Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 55%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%, CFO LTM is 5.7 Bil, FCF LTM is 4.3 Bil

Low stock price volatility
Vol 12M is 50%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Electrification of Everything, Battery Technology & Metals, and Sustainable Resource Management. Show more.

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x

Stock price has recently run up significantly
12M Rtn12 month market price return is 112%

Key risks
SCCO key risks include [1] political and regulatory instability in Peru and Mexico, Show more.

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 55%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%, CFO LTM is 5.7 Bil, FCF LTM is 4.3 Bil
2 Low stock price volatility
Vol 12M is 50%
3 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Electrification of Everything, Battery Technology & Metals, and Sustainable Resource Management. Show more.
4 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x
5 Stock price has recently run up significantly
12M Rtn12 month market price return is 112%
6 Key risks
SCCO key risks include [1] political and regulatory instability in Peru and Mexico, Show more.

SCCO in ETFs

Weight = SCCO's share of each fund

IWB0.02%
VYM0.07%
ILF2.5%
IYM1.7%
FNDA0.29%
SPEM0.16%
EEM0.14%
IEMG0.12%
+6 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/12/2026

Southern Copper (SCCO) stock has lost about 10% since 2/28/2026 because of the following key factors:

1. Major Peruvian Project Setbacks and Production Guidance Concerns.

Southern Copper faced significant delays and regulatory hurdles for key growth projects in Peru. In April 2026, the Peruvian government revoked the authorization for the $1.8 billion Tia Maria copper project, sending it back for technical reassessment due to legal and regulatory non-compliance. This project, which aimed to produce 120,000 metric tons of copper annually, was approximately 25% complete and had a target start date of late 2027. Additionally, the Los Chancas mining project, another significant Peruvian development expected to produce 130,000 tons of copper annually, saw its scheduled start of operations postponed from 2026 to 2027. These delays contribute to analyst projections of a 3% decline in Southern Copper's production through 2027, from approximately 938 million tons in 2025 to around 910 million tons, attributed partly to deteriorating ore grades at existing Peruvian mines.

2. Bearish Analyst Sentiment and Valuation Concerns.

The stock experienced multiple analyst downgrades and persistent bearish sentiment within the specified period. UBS downgraded Southern Copper from "Neutral" to "Sell" in January 2026, citing an overvalued stock, expected production declines in 2026, and delays for the Tia Maria project. Following this, Bank of America downgraded SCCO from "Neutral" to "Underperform" on March 1, 2026, prompting a 10.32% single-day stock decline on March 3, 2026. Analysts highlighted concerns about the stock's stretched valuation, with an estimated forward EV/EBITDA multiple of 16.3x and a free cash flow yield of approximately 3%. As of June 11, 2026, a significant portion of covering analysts maintained "Sell" (50%) or "Strong Sell" (25%) ratings on the stock.

Show more
Updated on 6/12/2026

Southern Copper (SCCO) stock has lost about 10% since 2/28/2026 because of the following key factors:

1. Major Peruvian Project Setbacks and Production Guidance Concerns.

Southern Copper faced significant delays and regulatory hurdles for key growth projects in Peru. In April 2026, the Peruvian government revoked the authorization for the $1.8 billion Tia Maria copper project, sending it back for technical reassessment due to legal and regulatory non-compliance. This project, which aimed to produce 120,000 metric tons of copper annually, was approximately 25% complete and had a target start date of late 2027. Additionally, the Los Chancas mining project, another significant Peruvian development expected to produce 130,000 tons of copper annually, saw its scheduled start of operations postponed from 2026 to 2027. These delays contribute to analyst projections of a 3% decline in Southern Copper's production through 2027, from approximately 938 million tons in 2025 to around 910 million tons, attributed partly to deteriorating ore grades at existing Peruvian mines.

2. Bearish Analyst Sentiment and Valuation Concerns.

The stock experienced multiple analyst downgrades and persistent bearish sentiment within the specified period. UBS downgraded Southern Copper from "Neutral" to "Sell" in January 2026, citing an overvalued stock, expected production declines in 2026, and delays for the Tia Maria project. Following this, Bank of America downgraded SCCO from "Neutral" to "Underperform" on March 1, 2026, prompting a 10.32% single-day stock decline on March 3, 2026. Analysts highlighted concerns about the stock's stretched valuation, with an estimated forward EV/EBITDA multiple of 16.3x and a free cash flow yield of approximately 3%. As of June 11, 2026, a significant portion of covering analysts maintained "Sell" (50%) or "Strong Sell" (25%) ratings on the stock.

