copper Corporation (SCCO - Free Report) is in discussions with the administration to advance its investments of $10.2 billion in Mexico. The company has a strong Mexican pipeline, which is expected to boost organic growth in the coming years.
Southern Copper’s Mexican copper circuit, which includes Angangueo and Chalchihuites mines, along with the Empalme Smelter, is expected to position the company as a fully integrated copper producer.
The company expects construction to commence in the first quarter of 2027 at its new El Pilar copper project in Sonora, with production slated to begin in the second half of 2029. El Pilar’s copper oxide mineralization contains estimated proven and probable reserves of 317 million tons of ore. The mine has an expected life of 18 years. Southern Copper expects El Pilar to produce 36,000 tons of copper cathode in 2029.
SCCO’s El Arco mine in Baja California is a world-class copper deposit with more than 1,230 million tons in sulfide ore reserves and 141 million tons of leach material. El Arco mine is expected to produce 190,000 ounces of copper in 2030.
Southern Copper maintains a strong long-term outlook, with production expected to reach 1.056 million tons in 2029 and targets 1.6 million tons by 2035. The breadth of these projects gives Southern Copper multiple sources of organic production growth beyond current mine grades. Tía María, Los Chancas and Michiquillay in Peru, along with El Pilar, El Arco and other projects in Mexico, will aid the company’s production in the upcoming years.
Growth Drivers of Southern Copper PeersTeck Resources Ltd. (TECK - Free Report) continues to advance projects toward sanction readiness while prioritizing Quebrada Blanca and the Highland Valley Copper Mine Life Extension. Highland Valley construction progressed in the second quarter of 2026, with detailed engineering about 95% complete and procurement nearly complete. The project is expected to extend mine life to 2046 and support average annual copper production of about 132,000 tons.
Quebrada Blanca produced 55,800 tons of copper in the second quarter of 2026, up from 52,700 tons a year earlier and broadly stable with the first quarter. The operation completed a third consecutive quarter of stable performance. Teck Resources maintains its 2026 copper production guidance of 455-530 thousand tons, whereas it produced 453.5 thousand tons in 2025. This will be driven by higher output at QB, Highland Valley Copper and Antamina. Teck Resources’ long-term outlook for copper is positive as demand is expected to grow, partly driven by electric vehicles, renewable energy and infrastructure investments.
Freeport-McMoRan Inc. (FCX - Free Report) is conducting exploration activities near its existing mines with a focus on opportunities to expand reserves. At Cerro Verde, a large-scale concentrator expansion provided incremental annual production of around 600 million pounds of copper and 15 million pounds of molybdenum.
Freeport-McMoRan is evaluating a large-scale expansion at El Abra in Chile to define a large sulfide resource that could potentially support a major mill project. The expansion is expected to result in the addition of more than 700 million pounds of copper production annually. Freeport-McMoRan, in April 2026, lowered its consolidated sales volume projections for 2026 to 3.1 billion pounds of copper from the prior view of 3.4 billion pounds due to an expected delay in achieving full ramp-up of the Grasberg Block Cave mine.
SCCO’s Price Performance, Valuations & EstimatesSouthern Copper shares have surged 67.4% year to date compared with the Zacks Mining - Non Ferrous industry’s rise of 57.3%. During this time, the Basic Materials sector has risen 17.1% and the S&P 500 has rallied 17.3%.
Image Source: Zacks Investment Research
The Southern Copper stock is currently trading at a forward 12-month earnings multiple of 26.92X, which is a premium to the industry average of 22.82X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Southern Copper’s 2026 sales is $17.36 billion, indicating a 29% year-over-year jump. The consensus mark for the year’s earnings is pegged at $7.83 per share, suggesting a rally of 49%.
The Zacks Consensus Estimate for 2027 sales implies a 49.4% year-over-year dip. The same for earnings suggests a fall of 5.2%.
Earnings estimates for 2026 and 2027 have moved up over the past 60 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Southern Copper plánuje investovat 20,5 miliardy USD a do roku 2033 či 2034 zvýšit produkci mědi na zhruba 1,6 milionu tun. Současně ale v 2. čtvrtletí produkce meziročně klesla o 3,5 %.
Key Takeaways FCX's expansion projects aim to boost copper output, backed by strong financial health.SCCO plans $20.5 billion in investments to lift copper production to roughly 1.6 million tons.FCX and SCCO posted strong cash generation, while both face challenges from weaker near-term production. Freeport-McMoRan Inc. (FCX - Free Report) and Southern Copper Corporation (SCCO - Free Report) are two heavyweights in the copper mining industry. Both operate on a global scale, extracting and processing copper and other metals.
Copper prices continue to show strength driven by robust demand from China and the United States. Structural tailwinds, including electric vehicles (EVs), renewable energy projects, artificial intelligence data center growth and grid modernization, continue to boost copper consumption. Worries about tightening supply amid rising EV and infrastructure demand aided the red metal. Supply risks stem from operational issues in top producer Chile, along with export bans on copper concentrates from the Democratic Republic of Congo.
Copper surged to an all-time high near $6.9 per pound recently on tariff-related uncertainties and supply tightness. Imports to the United States have surged ahead of a potential tariff announcement by the Trump administration. Copper prices are currently hovering above $6.7 per pound and up more than 40% year over year.
Let’s dive deep and closely compare the fundamentals of these two copper mining companies to determine which one is a better investment now.
The Case for FreeportFreeport continues to leverage its portfolio of high-quality copper assets, emphasizing disciplined execution and organic growth initiatives to strengthen its production profile. FCX has completed the evaluation of a large-scale expansion at El Abra in Chile to define a large sulfide resource that could potentially support a major mill project similar to the large-scale concentrator at Cerro Verde, with an estimated resource of approximately 20 billion recoverable pounds of copper. The expansion is expected to result in the addition of more than 700 million pounds of copper production annually.
In Arizona, FCX is progressing with pre-feasibility studies at its Safford/Lone Star operations, with completion targeted for 2026, to assess a sizable sulfide expansion opportunity. It has expansion opportunities at Bagdad in Arizona that can more than double the concentrator capacity of the operation. Technical and economic studies have revealed the potential to build concentrating facilities to boost copper production by 200-250 million pounds annually.
PT Freeport Indonesia (PT-FI) is developing the Kucing Liar ore body within the Grasberg district with a targeted ramp-up expected to commence in 2030. Studies completed by FCX in 2025 show an opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and reserves by roughly 20% at low costs.
FCX has a strong liquidity profile and generates substantial cash flows, providing ample flexibility to fund expansion projects, reduce debt and enhance shareholder returns. It generated solid operating cash flows of $5.6 billion in 2025. Cash flows provided by operations were around $2 billion in the second quarter of 2026. Freeport ended the second quarter with strong liquidity, including $4.1 billion in cash and cash equivalents, $3 billion in availability under the Freeport revolving credit facility, and $1.5 billion in availability under the PT-FI credit facility.
At the end of the second quarter, Freeport had a net debt of $2.1 billion, excluding PTFI’s new downstream processing facilities. Its net debt is below its targeted range of $3-$4 billion. Freeport has a policy of distributing 50% of the available cash to its shareholders and the balance to either reduce debt or invest in growth projects. FCX has no significant debt maturities until 2027.
FCX offers a dividend yield of roughly 0.4% at the current stock price. Its payout ratio is 13% (a ratio below 60% is a good indicator that the dividend is sustainable). Backed by strong financial health, the company's dividend is perceived to be safe and reliable.
Despite these positives, Freeport faces headwinds from higher costs. Its second-quarter unit net cash costs jumped 74% year over year to $1.97 per pound due to lower copper volumes. Freeport expects unit net cash costs of $2 per pound for the third quarter, while projecting a full-year average of roughly $1.9 (compared with $1.65 in 2025). The projected third-quarter unit cost reflects a roughly 43% year-over-year increase. The uptick in costs reflects higher costs of energy and other consumables due to the Middle East conflict and persistent pressure on volumes. Higher costs are expected to weigh on the company's margins.
Freeport’s copper sales volumes tumbled approximately 30% year over year in the second quarter to 710 million pounds. The downside primarily resulted from lower operating rates during the phased ramp-up of the Grasberg Block Cave mine in Indonesia, following the mud rush incident in September 2025.
While the company’s third-quarter outlook for copper sales volumes of 750 million pounds indicates a sequential improvement, it suggests a 23% year-over-year decline. The company, in April 2026, lowered its consolidated sales volume projections for full-year 2026 to around 3.1 billion pounds of copper from the prior view of 3.4 billion pounds due to an expected delay in achieving full ramp-up of the Grasberg Block Cave mine. Lower sales volumes are expected to weigh on its top line.
The Case for Southern CopperSouthern Copper has a strong pipeline of world-class copper greenfield projects and other promising opportunities. It operates high-quality assets in investment-grade countries such as Mexico and Peru. Backed by its constant commitment to increasing low-cost production and growth investments, the company is well poised to continue delivering enhanced performance.
SCCO holds the largest copper reserves among listed peers. Its low-cost, integrated operations and deep pipeline of world-class greenfield projects further strengthen its competitive positioning. The company is well-positioned to capitalize on the expected surge in copper demand in the year to come, backed by the energy transition trend.
The company continues to build its presence in Peru as the country is the second-largest producer of copper. Peru holds about 9% of the world’s copper reserves. Despite the year-to-date fall in production, the company has slightly hiked its 2026 copper production outlook to 917,000 tons. Southern Copper expects to take this up to roughly 1.6 million tons by 2033 or 2034. To support this growth plan, the company intends to invest $20.5 billion over the next decade, with the bulk of the capital allocated to projects in Peru.
The company’s key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar in Mexico, all of which underpin SCCO’s long-term expansion pipeline. Given its constant commitment to increasing low-cost production and growth investments, SCCO is well-positioned to continue delivering enhanced performance.
SCCO generated net cash from operating activities of $4.75 billion in 2025, up roughly 7.5% from $4.42 billion in 2024, attributable to higher net income. It delivered a solid 116.9% year-over-year surge in operating cash flow in the first six months of 2026 to $3.68 billion. Southern Copper’s strong cash generation is driven by higher sales and a reduction in operating assets and liabilities requirements. The company also benefited from its cash cost decrease, which was driven by a 68.2% year-over-year rise in by-product revenue credits.
In July 2026, the board authorized a $1.10-per-share cash dividend plus a stock dividend of 0.012 shares per common share, reflecting continued capital returns alongside higher investment spending. SCCO offers a dividend yield of 2.4% at the current stock price. Its payout ratio is 66%, with a five-year annualized dividend growth rate of roughly -2.3%.
However, SCCO faces headwinds from near-term production declines. Copper production fell 3.5% year over year in the second quarter of 2026 to 230,662 tons, while first-half 2026 output declined 3.8% to 461,206 tons. The weakness was concentrated in Peru, where second-quarter production fell 12% because of lower ore grades and recoveries at Toquepala and Cuajone. Management raised its 2026 copper production outlook, but it remains below the 956,270 tons produced in 2025. Lower production is expected to weigh on its performance.
