Southern Copper Corporation
Southern Copper Corporation Q1 FY26 Results — Earnings Call Analysis
Q1 FY26 earnings call: what management said on revenue, margins and capex.
Southern Copper Corporation Q1 FY26 key numbers
- Revenue
- By-product production growth anticipated, with silver expected at 24 million ounces in 2026, slightly down 2% from 2025.
As stated in Southern Copper Corporation's Q1 FY26 earnings call transcript · published 29 May 2026. Reported figures, not investment advice.
The short version
- Copper production expected at 911,400 tons in 2026, a 4.7% decrease from 2025 due to lower ore grades in Peru, with gradual recovery expected post-2027. - Southern Copper expects stable to slightly declining copper production near term, with 911,400 tons in 2026 (4.7% decrease from 2025) due to lower ore grades, but production is forecasted to rise with expansions: - Slightly above 900,000 tons in 2027 - 970,000 tons in 2028 with full-year Tia Maria contribution - 1.06 million tons in 2029 and 2031 - Expansion and new reserves at Buenavista and Caridad aim to reverse production declines post-2030.
From Southern Copper Corporation's Q1 FY26 earnings-call transcript · updated 29 May 2026.
Revenue & Sales Performance
- Copper production expected at 911,400 tons in 2026, a 4.7% decrease from 2025 due to lower ore grades in Peru, with gradual recovery expected post-2027.
- Production forecast rises to 970,000 tons in 2028 with full-year contribution from Tia Maria.
- Further growth to 1.06 million tons projected for 2029 and 2031.
- By-product production growth anticipated, with silver expected at 24 million ounces in 2026, slightly down 2% from 2025.
- Zinc production increased significantly in 2025 (+36%) and expected to sustain strong levels.
- Record sales of $13.4 billion in 2025, a 17% increase over 2024, driven by higher production and metal prices.
2 more points from Southern Copper Corporation's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Southern Copper's current capital investment program for this decade exceeds $20.5 billion, including projects in Peru and Mexico.
- In 2025, they spent $1.3 billion on capital investments, a 29% increase year-on-year, representing 30% of net income.
- The Tia Maria project in Peru has an estimated capital budget of $1.8 billion, 24% complete as of end 2025, with $800 million already committed. Construction is on track for production to start mid-2027.
- Los Chancas project in Apurimac, Peru, is impacted by illegal miners; company is working with authorities to regain control and progress.
- Michiquillay project in Cajamarca, Peru, a $2.5 billion world-class greenfield mine, is under geological review and will move towards mineral reserve estimation and mine planning.
2 more points from Southern Copper Corporation's call on capex
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Fundraising & Capital Structure
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Order Book & Pipeline
- For Tia Maria project, there are committed purchase orders totaling approximately $800 million.
- The cash outflow forecast for Tia Maria in 2026 is about $508 million, which is lower than the initially expected $900 million due to improved payment terms.
- The budget for Tia Maria remains largely unchanged, with planned construction completion by mid-2027 and production start in the second half of 2027.
- For Cuajone expansion, preparatory work is ongoing but investment decision and related orders are pending submission and approval by the Board.
What the Q1 FY26 call signalled
1 of 3 strong
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Potential multibaggers · Q2 FY27
This quarter's potential multibaggers
on management's own guidance
- Strong growth2
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Southern Copper Corporation Q1 FY26 results?
- Copper production expected at 911,400 tons in 2026, a 4.7% decrease from 2025 due to lower ore grades in Peru, with gradual recovery expected post-2027. - Southern Copper expects stable to slightly declining copper production near term, with 911,400 tons in 2026 (4.7% decrease from 2025) due to lower ore grades, but production is forecasted to rise with expansions: - Slightly above 900,000 tons in 2027 - 970,000 tons in 2028 with full-year Tia Maria contribution - 1.06 million tons in 2029 and 2031 - Expansion and new reserves at Buenavista and Caridad aim to reverse production declines post-2030.
What is Southern Copper Corporation share price analysis?
Southern Copper Corporation currently shows a below-average growth signal. The stock trades at a P/E of 32.1 with a market cap of $160,984. Investors should review the full earnings analysis for detailed insights.
Is Southern Copper Corporation planning capital expenditure?
- Southern Copper's current capital investment program for this decade exceeds $20.5 billion, including projects in Peru and Mexico.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.