第99.1展示文本
投资者关系: | 2024年10月21日 南方铜业公司（纽交所和BVL: SCCO） ● 3季度24净销售额 为293090万美元。这比3Q23增长了17.0%，这是所有产品销售量增长驱动的。铜增长了(+7.7%)，钼(+5.7%)，锌(+50.1%)和白银(+19.0%)。我们还受益于铜(+10.0%，伦敦金属交易所)，锌(+14.5%)和白银(+24.7%)的较高金属价格，而钼的价格下降了(-8.1%)。 | ||
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| Victor Pedraglio | ||
| Bertin Galarreta | ||
| +(602) 264-1375 | ||
| southerncopper@southernperu.com.pe www.southerncoppercorp.com | ||
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| ● | 根据 截至目前为止的基础上，净销售额较2023年基数增长了13.8％，反映出铜销量（+7.7％），钼（+11.6％），锌（+39.3％）和白银（+14.2％）的销量增加。就价格而言，我们记录了铜（+6.2％）和白银（+16.0％）的价格上涨，以及钼（-17.4％）的价格下降。 |
| ● | 3Q24净利润 was $89670万, which represented a 44.7% increase with regard to the $61950万 registered in 3Q23. The net income margin in 3Q24 stood at 30.6%, versus 24.7% in 3Q23. These improvements were mainly driven by both an increase in sales and our strict cost control measures. |
In 9M24, the net income was $258290万, which represents growth of 30.4% compared to the $198020万 reported in 9M23. The net income margin in 9M24 stood at 29.9%, versus 26.1% in 9M23.
| ● | 3Q24 adjusted EBITDA was $168460万, which represented an increase of 30.5% with regard to the $129060万 registered in 3Q23. The adjusted EBITDA margin in 3Q24 stood at 57.5% versus 51.5% in 3Q23. Adjusted EBITDA in 9M24 was $489930万, 23.3% higher than in 9M23. The adjusted EBITDA margin in 9M24 stood at 56.6% vs 52.3% in 9M23. |
| ● | 3Q24营运活动现金流量 为143,950万，较3Q23的金额增长了37.1%。到9M24年底，营运活动现金流量为306120万美元，较9M23的303210万美元增长了1.0%。 |
| ● | Production 在季度对季度的比较中，3Q24年产量较3Q23上升，达到252,219吨，增长了11.5%。我们的季度业绩反映了我们所有露天矿业务的更高产量。秘鲁业务的产量季度对季度增长了18.0%，得益于更高的矿石品位和回收率。在墨西哥业务中，产量季度对季度增长了7.3%。2014年，铜产量同比增长8.6%，达到734,963吨。 |
| ● | 副产品生产： 本季度采矿锌产量增长了90.9％，在Buenavista锌浓缩厂增产了14,453吨。白银产量在第3季度增长了21.5％，主要受到所有矿山的增长推动，除了我们的La Caridad矿山。钼产量在第3季度增长了（+6.0％），与第3季度23相比，这是由于Cuajone、Toquepala和Buenavista矿山的产量增加。从同比基础来看，锌（+78.8％）、白银（+12.5％）和钼（+11.9％）的产量都有所增长。 |
| ● | 营运现金费用 每磅铜的市盈率，包括副产品营业收入抵算，为3Q24为0.76美元，较3Q23的0.98美元下降了22.6％。这一结果主要是由于产量和价格的上升，以及由铜产量增加（+11.9％）引起的单位成本效应，部分抵销了副产品营业收入的减少（-5.5％）。与2Q24相比，3Q24的营运现金成本轻微下降了0.4％。 |
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| 2024年第三季度和前九个月的业绩 | 南方铜业 |
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在2024年前九个月，每磅铜的运营现金成本，净利润的副产品收入借项后，为0.86美元。这相比于9M23年报告的0.95美元下降了9.7%。9M24年的现金成本下降是由于单位生产成本降低，这是因为铜产量增加了8.6%，钼、锌和白银的副产品信贷增加。
| ● | 在9M24，我们在资本投资上花费了$79200万, 这占净利润的30.7%，反映了资本支出同比增长5.2%。 |
| ● | 分红派息： 2024年10月17日，董事会批准了季度现金分红 现金分红 1995年。 $0.70 每股普通股和 股票股息16.6%0.0062股 每股普通股，2024年11月21日支付，记录日期为2024年11月6日营业结束时的股东。 |
以112.43美元的股价为基础，即2024年10月17日最高和最低股价的平均值，将以现金形式分发给否则将有权获得碎股的每位股东。
股东无需采取任何措施即可收到股票股息。付款日期后，股东的账户会被记入代表股票股息的额外股份。当股票持有在经纪人名下的经纪账户时，额外股份将代表股东发放给经纪人。股票股息由公司股份过户机构Computershare管理。
董事会主席德国·拉雷亚先生 对公司运营进展和当前情况发表看法´表示：
“我们对第三季度业绩感到鼓舞，相比于3Q23净利润增长45%。这一积极结果的推动力包括铜产量增长12%，以及锌和银的产量分别增长了+91%和+22.5%。这些更高的产量，再加上锌（+14.5%）和贵金属价格的上涨，使我们得以实现行业内一项’南方铜业今年以来的最低现金成本为每磅铜0.86美元。我们持续执行我们的策略，推动低成本竞争性有机增长，通过成交量扩张和成本控制共同确保长期盈利能力.