3. Volatility in Copper Prices and Broader Macroeconomic Headwinds.

While copper prices saw an overall strong start to 2026, they experienced notable volatility and downward pressure within the analysis period. Copper prices hit record highs in January 2026, surpassing $14,500 per metric ton (mt). However, in March 2026, prices came under pressure, with Comex copper falling to $5.6517 per pound, influenced by the ongoing Iran conflict, which dampened demand expectations for industrial commodities due to global economic growth fears. Goldman Sachs, in April 2026, trimmed its 2026 copper price forecast to an average of $12,650 per tonne from $12,850, citing softer demand expectations amid weaker global economic growth. Despite some recovery, a persistent risk was that copper prices, even after a March correction, remained well above Goldman Sachs' 2026 fair value estimate of around $11,100, making them "vulnerable to another move lower" if the economic outlook deteriorated.

4. Heightened Political and Social Risks in Peru.

Southern Copper's operations are heavily concentrated in Peru, a region characterized by ongoing political instability and community opposition to mining projects. The revocation of the Tia Maria project's permit in April 2026 underscored persistent political and community risks that have plagued the project for over a decade, with local residents fearing pollution and water contamination. This recurring pattern of political and social challenges introduces significant uncertainty and delays for the company's development plans and production outlook in a country that is the world's third-largest copper producer.

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Stock Movement Drivers

Fundamental Drivers

The -11.2% change in SCCO stock from 2/28/2026 to 6/21/2026 was primarily driven by a -24.6% change in the company's P/E Multiple.
(LTM values as of)22820266212026Change
Stock Price ($)217.16192.93-11.2%
Change Contribution By: 
Total Revenues ($ Mil)13,42014,5508.4%
Net Income Margin (%)32.3%34.1%5.7%
P/E Multiple42.331.9-24.6%
Shares Outstanding (Mil)8458222.9%
Cumulative Contribution-11.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/21/2026
ReturnCorrelation
SCCO-11.2% 
Market (SPY)9.2%77.2%
Sector (XLB)-2.6%81.7%

Fundamental Drivers

The 44.6% change in SCCO stock from 11/30/2025 to 6/21/2026 was primarily driven by a 18.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256212026Change
Stock Price ($)133.43192.9344.6%
Change Contribution By: 
Total Revenues ($ Mil)12,33514,55018.0%
Net Income Margin (%)31.0%34.1%10.2%
P/E Multiple29.231.99.2%
Shares Outstanding (Mil)8378221.8%
Cumulative Contribution44.6%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/21/2026
ReturnCorrelation
SCCO44.6% 
Market (SPY)9.9%58.5%
Sector (XLB)17.0%67.0%

Fundamental Drivers

The 117.5% change in SCCO stock from 5/31/2025 to 6/21/2026 was primarily driven by a 57.1% change in the company's P/E Multiple.
(LTM values as of)53120256212026Change
Stock Price ($)88.68192.93117.5%
Change Contribution By: 
Total Revenues ($ Mil)11,95614,55021.7%
Net Income Margin (%)30.0%34.1%13.8%
P/E Multiple20.331.957.1%
Shares Outstanding (Mil)8228220.0%
Cumulative Contribution117.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/21/2026
ReturnCorrelation
SCCO117.5% 
Market (SPY)28.1%56.1%
Sector (XLB)22.4%58.9%

Fundamental Drivers

The 218.7% change in SCCO stock from 5/31/2023 to 6/21/2026 was primarily driven by a 70.2% change in the company's P/E Multiple.
(LTM values as of)53120236212026Change
Stock Price ($)60.54192.93218.7%
Change Contribution By: 
Total Revenues ($ Mil)10,07814,55044.4%
Net Income Margin (%)26.5%34.1%29.0%
P/E Multiple18.831.970.2%
Shares Outstanding (Mil)8268220.5%
Cumulative Contribution218.7%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/21/2026
ReturnCorrelation
SCCO218.7% 
Market (SPY)85.7%52.0%
Sector (XLB)46.5%61.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SCCO Return-1%4%50%9%62%35%272%
Peers Return69%6%3%-7%64%27%256%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
SCCO Win Rate58%50%58%33%67%67% 
Peers Win Rate54%56%54%46%67%62% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
SCCO Max Drawdown-30%-43%-20%-29%-25%-30% 
Peers Max Drawdown-28%-48%-33%-35%-30%-30% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FCX, TECK, NEM, GOLD. See SCCO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