Price Performance and Valuation of FCX & SCCOFCX stock has surged 105.4% over a year, while SCCO stock has rallied 71.2% compared with the Zacks Mining - Non Ferrous industry’s rise of 66.1%.
Image Source: Zacks Investment Research
FCX is currently trading at a forward 12-month earnings multiple of 20.70. This represents a roughly 11.2% discount when stacked up with the industry average of 23.32X.
Image Source: Zacks Investment Research
SCCO is currently trading at a forward 12-month earnings multiple of 26.81, higher than FCX and above the industry.
Image Source: Zacks Investment Research
How Does Zacks Consensus Estimate Compare for FCX & SCCO?The Zacks Consensus Estimate for FCX’s 2026 sales and EPS implies a 10.5% and 59.3% increase year over year, respectively. The EPS estimates for 2026 have been trending higher over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimate for SCCO’s 2026 sales and EPS implies year-over-year growth of 29.4% and 49.4%, respectively. The EPS estimates for 2026 have been going up over the past 60 days.
Image Source: Zacks Investment Research
FCX or SCCO: Which Stock is a Better Pick Now?Both FCX and SCCO currently have a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Both Freeport and Southern Copper are making progress with their growth projects amid a favorable copper pricing environment. FCX is poised to gain from progress in its expansion activities that will boost production capacity. However, a weaker sales volume outlook and higher expected unit costs weigh on its prospects. On the other hand, SCCO’s case is backed by its constant commitment to increasing low-cost production and growth investments amid challenges from weaker expected near-term production. FCX’s more attractive valuation and higher earnings growth projections suggest that it may offer better investment prospects in the current market environment.
VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO – Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 6,184 shares of the basic materials company’s stock, valued at approximately $1,078,000.
Several other large investors have also made changes to their positions in the company. SHP Wealth Management acquired a new stake in Southern Copper in the fourth quarter valued at approximately $25,000. Bell Investment Advisors Inc acquired a new stake in shares of Southern Copper in the 2nd quarter valued at $26,000. Rakuten Securities Inc. acquired a new stake in shares of Southern Copper in the 2nd quarter valued at $28,000. Lloyd Advisory Services LLC. bought a new stake in Southern Copper in the fourth quarter worth $29,000. Finally, Virtus Advisers LLC bought a new stake in Southern Copper in the fourth quarter worth $29,000. Institutional investors own 7.94% of the company’s stock.
Southern Copper Trading Down 0.1% Southern Copper stock opened at $193.22 on Monday. Southern Copper Corporation has a 52 week low of $104.98 and a 52 week high of $223.88. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. The firm has a market capitalization of $161.21 billion, a PE ratio of 28.25, a PEG ratio of 1.73 and a beta of 1.14. The business’s 50-day simple moving average is $190.63 and its 200-day simple moving average is $184.19.
Southern Copper (NYSE:SCCO – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.06. The firm had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The business’s revenue was up 40.6% on a year-over-year basis. Equities research analysts forecast that Southern Copper Corporation will post 7.83 earnings per share for the current year. Southern Copper Increases Dividend The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were given a $1.10 dividend. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Tuesday, August 11th. Southern Copper’s dividend payout ratio (DPR) is currently 64.33%.
Analyst Upgrades and Downgrades Several equities analysts have weighed in on the company. JPMorgan Chase & Co. raised their target price on Southern Copper from $125.49 to $129.94 and gave the company an “underweight” rating in a report on Wednesday, June 17th. Citigroup reissued a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Wall Street Zen lowered Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Morgan Stanley upped their target price on Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research report on Wednesday, July 8th. Finally, Scotiabank reiterated an “underperform” rating and set a $138.34 price target (up from $133.40) on shares of Southern Copper in a report on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $146.84.
Check Out Our Latest Stock Report on SCCO
Key Stories Impacting Southern Copper Here are the key news stories impacting Southern Copper this week:
Positive Sentiment: Southern Copper retains a favorable long-term outlook because tight mine supply could benefit producers if demand from artificial-intelligence data centers, power-grid upgrades and renewable infrastructure remains strong. The company also recently raised its quarterly dividend to $1.10 per share, or $4.40 annualized. Copper demand and Southern Copper outlook Positive Sentiment: Recent earnings momentum remains supportive: Southern Copper reported quarterly EPS of $1.99, exceeding the $1.93 consensus estimate, while revenue increased 40.6% year over year. Zacks continues to identify SCCO as a momentum stock for longer-term investors. Southern Copper momentum analysis Neutral Sentiment: Director Luis Palomino Bonilla sold 100 shares for approximately $21,000 at $210 per share, reducing his position by 6.24%. The sale follows several earlier disposals but leaves him with 1,503 shares, making the latest transaction relatively small. Southern Copper insider sale Negative Sentiment: Copper’s retreat and uncertainty over refined-copper tariffs pressured SCCO and peer miners. Elevated prices may also be curbing demand, with Chinese imports reportedly at a six-year low for August. Copper miners tariff-related decline Negative Sentiment: Valuation adds downside risk: SCCO trades near 28 times earnings, while the analyst consensus is “Reduce” with an average price target of about $146.84, well below recent trading levels. Southern Copper analyst forecast Insider Activity In other news, Director Luis Palomino Bonilla sold 202 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the sale, the director owned 1,723 shares in the company, valued at approximately $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 604 shares of company stock valued at $118,077 in the last 90 days. Company insiders own 0.07% of the company’s stock.
Southern Copper Company Profile (Free Report)
Southern Copper Corporation (NYSE: SCCO) is an integrated copper producer engaged in the exploration, mining, processing, smelting and refining of minerals. The company produces copper in the form of cathodes, concentrates and anodes, along with byproducts including molybdenum, zinc, silver, lead and sulfuric acid.
Southern Copper operates mining and processing facilities in Mexico and Peru. Its principal Mexican operations include the Buenavista del Cobre and La Caridad mining complexes, while its Peruvian operations include the Toquepala and Cuajone mines and the Ilo smelter and refinery.
See Also Five stocks we like better than Southern Copper Why Bitcoin ETFs May Be Worth Another Look as Inflows Rebound 3 Small-Cap Biotechs With Binary Catalysts on the Calendar Planet Labs Has Fallen Back to Earth, But Wall Street Still Sees a Rebound As Homeowners’ Premiums Surge, This Insurer Is Posting Record Profits Want to see what other hedge funds are holding SCCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southern Copper Corporation (NYSE:SCCO – Free Report).
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Southern Copper v poslední obchodní seanci klesla o 7,23 % na 194,14 USD, zatímco S&P 500 ztratil 0,59 %. Trh čeká výsledky firmy, kde EPS má být 2 USD a výnosy 4,36 mld. USD.
Southern Copper (SCCO - Free Report) ended the recent trading session at $194.14, demonstrating a -7.23% change from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.59%. Meanwhile, the Dow lost 0.6%, and the Nasdaq, a tech-heavy index, lost 0.65%.
Coming into today, shares of the miner had gained 7.37% in the past month. In that same time, the Basic Materials sector gained 2.83%, while the S&P 500 lost 1.37%.
Market participants will be closely following the financial results of Southern Copper in its upcoming release. The company's earnings per share (EPS) are projected to be $2, reflecting a 48.15% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $4.36 billion, showing a 29.08% escalation compared to the year-ago quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $7.83 per share and a revenue of $17.36 billion, indicating changes of +49.43% and +29.37%, respectively, from the former year.
Investors might also notice recent changes to analyst estimates for Southern Copper. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.62% upward. Right now, Southern Copper possesses a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Southern Copper has a Forward P/E ratio of 26.73 right now. This indicates a discount in contrast to its industry's Forward P/E of 26.91.
It is also worth noting that SCCO currently has a PEG ratio of 1.87. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Mining - Non Ferrous stocks are, on average, holding a PEG ratio of 1.06 based on yesterday's closing prices.
The Mining - Non Ferrous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 214, placing it within the bottom 14% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Southern Copper zvýšila provozní cash flow za prvních šest měsíců roku 2026 o 116,9 % na 3,68 miliardy USD. Těžba mědi ale klesla o 3,8 % a firma přesto mírně zvýšila letošní výhled na 917 000 tun.
Key Takeaways Southern Copper's operating cash flow jumped 116.9% to $3.68 billion in the first six months of 2026.SCCO expects copper production to reach 917,000 tons in 2026 despite a 3.8% H1 decline.Rising metal prices and ongoing cost controls position Southern Copper for further cash flow gains. Southern Copper Corporation (SCCO - Free Report) delivered a solid 116.9% year-over-year surge in the operating cash flow in the first six months of 2026 to $3.68 billion. Southern Copper’s strong cash generation is driven by higher sales and a $718.5-million reduction in operating assets and liabilities requirements.
The company also benefited from its cash cost decrease, which was driven by a 68.2% year-over-year rise in by-product revenue credits. Cash and cash equivalents stood at $5.67 billion as of June 30, 2026, while capital investments totaled $864.7 million.
Over the past few years, Southern Copper has successfully lowered its debt levels. Long-term debt was $7.99 billion at the end of June 30, 2026, following the issuance of $1.25 billion of 10-year senior unsecured notes carrying a 5.35% interest rate. The proceeds are intended primarily to support the Tía María project and other capital needs of the company’s Peruvian operations.
In July 2026, the board authorized a $1.10-per-share cash dividend plus a stock dividend of 0.012 shares per common share, reflecting continued capital returns alongside higher investment spending.
The company’s copper production declined 3.8% year over year to 461,206 tons in the first half of 2026 due to a decrease in production at the company’s Peruvian operations. Despite the year-to-date fall in production, the company has slightly hiked its 2026 copper production outlook to 917,000 tons from the initially stated 910,000 tons.
The figure still implies a 5% year-over-year decline. Nonetheless, Southern Copper maintains a strong long-term outlook with production expected to increase to 1.6 million tons by 2033 or 2034.
Moreover, copper prices are currently near $6.6 per pound, up 47% in a year, supported by tight global supply and strong demand. Along with SCCO, its peers Teck Resources Ltd (TECK - Free Report) and Freeport-McMoRan Inc. (FCX - Free Report) are gaining from this rise in copper prices. Higher prices for molybdenum, zinc and silver will also aid growth.
The rally in metal prices this year and its ongoing cost control efforts position the company for further cash flow gains in the months ahead.
Southern Copper Peers’ Cash Flow PerformanceTeck Resources’ cash flow from operating activities improved to C$2.74 billion ($1.98 billion) in the first half of 20206 from a cash outflow of C$427 million ($309 million). Teck Resources ended the second quarter 2026 with C$6.05 billion ($4.38 billion) in cash and cash equivalents, and liquidity of C$10.3 billion ($7.5 billion).
Teck Resources’ copper segment’s revenues surged 85% year over year, driven by higher copper prices and sales volumes. This pushed the company’s top line to $2.6 billion, marking a 78% year-over-year rise.
Freeport-McMoRan’s cash flow from operations increased to $3.68 billion in the first half from $1.69 billion in the prior year. Freeport-McMoRan ended the second quarter with strong liquidity, including $4.1 billion in cash and cash equivalents, $3 billion in availability under the Freeport revolving credit facility, and $1.5 billion in availability under the PT-FI credit facility.