2024年8月27日，我们的秘鲁业务接受了铜标和钼标认证，证实我们在环境、社会和治理（esg）事务上的表现经过第三方独立评估。现在，我们所有的露天铜、钼和锌生产都已根据这些标准获得认证
观察铜市场，我们认为当前价格将受到美国经济的抵御、联邦储备利率降低周期以及中国政府最近批准的强劲刺激计划的影响支持。长期而言，我们预计需求将更强劲，因为铜在全球向清洁能源和人工智能转变中巩固其领先地位
3Q24 www.southerncoppercorp.com | 页面 216.6%12 |
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| 2024年第三季度和前九个月的业绩 | 南方铜业 |
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关键财务数据
| | 第三季度 | | 九个月 | ||||||||||||||||||
| | | | | | | | 涨跌 | | | | | | | | 涨跌 | ||||||
| | 2024 | | 2023 | | $ | | % | | 2024 | | 2023 | | $ | | % | ||||||
| | （金额以百万为单位，除每股金额和%外） | ||||||||||||||||||||
销售 |
| $ | 2,930.9 |
| $ | 2,505.6 |
| $ | 425.3 | | 17.0% | | $ | 8,649.0 |
| $ | 7,600.2 |
| $ | 1,048.8 | | 13.8% |
销售成本 | |
| 1,223.1 | |
| 1,175.7 | |
| 47.4 | | 4.0% | |
| 3,629.6 | |
| 3,517.6 | |
| 112.0 | | 3.2% |
营业利润 | |
| 1,450.3 | |
| 1,069.2 | |
| 381.1 | | 35.6% | |
| 4,247.3 | |
| 3,323.6 | |
| 923.7 | | 27.8% |
净收入 | | $ | 896.7 | | $ | 619.5 | | $ | 277.2 | | 44.7% | | $ | 2,582.9 | | $ | 1,980.2 | | $ | 602.7 | | 30.4% |
净利润率 | |
| 30.6% | |
| 24.7% | |
| 5.9pp | | 23.9% | |
| 29.9% | |
| 26.1% | |
| 3.8pp | | 14.6% |
调整后的EBITDA | |
| 1,684.6 | |
| 1,290.6 | |
| 394.0 | | 30.5% | |
| 4,899.3 | |
| 3,973.9 | |
| 925.4 | | 23.3% |
调整后的EBITDA率 | |
| 57.5% | |
| 51.5% | |
| 6.0pp | | 11.7% | |
| 56.6% | |
| 52.3% | |
| 4.3pp | | 8.2% |
每股收益 | | $ | 1.15 | | $ | 0.80 | | $ | 0.35 | | 43.8% | | $ | 3.32 | | $ | 2.56 | | $ | 0.76 | | 29.7% |
资本投资 | |
| 246.4 | |
| 262.7 | |
| (16.3) | | (6.2)% | |
| 792.0 | |
| 753.2 | |
| 38.8 | | 5.2% |
资本投资
本十年的资本投资计划超过150亿美元，包括墨西哥和秘鲁的项目投资。
秘鲁项目:
蒂亚玛丽亚 - 阿雷基帕： 这个位于秘鲁阿雷基帕的绿地项目将采用最先进的SX-EW技术，符合最高国际环保标准，年产120,000吨SX-EW铜阴极。
南方铜业一直致力于促进伊斯莱省和阿雷基帕地区居民的福祉。作为这些努力的一部分，我们在教育、医疗保健和生产发展领域实施了几项成功的社会项目，以提高该地区的生活质量。
我们目前在伊斯莱开展的社会项目通过引入尖端技术来提高农业生产效率，从而降低生产成本。此外，我们努力为4600名学生提供互联网接入。除此之外，我们还致力于通过 "以工换税"机制 在阿雷基帕地区开发卫生设施、高性能学校、研究中心和道路。 “以工换税” 机制。
Tia Maria will generate significant revenues for the Arequipa region from day one of its operations. At current copper prices, we expect to export $175亿 and contribute $34亿 in taxes and royalties during the first 20 years of operation. The Company is currently reviewing its historical capital budget for Tia Maria of $14亿. We will update this budget by year-end.
Project update: As of September 30, 2024, the Company had generated more than 422 jobs, 355 of which were filled with local applicants. To the fullest extent possible, we intend to fill the 9,000 jobs estimated to be required during Tia Maria’s construction with workers from the Islay province. When we start operations in 2027, the project will generate 600 direct jobs and 4,800 indirect jobs.
