Southern Copper

Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☒  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: December 31, 2024
OR
☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                        to                       
Commission File Number: 1-14066
SOUTHERN COPPER CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
    
13-3849074
(State or other jurisdiction of 
incorporation or organization)
(I.R.S. Employer 
Identification No.)
7310 North 16th St, Suite 135 Phoenix, AZ
    
85020
(Address of principal executive offices)
(Zip code)
Registrant’s telephone number, including area code: (602) 264-1375
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
    
Trading Symbol
    
Name of each exchange on which registered:
Common stock, par value $0.01 per share
SCCO
New York Stock Exchange
Lima Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ⌧ No ◻
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ◻ No ⌧
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for
such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated
filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ⌧
Accelerated filer ◻
Non-accelerated filer ◻
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of
the Exchange Act. ◻
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15
U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ⌧ No ◻
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period
pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes ☐  No ⌧
At March 3, 2025, there were of record 796,182,905 shares of common stock, par value $0.01 per share, outstanding.
The aggregate market value of the shares of common stock (based upon the closing price at June 30, 2024 as reported on the New York Stock Exchange-Composite Transactions) of Southern Copper Corporation held by non-affiliates
was approximately $9,330.7 million.
PORTIONS OF THE FOLLOWING DOCUMENTS ARE INCORPORATED BY REFERENCE:
Part III:
    
Proxy statement for 2025 Annual Meeting of Stockholders
Part IV:
Exhibit Index is on Page 194 through 197

Table of Contents
2
Southern Copper Corporation (“SCC”)
INDEX TO FORM 10-K
Page No.
PART I.
Item 1
Business
3 - 15
Item 1A
Risk Factors
15 - 27
Item 1B
Unresolved Staff Comments
27
Item 1C
Cybersecurity
27 - 30
Item 2
Properties
30 - 94
Item 3
Legal Proceedings
94
Item 4
Mine Safety Disclosure
94
PART II.
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
95 - 96
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
97 - 123
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
124 - 125
Item 8.
Financial Statements and Supplementary Data
126 - 184
Item 9.
Changes in and Disagreements with Accountant on Accounting and Financial Disclosure
185
Item 9A.
Controls and Procedures
185
Item 9B.
Other Information
187
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
187
PART III.
Item 10.
Directors, Executive Officers and Corporate Governance
188 - 190
Item 11.
Executive Compensation
188 - 190
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
188 - 190
Item 13.
Certain Relationships and Related Transactions and Director Independence
188 - 190
Item 14.
Principal Accounting Fees and Services
188 - 190
PART IV.
Item 15.
Exhibits, Financial Statement Schedule
190 - 193
Supplemental Information
194 - 197
Signatures
198