However, revenues declined 7.3% year over year to $7.03 billion in the second quarter of 2026. Freeport-McMoRan’s copper production fell 18.4% year over year to 786 million pounds in the reported quarter.
SCCO’s Price Performance, Valuations & EstimatesSouthern Copper shares have gained 40.7% year to date compared with the Zacks Mining - Non Ferrous industry’s rise of 28.9%. During this time, the Basic Materials sector has risen 22.1% and the S&P 500 has rallied 13.2%.
Image Source: Zacks Investment Research
The Southern Copper stock is currently trading at a forward 12-month earnings multiple of 27.80X, which is a premium to the industry average of 23.62X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Southern Copper’s 2026 sales is $16.86 billion, indicating a 25.6% year-over-year jump. The consensus mark for the year’s earnings is pegged at $7.59 per share, suggesting a rally of 44.8%.
The Zacks Consensus Estimate for 2027 sales implies an 11.7% year-over-year dip. The same for earnings suggests a fall of 8.5%.
Earnings estimates for 2026 have moved 0.4% south over the past 60 days, while the same for 2027 have moved down 0.1% over the past 60 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Investors looking to capitalize on the artificial intelligence infrastructure boom have increasingly turned to basic materials, and industrial metals—copper chief among them—are having a moment few saw coming even a year ago. What started as a trade-policy story has fused with a structural demand story, and the combination is rewriting price records almost weekly.
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Copper Prices Rise on Tariffs and AI Infrastructure DemandComex copper touched a fresh all-time high above $6.72 per pound in late August, and the metal has continued to trade near those levels into September. Two forces are doing the heavy lifting.
First, there's the current tariff policy. Washington imposed a 50% Section 232 tariff on semi-finished copper products and copper-intensive derivatives in 2025, later expanding the rate structure in April 2026, while leaving refined cathode largely exempt—for now.
That exemption has been enough to trigger a scramble. Traders have spent months rerouting metal into U.S. warehouses ahead of the possibility that refined copper will eventually be swept into the tariff policy, and Comex inventories have ballooned to levels that would have seemed unthinkable two years ago.
The catch is that once copper lands in a bonded U.S. warehouse, it's largely stuck there. So what was supposed to be a comfortable global surplus has effectively been drained from the rest of the world. Analysts at CRU, who had projected a healthy 2026 surplus, now describe the non-U.S. market as balanced at best, with some warning it could look like an outright deficit if the flows continue.
Second, and less reversible, is demand. Data centers have become a source of copper demand that doesn't flex with price the way industrial buying usually does. Hyperscalers need the wiring, bus bars, and cooling infrastructure regardless of what copper costs per pound.
That's a new kind of buyer for a market that used to take its cues almost entirely from construction and manufacturing cycles. Layer on grid modernization and electrification, and you have a demand base that's structurally higher even before the tariff-driven stockpiling is factored in.
Freeport-McMoRan Offers Direct Exposure to Rising Copper PricesFreeport-McMoRan NYSE: FCX is the most direct U.S.-listed proxy for copper prices and the largest domestic producer of refined copper. That means it stands to benefit most if the exemption narrows.
Freeport-McMoRan Today
FCX
Freeport-McMoRan
$74.24 +1.77 (+2.44%)
As of 11:12 AM Eastern
This is a fair market value price provided by Massive. Learn more.
$35.15▼
$80.240.40%
36.68
$70.27
The FCX chart confirms that story. Shares have run from the low $40s a year ago to the mid-$70s, with the 50-day moving average now trending firmly upward and MACD back in bullish territory after a rocky spring.
Q2 2026 net income attributable to common stock came in at $984 million, or 68 cents per share. That pushed first-half net income up 65% year-over-year, even as headline revenue slipped to $7.03 billion from $7.58 billion a year earlier. That decline was driven by lower Indonesian gold and copper volumes during the phased Grasberg Block Cave ramp-up, not by weaker pricing.
Realized copper prices averaged $6.17 per pound in the quarter, and U.S. mining operations more than doubled their operating income contribution versus the first half of 2025, underscoring just how much of FCX's earnings power is now coming from the domestic side of the business, which the tariff regime is designed to protect.
This is a fair market value price provided by Massive. Learn more.
$98.40▼
$223.882.14%
30.10
$146.84
Southern Copper NYSE: SCCO is the low-cost operator of the group, and its Q2 2026 numbers underline why. Revenue rose roughly 41% year-over-year to $4.29 billion, while net income jumped more than 70% to $1.67 billion.
Byproduct credits from silver, molybdenum, and zinc have been the real story. They pushed operating cash cost per pound of copper down to just a nickel, from 63 cents a year earlier. That's a cost structure in which margin expansion accelerates disproportionately as copper prices climb, since so little of the cost base remains exposed once byproducts are netted out.
The chart shows that investors understand the benefits of the company's operating leverage. SCCO has more than doubled off its spring lows and set a fresh record above $220 in late August before pulling back slightly.
BHP Gives Investors Diversified Exposure to the Copper BoomBHP Group Today
$93.86 +1.04 (+1.12%)
As of 11:12 AM Eastern
This is a fair market value price provided by Massive. Learn more.
$51.83▼
$98.713.08%
$78.00
BHP Group NYSE: BHP is the diversified pick, and for readers who are less risk-tolerant, it's arguably the easiest entry point into the copper thesis.
For the first time in the company's history, copper generated more than half of BHP's underlying EBITDA in fiscal 2026, about 54%, or roughly $18 billion, overtaking iron ore as the group's largest earnings contributor.
Underlying attributable profit rose 30% to $13.2 billion for the year. BHP's chart shows the same steady uptrend as its pure-play peers, climbing from the high $50s a year ago to near $96, though it's pulled back modestly from its late-August peak alongside the rest of the group. The tradeoff for investors is that while BHP is less tethered specifically to copper, it means it has a lower concentration risk than the other names on this list.
Copper’s Rally Faces a Risk From Tariffs and Policy UncertaintyNot everyone treats $6.70 copper as a clean read on global growth. Some analysts note the price carries a real "policy premium" tied to tariff uncertainty and the rush to beat any rule change, rather than reflecting pure consumption strength.
Glencore's CEO has even argued that a final tariff decision, whichever way it goes, could take some of the heat out of prices simply by ending the uncertainty. The fundamentals (AI-driven demand, mine supply constraints, grid buildout) are real and durable, but part of today's price also reflects a timing trade that could unwind once the tariff picture clarifies.
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Key Takeaways SCCO plans to invest $20.5B over the next decade, with most capital allocated to projects.Tia Maria, Los Chancas and Michiquillay represent $10.3B in planned investment in Peru.Southern Copper expects production to increase to 1.6M tons by 2033 or 2034. Southern Copper Corporation (SCCO - Free Report) intends to invest $20.5 billion over the next decade to support its long-term outlook, with the bulk of the capital allocated to projects.
Southern Copper has also reaffirmed its dedication to collaborating with Peru's government to drive economic and social progress. This will be achieved by advancing the company’s Peruvian projects, Tía María, Los Chancas, and Michiquillay, which represent a total investment of $10.3 billion.
SCCO expects to spend $1.8 billion on the Tia Maria project located in the Peruvian region of Arequipa, which is designed to produce 120,000 tons of copper cathodes per year. As of June 30, 2026, the project was 42% complete, with $693 million invested and $1.10 billion committed. The company targets start-up for the second half of 2027.
The company expects to invest $2.6 billion in the Los Chancas, which is expected to produce 130,000 tons of copper and 7,500 tons of molybdenum annually from 2031. Michiquillay requires $2.5 billion in investment and expects to produce 225,000 tons of copper annually from 2032 over an initial mine life exceeding 25 years.
In Mexico, El Pilar is moving toward early site work in September 2026 and construction in the first quarter of 2027, with production targeted for the second half of 2029. The project is designed for 36,000 tons of annual copper cathode output.
These projects give Southern Copper multiple sources of organic production growth beyond current mine grades. These developments help reach tangible milestones for the company’s broader expansion program across both operating countries over time. Southern Copper maintains a strong long-term outlook with production expected to increase to 1.6 million tons by 2033 or 2034.
Project Updates of Southern Copper PeersFreeport-McMoRan Inc. (FCX - Free Report) completed the evaluation of a large-scale expansion at El Abra in Chile to define a large sulfide resource that could potentially support a major mill project similar to the large-scale concentrator at Cerro Verde, with an estimated resource of 20 billion recoverable pounds of copper. Freeport-McMoRan expects the expansion to result in the addition of more than 700 million pounds of copper production annually.
Freeport-McMoRan has a strong liquidity profile and generates substantial cash flows, providing ample flexibility to fund expansion projects, reduce debt and enhance shareholder returns.
BHP Group Limited (BHP - Free Report) has copper projects under execution and a pipeline that could deliver around two Mtpa of attributable copper production by the 2030s. BHP Group is planning an Escondida New Concentrator project with a potential $4.4-$5.9-billion investment to replace the aging Los Colorados plant. BHP Group has approved a pre-commitment funding of $0.5 billion (BHP’s share) for the concentrator, which is expected to have a higher production capacity and add 230-270 kt of copper annually.
SCCO’s Price Performance, Valuations & EstimatesSouthern Copper shares have skyrocketed 123.3% year to date compared with the Zacks Mining - Non-Ferrous industry’s surge of 82.4%. During this time, the Basic Materials sector has risen 34.6% and the S&P 500 has rallied 23%.
Image Source: Zacks Investment Research
The Southern Copper stock is currently trading at a forward 12-month earnings multiple of 29.17X, which is a premium to the industry average of 24.84X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Southern Copper’s 2026 sales is $16.86 billion, indicating a 25.6% year-over-year jump. The consensus mark for the year’s earnings is pegged at $7.61 per share, suggesting a rally of 45.2%.
The Zacks Consensus Estimate for 2027 sales implies an 11.7% year-over-year dip. The same for earnings suggests a fall of 8.2%.
Earnings estimates for 2026 have moved 0.1% south over the past 60 days, while the same for 2027 have moved up 0.3% over the past 60 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Southern Copper oznámila, že těžba mědi v 1. pololetí meziročně klesla o 3,8 % na 461 206 tun. Výhled na rok 2026 mírně zvýšila na 917 000 tun, což stále znamená pokles o 5 %.
Key Takeaways Southern Copper's H1 copper production fell 3.8% y/y to 461,206 tons.The 2026 copper output is forecast at 917,000 tons, implying a 5% y/y decline.Tia Maria and other projects could lift output to 1.6 million tons by 2033 or 2034. Southern Copper Corporation’s (SCCO - Free Report) copper production fell 3.5% in the second quarter of 2026, pushing the first-half 2026 production to decline 3.8% year-over-year to 461,206 tons due to a decrease in production at the company’s Peruvian operations.
Despite the year-to-date fall in production, the company has slightly hiked its 2026 copper production outlook to 917,000 tons from the initially stated 910,000 tons. The figure, however, implies a 5% year-over-year decline. The downside will be caused by lower ore grades at the Cuajone and Peruvian mines. Southern Copper expects 2027 copper production to remain near the 2026 level.