In the coming months, we expect to build roads and access points; train operators; update the topographic network; install and delimit properties along the living fence; install a temporary camp; and begin earthmoving activities. In 2025, we expect construction to begin.
Los Chancas - Apurimac: 该位于秘鲁Apurimac的绿色项目是一座铜和钼斑岩矿床。据目前估计，指示铜矿资源为9800万吨氧化铜，铜含量为0.45％，以及5200万吨硫化铜，铜含量为0.59％。Los Chancas项目设想建设一个露天矿，采用浓缩厂和SX-EW工艺的组合，预计每年产出13万吨铜和7500吨钼。预计资本投资额为260000万美元，项目预计将于2031年开始运营。我们将继续致力于当地社区的社会和环境改善，并致力于该项目的环境影响评估。’s环保母基和农产品区评估。
3Q24 www.南方铜业.com | 页面 316.6%12 |
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| 2024 年第三季度及九个月业绩 | 南部铜 |
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专案更新：与秘鲁当局协调，继续努力消除非法采矿活动。一旦这个过程完成，我们将恢复环境影响评估，并开始水文地质和岩土工程研究。我们还将开始一项 40,000 公尺的填充钻探活动，以收集有关洛斯坎卡斯矿场地质特征的更多信息。
米奇基利项目-卡哈马卡: 2018 年 6 月，南铜签订了收购秘鲁卡哈马卡米奇利项目的合同。Michiquillay 是一个世界级的采矿项目，推测矿产资源为 228800万吨，铜级估计为 0.63%。在开发时，我们预计 Michiquillay 每年将以竞争力的现金成本生产 225,000 吨铜（以及钼、金和银副产品），以竞争力的现金成本，初期矿山寿命超过 25 年。我们估计需要约 2.5 亿美元的投资，并预计在 2032 年前开始生产。米奇基莱将成为秘鲁之一'这是最大的铜矿，将在卡哈马卡地区创造重大的商机；为当地社区创造新的就业机会；并向当地，地区和国家政府提供税和特许费。
专案更新: 截至 2024 年 9 月 30 日，勘探项目的总进度为 30％。我们钻了 120,923 米（总程序 = 148,000 米），并获得 39,234 个钻芯样本进行化学分析。钻石钻探将继续进行，并将为与矿物化、地质建模和矿物资源评估相关的地质部分进行解释的信息。地质冶金研究目前正在进行中；该项目的水文和水文地质研究将在很快开始。
环境、社会及企业管治（ESG）实务
负责任的生产。我们在秘鲁（Cuajone）、托克帕拉和伊洛的三个营运部门获得铜标志和钼标志认证，因此在第三方对环境、社会和治理绩效（ESG）的独立评估后获得负责任生产认证。我们很自豪地报告，我们所有开放式铜和钼生产均已通过这些标准的认证。
阿雷基帕的教育基础设施。我们将研究中心与专门工程实验室交付给圣奥古斯特国立大学在在阿雷基帕（UNSA），秘鲁。该设施是根据税务工程机制建造的，费用为一千八百万元，配备了 24 个实验室，将受惠于 6,500 名学生和 174 名研究人员。
嘉许查卡斯文化中心的建筑和社会价值。位于墨西哥圣路易斯波托西省查卡斯的文化中心在诺尔迪·施雷克奖项中获得第一名（350 项作品） “私人机构架构” 和 “建筑物的重新使用。” 这个空间于 2023 年夏季开始运作，已接待超过 4,700 名参与者和 120 名义工，共有 200 个与教育、文化、健康和体育相关的活动。对公众开放的文化中心现在被认为是一个文化景点，并接受游客，当地人和州政府当局的访问。
瓦格博士Ón 在过去 10 年内提供超过 8万项医疗服务。2024 年 9 月，沃博士Ón，即基金Ón M 组是西科’该项健康计划访问了卡纳尼亚，为 2,050 人提供 6,000 多种免费医疗服务。患者由专科医生评估，有需要的候选人接受药物、眼镜和助听器。在这些干预期间，102 名长者接受白内障手术，以帮助他们恢复视力。
第二十四季第三季网站南部科珀科普尔科普网 | 页面 4 的 12 |
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| THIRD QUARTER AND NINE MONTHS 2024 RESULTS | SOUTHERN COPPER |
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Conference Call
The Company’s third quarter earnings conference call will be held on October 23, 2024, beginning at 11:00 AM – EST (10:00 AM Lima and 9:00 AM Mexico City time).
To participate in the call, it is necessary to register in the following link:
https://register.vevent.com/register/BI5ddd033b57f748118b04d707384dce66
At the registration time, you will be provided a dial-in number and a personal confirmation PIN will be generated to
access the call.