Table of Contents
3
PART I
ITEM 1. BUSINESS
THE COMPANY
We believe Southern Copper Corporation (“SCC”, “Southern Copper” or the “Company”) is one of the largest integrated copper producers in the world. Our
major production includes copper, molybdenum, zinc and silver. All of our mining, smelting and refining facilities are located in Peru and Mexico, and we
conduct exploration activities in those countries and in Argentina and Chile. See Item 2 “Properties—Review of Operations” for maps of our principal
mines, smelting facilities and refineries. The considerable scale of our operations makes us one of the largest mining companies in Peru and Mexico. We
believe we have the largest copper reserves in the world. We were incorporated in Delaware in 1952 and have conducted copper mining operations since
1960. Since 1996, our common stock has been listed on both the New York and Lima Stock Exchanges.
Our Peruvian copper operations involve mining, milling and flotation of copper ore to produce copper concentrates and molybdenum concentrates; the
smelting of copper concentrates to produce blister and anode copper; and the refining of anode copper to produce copper cathodes. As part of this
production process, we also produce significant amounts of molybdenum concentrate and sulfuric acid. Our precious metals plant at the Ilo refinery
produces refined silver, gold, and other materials. Additionally, we produce refined copper using solvent extraction/electrowinning technology (“SX-EW”).
We operate the Toquepala and Cuajone open-pit mines high in the Andes Mountains, approximately 860 kilometers southeast of the city of Lima, Peru. We
also operate a smelter and refinery west of the Toquepala and Cuajone mines in the coastal city of Ilo, Peru.
Our Mexican operations are conducted through our subsidiary, Minera Mexico, S.A. de C.V. (“Minera Mexico”), which we acquired in 2005. Minera
Mexico engages primarily in the mining and processing of copper, molybdenum, zinc, silver, gold and lead. Minera Mexico operates through subsidiaries
that are grouped into three separate units. Mexicana de Cobre, S.A. de C.V. (together with its subsidiaries, the “La Caridad” unit) operates La Caridad, an
open-pit copper mine, the Pilares open-pit copper mine, a copper ore concentrator, a SX-EW plant, a smelter, refinery and a rod plant. The La Caridad
refinery has a precious metals plant that produces refined silver, gold and other materials. Operadora de Minas e Instalaciones Mineras, S.A de C.V. (the
“Buenavista unit”) operates Buenavista, an open-pit copper mine, which is located on the site of one of the world’s largest copper ore deposits, two copper
concentrators, a zinc concentrator and two operating SX-EW plants. Industrial Minera Mexico, S.A. de C.V. (together with its subsidiaries, the “IMMSA
unit”) operates five underground mines that produce zinc, lead, copper, silver and gold, and a zinc refinery.
We utilize modern, state of the art mining and processing methods, including global positioning systems and computerized mining processes. Our operations
have a high level of vertical integration, which allows us to use our facilities, employees and equipment to manage the entire production process, including
ore mining and production of refined copper rod and other products, and to execute most associated transport and logistics functions.
The sales prices for our products are largely determined by market forces beyond our control. Our management, therefore, focuses on cost control and
production enhancement to remain profitable. We endeavor to achieve these goals through capital spending programs, exploration efforts and cost reduction
programs. Our focus is on remaining profitable during periods of low copper prices and maximizing results in periods of high copper prices. For additional
information on the sale prices of the metals we produce, please see “Metal Prices” in this Item 1.
Currency Information:
Unless stated otherwise, all our financial information is presented in U.S. dollars and any reference herein to “U.S. dollars,” “dollars,” or “$” are to U.S.
dollars; references to “sol,” “soles” or “S/”, signify Peruvian soles; and references to “peso,” “pesos,” or “Ps.,” represent Mexican pesos.

Table of Contents
4
Unit Information:
Unless otherwise noted, all tonnages are in metric tonnes. To convert to short tons, multiply by 1.102. All ounces are troy ounces. All distances are in
kilometers. To convert to miles, multiply by 0.621. To convert hectares to acres, multiply by 2.47.
ORGANIZATIONAL STRUCTURE
The following chart describes our organizational structure, starting with our controlling stockholders, as of December 31, 2024. For the purpose of clarity,
the chart identifies only our main subsidiaries and eliminates intermediate holding companies.
We are a majority-owned, indirect subsidiary of Grupo Mexico S.A.B. de C.V. (“Grupo Mexico”). As of December 31, 2024, Grupo Mexico, through its
wholly-owned subsidiary Americas Mining Corporation (“AMC”), owned 88.9% of our capital stock. Grupo Mexico’s principal business is to act as a
holding company for the shares of other corporations engaged in the mining, processing, purchase and sale of minerals and other products and in the
provision of railway and other related services.
We conduct our operations in Peru through a registered branch (the “SPCC Peru Branch,” “Branch” or “Peruvian Branch”). The SPCC Peru Branch
comprises virtually all of our assets and liabilities associated with our copper operations in Peru. The SPCC Peru Branch does not constitute a corporation
that is separate from SCC, and, as such, the obligations of the SPCC Peru Branch are direct obligations of SCC and vice-versa. The SPCC Peru Branch is,
however, registered as a branch of a foreign company pursuant to Peruvian law and through this entity, we hold assets, incur liabilities and conduct
operations in Peru. Although the SPCC Peru Branch has no capital or liability that is separate from that held or applicable to SCC, the SPCC Peru Branch is
deemed to have equity capital for purposes of determining the economic interests of holders of our investment shares (See Note 14 “Stockholders’ Equity”
of the consolidated financial statements).
In April 2005, we acquired Minera Mexico, from Americas Mining Corporation (“AMC”), a subsidiary of Grupo Mexico, our controlling stockholder.
Minera Mexico is a holding company and all of its operations are conducted through subsidiaries that are grouped into three units: (i) the La Caridad unit,
(ii) the Buenavista unit and (iii) the IMMSA unit. We own 99.96% of Minera Mexico.