How Low Can It Go

EventSCCOS&P 500
2025 US Tariff Shock
  % Loss-21.5%-18.8%
  % Gain to Breakeven27.4%23.1%
  Time to Breakeven58 days79 days
2024 Yen Carry Trade Unwind
  % Loss-16.6%-7.8%
  % Gain to Breakeven19.9%8.5%
  Time to Breakeven50 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-15.8%-9.5%
  % Gain to Breakeven18.7%10.5%
  Time to Breakeven50 days24 days
2023 SVB Regional Banking Crisis
  % Loss-10.7%-6.7%
  % Gain to Breakeven11.9%7.1%
  Time to Breakeven20 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-26.4%-24.5%
  % Gain to Breakeven35.9%32.4%
  Time to Breakeven46 days427 days
2020 COVID-19 Crash
  % Loss-38.7%-33.7%
  % Gain to Breakeven63.2%50.9%
  Time to Breakeven72 days140 days

Compare to FCX, TECK, NEM, GOLD

In The Past

Southern Copper's stock fell -21.5% during the 2025 US Tariff Shock. Such a loss loss requires a 27.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventSCCOS&P 500
2025 US Tariff Shock
  % Loss-21.5%-18.8%
  % Gain to Breakeven27.4%23.1%
  Time to Breakeven58 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-26.4%-24.5%
  % Gain to Breakeven35.9%32.4%
  Time to Breakeven46 days427 days
2020 COVID-19 Crash
  % Loss-38.7%-33.7%
  % Gain to Breakeven63.2%50.9%
  Time to Breakeven72 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-32.6%-19.2%
  % Gain to Breakeven48.3%23.8%
  Time to Breakeven343 days105 days
2014-2016 Oil Price Collapse
  % Loss-31.0%-6.8%
  % Gain to Breakeven44.9%7.3%
  Time to Breakeven296 days15 days
2013 Taper Tantrum
  % Loss-23.8%-0.2%
  % Gain to Breakeven31.3%0.2%
  Time to Breakeven210 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-32.1%-17.9%
  % Gain to Breakeven47.3%21.8%
  Time to Breakeven106 days123 days
2008-2009 Global Financial Crisis
  % Loss-72.6%-53.4%
  % Gain to Breakeven265.1%114.4%
  Time to Breakeven322 days1085 days
Summer 2007 Credit Crunch
  % Loss-23.7%-8.6%
  % Gain to Breakeven31.0%9.5%
  Time to Breakeven33 days47 days

Compare to FCX, TECK, NEM, GOLD

In The Past

Southern Copper's stock fell -21.5% during the 2025 US Tariff Shock. Such a loss loss requires a 27.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Southern Copper (SCCO)

Southern Copper Corporation (SCCO) is a leading integrated metals company primarily engaged in the exploration, mining, smelting, and refining of copper and other minerals. Operating across Peru, Mexico, Argentina, Ecuador, and Chile, the company manages a comprehensive value chain from extracting raw ore to producing finished metal products. Its operations include significant open-pit and underground mines, complemented by extensive processing facilities such as concentrators, smelters, and refineries.

The company's main product is copper, which it processes into various forms including copper concentrates, blister copper, anode copper, and high-purity copper cathodes. Beyond its core copper business, Southern Copper diversifies its output with other valuable minerals. These include molybdenum concentrate, sulfuric acid, refined silver, and gold. The company also produces zinc and lead from its underground mining operations and extracts coal and coke from a dedicated coal mine, further broadening its commodity portfolio.

Southern Copper serves a global market as a key supplier of industrial and precious metals. Its primary customers are typically industries that depend on raw materials such as copper for manufacturing, including the construction, electronics, and automotive sectors. Additionally, its production of silver and gold caters to the precious metals market. With vast exploration concessions across its operating regions, Southern Copper is positioned to continue supplying these critical materials to various global industries.

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Southern Copper (SCCO) is:

  • Like the Freeport-McMoRan of Latin American copper and other metals.
  • Like the ExxonMobil of industrial metal mining and refining.

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  • Copper: Southern Copper mines, concentrates, smelts, and refines copper into various forms, including concentrates, blister, anode, and cathodes.
  • Molybdenum Concentrate: This is produced as a valuable co-product from its copper mining operations.
  • Sulfuric Acid: Generated as a byproduct, primarily from the smelting processes of copper concentrates.
  • Silver: The company produces refined silver as a co-product from its diverse mining activities.
  • Gold: Refined gold is another precious metal produced as a co-product alongside its primary minerals.
  • Zinc: Southern Copper mines and processes zinc, primarily from its underground operations.
  • Lead: Mined and processed alongside zinc, lead is another key mineral produced by the company.
  • Coal and Coke: These are produced from the company's coal mine operations.

