Southern Copper Q1 2020 Earnings Report

Southern Copper's financial performance decreased due to lower metal prices and higher operating costs.

Key Takeaways

Southern Copper reported a decrease in net sales and net income for Q1 2020 compared to Q1 2019, primarily due to lower metal prices and increased operating costs. However, copper sales volume increased due to additional production from the new Toquepala concentrator. The company continues to manage the COVID-19 pandemic and advance its investment projects.

Net sales decreased by 1.9% to $1,719.7 million due to lower metal prices, despite increased sales volumes.

Net income decreased by 44.7% to $214.8 million due to lower sales and higher operating costs.

Copper production increased by 5.8% due to higher production at Peruvian mines.

The company is implementing rigorous COVID-19 safety protocols and supporting communities with donations and medical supplies.

Total Revenue

$1.72B

Previous year: $1.75B