Tía María is expected to begin production in the second half of 2027 and lift total copper output to about 970,000 tons in 2028. The company then expects production to reach 1.06 million tons in 2029.
Southern Copper maintains a strong long-term outlook with production expected to increase to 1.6 million tons by 2033 or 2034. To support this growth plan, the company intends to invest $20.5 billion over the next decade, with the bulk of the capital allocated to projects.
The pipeline includes Tía María, Los Chancas and Michiquillay in Peru, along with El Pilar, El Arco and other projects in Mexico. The breadth of these projects gives Southern Copper multiple sources of organic production growth beyond current mine grades. Expected grade recovery at Toquepala and Cuajone should also add production after 2027.
Southern Copper Peers’ Production Performance & OutlookTeck Resources Ltd (TECK - Free Report) copper segment’s revenues surged 85% year over year, driven by higher copper prices and sales volumes. This pushed the company’s top line to $2.6 billion, marking a 78% year-over-year rise.
However, Teck Resources' Red Dog production fell to 112,000 tons in the second quarter of 2026 from 136,600 tons a year earlier as grades declined in line with the mine plan. Nonetheless, Teck Resources maintains its 2026 copper production guidance of 455-530 thousand tons, whereas it produced 453.5 thousand tons in 2025. This will be driven by higher output at QB, Highland Valley Copper and Antamina. The long-term outlook for copper is positive as demand is expected to grow, partly driven by electric vehicles, renewable energy and infrastructure investments.
Freeport-McMoRan Inc.’s (FCX - Free Report) revenues declined 7.3% year over year to $7.03 billion in the second quarter of 2026. Freeport-McMoRan’s copper production fell 18.4% year over year to 786 million pounds in the reported quarter.
Freeport-McMoRan’s copper sales volumes tumbled approximately 30% year over year in the second quarter to 710 million pounds. While the company’s third-quarter outlook for copper sales volumes of 750 million pounds indicates a sequential improvement, it still suggests a 23% year-over-year decline. The company, in April 2026, lowered its consolidated sales volume projections for 2026 to 3.1 billion pounds of copper from the prior view of 3.4 billion pounds due to an expected delay in achieving full ramp-up of the Grasberg Block Cave mine.
SCCO’s Price Performance, Valuations & EstimatesSouthern Copper shares have gained 51.3% year to date compared with the Zacks Mining - Non Ferrous industry’s rise of 38.5%. During this time, the Basic Materials sector has risen 25.1% and the S&P 500 has rallied 12.6%.
Image Source: Zacks Investment Research
The Southern Copper stock is currently trading at a forward 12-month earnings multiple of 29.70X, which is a premium to the industry average of 25.45X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Southern Copper’s 2026 sales is $16.86 billion, indicating a 25.6% year-over-year jump. The consensus mark for the year’s earnings is pegged at $7.61 per share, suggesting a rally of 45.2%.
The Zacks Consensus Estimate for 2027 sales implies an 11.7% year-over-year dip. The same for earnings suggests a fall of 8.2%.
Earnings estimates for 2026 have moved 0.1% south over the past 60 days, while the same for 2027 have moved up 0.3% over the past 60 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bamco Inc. NY bought a new stake in Southern Copper Corporation (NYSE:SCCO – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 5,203 shares of the basic materials company’s stock, valued at approximately $907,000.
Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Southern Copper during the 2nd quarter valued at $1,729,500,000. Bank of New York Mellon Corp acquired a new stake in shares of Southern Copper during the second quarter worth $696,621,000. State Street Corp increased its holdings in Southern Copper by 2.4% in the fourth quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock valued at $410,646,000 after purchasing an additional 66,268 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Southern Copper by 0.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock valued at $363,873,000 after buying an additional 7,194 shares during the period. Finally, Bank of America Corp DE bought a new position in Southern Copper during the second quarter worth about $318,448,000. Institutional investors and hedge funds own 7.94% of the company’s stock.
Analyst Ratings Changes A number of analysts recently weighed in on the stock. UBS Group reiterated a “sell” rating and issued a $158.10 price target (up from $143.28) on shares of Southern Copper in a research report on Tuesday, June 30th. Wall Street Zen lowered shares of Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Scotiabank reissued an “underperform” rating and set a $138.34 price target (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. Citigroup reissued a “positive” rating on shares of Southern Copper in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Southern Copper from $125.49 to $129.94 and gave the company an “underweight” rating in a research report on Wednesday, June 17th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $146.84.
Read Our Latest Stock Analysis on Southern Copper Southern Copper Stock Performance Shares of SCCO stock opened at $216.79 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. Southern Copper Corporation has a 52 week low of $92.94 and a 52 week high of $223.88. The company’s 50 day moving average price is $184.25 and its two-hundred day moving average price is $183.72. The company has a market capitalization of $180.87 billion, a P/E ratio of 31.69, a price-to-earnings-growth ratio of 1.83 and a beta of 1.11.
Southern Copper (NYSE:SCCO – Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The company had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. The company’s quarterly revenue was up 40.6% compared to the same quarter last year. On average, analysts expect that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.
Southern Copper Increases Dividend The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th were issued a dividend of $1.10 per share. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date was Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a yield of 2.0%. Southern Copper’s dividend payout ratio is currently 64.33%.
Insider Activity at Southern Copper In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total value of $39,751.28. Following the sale, the director directly owned 1,723 shares in the company, valued at $339,066.65. The trade was a 10.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 509 shares of company stock valued at $97,753 in the last 90 days. Insiders own 0.07% of the company’s stock.
Southern Copper Profile (Free Report)
Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.
Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.
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B. Metzler seel. Sohn & Co. AG bought a new position in Southern Copper Corporation (NYSE:SCCO – Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 30,217 shares of the basic materials company’s stock, valued at approximately $5,266,000.
A number of other hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Southern Copper during the 2nd quarter worth approximately $1,729,500,000. Bank of New York Mellon Corp acquired a new stake in Southern Copper in the second quarter valued at approximately $696,621,000. State Street Corp grew its holdings in Southern Copper by 2.4% during the 4th quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock worth $410,646,000 after acquiring an additional 66,268 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Southern Copper by 0.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock worth $363,873,000 after acquiring an additional 7,194 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Southern Copper by 8.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,181,293 shares of the basic materials company’s stock valued at $169,480,000 after purchasing an additional 90,237 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.
Wall Street Analysts Forecast Growth Several equities analysts have commented on SCCO shares. Weiss Ratings upgraded shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. UBS Group restated a “sell” rating and issued a $158.10 target price (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. Morgan Stanley lifted their price target on shares of Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research note on Wednesday, July 8th. Barclays set a $164.03 price target on shares of Southern Copper and gave the company an “underweight” rating in a research report on Thursday, July 23rd. Finally, Wall Street Zen downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat, Southern Copper currently has an average rating of “Reduce” and a consensus target price of $146.84.
Check Out Our Latest Analysis on Southern Copper Southern Copper Stock Performance NYSE SCCO opened at $216.30 on Friday. Southern Copper Corporation has a twelve month low of $92.94 and a twelve month high of $223.88. The business’s 50-day moving average price is $182.23 and its 200 day moving average price is $183.20. The company has a market capitalization of $180.47 billion, a PE ratio of 31.62, a price-to-earnings-growth ratio of 1.70 and a beta of 1.11. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63.
Southern Copper (NYSE:SCCO – Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. The company’s quarterly revenue was up 40.6% compared to the same quarter last year. On average, research analysts predict that Southern Copper Corporation will post 7.61 earnings per share for the current year.
Southern Copper Increases Dividend The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a $1.10 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a yield of 2.0%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s payout ratio is currently 64.33%.
Insider Buying and Selling In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the transaction, the director owned 1,723 shares of the company’s stock, valued at $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 509 shares of company stock worth $97,753. 0.07% of the stock is currently owned by company insiders.
(Free Report)
Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.
Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.
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Allworth Financial LP ve 2. čtvrtletí otevřela novou pozici v Southern Copper a koupila 9 824 akcií za zhruba 1,712 mil. USD. Společnost zároveň zvýšila čtvrtletní dividendu na 1,10 USD na akcii z 1,00 USD.
Allworth Financial LP bought a new position in shares of Southern Copper Corporation (NYSE:SCCO – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,824 shares of the basic materials company’s stock, valued at approximately $1,712,000.
Several other institutional investors also recently bought and sold shares of SCCO. California Public Employees Retirement System boosted its stake in Southern Copper by 21.2% during the 1st quarter. California Public Employees Retirement System now owns 192,523 shares of the basic materials company’s stock valued at $33,126,000 after purchasing an additional 33,638 shares during the period. RFG Advisory LLC bought a new position in Southern Copper in the 4th quarter worth approximately $1,147,000. US Bancorp DE increased its position in Southern Copper by 16.2% in the 4th quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock worth $10,687,000 after buying an additional 10,360 shares during the period. Ashoka WhiteOak Capital Pte Ltd acquired a new position in shares of Southern Copper during the fourth quarter worth approximately $5,460,000. Finally, Precision Wealth Strategies LLC acquired a new position in shares of Southern Copper during the first quarter worth approximately $2,769,000. 7.94% of the stock is currently owned by institutional investors.
Insider Transactions at Southern Copper In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the completion of the sale, the director owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. This represents a 10.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 509 shares of company stock worth $97,753 in the last ninety days. 0.07% of the stock is currently owned by insiders.
Southern Copper Stock Performance Shares of Southern Copper stock opened at $216.30 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. The firm has a 50 day simple moving average of $182.23 and a 200 day simple moving average of $183.20. Southern Copper Corporation has a fifty-two week low of $92.94 and a fifty-two week high of $223.88. The firm has a market cap of $180.47 billion, a P/E ratio of 31.62, a P/E/G ratio of 1.70 and a beta of 1.11. Southern Copper (NYSE:SCCO – Get Free Report) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.06. The company had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The business’s revenue was up 40.6% on a year-over-year basis. Sell-side analysts predict that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.
Southern Copper Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, August 11th. Southern Copper’s dividend payout ratio is presently 64.33%.
Wall Street Analysts Forecast Growth SCCO has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Scotiabank reaffirmed an “underperform” rating and set a $138.34 price objective (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. UBS Group reiterated a “sell” rating and issued a $158.10 target price (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Zacks Research downgraded Southern Copper from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. boosted their price target on Southern Copper from $125.49 to $129.94 and gave the company an “underweight” rating in a research note on Wednesday, June 17th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $146.84.
Read Our Latest Research Report on SCCO
Southern Copper Profile (Free Report)
Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.
Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.
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Southern Copper vykázala ve 2. čtvrtletí rekordní upravenou EBITDA ve výši 2,86 miliardy USD, meziročně o 59,5 % více. Firma zároveň zvýšila výhled produkce mědi pro rok 2026 na 917 000 tun.
