SOUTHERN COPPER CORP/ Annual Report, Year Ended Dec 31, 2023

Southern Copper Corporation (SCCO) reported a solid operational performance for the fiscal year ending December 31, 2023, despite a slight decrease in net sales primarily due to lower copper and zinc prices and reduced sales volumes for silver and zinc. However, these were partially offset by increased copper and molybdenum sales volumes and higher prices for molybdenum and silver. The company's net income attributable to SCC was $2.43 billion, a decrease from $2.64 billion in 2022, mainly influenced by increased costs of sales and slightly lower sales volumes. SCCO maintained its position as a leading global copper producer with robust production figures, with copper mine production increasing by 1.8% year-over-year, driven by higher grades at its Peruvian operations and contributions from new projects like Pilares. The company is strategically investing in its growth program, with capital investments of $1.01 billion in 2023, targeting increased copper production to 1.3 million tonnes by the end of the decade. Key development projects include the Buenavista Zinc project in Mexico and the Tia Maria project in Peru, with significant social and community investments highlighted as part of their development. Financially, the company reported total debt of $6.25 billion at year-end 2023. SCCO's commitment to shareholder returns is evident through its consistent dividend payouts, with a $4.00 per share dividend paid in 2023. The company maintains a strong focus on ESG practices, achieving high sustainability ratings and demonstrating commitment to environmental stewardship and community development.