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Southern Copper Q3 2020 Earnings Report
Southern Copper's quarterly results demonstrated a robust operational and financial standing amidst a volatile economic climate and the impacts of the COVID-19 pandemic.
Key Takeaways
Southern Copper Corporation reported strong quarterly results, highlighting a competitive cash cost per pound of $0.65, net of by-product credits. The company is successfully progressing with projects despite the challenging environment, with operations in compliance with emergency measures and a gradual return of the workforce. The company maintains a positive outlook on the copper market, driven by consumption growth in China and other emerging economies.
Molybdenum production increased 19.4% in 9M20 compared to 9M19 due to higher production at open pit mines.
Mined silver production increased 10.4% due to growth in production at all mines.
The company's cash cost per pound was at a competitive $0.65, net of by-product credits.
The company is successfully developing projects despite the current challenging environment.
Southern Copper
Southern Copper
Forward Guidance
Southern Copper is focused on promoting the development of local communities and countries where it operates to share prosperity in a safe and sustainable environment, while promoting the wellbeing of these communities.
Positive Outlook
- Continued focus on cost reduction efforts.
- Commitment to promoting the development of local communities.
- Focus on sharing the benefits of operations with shareholders through dividends.
- Positive view on the evolution of the copper market.
- Sustained consumption growth in China and other emerging economies.
Challenges Ahead
- Volatile economic environment.
- Impacts of the COVID-19 pandemic.
- Some activities have been pushed back or scaled down in locations where infections are on the rise.
- Potential delays in project execution due to COVID-19.
- Dependency on the evolution of the COVID-19 pandemic.