During the conference call, please join live presentation through Webex at the following link:
https://americasmining.webex.com/americasmining/j.php?MTID=m237bc8d9666660231b579c85b376f7b5
3Q24 www.southerncoppercorp.com | Page 5 of 12 |
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| THIRD QUARTER AND NINE MONTHS 2024 RESULTS | SOUTHERN COPPER |
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Average Metal Prices
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| LME |
| COMEX |
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| | Copper | | Copper | | Molybdenum | | Zinc | | Silver | | Gold |
| | ($/lb.) | | ($/lb.) | | ($/lb.) | | ($/lb.) | | ($/oz.) | | ($/oz.) |
1Q 2024 |
| 3.83 |
| 3.86 |
| 19.84 |
| 1.11 |
| 23.35 |
| 2,071.76 |
2Q 2024 |
| 4.42 |
| 4.55 |
| 21.69 |
| 1.29 |
| 28.84 |
| 2,337.99 |
3Q 2024 |
| 4.17 |
| 4.23 |
| 21.68 |
| 1.26 |
| 29.43 |
| 2,476.80 |
9M 2024 |
| 4.14 |
| 4.21 |
| 21.07 |
| 1.22 |
| 27.21 |
| 2,295.52 |
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1Q 2023 |
| 4.05 |
| 4.09 |
| 32.04 |
| 1.42 |
| 22.53 |
| 1,888.63 |
2Q 2023 |
| 3.85 |
| 3.85 |
| 20.87 |
| 1.15 |
| 24.26 |
| 1,977.85 |
3Q 2023 |
| 3.79 |
| 3.77 |
| 23.59 |
| 1.10 |
| 23.60 |
| 1,928.61 |
4Q 2023 |
| 3.71 |
| 3.72 |
| 18.41 |
| 1.13 |
| 23.25 |
| 1,975.87 |
9M 2023 |
| 3.90 |
| 3.90 |
| 25.50 |
| 1.22 |
| 23.46 |
| 1,931.70 |
Average 2023 |
| 3.85 |
| 3.86 |
| 23.73 |
| 1.20 |
| 23.41 |
| 1,942.74 |
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Variance: 3Q24 vs. 3Q23 |
| 10.0% | | 12.2% | | (8.1)% | | 14.5% | | 24.7% | | 28.4% |
Variance: 3Q24 vs. 2Q24 |
| (5.7)% | | (7.0)% | | - | | (2.3)% | | 2.0% | | 5.9% |
Variance: 9M24 vs. 9M23 |
| 6.2% | | 7.9% | | (17.4)% | | - |
| 16.0% | | 18.8% |
Source: Silver – COMEX; Gold and Zinc – LME; Molybdenum – Metals Week Dealer Oxide
Production and Sales
| | Three Months Ended | | Nine Months Ended | ||||||||
| | September 30, | | September 30, | ||||||||
|
| 2024 |
| 2023 |
| % |
| 2024 |
| 2023 |
| % |
Copper (tons) | | | | | | | | | | | | |
Mined |
| 252,219 | | 226,120 | | 11.5% | | 734,963 | | 676,925 | | 8.6% |
3rd party concentrate |
| 1,222 | | 893 | | 36.8% | | 2,780 | | 1,573 | | 76.7% |
Total production |
| 253,441 | | 227,013 | | 11.6% | | 737,743 | | 678,498 | | 8.7% |
Smelted |
| 155,922 | | 162,914 | | (4.3)% | | 468,492 | | 474,551 | | (1.3)% |
Refined and Rod |
| 201,134 | | 211,512 | | (4.9)% | | 600,686 | | 613,982 | | (2.2)% |
Sales |
| 242,028 | | 224,706 | | 7.7% | | 708,248 | | 672,442 | | 5.3% |
| | | | | | | | | | | | |
Molybdenum (tons) | | | | | | | | | | | | |
Mined |
| 7,271 | | 6,859 | | 6.0% | | 22,003 | | 19,656 | | 11.9% |
Sales |
| 7,327 | | 6,935 | | 5.7% | | 22,003 | | 19,718 | | 11.6% |
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Zinc (tons) | | | | | | | | | | | | |
Mined |
| 31,078 | | 16,281 | | 90.9% | | 86,863 | | 48,579 | | 78.8% |
Refined |
| 27,425 | | 25,109 | | 9.2% | | 74,170 | | 74,563 | | (0.5)% |
Sales |
| 37,355 | | 24,883 | | 50.1% | | 102,019 | | 73,258 | | 39.3% |