Key Takeaways Southern Copper's Q2 adjusted EBITDA jumped 59.5% y/y as higher prices and cost-control lifted results.Copper prices near $6.6 per pound and higher metal prices could support further EBITDA gains.Southern Copper raised its 2026 copper output forecast to 917,000 tons despite lower ore grades. Southern Copper Corporation (SCCO - Free Report) delivered an adjusted EBITDA of a record $2.86 billion in the second quarter of 2026, marking a year-over-year upside of 59.5%. As a result, Southern Copper's adjusted EBITDA for the first half of 2026 jumped 57.5% year over year to $5.57 billion, expanding the adjusted EBITDA margin from 57.3% last year to 65.2%. The upside was driven by higher metal prices, disciplined cost management and higher revenues.
Southern Copper’s second-quarter revenues increased 40.6% to a record $4.29 billion. Net income attributable to SCCO also reached a record $1.67 billion, rising 71.6% year over year. The net income margin improved to 38.9% from 31.9% in the year-ago period.
However, SCCO’s total copper production decreased 3.6% in the second quarter of 2026 to 232,521 tons due to a decrease in production at the company’s Peruvian operations. While mined silver production fell 3.8%, zinc and molybdenum production fell 14.5% and 11%, respectively, in the same time frame.
Despite the year-to-date fall in production, the company has slightly hiked its 2026 copper production outlook to 917,000 tons from the initially stated 910,000 tons. The figure, however, still implies a 5% year-over-year decline. The downside will be led by lower ore grades at the Cuajone and Peruvian mines. Nonetheless, Southern Copper maintains a strong long-term outlook with production expected to increase to 1.15 million tons by 2031, 1.476 million tons in 2032 and continue rising steadily to reach the above-mentioned 1.6-million-ton target by 2035.
Copper prices are currently near $6.6 per pound, up 47.7% in a year, supported by tight global supply and strong demand. Along with SCCO, its peers Teck Resources Ltd (TECK - Free Report) and Freeport-McMoRan Inc. (FCX - Free Report) are gaining from this rise in copper prices. Higher prices for molybdenum, zinc and silver will also aid growth.
The rally in metal prices this year and its ongoing cost-control efforts position the company for further EBITDA gains in the months ahead.
Southern Copper Peers’ EBITDA PerformanceTeck Resources’ adjusted EBITDA for the second quarter of 2026 was CAD$2.2 billion ($1.59 billion), which soared 204% from the year-earlier period. The EBITDA margin was 60.8% in the quarter under review compared with the year-ago quarter’s 35.7%. TECK’s revenues amounted to $2.6 billion, reflecting a 78% year-over-year improvement. Teck Resources’ copper production was around 135,900 tons, 25% higher than the first quarter of 2025, attributed to improved performance across all operations.
Freeport-McMoRan reported an adjusted EBITDA of $3.5 billion for the second quarter of 2026, marking a year-over-year rise of 9.4%. FCX’s revenues declined 7.3% year over year to $7.03 billion. Freeport-McMoRan’s copper production fell 18.4% year over year to 786 million pounds in the reported quarter.
SCCO’s Price Performance, Valuations & EstimatesSouthern Copper shares have gained 108.3% year to date compared with the Zacks Mining - Non Ferrous industry’s rise of 69.7%. During this time, the Basic Materials sector has risen 32.2% and the S&P 500 has rallied 23%.
Image Source: Zacks Investment Research
The Southern Copper stock is currently trading at a forward 12-month earnings multiple of 27.57X, which is a premium to the industry average of 22.92X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Southern Copper’s 2026 sales is $16.86 billion, indicating a 25.6% year-over-year jump. The consensus mark for the year’s earnings is pegged at $7.61 per share, suggesting a rally of 45.2%.
The Zacks Consensus Estimate for 2027 sales implies an 11.7% year-over-year dip. The same for earnings suggests a fall of 8.2%.
Earnings estimates for 2026 have moved 0.1% south over the past 60 days, while the same for 2027 have moved up 0.3% over the past 60 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bank of New York Mellon Corp bought a new stake in Southern Copper Corporation (NYSE:SCCO – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 7,278,460 shares of the basic materials company’s stock, valued at approximately $696,621,000. Bank of New York Mellon Corp owned approximately 0.88% of Southern Copper as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in SCCO. State Street Corp lifted its stake in Southern Copper by 2.4% in the fourth quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock valued at $410,646,000 after acquiring an additional 66,268 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Southern Copper by 0.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock valued at $363,873,000 after purchasing an additional 7,194 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Southern Copper by 8.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,181,293 shares of the basic materials company’s stock valued at $169,480,000 after purchasing an additional 90,237 shares during the last quarter. Vanguard Group Inc. grew its holdings in Southern Copper by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 983,822 shares of the basic materials company’s stock worth $141,149,000 after purchasing an additional 33,804 shares during the period. Finally, Legal & General Group Plc grew its holdings in Southern Copper by 1.5% during the third quarter. Legal & General Group Plc now owns 955,924 shares of the basic materials company’s stock worth $116,012,000 after purchasing an additional 14,212 shares during the period. Institutional investors own 7.94% of the company’s stock.
Insider Activity at Southern Copper In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of Southern Copper stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the sale, the director directly owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. The trade was a 10.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 509 shares of company stock valued at $97,753 over the last three months. 0.07% of the stock is currently owned by corporate insiders.
Southern Copper Stock Up 2.5% Shares of NYSE SCCO opened at $199.45 on Friday. The stock has a market capitalization of $166.41 billion, a P/E ratio of 29.16, a PEG ratio of 1.67 and a beta of 1.11. The stock’s fifty day moving average is $181.66 and its 200 day moving average is $182.97. Southern Copper Corporation has a 52 week low of $92.57 and a 52 week high of $223.88. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. Southern Copper (NYSE:SCCO – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.93 by $0.06. The company had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm’s revenue was up 40.6% compared to the same quarter last year. Sell-side analysts forecast that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.
Southern Copper Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a yield of 2.2%. Southern Copper’s payout ratio is presently 64.33%.
Analyst Ratings Changes A number of research firms have recently issued reports on SCCO. Scotiabank reaffirmed an “underperform” rating and issued a $138.34 price objective (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. Zacks Research downgraded Southern Copper from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. CICC Research cut shares of Southern Copper to a “market perform” rating in a research report on Sunday, July 26th. Barclays set a $164.03 price objective on shares of Southern Copper and gave the company an “underweight” rating in a report on Thursday, July 23rd. Finally, Wall Street Zen cut shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $146.84.
Get Our Latest Stock Analysis on SCCO
Southern Copper Profile (Free Report)
Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.
Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.
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Southern Copper zvýšila za první pololetí tržby o 38,4 % na 8,54 mld. USD a upravený zisk před úroky, zdaněním a odpisy (EBITDA) o 57,5 % na 5,57 mld. USD díky vyšším cenám kovů. Zároveň mírně zvýšila výhled produkce mědi pro rok 2026 na 917 000 tun.
Key Takeaways Southern Copper's H1 EBITDA and revenues surged on higher metal prices and disciplined cost management.Southern Copper lowered copper output but raised its 2026 target to 917,000 tons from 910,000.A $19.9B decade-long investment plan aims to lift output to 1.6M tons by 2035. Southern Copper Corporation (SCCO - Free Report) shares have gained 40.9% year to date compared with the Zacks Mining - Non Ferrous industry’s rise of 25%. During this time, the Basic Materials sector has risen 18.1% and the S&P 500 has rallied 14%. The upside is fueled by SCCO’s strong first six-month results and an upward trend in copper prices despite lower production volumes.
Image Source: Zacks Investment Research
Copper prices are currently near $6.6 per pound, up 48.2% in a year, supported by tight global supply and strong demand. Imports to the United States have surged, ahead of an expected decision by the Trump administration on copper import tariffs. Global copper inventories have declined as shipments to China have risen to ease a domestic supply shortage. Along with SCCO, its peers Teck Resources Ltd (TECK - Free Report) and Freeport-McMoRan Inc. (FCX - Free Report) are gaining from this rise in copper prices.
Southern Copper has performed slightly better than Teck Resources and Freeport, which have gained 40.1% and 39.8%, respectively, so far this year.
Image Source: Zacks Investment Research
Let us take a closer look at Southern Copper’s fundamentals to assess if this is the right time to buy its shares.
SCCO Posts Strong H1 Results Amid Lower OutputRecord second-quarter revenues of $4.29 billion pushed the company’s six-month top-line to $8.54 billion, marking a 38.4% year-over-year increase. The upside was driven by higher prices for copper, molybdenum, zinc and silver.
Driven by a record-high adjusted EBITDA of $2.86 billion in the second quarter, Southern Copper's adjusted EBITDA for the first half of 2026 increased 57.5% year over year to $5.57 billion. The adjusted EBITDA margin expanded to 65.2% in the first six months of 2026 from last year’s 57.3%, reflecting stronger realized prices and disciplined cost management.
Net income attributable to SCCO also surged 71.6% year over year to a record $1.67 billion in the second quarter. The net income margin improved to 38.9% from 31.9% in the year-ago period. In the first six months, net income was 69.2% higher, driven by higher revenues.
However, SCCO’s total copper production decreased 3.8% in the first half of 2026 to 461,206 tons due to a decrease in production at the company’s Peruvian operations. While mined silver production increased 3.3%, zinc and molybdenum production fell 6.9% and 6.7%, respectively, in the same time frame.
Despite the year-to-date fall in production, the company has slightly hiked its 2026 copper production outlook to 917,000 tons from the initially stated 910,000 tons. The figure, however, still implies a 5% year-over-year decline. The downside will be driven by lower ore grades at the Cuajone and Peruvian mines.
Molybdenum production is projected at 27,900 tons, a 7% increase from its previous target, indicating a 10% decline from the 2025 level. Silver output is projected at 24 million ounces, a decrease of 1% from 2025. Zinc production for the year is projected at 163,900 tons, 7% lower than the 2025 level.
Southern Copper’s Solid Balance SheetFor the first six months of 2026, SCCO’s operating cash flow increased 116.9% to $3.68 billion, supported by stronger earnings and lower operating working capital requirements. Cash and cash equivalents stood at $5.67 billion as of June 30, 2026, while short-term investments totaled $1.66 billion.
Over the past few years, Southern Copper has successfully lowered its debt levels. Long-term debt was $7.99 billion at the end of June 30, 2026, following the issuance of $1.25 billion of 10-year senior unsecured notes carrying a 5.35% interest rate. The proceeds are intended primarily to support the Tía María project and other capital needs of the company’s Peruvian operations.
SCCO’s Long-term Growth Remains SolidSouthern Copper has the largest copper reserves in the industry and operates high-quality, world-class assets in investment-grade countries, such as Mexico and Peru. Backed by its constant commitment to increasing low-cost production and growth investments, the company is well-poised to continue delivering enhanced performance.
Despite these near-term headwinds, Southern Copper maintains a strong long-term outlook, targeting a significant ramp-up in output to 1.6 million tons by 2035. This implies a compound annual growth rate (CAGR) of 5.3% from the 2025 reported levels.
To support this growth plan, the company intends to invest $20.5 billion over the next decade, with the bulk of the capital allocated to projects in Peru. A substantial portion of this spending is scheduled through 2031 as key development projects progress.
Production is expected to increase to 1.15 million tons by 2031, 1.476 million tons in 2032 and continue rising steadily to reach the above-mentioned 1.6-million-ton target by 2035.