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Southern Copper Corporation (symbol: SCCO) Management Team:

Germán Larrea Mota-Velasco, Chairman of the Board

Mr. Larrea Mota-Velasco is the CEO of Grupo México, Mexico's largest mining corporation. He has served as Chairman of the Board of Southern Copper Corporation since December 1999 and was also CEO from December 1999 to October 2004. He has led Grupo México as CEO since 1994 and has been a member of its Board of Directors since 1981. Additionally, he serves as Chairman of the Board and CEO of Grupo Ferroviario Mexicano (Ferromex) since 1997. Mr. Larrea Mota-Velasco founded Grupo Impresa, a printing and publishing company, in 1978, where he was President and CEO until its sale in 1989. He has also been involved with Empresarios Industriales de México and Fondo Inmobiliario de México since 1992.

Oscar Gonzalez Rocha, President, Chief Executive Officer and Director

Mr. Gonzalez Rocha has held the position of President of Southern Copper Corporation since December 1999 and President and Chief Executive Officer since October 21, 2004. He has been a Director of the company since November 1999. With over 40 years of experience in the mining sector, Mr. Gonzalez Rocha is a civil engineer. He also serves as CEO and Director of ASARCO LLC, an integrated U.S. copper producer and affiliate of Southern Copper, since August 2010, and as President and CEO of Americas Mining Corporation since November 1, 2014. Prior to his current roles, he was General Director of Mexicana de Cobre, S.A. de C.V. from 1986 to 1999 and of Buenavista del Cobre S.A. de C.V. from 1990 to 1999.

Raúl Jacob Ruisánchez, Vice President, Finance, Treasurer and Chief Financial Officer

Mr. Jacob Ruisánchez has been the Vice President of Finance and Chief Financial Officer of Southern Copper Corporation since April 18, 2013, and was appointed Treasurer on April 28, 2016. He possesses over 32 years of experience in the mining industry and has contributed to the financing of projects and M&A activities for Southern Copper totaling over US$8 billion. In 2021, Institutional Investor recognized him as the best Chief Financial Officer in the Latin American mining industry. He holds a degree in Economics from Universidad del Pacífico, a Master's in Economics from the University of Texas at Austin, and additional degrees in Applied International Management and Alta Gerencia. From February 2021 to January 2023, he served as President of the Sociedad Nacional de Minería, Petróleo y Energía.

Patricio Ovejas Simon, Executive Vice President

Mr. Ovejas Simon holds a Bachelor’s degree in Engineering from Universidad Anahuac in Mexico City, Mexico.

Juan Fernando Nuñez Chávez, Vice President, Exploration

Mr. Nuñez Chávez is a Geological Engineer with over 40 years of experience in the mining industry, primarily focusing on the exploration of metallic mineral deposits as a geologist.

AI Analysis | Feedback

The key risks to Southern Copper's business are primarily its sensitivity to metal price volatility, particularly copper, followed by economic, political, and regulatory uncertainties in its operating regions, and significant operational challenges including declining ore grades and substantial capital expenditure programs.

Key Risks to Southern Copper (SCCO)

  1. Dependence on Volatile Metal Prices: Southern Copper's financial performance is highly sensitive to the fluctuating prices of copper and other metals. Copper alone accounts for approximately 75.9% of the company's recent revenue, making it particularly vulnerable to market downturns. Extended and significant declines in metal prices, especially copper, could materially adversely impact its results of operations, financial condition, and asset value.
  2. Economic, Political, and Regulatory Risks in Operating Countries: Southern Copper operates extensively in Peru, Mexico, Argentina, Ecuador, and Chile. These operations expose the company to economic and political uncertainties, including currency fluctuations, inflation, and changes in regulatory frameworks. Factors such as new environmental regulations, taxation policies, or social and community conflicts can disrupt operations and negatively affect profitability and mining concessions.
  3. Operational Challenges, Including Declining Ore Grades and Capital Expenditure Execution Risk: The company faces inherent operational risks common to the mining industry, such as industrial accidents and geological conditions. More specifically, Southern Copper is projected to experience a decline in copper production from 2025 to 2027 due to deteriorating ore grades at some of its Peruvian mines, which can negatively impact future earnings and operational efficiency. Furthermore, Southern Copper has a massive, multi-year capital expenditure program, exceeding $15 billion through 2033, which introduces significant execution risk. Successfully funding and completing these large-scale investments while navigating commodity price volatility is a critical near-term risk.