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Silver (000s ounces) | | | | | | | | | | | | |
Mined |
| 5,335 | | 4,390 | | 21.5% | | 15,304 | | 13,605 | | 12.5% |
Refined |
| 3,118 | | 3,274 | | (2.6)% | | 9,232 | | 8,718 | | 5.9% |
Sales |
| 5,259 | | 4,421 | | 19.0% | | 15,519 | | 13,584 | | 14.2% |
3Q24 www.southerncoppercorp.com | Page 6 of 12 |
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| THIRD QUARTER AND NINE MONTHS 2024 RESULTS | SOUTHERN COPPER |
| | |
Southern Copper Corporation
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(Unaudited)
|
| Three Months Ended |
| Nine Months Ended | ||||||||||||
| | September 30, | | September 30, | ||||||||||||
| | 2024 |
| 2023 |
| VAR % | | 2024 |
| 2023 |
| VAR % | ||||
| | (in millions, except per share amount) | ||||||||||||||
| | | | | | | | | | | | | | | | |
Net sales: | | $ | 2,930.9 | | $ | 2,505.6 |
| 17.0% | | $ | 8,649.0 | | $ | 7,600.2 |
| 13.8% |
Operating costs and expenses: | |
|
| |
|
|
| | |
|
| |
|
|
|
|
Cost of sales (exclusive of depreciation, amortization and depletion shown separately below) | |
| 1,223.1 | |
| 1,175.7 |
| 4.0% | |
| 3,629.6 | |
| 3,517.6 |
| 3.2% |
Selling, general and administrative | |
| 31.2 | |
| 32.7 |
| (4.6)% | |
| 96.0 | |
| 94.1 |
| 2.0% |
Depreciation, amortization and depletion | |
| 213.1 | |
| 212.5 |
| 0.3% | |
| 631.7 | |
| 625.4 |
| 1.0% |
Exploration | |
| 13.2 | |
| 15.5 |
| (14.8)% | |
| 44.4 | |
| 39.5 |
| 12.4% |
Total operating costs and expenses | |
| 1,480.6 | |
| 1,436.4 |
| 3.1% | |
| 4,401.7 | |
| 4,276.6 |
| 2.9% |
| | | | | | | | | | | | | | | | |
Operating income | |
| 1,450.3 | |
| 1,069.2 |
| 35.6% | |
| 4,247.3 | |
| 3,323.6 |
| 27.8% |
| | | | | | | | | | | | | | | | |
Interest expense, net of capitalized interest | |
| (83.1) | |
| (81.5) |
| 2.0% | |
| (246.8) | |
| (245.8) |
| 0.4% |
Other income (expense) | |
| 21.2 | |
| 8.9 |
| 138.2% | |
| 20.3 | |
| 24.9 |
| (18.5)% |
Interest income | |
| 38.3 | |
| 20.8 |
| 84.1% | |
| 92.1 | |
| 65.3 |
| 41.0% |
Income before income tax | |
| 1,426.7 | |
| 1,017.4 |
| 40.2% | |
| 4,112.9 | |
| 3,168.0 |
| 29.8% |
Income taxes | |
| 526.4 | |
| 395.3 |
| 33.2% | |
| 1,528.6 | |
| 1,170.2 |
| 30.6% |
Net income before equity earnings of affiliate | |
| 900.3 | |
| 622.1 |
| 44.7% | |
| 2,584.3 | |
| 1,997.8 |
| 29.4% |
Equity earnings of affiliate | |
| (0.5) | |
| (0.1) |
| 400.0% | |
| 8.1 | |
| (10.3) |
| (178.6)% |
Net Income | |
| 899.8 | |
| 622.0 |
| 44.7% | |
| 2,592.4 | |
| 1,987.5 |
| 30.4% |
| | | | | | | | | | | | | | | | |
Less: Net income attributable to non-controlling interest | |
| 3.1 | |
| 2.5 |
| 24.0% | |
| 9.5 | |
| 7.3 |
| 30.1% |
| | | | | | | | | | | | | | | | |
Net Income attributable to SCC | | $ | 896.7 | | $ | 619.5 |
| 44.7% | | $ | 2,582.9 | | $ | 1,980.2 |
| 30.4% |
| | | | | | | | | | | | | | | | |
Per common share amounts: | |
|
| |
|
|
|
| |
|
| |
|
|
|
|
Net income attributable to SCC common shareholders – basic and diluted | | $ | 1.15 | | $ | 0.80 |
| 43.8% | | $ | 3.32 | | $ | 2.56 |
| 29.7% |
Dividends paid | | $ | 1.20 | | $ | 1.00 |