This trajectory highlights SCCO’s confidence in its robust and diversified project pipeline spanning Peru and Mexico. Key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar and El Arco in Mexico, all of which underpin SCCO’s long-term expansion pipeline.
SCCO’s Estimates Indicate Y/Y RiseThe Zacks Consensus Estimate for Southern Copper’s 2026 sales is $16.86 billion, indicating a 25.6% year-over-year jump. The consensus mark for the year’s earnings is pegged at $7.63 per share, suggesting a rally of 45.6%.
The Zacks Consensus Estimate for 2027 sales implies an 8.6% year-over-year dip. The same for earnings suggests a fall of 11.7%.
EPS estimates for 2026 have moved 5.2% north over the past 60 days, while the same for 2027 has moved up 7% over the past 60 days.
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Southern Copper’s Premium ValuationThe Southern Copper stock is currently trading at a forward 12-month earnings multiple of 27.60X, which is a premium to the industry average of 23.39X.
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Meanwhile, Teck Resources and Freeport are trading higher at 21.51X and 21.22X, respectively.
Final Take on SCCO StockSouthern Copper has delivered a strong year-to-date stock performance and reported first-half results, supported by higher metal prices and increased revenues. Positive revisions to earnings estimates and favorable copper prices further support the stock. However, near-term production headwinds and a premium valuation remain concerning.
Existing shareholders should stay invested in the SCCO stock to benefit from its solid long-term growth prospects. The company currently has a Zacks Rank #3 (Hold), which supports our thesis.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Odvětví těžby neželezných kovů zůstává pod tlakem vysokých nákladů, nedostatku pracovníků a problémů v dodavatelském řetězci. Poptávku ale dál podporuje energetická transformace.
The prospects of the Zacks Mining - Non Ferrous industry remain challenged amid inflated costs, labor shortages and supply-chain issues. However, the demand for non-ferrous metals is expected to be supported by the energy-transition trend, which should buoy the industry.
Against this backdrop, we suggest keeping an eye on companies like Southern Copper Corp., Freeport-McMoRan Inc., Lundin Mining Corp., Energy Fuels and Ero Copper. These companies are poised to gain from their endeavors to build reserves and control costs while investing in technology and improving production efficiency.
About the IndustryThe Zacks Mining - Non Ferrous industry comprises companies that produce non-ferrous metals, including copper, gold, silver, cobalt, molybdenum, zinc, aluminum and uranium. These metals are used by various industries, including aerospace, automotive, packaging, construction, machinery, electronics, transportation, jewelry, chemical and nuclear energy. Mining is a long, complex and capital-intensive process.
The actual mining operations are preceded by significant exploration and development to evaluate the size of the deposit. The process is followed by the assessment of ways to extract and process the ores efficiently, safely and responsibly. Miners seek opportunities to grow their reserves and resources through targeted near-mine exploration and business development. They strive to upgrade and improve the quality of their existing assets internally and through acquisitions.
What's Shaping the Future of the Mining - Non Ferrous Industry?Favorable Metal Price Trends Drive Growth: Copper futures are currently above $6.60 per pound, near record highs and up 50.7% in a year, supported by tight global supply and strong demand. Imports to the United States have surged, ahead of an expected decision by the Trump administration on copper import tariffs. Global copper inventories have declined as shipments to China have risen to ease a domestic supply shortage.
Copper also remained supported by its strong long-term demand outlook, driven by the global transition to clean energy and the rapid expansion of Artificial Intelligence data centers. Gold prices are gaining and approaching $4,200 per ounce as prospects of cooling U.S-Iran tensions have eased inflation concerns and lowered expectations of interest rate hikes. Gold prices are up 23.4% in a year. This has also led to recent gains in silver, with prices at around $61 an ounce, up 61.7% in a year. Uranium futures are around $85 per pound, up 20.8% in a year, backed by long-term nuclear power demand.
Labor Shortage, High Costs Remain Worrisome: The industry has been facing a shortage of skilled workforce lately, which has hiked wages. Labor-related disputes can be damaging to production and revenues. Industry players are grappling with escalating production costs, including electricity, water and materials, as well as higher freight expenses and supply-chain issues.
Since the industry cannot control the prices of its products, it focuses on improving the sales volume, increasing the operating cash flow and lowering unit net cash costs. Industry participants are opting for alternate energy sources to minimize fuel-price volatility and secure supply. Miners are now committed to cost-reduction strategies and digital innovation to drive operating efficiencies.
Long-Term Demand Trends Support Growth: Demand for non-ferrous metals is expected to remain robust, driven by their critical role in transportation, infrastructure, renewable energy, telecommunications and technology. Growth in electric vehicles, clean energy projects and infrastructure upgrades is expected to support demand for metals such as copper and nickel. Uranium demand is gaining momentum as countries prioritize carbon reduction, electrification and rising power needs from AI and data centers.
Rare earth elements are becoming increasingly important due to their use in EVs, wind turbines, robotics, electronics and defense applications. Silver demand is also benefiting from industrial uses, particularly solar energy, while digitalization and AI are creating additional growth opportunities. Gold continues to benefit from its safe-haven appeal, rising central bank purchases and increasing demand from technology, healthcare and energy applications.
Zacks Industry Rank Indicates Bleak ProspectsThe group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates dull prospects for the near term. The Zacks Mining - Non Ferrous industry, a nine-stock group within the broader Zacks Basic Materials Sector, currently carries a Zacks Industry Rank #185, which places it in the bottom 24% of 245 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.
Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry’s recent stock-market performance and its valuation picture.
Industry Versus S&P 500 & SectorThe Zacks Mining- Non Ferrous Industry has outperformed its sector and the Zacks S&P 500 composite over the past 12 months. The stocks in this industry have collectively gained 63.4% in the past year compared with the Zacks Basic Materials sector’s growth of 23.2%. The S&P 500 has risen 23.8% in the said time frame.
Industry's Current ValuationBased on the trailing 12-month EV/EBITDA ratio, a commonly used multiple for valuing Mining- Non Ferrous stocks, we see that the industry is currently trading at 13.73X compared with the S&P 500’s 17.59X. The Basic Materials sector’s trailing 12-month EV/EBITDA is 12.91X.
Over the past three years, the industry has traded as high as 17.84X and as low as 3.95X, the median being 9.34X.
5 Mining - Non Ferrous Stocks to Keep an Eye OnEnergy Fuels: The company is expanding its uranium operations while building a presence in the rare earth element (REE) market, backed by its solid balance sheet. The company is pursuing strategic acquisitions to broaden its resource base, strengthen its position across the rare earth value chain and diversify revenue streams.
The planned acquisition of Australian Strategic Materials is expected to enhance its capabilities in REE metals and alloys, while that of Germany-based VAC Group will make it a fully integrated rare earths and magnetics company. Its uranium growth strategy is supported by projects such as Nichols Ranch ISR and Whirlwind, which could collectively add up to 500,000 pounds of annual uranium production. Additionally, the Roca Honda, Bullfrog and Sheep Mountain projects hold nearly 70 million pounds of uranium resources, providing long-term growth potential.
Construction is underway on an expansion of its White Mesa Mill in Utah, which currently has the capacity to produce up to 1,000 tonnes per annum (tpa) of separated NdPr oxide. The expansion will enable production of key heavy rare earth oxides, including terbium, dysprosium, samarium, europium and gadolinium, catering to demand from the automotive, robotics, data center, energy and defense sectors. By 2029, the company plans to further expand capacity to 6,294 tpa of NdPr oxide, 80 tpa of terbium oxide and 288 tpa of dysprosium oxide.
The Zacks Consensus Estimate for UUUU’s earnings for fiscal 2026 has remained unchanged over the past 60 days and is currently pegged at a loss of 14 cents per share. It suggests an improvement from the loss of 38 cents reported a year ago. The Lakewood, CO-based company currently carries a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Lundin Mining: The company’s strategic vision is to become a top-ten global copper producer. It has set a long-term target to reach annual production of more than 500,000 tonnes of copper and 550,000 ounces of gold. This will be aided by successful execution of expansion opportunities at Candelaria, Caserones and Chapada as well as development for the Vicuña district. Lundin Mining holds a 50% interest in the Vicuña Project, comprised of the Filo del Sol and Josemaria deposits.
The recently published integrated technical report outlines it as a Tier 1 asset that has the potential to rank among the top five copper, gold, and silver mines globally once in production. The company continues to advance the project in preparation for a sanctioning decision by the end of the year.
The Zacks Consensus Estimate for Vancouver, Canada-based LUNMF’s fiscal 2026 earnings indicates a year-over-year improvement of 67.5%. The estimate has moved up 13.6% over the past 60 days. It has a long-term estimated earnings growth rate of 18.4%. The company currently carries a Zacks Rank of 2.
Southern Copper: The company has the largest copper reserve in the industry and operates world-class assets in investment-grade countries, such as Mexico and Peru. SCCO expects to produce 917,000 tons of copper in 2026. Southern Copper expects to take this up to roughly 1.6 million tons by 2035, implying a compound annual growth rate (CAGR) of approximately 5.3% from 2025 levels.
To support this growth plan, the company intends to invest more than $20.5 billion over the next decade, with the bulk of the capital allocated to projects in Peru. Key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar and El Arco in Mexico, all of which underpin SCCO’s long-term expansion pipeline. Given its constant commitment to increasing low-cost production and growth investments, SCCO is well-poised to continue delivering an enhanced performance.
The Zacks Consensus Estimate for the Phoenix, AZ-based company’s fiscal 2026 earnings indicates year-over-year growth of 45.6%. The estimate has moved up 5.2% over the past 60 days. The company has a trailing four-quarter earnings surprise of 6.3%, on average. SCCO has a long-term estimated earnings growth rate of 15.2% and currently carries a Zacks Rank #3 (Hold).
Freeport-McMoRan: The company remains well-positioned for growth, supported by its high-quality copper assets, large reserve base and strong organic expansion opportunities in the United States. Its organic project pipeline contains the Bagdad expansion, Safford/Lone Star Expansions and the Kucing Liar project. FCX is also deploying the latest technologies and data analytics in its leaching processes across its North America and South America operations.
Incremental copper production from these initiatives totaled 214 million pounds in 2025. The company is targeting an annual run rate of 300 million pounds by this year-end and subsequently 800 million pounds annually by 2030. In addition, FCX is leveraging automation, new technologies and analytics to enhance operating efficiencies while lowering costs and capital intensity across existing operations and future projects.
The Zacks Consensus Estimate for FCX’s earnings for fiscal 2026 indicates year-over-year growth of 55.4%. The estimate has moved up 8% over the past 60 days. FCX has a trailing four-quarter earnings surprise of 32.6%, on average. It has a long-term estimated earnings growth rate of 36.2%. The Phoenix, AZ-based company currently carries a Zacks Rank of 3.
Ero Copper: The company is unlocking value through organic brownfield projects and optimizations across its operations. At Caraiba, the external shaft project expected in 2027 will provide access to the high-grade “Deep” zone at the Pilar mine, allowing for increased ore production, multiple working areas and reduced ore haulage requirements and costs. At Xavantina, the transition to fully mechanized mining allows for faster underground development rates, enabling increased operational flexibility and ore production while enhancing health and safety initiatives. At Tucumã, continued ramp-up is unlocking production growth.