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Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals. The addressable markets for its main products are global, and their estimated sizes are as follows:

  • Copper: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030. Another estimate places the global copper market at USD 291.12 billion in 2025, anticipated to reach USD 442.04 billion by 2034.
  • Molybdenum: The global molybdenum market size was valued at USD 4.96 billion in 2025 and is projected to grow to USD 7.91 billion by 2034. In terms of volume, the market size was 6,000.8 Tons in 2025.
  • Zinc: The global zinc market size was valued at USD 27.2 billion in 2024 and is poised to grow to USD 52.14 billion by 2033.
  • Lead: The global lead market size was valued at USD 23.55 billion in 2025 and is expected to reach USD 39.26 billion by 2034. Another source indicates the global lead market was valued at USD 29.9 billion in 2025.
  • Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033.
  • Gold: The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. In terms of volume, the global gold market size stood at 4,890.0 Tons in 2025.
  • Sulfuric Acid: The global sulfuric acid market size is estimated to reach between USD 25 billion and USD 27 billion in 2025.

AI Analysis | Feedback

Southern Copper Corporation (SCCO) is poised for future revenue growth over the next 2-3 years, driven by a confluence of favorable market dynamics and strategic operational expansions.

Here are 3-5 expected drivers of future revenue growth:

  1. Surging Global Copper Demand and Favorable Prices: The demand for copper is projected to increase significantly due to its critical role in renewable energy technologies, electric vehicles, artificial intelligence data centers, and global infrastructure development. This structural deficit in the copper market is expected to support bullish copper price outlooks, directly boosting Southern Copper's revenue. Analysts anticipate a 17% annualized growth in revenue by the end of 2026 for Southern Copper, ranking favorably against an industry forecast of 9.3% annually.
  2. Commissioning and Ramp-up of Key Copper Projects: Southern Copper has significant capital investments planned for new projects designed to expand its copper production capacity. The Tia Maria project in Arequipa, Peru, is expected to commence operations in 2027, adding an annual capacity of 120,000 tons of SX-EW copper cathodes. Additionally, the El Pilar project in Mexico is anticipated to start in 2028 or 2029, contributing approximately 36,000 tons of copper cathodes annually. These projects are crucial for increasing the company's copper sales volumes in the coming years.
  3. Increased Production and Sales of By-products (Zinc, Silver, Molybdenum): Beyond copper, Southern Copper expects substantial growth in the production and sales of its by-products. The Buenavista zinc concentrator is operating at full capacity, contributing to a projected 34% increase in zinc production for 2025. Furthermore, silver output is expected to rise by 10%, and molybdenum production by 4% in 2025, with strong performance in these areas already noted in recent financial reports. Higher sales volumes and improved prices for these minerals will continue to enhance the company's overall revenue.

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Share Repurchases

Southern Copper Corporation did not make any share repurchases over the last 3-5 years, with share buybacks for SCCO stock reported as $0.00.

Share Issuance

Southern Copper Corporation declared a stock dividend of 0.0085 shares of common stock per share of common stock, payable on February 27, 2026. Additionally, a stock dividend of 0.0101 shares per share was declared on July 24, 2025, payable on September 4, 2025.

Capital Expenditures

Southern Copper Corporation's capital expenditures have shown an upward trend, reaching $1,325.3 million in 2025, an increase from $892.3 million in 2021. Capital investments were $1,027.3 million in 2024 and $1,008.6 million in 2023. For 2025, the Board of Directors approved a capital investment program of $1,598.0 million. The company's capital investment program for this decade exceeds $20.5 billion, focusing on projects in Peru and Mexico, with a significant portion, around $10.3 billion, earmarked for Peru over the next decade. Key capital expenditure focuses include modernization of assets (50% of funds invested in Mexico in 2025) and water and tailings management (43% in Mexico in 2025). Major projects include the Tía María project in Peru, with an estimated budget of $1.8 billion and expected annual production of 120,000 tons of copper cathodes from 2028, which was 24% complete by year-end 2025. Other significant Peruvian projects are Los Chancas, with an estimated capital investment of $2.6 billion, and Michiquillay, estimated at $2.5 billion. In Mexico, the new tailings deposit in Buenavista received $252.0 million in 2025, and the El Pilar project has a budget of $310 million, expected to produce 36,000 tons of copper cathodes annually starting in 2028.