| 20.0% | | $ | 3.20 | | $ | 3.00 |
| 6.7% |
| | | | | | | | | | | | | | | | |
Weighted average shares outstanding (Basic and diluted) | |
| 782.9 | |
| 773.1 |
|
| |
| 778.0 | |
| 773.1 |
|
|
3Q24 www.southerncoppercorp.com | Page 7 of 12 |
| | |
| THIRD QUARTER AND NINE MONTHS 2024 RESULTS | SOUTHERN COPPER |
| | |
Southern Copper Corporation
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
|
| September 30, |
| December 31, |
| September 30, | |||
| | 2024 | | 2023 | | 2023 | |||
| | (in millions) | |||||||
ASSETS |
| |
|
| |
|
| |
|
Current assets: |
| |
|
| |
|
| |
|
Cash and cash equivalents | | $ | 2,654.8 | | $ | 1,151.5 | | $ | 1,967.1 |
Short-term investments | |
| 318.8 | |
| 599.3 | |
| 247.1 |
Accounts receivable | |
| 1,589.4 | |
| 1,228.3 | |
| 1,211.1 |
Inventories | |
| 990.5 | |
| 1,016.9 | |
| 975.5 |
Other current assets | |
| 372.9 | |
| 433.5 | |
| 347.2 |
Total current assets | |
| 5,926.4 | |
| 4,429.5 | |
| 4,748.0 |
| | | | | | | | | |
Property, net | |
| 9,927.1 | |
| 9,782.9 | |
| 9,730.8 |
Leachable material, net | |
| 1,143.7 | |
| 1,121.7 | |
| 1,089.6 |
Intangible assets, net | |
| 125.4 | |
| 130.2 | |
| 130.5 |
Right-of-use assets | |
| 725.0 | |
| 775.4 | |
| 786.9 |
Deferred income tax | |
| 273.9 | |
| 256.1 | |
| 257.0 |
Other assets | |
| 294.0 | |
| 229.5 | |
| 222.2 |
Total assets | | $ | 18,415.5 | | $ | 16,725.3 | | $ | 16,965.0 |
| | | | | | | | | |
LIABILITIES | |
|
| |
|
| |
|
|
Current liabilities: | |
|
| |
|
| |
|
|
Current portion of long-term debt | | $ | 499.6 | | $ | - | | $ | - |
Accounts payable | |
| 609.3 | | $ | 652.6 | |
| 618.5 |
Income taxes | |
| 531.8 | |
| 278.3 | |
| 213.6 |
Accrued workers’ participation | |
| 237.8 | |
| 245.7 | |
| 200.1 |
Other accrued liabilities | |
| 260.9 | |
| 211.9 | |
| 251.9 |
Total current liabilities | |
| 2,139.4 | |
| 1,388.5 | |
| 1,284.1 |
| | | | | | | | | |
Long-term debt | |
| 5,757.8 | |
| 6,254.6 | |
| 6,253.8 |
Lease liabilities | |
| 649.3 | |
| 697.4 | |
| 715.1 |
Deferred income taxes | |
| 133.5 | |
| 132.2 | |
| 145.0 |
Non-current tax payable | |
| 85.6 | |
| 92.7 | |
| 82.0 |
Other liabilities | |
| 38.9 | |
| 66.2 | |
| 72.5 |
Asset retirement obligation | |
| 621.6 | |
| 612.5 | |
| 604.3 |
Total non-current liabilities | |
| 7,286.7 | |
| 7,855.6 | |
| 7,872.7 |
| | | | | | | | | |
EQUITY | |
|
| |
|
| |
|
|
Stockholders’ equity: | |
|
| |
|
| |
|
|
Common stock | |
| 4,617.1 | |
| 3,541.6 | |
| 3,523.4 |
Treasury stock | |
| (2,831.0) | |
| (3,149.0) | |
| (3,131.1) |
Accumulated comprehensive income | |
| 7,134.9 | |
| 7,025.5 | |
| 7,352.5 |
Total stockholders’ equity | |
| 8,921.0 | |
| 7,418.1 | |
| 7,744.8 |
Non-controlling interest | |
| 68.4 | |
| 63.1 | |
| 63.4 |
Total equity | |
| 8,989.4 | |
| 7,481.2 | |
| 7,808.2 |
| | | | | | | | | |
Total liabilities and equity | | $ | 18,415.5 | | $ | 16,725.3 | | $ | 16,965.0 |
As of September 30, 2024 there were 785.5 million shares outstanding. As December 31, 2023 and September 30, 2023 there were 773.1 million shares outstanding.