Table of Contents
5
In 2008, our Board of Directors (“BOD”) authorized a $500 million share repurchase program that has since been increased by the BOD and is currently
authorized to $3 billion. Pursuant to this program, through December 31, 2024 we have purchased 119.5 million shares of our common stock at a cost of
$2.9 billion. These shares are available for general corporate purposes. We may purchase additional shares from time to time, based on market conditions
and other factors. This repurchase program has no expiration date and may be modified or discontinued at any time. Please see Note 7 of the consolidated
financial statements for a discussion of the Inflation Reduction Act effective in 2023, including a 1% excise tax on certain stock repurchases.
REPUBLIC OF PERU AND MEXICO
Our revenues are derived primarily from our operations in Peru and Mexico. Risks related to our operations in both countries include those associated with
economic and political conditions, the effects of currency fluctuations and inflation, the effects of government regulations and the geographic concentration
of our operations.
OUR BUSINESS
COPPER BUSINESS
Copper is an important component in the world’s infrastructure chain. It is the third most widely used metal, after iron and aluminum. Copper has unique
chemical and physical properties, including high ductility; malleability; thermal and electrical conductivity; and resistance to corrosion, and as such, is
considered a prime material for use in electrical and electronic products, including components for power transmission and generation, which accounts for
about three quarters of copper global use, and for telecommunications, building construction, transportation and industrial machinery. Copper is also an
important metal in non-electrical applications such as plumbing and roofing and, when alloyed with zinc to form brass, is used in many industrial and
consumer applications.
Copper is an internationally traded commodity whose prices are mainly determined by the major metal exchanges, the Commodities Exchange, or
“COMEX,” in New York and the London Metal Exchange or “LME,” in London. Copper is usually found in nature in association with sulfur. Pure copper
metal is generally produced in a multi-stage process, beginning with the mining and concentrating of low-grade ores containing copper sulfide minerals, and
followed by smelting and electrolytic refining to produce a pure copper cathode. An increasingly larger share of copper is being produced from acid
leaching of oxidized ores. Copper is one of the oldest metals known to man and has contributed significantly to the development of civilization.
BUSINESS REPORTING SEGMENTS:
Our management divides Southern Copper into three reportable segments and manages each as a separate segment.
The three segments identified are groups of individual mines, each of which constitutes an operating segment with similar economic characteristics, product
types, processes and support facilities, regulatory environments, employee bargaining contracts and currency risks. In addition, each mine within the
individual group earns revenues from similar types of customers for their products and services and each group incurs expenses independently, including
commercial transactions between groups.
Inter-segment sales are based on arm’s length prices at the time of sale. These may not be reflective of actual prices realized by the Company due to various
factors, including additional processing, timing of sales to outside customers and transportation cost. Information regarding the Company’s sales is included
in the segment data. The segments identified by the Company are:
1.
Peruvian operations, which include the Toquepala and Cuajone mine complexes and the smelting and refining plants, including a precious metals
plant, industrial railroad and port facilities that service both mines. Sales of its products are recorded as revenue from our Peruvian mines. The
Peruvian operations produce copper, by-products of molybdenum, silver and other materials.