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Peer Comparisons

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Financials

SCCOFCXTECKNEMGOLDMedian
NameSouthern.Freeport.Teck Res.Newmont Gold.com  
Mkt Price192.9368.6864.36103.7942.2568.68
Mkt Cap158.598.831.5112.61.298.8
Rev LTM14,55026,42112,40924,96623,02023,020
Op Inc LTM7,9466,6372,59013,4921406,637
FCF LTM4,2761,7526699,2382071,752
FCF 3Y Avg3,2301,505-1634,515851,505
CFO LTM5,7256,0473,01812,0882205,725
CFO 3Y Avg4,4196,1652,7627,588984,419

Growth & Margins

SCCOFCXTECKNEMGOLDMedian
NameSouthern.Freeport.Teck Res.Newmont Gold.com  
Rev Chg LTM21.7%6.3%27.5%26.9%109.4%26.9%
Rev Chg 3Y Avg13.7%7.0%-3.2%30.0%47.0%13.7%
Rev Chg Q36.2%8.8%72.2%45.8%244.0%45.8%
QoQ Delta Rev Chg LTM8.4%2.0%15.4%10.1%46.8%10.1%
Op Inc Chg LTM34.7%1.6%152.9%93.6%201.5%93.6%
Op Inc Chg 3Y Avg24.8%4.5%25.8%195.9%34.0%25.8%
Op Mgn LTM54.6%25.1%20.9%54.0%0.6%25.1%
Op Mgn 3Y Avg48.5%25.9%13.9%32.7%0.7%25.9%
QoQ Delta Op Mgn LTM2.4%0.0%7.6%5.4%0.3%2.4%
CFO/Rev LTM39.3%22.9%24.3%48.4%1.0%24.3%
CFO/Rev 3Y Avg36.1%24.7%27.0%36.8%0.5%27.0%
FCF/Rev LTM29.4%6.6%5.4%37.0%0.9%6.6%
FCF/Rev 3Y Avg26.2%6.0%-2.5%19.7%0.4%6.0%

Valuation

SCCOFCXTECKNEMGOLDMedian
NameSouthern.Freeport.Teck Res.Newmont Gold.com  
Mkt Cap158.598.831.5112.61.298.8
P/S10.93.72.54.50.13.7
P/Op Inc19.914.912.28.38.212.2
P/EBIT19.513.19.68.36.89.6
P/E31.936.217.013.314.417.0
P/CFO27.716.310.49.35.310.4
Total Yield4.9%3.6%6.7%8.5%7.8%6.7%
Dividend Yield1.7%0.9%0.8%1.0%0.9%0.9%
FCF Yield 3Y Avg3.3%2.2%-0.8%5.3%9.8%3.3%
D/E0.00.10.30.00.60.1
Net D/E0.00.10.1-0.00.50.1

Returns

SCCOFCXTECKNEMGOLDMedian
NameSouthern.Freeport.Teck Res.Newmont Gold.com  
1M Rtn7.4%10.8%2.9%-3.4%-2.6%2.9%
3M Rtn27.0%32.1%42.1%8.6%0.5%27.0%
6M Rtn35.3%40.4%44.3%2.9%28.5%35.3%
12M Rtn111.6%72.7%73.1%80.1%106.5%80.1%
3Y Rtn188.3%79.5%61.8%163.1%24.2%79.5%
1M Excs Rtn12.2%15.0%6.5%-3.0%5.0%6.5%
3M Excs Rtn7.8%14.8%22.5%-8.7%-17.0%7.8%
6M Excs Rtn28.6%34.8%39.3%-4.0%22.2%28.6%
12M Excs Rtn82.1%42.6%43.1%53.9%77.0%53.9%
3Y Excs Rtn120.6%7.4%-17.0%89.6%-46.1%7.4%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Mexican Open-pit7,6236,3175,5625,7736,109
Peruvian Operations5,2484,6053,8543,9084,371
Mexican Industrial Minera Mexico, S.A. de C.V. and subsidiaries (IMMSA) Unit808704631666454
Corporate, other and eliminations-258-192-152-300 
Total13,42011,4339,89610,04810,934


Operating Income by Segment
$ Mil20252024202320222021
Mexican Open-pit4,2753,3842,7752,9553,698
Peruvian Operations2,6012,0921,4731,4682,333
Mexican Industrial Minera Mexico, S.A. de C.V. and subsidiaries (IMMSA) Unit162129-46189
Corporate, other and eliminations-37-51-52-47-55
Total7,0025,5554,1924,4366,065


Assets by Segment
$ Mil20252024202320222021
Mexican Open-pit9,5618,6058,6968,8368,560
Peruvian Operations5,6645,2784,6364,8714,933
Corporate, other and eliminations4,7753,6262,2282,4703,807
Mexican Industrial Minera Mexico, S.A. de C.V. and subsidiaries (IMMSA) Unit1,3811,2041,1661,101998
Total21,38118,71416,72517,27718,298