3Q24 www.southerncoppercorp.com | Page 8 of 12 |
| | |
| THIRD QUARTER AND NINE MONTHS 2024 RESULTS | SOUTHERN COPPER |
| | |
Southern Copper Corporation
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(Unaudited)
|
| Three months ended |
| Nine months ended | ||||||||
| | September 30, | | September 30, | ||||||||
|
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
|
| (in millions) | ||||||||||
| | | | | | | | | | | | |
OPERATING ACTIVITIES |
| |
|
| |
|
| |
|
| |
|
Net income | | $ | 899.8 | | $ | 622.0 | | $ | 2,592.4 | | $ | 1,987.5 |
Depreciation, amortization and depletion | |
| 213.1 | |
| 212.5 | |
| 631.7 | |
| 625.4 |
Deferred income tax | |
| (25.5) | |
| (49.6) | |
| (2.4) | |
| (43.3) |
Change in operating assets and liabilities | |
| 330.2 | |
| 265.0 | |
| (182.6) | |
| 426.4 |
Other, net | |
| 21.9 | |
| (0.1) | |
| 22.2 | |
| 36.1 |
Net cash provided by operating activities | |
| 1,439.5 | |
| 1,049.8 | |
| 3,061.2 | |
| 3,032.1 |
| | | | | | | | | | | | |
INVESTING ACTIVITIES | |
|
| |
|
| |
|
| |
|
|
Capital investments | |
| (246.4) | |
| (262.7) | |
| (792.0) | |
| (753.2) |
Sale of short-term investment, net | |
| 10.3 | |
| (246.8) | |
| 280.5 | |
| (38.8) |
Other, net | |
| - | |
| 0.5 | |
| - | |
| 0.6 |
Net cash (used in) provided by investing activities | |
| (236.1) | |
| (509.0) | |
| (511.5) | |
| (791.4) |
| | | | | | | | | | | | |
FINANCING ACTIVITIES | |
|
| |
|
| |
|
| |
|
|
Dividends paid | |
| (468.8) | |
| (773.1) | |
| (1,087.3) | |
| (2,319.3) |
Distributions to non-controlling interest | |
| (2.4) | |
| (2.1) | |
| (4.2) | |
| (6.6) |
Other | |
| 0.1 | |
| 0.1 | |
| 0.3 | |
| 0.2 |
Net cash used in financing activities | |
| (471.1) | |
| (775.1) | |
| (1,091.2) | |
| (2,325.7) |
| | | | | | | | | | | | |
Effect of exchange rate changes on cash | |
| 47.1 | |
| 2.4 | |
| 44.7 | |
| (17.6) |
| | | | | | | | | | | | |
(Decrease) / Increase in cash and cash equivalents | | $ | 779.4 | | $ | (231.9) | | $ | 1,503.3 | | $ | (102.6) |
3Q24 www.southerncoppercorp.com | Page 9 of 12 |
| | |
| THIRD QUARTER AND NINE MONTHS 2024 RESULTS | SOUTHERN COPPER |
| | |
Company Profile
Southern Copper Corporation (SCC) is one of the largest integrated copper producers in the world and we believe we currently have the largest copper reserves in the industry. The Company is a NYSE and Lima Stock Exchange listed company that is 88.9% owned by Grupo Mexico, a Mexican company listed on the Mexican stock exchange. The remaining 11.1% ownership interest is held by the international investment community. The Company operates mining units and metallurgical facilities in Mexico and Peru and conducts exploration activities in Argentina, Chile, Mexico and Peru.
SCC Corporate Address
USA
7310 North 16th St, Suite 135
Phoenix, AZ 85020, U.S.A.
Phone: (602) 264-1375
Fax: (602) 264-1397
Mexico
Campos Eliseos N° 400
Colonia Lomas de Chapultepec
Delegacion Miguel Hidalgo
C.P. 11000 - MEXICO
Phone: (5255) 1103-5000
Fax: (5255) 1103-5567
Peru
Av. Caminos del Inca 171
Urb. Chacarilla del Estanque
Santiago de Surco
Lima 15038 – PERU
Phone: (511) 512-0440
Fax: (511) 512-0492
###
This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In addition to the risks and uncertainties noted in this news release, there are certain factors that could cause results to differ materially from those anticipated by some of the statements made. These factors include those listed in the Company’s most recently filed quarterly reports on Form 10-Q and annual report on Form 10-K. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
3Q24 www.southerncoppercorp.com | Page 10 of 12 |
| | |
| THIRD QUARTER AND NINE MONTHS 2024 RESULTS | SOUTHERN COPPER |
| | |
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. In addition, because not all companies use identical calculations, the measures included in this release may not be comparable to similarly titled measures of other companies. Following is a reconciliation of adjusted EBITDA to Net Income attributable to SCC and Operating Cash Cost before by-product revenues and Operating Cash Cost net of by-product revenues to their more comparable GAAP measure:
Adjusted EBITDA
EBITDA (earnings before interest, taxes, depreciation and amortization) is a measure commonly used by companies to evaluate operating performance and the ability to generate cash. Our adjusted EBITDA is not necessarily comparable to similar measures used by other companies. We believe that adjusted EBITDA provides useful information to management, investors and others in understanding and evaluating our operating results.
Our determination of the components of adjusted EBITDA is evaluated periodically based on a review of non-GAAP financial measures used by mining industry analysts. Management believes adjusted EBITDA enhances the comparability of information across reporting periods, is an effective measure for reviewing operating results and, therefore, is a useful measure for both management and investors. EBITDA and adjusted EBITDA do not represent, and should not be considered an alternative to, net income, operating income, or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash.