The company is developing the Furnas Copper-Gold Project in the world-class Carajás mineral province of Pará State, Brazil. Under a five-year earn-in agreement, Ero Copper is responsible for drilling and delivering a scoping study, pre-feasibility study and feasibility study, leading to a potential investment decision. The project benefits from its location in an established mining area with access to paved roads, railways and existing power infrastructure.
The Zacks Consensus Estimate for the Vancouver, Canada-based company’s fiscal 2026 earnings indicates year-over-year growth of 90.6%. The estimate has moved up 2% in the past 60 days. The company has a trailing four-quarter earnings surprise of 8.9%, on average. ERO currently carries a Zacks Rank of 3.
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Southern Copper ve 2. čtvrtletí překonala odhad EPS na 2,01 USD díky vyšším cenám kovů, i když tržby ve výši 4,29 miliardy USD zaostaly za očekáváním. Zisk i EBITDA dosáhly rekordů, ale produkce mědi klesla.
Key Takeaways Southern Copper posted record revenues, EBITDA and net income as higher metal prices lifted profitability.SCCO beat EPS estimates, while revenues missed forecasts and copper production fell on lower Peruvian grades.Southern Copper raised its 2026 copper output target and plans to fund Tia Maria with new debt proceeds. Southern Copper Corporation ((SCCO - Free Report) ) reported second-quarter earnings per share (EPS) of $2.01, surpassing the Zacks Consensus Estimate of $1.97. The bottom line came in 71.8% higher than the year-ago quarter’s earnings of $1.17 per share, aided by stronger metal prices and improved operating profitability.
Southern Copper Posts Record Revenues & ProfitabilityRevenues surged 40.6% year over year to a quarterly record of $4.29 billion but missed the consensus estimate of $4.37 billion by 1.88%. Higher prices for copper, molybdenum, zinc and silver were offset by lower sales volumes for copper and its main products.
Cost of sales increased 14.7% year over year to $1.39 billion. Total operating costs and expenses rose 13.8% to $1.67 billion, reflecting higher spending on operating materials, purchased copper, diesel and fuel, and workers’ participation.
Operating cash cost after incorporating by-product revenue credits was five cents per pound in the quarter compared with 63 cents in the prior-year quarter, owing to an increase in by-product revenue credits.
Operating income jumped 65.3% to $2.62 billion. Adjusted EBITDA reached a record $2.86 billion, up 59.5% from the prior-year quarter. The adjusted EBITDA margin expanded 790 basis points to 66.6%, reflecting stronger realized prices and disciplined cost management.
Net income attributable to SCCO also reached a record $1.67 billion, rising 71.6% year over year. The net income margin improved to 38.9% from 31.9% in the year-ago period.
SCCO’s Q2 Production Falls on Lower Peruvian GradesSouthern Copper mined 230,662 tons of copper in the reported quarter, down 3.5% year over year. Total copper production decreased 3.6% year
over year to 232,521 tons, including third-party concentrate. A 12% decline at the Peruvian operations more than offset a 3.2% increase in Mexico. Copper sales declined 1.5% to 220,712 tons.
The company mined 7,046 tons of molybdenum in the reported quarter, reflecting a year-over-year decline of 11%. Sales were 6,821 tons in the quarter under review, down 13% from the second quarter of 2025.
Zinc production declined 14.5% year over year to 39,257 tons in the quarter under review on lower production at the Buenavista zinc concentrator. Zinc sales decreased 8.8% year over year to 40,570 tons in the quarter.
Southern Copper's silver production was down 3.8% year over year to 5.76 million ounces, and sales were down 8.7% year over year to 5.516 million ounces.
SCCO Strengthens Cash Flow and LiquidityNet cash provided by operating activities totaled $1.99 billion in the quarter, more than double the prior-year figure. For the first six months of 2026, operating cash flow increased 116.9% to $3.68 billion, supported by stronger earnings and lower operating working-capital requirements.
Cash and cash equivalents stood at $5.67 billion as of June 30, 2026, while short-term investments totaled $1.66 billion. Long-term debt was $7.99 billion following the issuance of $1.25 billion of 10-year senior unsecured notes carrying a 5.35% interest rate. The proceeds are intended primarily to support the Tía María project and other capital needs of the company’s Peruvian operations.
Southern Copper’s Guidance for 2026For 2026, Southern Copper expects copper production to reach 917,000 tons, which is 1% above its previous target but implies a 5% year-over-year decline.
Molybdenum production is now projected at 27,900 tons, a 7% increase from its previous target, indicating a 10% decline from the 2025 level. Silver output is projected at 24 million ounces, a decrease of 1% compared with 2025. Zinc production for the year is projected at 163,900 tons, 7% lower than the 2025 level.
SCCO Stock’s Price PerformanceThe company’s shares have gained 84.6% in the past year compared with the industry’s 51.2% growth.
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SCCO’s Peer PerformancesFreeport-McMoRan Inc. (FCX - Free Report) reported adjusted EPS of 74 cents in the second quarter, up around 37% year over year from 54 cents. The figure topped the Zacks Consensus Estimate of 62 cents. Revenues declined around 7.3% year over year to approximately $7.03 billion. The figure surpassed the Zacks Consensus Estimate of $6.47 billion. Higher realized metal prices were offset by lower copper and gold volumes.
Copper production fell around 18.4% year over year to 786 million pounds in the reported quarter. Consolidated copper sales declined approximately 30.1% year over year to 710 million pounds. The fall primarily resulted from lower operating rates at PTFI during the phased ramp-up of the Grasberg Block Cave underground mine. The company sold 123,000 ounces of gold in the quarter, down 76.4% year over year. Freeport also sold 25 million pounds of molybdenum, up 13.6% from the prior-year quarter.
Teck Resources Limited (TECK - Free Report) reported second-quarter 2026 adjusted EPS of CAD $1.93 or $1.39, beating the Zacks Consensus Estimate of 78 cents. It marked a substantial improvement of 415% from the earnings of 27 cents per share in the year-ago quarter. This was attributed to higher base metal prices and increased sales volume of copper and zinc. Including one-time items, the company reported EPS of $1.26 in the quarter compared with the year-ago quarter’s 30 cents.
Net sales amounted to $2.6 billion, surpassing the Zacks Consensus Estimate of $2.3 billion. The figure reflects a 78% year-over-year improvement, aided by higher copper and zinc prices and sales.
SCCO’s Zacks Rank & Another Stock to ConsiderSouthern Copper currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Another top-ranked stock from the basic materials space is Bunge Global SA (BG - Free Report) , which sports a Zacks Rank of 1 at present.
Bunge has an average trailing four-quarter earnings surprise of 27.5%. The Zacks Consensus Estimate for the company’s fiscal 2026 earnings is pegged at $9.74 per share, implying 28.7% year-over-year growth. Bunge shares have gained 59% in a year.
3 Multi-Metal Stocks for Income and Long-Term GrowthSouthern Copper NYSE: SCCO reported record quarterly sales, adjusted EBITDA and net income for the second quarter of 2026, as sharply higher metals prices offset lower copper production in Peru, Chief Financial Officer Raúl Jacob Ruisánchez told investors on the company’s earnings call.
Jacob, Southern Copper’s vice president of finance, treasurer and CFO, said the company’s results reflected “operating excellence” amid sustained demand for copper and its by-products. He was joined on the call by Leonardo Contreras, Southern Copper’s CEO and board member.
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Copper Cools After Record January—But This ETF Is a Buy-the-Dip OpportunitySales for the quarter rose 41% year over year to $4.3 billion, an increase of $1.2 billion from the second quarter of 2025. Adjusted EBITDA reached a record $2.96 billion, up 60% from $1.79 billion a year earlier, while adjusted EBITDA margin expanded to 67% from 59%. Net income rose 72% to a record $1.67 billion, compared with $973 million in the prior-year quarter. Net income margin increased to 39% from 32%.
For the first six months of 2026, adjusted EBITDA rose 58% to $5.57 billion, while net income was 69% higher than in the same period of 2025. Cash flow from operating activities totaled $3.68 billion in the first half, up 117% year over year, which Jacob attributed to stronger operating cash generation from higher sales and a $719 million decrease in operating asset and liability requirements.
Higher Metals Prices Drive Revenue Growth The Copper Barbell: How to Profit From the Shortage—and Avoid the Dilution TrapJacob said the London Metal Exchange copper price averaged $6.04 per pound in the second quarter, up 30% from $4.32 per pound in the same quarter of 2025. COMEX copper averaged $6.16 per pound, up 31% year over year. Based on current supply and demand dynamics, Southern Copper estimates a slight copper market deficit for 2026.
Global copper inventories across London Metal Exchange, COMEX, Shanghai and London warehouses totaled 1.123 million tons as of July 21, which Jacob said represented roughly 15 days of global demand.
Copper represented 73% of Southern Copper’s sales in the quarter. Copper sales increased 38% despite a 1.5% decline in volume, reflecting the higher pricing environment. Among by-products, molybdenum sales rose 34%, zinc sales increased 24% and silver sales climbed 86%, with all three benefiting from higher prices that were partially offset by lower volumes.
Molybdenum prices averaged $29.44 per pound, up 43% from the prior-year quarter, while silver prices averaged $73.49 per ounce, up 118%. Zinc averaged $1.57 per pound, a 31% increase from the second quarter of 2025.
Production Falls in Peru, Rises in Mexico Southern Copper produced 230,662 tons of copper in the second quarter, down 3.5% from the same period last year. Jacob said the decline reflected a 12% drop in production in Peru, mainly due to lower ore grades and recoveries at Toquepala and Cuajone. That was partially offset by a 3.2% increase in Mexican operations, driven by higher production at Buenavista, La Caridad and Inca.
In response to a question from Barclays analyst Richard Garchitorena, Jacob said the lower production was mainly tied to ore grades at Cuajone, which translated into about 35,000 tons of lower copper production, with the remaining decline coming from Toquepala. He said Southern Copper now expects to produce 917,000 tons of copper in 2026, above its initial plan of about 910,000 tons.
Molybdenum production fell 11% year over year due to lower ore grades at all mines, though the company now expects to produce 27,900 tons in 2026, 7% above its initial plan. Silver production declined 4% in the quarter, despite higher output at La Caridad and Inca, because of lower production at Toquepala, Cuajone and Buenavista. Southern Copper expects to meet its plan to produce 24 million ounces of silver this year. Mine zinc production fell 14% to 39,250 tons, and the company expects 2026 zinc production of 163,900 tons.
Jacob said he expects sales volumes to improve somewhat in the second half of the year as material processed in the first half becomes available for sale.
Costs Rise, but Margins Improve Total operating costs and expenses increased $202 million, or 14%, from the second quarter of 2025. Jacob cited higher operating materials, purchased copper, diesel and fuel, workers’ participation, translation differences and other factors. These were partly offset by lower repair materials and inventory consumption.
