Summary by Moomoo AI
Southern Copper posted strong Q2 2024 results with net income surging 73.6% YoY to $950.2 million, driven by a 35.5% increase in net sales to $3.1 billion. The growth was fueled by higher sales volumes across all metals and improved prices, with copper up 14.8% YoY. Adjusted EBITDA rose 61.1% to $1.8 billion, with margin expanding to 57.6%.The company announced significant progress on its Tia Maria project in Peru, officially resuming activities on July 1, 2024. The project is expected to create 9,000 construction jobs and generate $17.5 billion in exports over its 20-year operation. Production is scheduled to begin in 2027, creating 600 direct and 4,800 indirect jobs.The Board declared a quarterly cash dividend of $0.60 per share and a stock dividend of 0.0056 shares, payable on August 26, 2024. Operating cash cost per pound of copper decreased 29% QoQ to $0.76, benefiting from higher by-product credits and increased production volumes. Capital investments rose 31.4% YoY to $331.8 million, representing 35.6% of quarterly net income.