Price Behavior

Price Behavior
Market Price$192.93 
Market Cap ($ Bil)158.5 
First Trading Date12/29/2006 
Distance from 52W High-11.4% 
   50 Days200 Days
DMA Price$183.58$159.99
DMA Trendupup
Distance from DMA5.1%20.6%
 3M1YR
Volatility55.4%50.0%
Downside Capture286.64218.53
Upside Capture233.73247.12
Correlation (SPY)75.5%56.9%
SCCO Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta4.213.332.962.322.111.37
Up Beta5.023.293.172.582.461.29
Down Beta4.515.132.111.381.471.24
Up Capture348%205%261%402%479%467%
Bmk +ve Days13283667141432
Stock +ve Days10182973140404
Down Capture471%505%328%198%160%109%
Bmk -ve Days7132757109318
Stock -ve Days10233451110347

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SCCO
SCCO108.1%49.7%1.63-
Sector ETF (XLB)21.2%17.5%0.9459.1%
Equity (SPY)26.5%12.4%1.6156.7%
Gold (GLD)24.2%27.5%0.7758.9%
Commodities (DBC)19.8%18.8%0.832.2%
Real Estate (VNQ)11.0%13.7%0.5220.6%
Bitcoin (BTCUSD)-40.0%42.4%-1.0828.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SCCO
SCCO29.1%39.9%0.75-
Sector ETF (XLB)5.9%19.0%0.2062.8%
Equity (SPY)13.5%17.1%0.6248.8%
Gold (GLD)17.1%18.3%0.7643.2%
Commodities (DBC)7.5%19.4%0.2933.6%
Real Estate (VNQ)1.9%18.9%0.0033.5%
Bitcoin (BTCUSD)11.0%54.2%0.4021.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SCCO
SCCO26.9%37.5%0.75-
Sector ETF (XLB)10.2%20.7%0.4465.3%
Equity (SPY)15.3%18.0%0.7354.6%
Gold (GLD)12.3%16.1%0.6330.0%
Commodities (DBC)5.9%18.0%0.2637.5%
Real Estate (VNQ)5.3%20.7%0.2237.7%
Bitcoin (BTCUSD)60.0%66.8%1.0019.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity11.8 Mil
Short Interest: % Change Since 5152026-1.0%
Average Daily Volume1.2 Mil
Days-to-Cover Short Interest10.0 days
Basic Shares Quantity821.7 Mil
Short % of Basic Shares1.4%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/20261.9%9.2%14.2%
1/28/20264.9%-1.1%10.7%
10/29/2025-1.1%-4.1%-4.3%
7/29/2025-6.3%-2.2%0.4%
4/25/2025-1.6%-6.3%-2.9%
2/12/20252.4%4.7%0.3%
10/22/20241.9%2.2%-7.1%
7/19/20240.6%1.1%1.6%
...
SUMMARY STATS   
# Positive131114
# Negative111310
Median Positive1.9%3.4%6.6%
Median Negative-1.3%-2.7%-4.3%
Max Positive4.9%14.0%27.1%
Max Negative-6.3%-8.0%-9.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/20261.9%9.2%14.2%
1/28/20264.9%-1.1%10.7%
10/29/2025-1.1%-4.1%-4.3%
7/29/2025-6.3%-2.2%0.4%
4/25/2025-1.6%-6.3%-2.9%
2/12/20252.4%4.7%0.3%
10/22/20241.9%2.2%-7.1%
7/19/20240.6%1.1%1.6%
4/26/20244.6%1.1%6.2%
2/2/2024-2.5%-1.9%-1.1%
10/25/20231.5%3.4%8.1%
7/28/20231.5%-0.2%-6.2%
4/27/20231.8%-0.7%-9.8%
2/3/2023-1.1%-2.7%-2.8%
10/28/2022-0.3%14.0%27.1%
7/27/2022-0.9%-3.8%6.4%
5/3/20223.5%-8.0%5.0%
2/2/2022-1.3%5.9%21.4%
10/27/20210.8%-3.6%-4.3%
7/27/20210.3%0.7%-2.6%
4/28/2021-1.4%-0.7%-4.4%
1/27/20212.6%0.7%6.7%
10/27/2020-1.0%3.8%16.5%
7/28/2020-1.4%-2.9%6.0%
SUMMARY STATS   
# Positive131114
# Negative111310
Median Positive1.9%3.4%6.6%
Median Negative-1.3%-2.7%-4.3%
Max Positive4.9%14.0%27.1%
Max Negative-6.3%-8.0%-9.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/27/202610-K
09/30/202510/31/202510-Q
06/30/202507/31/202510-Q
03/31/202504/30/202510-Q
12/31/202403/03/202510-K
09/30/202410/31/202410-Q
06/30/202408/02/202410-Q
03/31/202404/30/202410-Q
12/31/202302/29/202410-K
09/30/202311/01/202310-Q
06/30/202308/01/202310-Q
03/31/202305/02/202310-Q
12/31/202202/28/202310-K
09/30/202210/31/202210-Q
06/30/202207/27/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/27/202610-K
09/30/202510/31/202510-Q
06/30/202507/31/202510-Q
03/31/202504/30/202510-Q
12/31/202403/03/202510-K
09/30/202410/31/202410-Q
06/30/202408/02/202410-Q
03/31/202404/30/202410-Q
12/31/202302/29/202410-K
09/30/202311/01/202310-Q
06/30/202308/01/202310-Q
03/31/202305/02/202310-Q
12/31/202202/28/202310-K
09/30/202210/31/202210-Q
06/30/202207/27/202210-Q
03/31/202205/05/202210-Q
12/31/202103/07/202210-K
09/30/202111/01/202110-Q
06/30/202107/27/202110-Q
03/31/202104/30/202110-Q
12/31/202002/26/202110-K
09/30/202010/28/202010-Q
06/30/202007/31/202010-Q
03/31/202005/04/202010-Q
12/31/201902/28/202010-K
09/30/201910/28/201910-Q
06/30/201907/26/201910-Q