Southern Copper reported operating cash costs before by-product credits of $2.29 in the second quarter, down $0.02 from the first quarter. Including by-product credits, operating cash costs were $0.05, compared with negative $0.11 in the first quarter. Jacob said the company still considered that “an excellent mark.”
By-product credits totaled $1.11 billion, or $2.24, in the second quarter, down 7% from the first quarter. Credits increased for molybdenum and zinc but declined for silver and sulfuric acid.
Capital Projects Advance in Peru and Mexico Southern Copper’s capital investment program for the decade exceeds $20.5 billion, including projects in Peru and Mexico. The company spent $423 million on capital investments in the second quarter, up 79% year over year, and $865 million in the first half, up 56% from the prior-year period.
In Peru, Jacob said the company remains committed to advancing Tia Maria, Los Chancas and Michiquillay, which together represent about $10.3 billion of investment. At Tia Maria in Arequipa, the project was 42% complete at the end of June, with 5,817 new jobs created, including 1,254 filled by local applicants. Jacob said mass earthworks were in their final stage and civil works and steel structure assembly had begun in key facilities.
Goldman Sachs analyst Emerson Vieira asked about the desalination plant for Tia Maria and potential delays. Jacob said purchase orders and contracts were being placed for major equipment, including the desalination plant, and that the company did not currently expect a delay.
At Los Chancas in Apurímac, Jacob said illegal miners remain in the project area despite enforcement efforts, hindering progress. At Michiquillay in Cajamarca, reserve estimation, mine planning, hydrologic and hydrogeological assessments, and technical research are underway.
In Mexico, Jacob said El Pilar in Sonora has received the necessary environmental permits and will begin early site preparation work in September. Construction is expected to start in the first quarter of 2027, with production projected for the second half of 2029. The $551 million open-pit project is expected to produce 36,000 tons of copper cathode annually over an 18-year mine life.
Debt Issuance and Dividend Southern Copper issued $1.25 billion of 10-year fixed-rate senior unsecured notes on June 24, due in 2036 with a 5.35% annual interest rate. Jacob said demand totaled $4 billion, or 3.2 times the amount issued. Proceeds will be used by Southern Peru Copper Corporation to develop Tia Maria, finance its capital expenditure program and for general corporate purposes.
The company announced a quarterly cash dividend of $1.10 per share and a stock dividend of 0.012 shares per common share, payable Aug. 27 to shareholders of record as of Aug. 11. Jacob said the total estimated dividend payment, including the cash dividend and equivalent value of the stock dividend, was $3.23 per share.
Looking ahead, Jacob said Southern Copper expects 2027 copper production to be roughly in line with 2026, with some contribution from Tia Maria late in the year. He said production is expected to rise to about 970,000 tons in 2028 and exceed 1 million tons in 2029, supported by Tia Maria, El Pilar and improved ore grades. The company’s longer-term goal remains more than 1.6 million tons of copper by 2033 or 2034 through organic growth.
About Southern Copper (NYSE:SCCO)Southern Copper Corporation NYSE: SCCO is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.
Southern Copper's operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.
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Southern Copper Corporation (SCCO) Q2 2026 Earnings Call July 22, 2026 11:00 AM EDT
Company Participants
Raul Jacob - VP of Finance, Treasurer & CFO
Conference Call Participants
Richard Garchitorena - Barclays Bank PLC, Research Division
Emerson Vieira - Goldman Sachs Group, Inc., Research Division
Rafael Barcellos - Banco Bradesco BBI S.A., Research Division
Tingshuai Feng - China International Capital Corporation Limited, Research Division
John Tumazos - John Tumazos Very Independent Research, LLC
Presentation
Operator
Good morning, and welcome to Southern Copper Corporation's Second Quarter and 6 Months 2026 Results Conference Call. With us this morning, we have Southern Copper Corporation's Mr. Raul Jacob, Vice President, Finance, Treasurer and CFO, who will discuss the results of the company for the second quarter and 6 months 2026 as well as answer any questions that you may have. The information discussed on today's call may include forward-looking statements regarding the company's results and prospects, which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions not to place undue reliance on these forward-looking statements. Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All results are expressed in full U.S. GAAP. Now I'll pass the call on to Mr. Raul Jacob.
Raul Jacob
VP of Finance, Treasurer & CFO
Thank you very much, Carmen. Good morning, everyone, and welcome to Southern Copper's Second Quarter of 2026 Results Conference Call. At today's conference, I'm accompanied by Mr. Leonardo Contreras, CEO of Southern Copper and also a Board member. Let me first begin by mentioning that Southern Copper 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
California Public Employees Retirement System v 1. čtvrtletí zvýšil podíl v Southern Copper o 21,2 % na 192 523 akcií. Hodnota podílu činila 33,126 milionu USD.
California Public Employees Retirement System raised its stake in Southern Copper Corporation (NYSE:SCCO – Free Report) by 21.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 192,523 shares of the basic materials company’s stock after acquiring an additional 33,638 shares during the period. California Public Employees Retirement System’s holdings in Southern Copper were worth $33,126,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SCCO. National Wealth Management Group LLC acquired a new position in shares of Southern Copper in the 4th quarter valued at approximately $1,281,000. Nordea Investment Management AB boosted its position in shares of Southern Copper by 74.0% during the 4th quarter. Nordea Investment Management AB now owns 258,341 shares of the basic materials company’s stock worth $37,142,000 after acquiring an additional 109,857 shares in the last quarter. Savvy Advisors Inc. bought a new position in Southern Copper in the fourth quarter valued at approximately $1,434,000. Oak Harvest Investment Services bought a new position in Southern Copper in the fourth quarter valued at approximately $7,650,000. Finally, US Bancorp DE increased its stake in Southern Copper by 16.2% in the fourth quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock valued at $10,687,000 after acquiring an additional 10,360 shares during the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets Several research firms have weighed in on SCCO. Weiss Ratings cut Southern Copper from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, July 8th. The Goldman Sachs Group upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price target on the stock in a research note on Friday, April 10th. Zacks Research raised Southern Copper from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 9th. Barclays reissued an “underweight” rating and set a $160.00 price target (up from $148.00) on shares of Southern Copper in a report on Wednesday, July 15th. Finally, UBS Group restated a “sell” rating and set a $160.00 price objective (up from $145.00) on shares of Southern Copper in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and seven have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $148.10.
Get Our Latest Stock Report on SCCO
Southern Copper Stock Up 7.3% Shares of NYSE:SCCO opened at $187.92 on Wednesday. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88. The company has a market capitalization of $155.24 billion, a PE ratio of 31.06, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38. The company has a fifty day moving average of $180.76 and a 200-day moving average of $182.80.
Southern Copper’s stock is going to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be issued to shareholders after the market closes on Monday, August 10th.
Southern Copper Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $1.10 per share. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.3%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio is 72.73%.
Insider Buying and Selling In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the sale, the director directly owned 1,807 shares of the company’s stock, valued at $321,320.74. The trade was a 9.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 404 shares of company stock worth $74,108. 0.07% of the stock is owned by company insiders.
Southern Copper Company Profile (Free Report)
Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.
Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.
Further Reading Five stocks we like better than Southern Copper Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding SCCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southern Copper Corporation (NYSE:SCCO – Free Report).
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Southern Copper v 1. čtvrtletí 2026 vykázala provozní hotovostní náklady na výrobu libry mědi ve výši -0,11 USD, oproti +0,77 USD před rokem. Čistý zisk vzrostl o 66,7 % na 1,577 miliardy USD a tržby o 36,2 % na 4,251 miliardy USD.
The U.S. copper industry is valued at around $20 billion, and is one of the key market indicators many market participants watch closely.
Why is that?
Well, copper is heavily used in industry, and the rise or fall of this particular commodity can portend a great deal for where the economy is headed.
However, I think one of the most important numbers that’s also within this sector is negative eleven cents. That is what it cost Southern Copper (NYSE:SCCO | SCCO Price Prediction) to produce a pound of copper in the first quarter of 2026, on a net basis after by-product credits. The largest publicly traded pure-play copper miner reported an operating cash cost of -$0.11 per pound, down from +$0.77 a year earlier.
Southern Copper flagged the swing as a -114% year-over-year improvement in its Q1 2026 release filed April 29, 2026.
What It Means A negative cash cost carries real weight. It means silver, molybdenum, and zinc pulled from the same ore body generated enough revenue to more than cover the full cost of mining, milling, and refining the copper. Southern Copper earned that outcome in a quarter when silver prices ran +157.9% year over year, molybdenum climbed +24.2%, zinc rose +14.0%, and copper itself gained +37.5%. Sales volumes of silver (+11.6%) and zinc (+16.4%) amplified the effect.
The company posted net income of $1.577 billion, up 66.7% year over year, on revenue of $4.251 billion, up 36.2%. Additionally, Southern Copper’s adjusted EBITDA reached $2.71 billion at a 63.8% margin, which supported operating cash flow more than doubling to $1.695 billion. CEO German Larrea called it a “record-breaking quarter” in prepared remarks.
Market Reaction SCCO stock started the year at $144.57 and closed at $172.01 on July 2, 2026, a 23.31% year-to-date gain. Over the trailing twelve months the stock is up 72.32%. Recent action has cooled, evidenced by shares sinking nearly 15% over the past month from a June 2 level of $201.37, giving long-term holders a pullback inside a longer uptrend.
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Bull Case I think Southern Copper’s bull case starts at the cost line and radiates outward. A cash cost below zero means Southern Copper prints cash even if copper retraces from current levels. It also means the company can absorb the operational grind of lower Peruvian ore grades, which pushed Q1 copper output down 4.0% year over year, without ceding margin. That is what a low position on the industry cost curve buys.
The setup extends past one quarter. The Tia Maria project in Peru was 32.5% complete as of Q1, with first production targeted for Q3 2027 and a $1.8 billion budget. Management is committing more than $20.5 billion in capital across the decade to lift output toward 1.6 million tonnes of copper by 2033. Copper itself is providing the tailwind. FRED’s global copper price benchmark reached $13,483.75 per metric ton in May 2026, the top of the 12-month range and the 90.9th percentile of that window.
Holders get paid to wait. The board declared a $1.00 per share cash dividend plus a 0.0100 stock dividend, record date May 13, payable May 29, 2026. Cash and equivalents sat at $4.915 billion at quarter end, with shareholders’ equity up 23.19% year over year.
Sector confirmation runs across the metals complex. Freeport-McMoRan (NYSE:FCX) posted its fourth straight EPS beat with Q1 net income up 154.62% year over year. Newmont (NYSE:NEM) delivered record FY2025 free cash flow of $7.299 billion. MP Materials (NYSE:MP) beat EPS estimates by 182.19% in Q1 with magnetics revenue up 306%. The metals complex is earning its keep.
Bottom Line For a long-term investor, -$0.11 per pound reframes Southern Copper’s risk profile. When the swing metal in the cost structure is a by-product credit, downcycles hurt less and upcycles compound harder. With Tia Maria targeted for Q3 2027 first production and a decade of capital already committed, the next twelve to eighteen months mark the handoff from cost discipline to volume growth.
Keep an eye on copper realizations and Peruvian ore grades in the company’s next earnings report.
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