Table of Contents
6
2.
Mexican open-pit operations, which include the La Caridad-Pilares and Buenavista mine complexes and the smelting and refining plants, including
a precious metals plant and a copper rod plant and support facilities that service both mines. Sales of its products are recorded as revenue of our
Mexican mines. The Mexican open-pit operations produce copper and zinc, with production of by-products of molybdenum, silver and other
materials.
3.
Mexican underground mining operations, which include five underground mines that produce zinc, copper, lead, silver and gold; and a zinc
refinery. This group is identified as the IMMSA unit and sales of its products are recorded as revenue from the IMMSA unit.
Financial information is periodically prepared for each of the three segments and the results are reported to the Chief Operating Decision Maker (“CODM”)
on a segment basis. The CODM focuses on operating income and on total assets as measures of performance to evaluate different segments and to make
decisions to allocate resources to the reported segments. These are common measures in the mining industry.
Segment information is included in Item 2 “Properties.” More information on business segment and segment financial information is included in Note 19
“Segment and Related Information” of the consolidated financial statements.
CAPITAL INVESTMENT PROGRAM AND EXPLORATION ACTIVITIES
For a description of our capital investment program, see Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations
—Capital Investment Program” and for our exploration activities, see Item 2 “Properties—Explorations Activities.”
PRINCIPAL PRODUCTS AND MARKETS
Copper is primarily used in the building and construction industries; in the power generation and transmission industry; and in the electrical and electronic
products; and, to a lesser extent, in industrial machinery and equipment; consumer products; and in the automotive and transportation industries.
Molybdenum is used to toughen alloy steels and soften tungsten alloy and is also used in fertilizers, dyes, enamels and reagents. Silver is used for electrical
and electronic products and, to a lesser extent, in brazing alloys and solder, jewelry, coinage, photographic, silverware and catalysts. Zinc is primarily used
as a coating on iron and steel to protect against corrosion; it is also used to make die cast parts to manufacture batteries and to form sheets for architectural
purposes.
Our marketing strategy and annual sales planning emphasize developing and maintaining long-term customer relationships. As such, acquiring annual or
other long-term contracts for the sale of our products is a high priority. Generally, 80% to 90% of our metal production is sold under annual or longer-term
contracts. Sales prices are determined based on the prevailing commodity prices for the quotation period according to the terms of the contract.
We focus on end-user customers as opposed to selling on the spot market or to trading companies. In addition, we devote significant marketing efforts to
diversifying our sales both by region and customer base. We also strive to provide superior customer service, including timely deliveries of our products.
Our ability to consistently fulfill customer demand is underpinned by our substantial production capacity.
For additional information on sales please see “Revenue recognition” in Note 2 “Summary of Significant Accounting Policies” and Note 19 “Segment and
Related Information” of the consolidated financial statements.
METALS PRICES
Prices for our products are principally a function of supply and demand and, with the exception of molybdenum, are established on COMEX and LME.
Prices for our molybdenum products are established by reference to the publication Platt’s Metals Week. Our contract prices also reflect any negotiated
premiums and the costs of freight and other factors.

Table of Contents
7
From time to time, we have entered into hedging transactions to provide partial protection against future decreases in the market price of metals and we may
do so under certain market conditions. For a further discussion of our products market prices, please see Item 7 “Management’s Discussion and Analysis of
Financial Condition and Results of Operations—Metal Prices.”
The table below shows the high, low and average COMEX and LME per pound copper prices during the last 10 years:
 
Copper (COMEX)
 
Copper (LME)
Year
    
High
    
Low
    
Average
    
High
    
Low
    
Average
2015
 
 2.95  
 2.02  
 2.51  
 2.92  
 2.05  
 2.50
2016
 
 2.69  
 1.94  
 2.20  
 2.69  
 1.96  
 2.21
2017
 
 3.29  
 2.48  
 2.80  
 3.27  
 2.48  
 2.80
2018
 
 3.29  
 2.56  
 2.93  
 3.29  
 2.64  
 2.96
2019
 
 2.98
 2.51
 2.72
 2.98
 2.51
 2.72
2020
 
 3.63
 2.12
 2.80
 3.61
 2.09
 2.80
2021
 
 4.78
 3.54
 4.24
 4.86
 3.52
 4.23
2022
 
 4.93
 3.21
 4.01
 4.87
 3.18
 4.00
2023
 
 4.27
 3.54
 3.86
 4.28
 3.54
 3.85
2024—1st Q
 
 4.11
 3.69
 3.86
 4.07
 3.67
 3.83
2024—2nd Q
 
 5.12
 4.19
 4.55
 4.92
 4.05
 4.42
2024—3rd Q
 
 4.66
 3.94
 4.23
 4.47
 3.91
 4.17
2024—4th Q
 
 4.60
 3.99
 4.22
 4.48
 3.95
 4.16
2024
 
 5.12
 3.69
 4.22
 4.92
 3.67
 4.15
The per pound COMEX copper price during the last 5- and 10-year periods averaged $3.83 and $3.23, respectively. The per pound LME copper price
during the last 5- and 10-year periods averaged $3.81 and $3.22, respectively.
The table below shows the high, low and average prices per pound with the exception of silver, which is priced per ounce. The market prices for our three
principal by-products over the last 10 years are as follows:
 