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Production Target 1.60 Mil 0 Same NewGuidance: 1.60 Mil for 2033
2026 Capital Investment Program 20.50 Bil    
2026 Peruvian Projects Investment 10.30 Bil    
2026 Mexican Projects Investment 10.20 Bil    

Prior: Q4 2025 Earnings Reported 1/28/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2033 Copper Production 1.60 Mil 0 Same NewActual: 1.60 Mil for 2030
2047 Tia Maria Export Revenue 18.20 Bil    
2030 Los Chancas Copper Production 0.13 Mil    
2030 Los Chancas Molybdenum Production 7,500    
2032 Michiquillay Copper Production 0.23 Mil    

Insider Activity

Updated 6/5/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Palomino, Bonilla Luis MiguelDirectSell6052026181.004724308,243Form
2Palomino, Bonilla Luis MiguelDirectSell6022026200.0010020,000341,400Form
3Palomino, Bonilla Luis MiguelDirectSell5222026177.8220035,565321,330Form
4Palomino, Bonilla Luis MiguelDirectSell5182026178.2010017,820357,647Form
5Palomino, Bonilla Luis MiguelDirectSell3182026174.6019333,698298,042Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Palomino, Bonilla Luis MiguelDirectSell6052026181.004724308,243Form
2Palomino, Bonilla Luis MiguelDirectSell6022026200.0010020,000341,400Form
3Palomino, Bonilla Luis MiguelDirectSell5222026177.8220035,565321,330Form
4Palomino, Bonilla Luis MiguelDirectSell5182026178.2010017,820357,647Form
5Palomino, Bonilla Luis MiguelDirectSell3182026174.6019333,698298,042Form
6Palomino, Bonilla Luis MiguelDirectSell3182026190.0071,330361,000Form
7Castillo, Sanchez Mejorada EnriqueDirectSell3022026217.394,587997,168130,434Form
8Contreras, Lerdo DE Tejada LeonardoDirectSell2032026211.349,2481,954,426126,801Form
9Palomino, Bonilla Luis MiguelDirectSell12032025139.0040055,600175,835Form
10Palomino, Bonilla Luis MiguelDirectSell11122025140.0014820,720233,100Form
11Palomino, Bonilla Luis MiguelDirectSell11072025137.5010013,750249,288Form
12Palomino, Bonilla Luis MiguelDirectSell11052025135.0010013,500258,255Form
13Palomino, Bonilla Luis MiguelDirectSell11042025131.9010013,190265,515Form
14Palomino, Bonilla Luis MiguelDirectSell11032025139.3520027,870238,707Form
15Palomino, Bonilla Luis MiguelDirectSell9122025105.4420021,088201,707Form
16Palomino, Bonilla Luis MiguelDirectSell9042025101.0021421,614213,413Form
17Palomino, Bonilla Luis MiguelDirectSell8122025100.0041441,400232,700Form
18Palomino, Bonilla Luis MiguelDirectSell811202597.5040039,000267,248Form
19Palomino, Bonilla Luis MiguelDirectSell610202595.0040038,000260,395Form
Core Cache Last Updated: 6/21/2026