Reconciliation of Net Income attributable to SCC to adjusted EBITDA |
| Third Quarter |
| Year to date | ||||||||
|
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
| | | | | | | | | | | | |
Net income attributable to SCC | | $ | 896.7 | | $ | 619.5 | | $ | 2,582.9 | | $ | 1,980.2 |
Add: | |
|
| |
|
| |
|
| |
|
|
Net income attributable to the non-controlling interest | |
| 3.1 | |
| 2.5 | |
| 9.5 | |
| 7.3 |
Income taxes | |
| 526.4 | |
| 395.3 | |
| 1,528.6 | |
| 1,170.2 |
Interest expense | |
| 83.1 | |
| 81.5 | |
| 246.8 | |
| 245.8 |
Depreciation, amortization and depletion | |
| 213.1 | |
| 212.5 | |
| 631.7 | |
| 625.4 |
Less: | |
|
| |
|
| |
|
| |
|
|
Equity earnings of affiliate | |
| 0.5 | |
| 0.1 | |
| (8.1) | |
| 10.3 |
Interest income | |
| (38.3) | |
| (20.8) | |
| (92.1) | |
| (65.3) |
Adjusted EBITDA | | $ | 1,684.6 | | $ | 1,290.6 | | $ | 4,899.3 | | $ | 3,973.9 |
Operating cash cost per pound of copper produced before by-product revenues and Operating cash cost per pound of copper produced net of by-product revenues
The measure operating cash cost per pound of copper produced net of by-product revenues is a common measure used in the copper industry to track performance and it is a useful management tool that allows us to better allocate our resources. This measure is also used in our investment project evaluation process to determine a project’s potential contribution to our operations, its competitiveness and its relative strength in different price scenarios. The expected contribution of by-products is generally a significant factor used by the copper industry in determining whether to move forward with the development of a new mining project. As the price of our by-product commodities can have significant fluctuations from period to period, the value of its contribution to our costs can be volatile.
3Q24 www.southerncoppercorp.com | Page 11 of 12 |
| | |
| THIRD QUARTER AND NINE MONTHS 2024 RESULTS | SOUTHERN COPPER |
| | |
Our Operating cash cost per pound of copper produced before by-product revenues allows us and our investors to monitor our cost structure and helps us address operating management areas of concern.
Reconciliation of Cost of sales (exclusive of depreciation, amortization and depletion) to |
| 3rd quarter 2024 | | 3rd quarter 2023 | | Nine months 2024 | | Nine months 2024 | ||||||||
Operating Cash Cost before by-product revenues and Operating Cash Cost net of | | $ |
| ¢ per |
| $ |
| ¢ per |
| $ |
| ¢ per |
| $ |
| ¢ per |
by-product revenues | | million | | pound | | million | | pound | | million | | pound | | million | | pound |
Cost of sales (exclusive of depreciation, amortization and depletion) – GAAP |
| 1,223.1 | | 228.5 | | 1,175.7 | | 245.9 | | 3,629.6 | | 232.8 | | 3,517.6 | | 245.0 |
Add: |
|
| |
| |
| |
| |
| |
| |
| |
|
Selling, general and administrative expenses |
| 31.2 | | 5.8 | | 32.7 | | 6.8 | | 96.0 | | 6.2 | | 94.1 | | 6.6 |
Treatment and refining charges net of sales premiums |
| 187.9 | | 35.1 | | (7.3) | | (1.5) | | 173.1 | | 11.1 | | (15.4) | | (1.1) |
Less: |
|
| |
| |
| |
| |
| |
| |
| |
|
Workers participation |
| (79.0) | | (14.8) | | (59.2) | | (12.4) | | (230.1) | | (14.8) | | (195.7) | | (13.6) |
Purchased concentrates from third parties |
| (40.9) | | (7.6) | | (42.5) | | (8.9) | | (124.7) | | (8.0) | | (144.9) | | (10.1) |
Other charges |
| (262.0) | | (48.9) | | (15.8) | | (3.3) | | (284.7) | | (18.3) | | (86.1) | | (6.0) |
Inventory change |
| (14.1) | | (2.6) | | (9.0) | | (1.9) | | (28.6) | | (1.8) | | (47.7) | | (3.3) |
Operating cash cost before by-product revenues |
| 1,046.2 | | 195.5 | | 1,074.6 | | 224.8 | | 3,230.6 | | 207.2 | | 3,121.9 | | 217.5 |
| | | | | | | | | | | | | | | | |
Less by-products revenue |
| (639.3) | | (119.4) | | (604.3) | | (126.5) | | (1,887.9) | | (121.1) | | (1,752.3) | | (122.1) |
| | | | | | | | | | | | | | | | |
Operating cash cost, net of by-products revenue |
| 406.9 | | 76.1 | | 470.3 | | 98.3 | | 1,342.7 | | 86.1 | | 1,369.6 | | 95.4 |
| | | | | | | | | | | | | | | | |
Total pounds of copper produced, in millions |
|
| | 535.2 | |
| | 478.2 | |
| | 1,559.2 | |
| | 1,435.6 |
3Q24 www.southerncoppercorp.com | Page 12 of 12 |