 
Molybdenum (Dealer
 
 
Oxide Platt’s
Silver (COMEX)
 
Metals Week)
Zinc (LME)
Year
    
High
    
Low
    
Average     
High
    
Low
    
Average     
High
    
Low
    
Average
2015
 
 18.35  
 13.67  
 15.68  
 9.40  
 4.30  
 6.59  
 1.09  
 0.66  
 0.88
2016
 
 20.67  
 13.74  
 17.10  
 8.60  
 5.10  
 6.42  
 1.32  
 0.73  
 0.95
2017
 
 18.49  
 15.37  
 17.03  
 10.25  
 6.85  
 8.13  
 1.53  
 1.00  
 1.31
2018
 
 17.55  
 13.95  
 15.65  
 13.00  
 10.60  
 11.86  
 1.64  
 1.04  
 1.33
2019
 
 19.39
 14.28
 16.16
 12.70
 8.28
 11.27
 1.37
 0.90
 1.16
2020
 
 29.25
 11.74
 20.62
 10.90
 7.00
 8.57
 1.29
 0.72
 1.03
2021
 
 29.40
 21.46
 25.18
 20.10
 9.95
 15.51
 1.73
 1.15
 1.36
2022
 
 26.89
 17.55
 21.76
 31.85
 13.90
 18.61
 2.05
 1.22
 1.58
2023
 
 26.04
 20.01
 23.41
 38.50
 16.65
 23.73
 1.59
 1.01
 1.20
2024—1st Q
 
 25.20
 22.10
 23.35
 20.85
 19.18
 19.84
 1.18
 1.04
 1.11
2024—2nd Q
 
 32.21
 24.95
 28.84
 24.13
 19.45
 21.69
 1.40
 1.10
 1.29
2024—3rd Q
 
 32.11
 26.83
 29.43
 23.25
 20.63
 21.68
 1.40
 1.14
 1.26
2024—4th Q
 
 34.83
 28.94
 31.36
 22.18
 21.05
 21.61
 1.47
 1.32
 1.38
2024
 
 34.83
 22.10
 28.25
 24.13
 19.18
 21.21
 1.47
 1.04
 1.26
The per ounce COMEX silver price during the last 5- and 10-year periods averaged $23.84 and $20.08, respectively. The per pound Platt’s Metals Week
Dealer Oxide molybdenum price during the last 5- and 10-year periods averaged $17.53 and $13.19, respectively. The per pound LME zinc price during the
last 5- and 10-year periods averaged $1.29 and $1.20, respectively.

Table of Contents
8
COMPETITIVE CONDITIONS
Competition in the copper market is based primarily on price and service basis, with price being the most important factor when supplies of copper are
ample. Our products compete with other materials, including aluminum and plastics. For additional information, see Item 1A “Risk Factors—The copper
mining industry is highly competitive.”
HUMAN CAPITAL RESOURCES
As of December 31, 2024, we had 16,133 employees, approximately 66% of whom are covered by a Collective Labor Agreement and represented by 16
collective bargaining agreements with nine different labor unions. We believe that the labor environment in our operations in Mexico and Peru is favorable,
which has allowed us to increase productivity as we advance the goals of our capital expansion program. In addition, around 12,400 people were working as
contractors in support of our operations. In accordance with our Community Development commitment, more than 70% of our workforce is hired locally.
Talent Development, Training and Retention
We value the talent and passion of our team members, and we offer numerous opportunities for professional development to our workforce in both Peru and
Mexico. During 2024, we invested over $4.8 million in employee development, delivering more than 646,000 hours of formal instruction relative to
occupational safety, health and wellness, technical competencies, professional development, and regulatory compliance in accordance with our Code of
Ethics. We believe that employee development is strengthened through formal and on-the-job learning.
All employees receive initial training as part of their onboarding program and are offered opportunities for development, which facilitates talent retention.
Company Culture
We are committed to cultivating a unified organizational culture through our mission, vision, and values while strengthening our position as an employer of
choice. Our objective is to generate value for our team by providing an exceptional working experience. This involves fostering a safe, collaborative
workplace culture where employees feel connected to the Company’s values. We prioritize honesty, respect and responsibility, and these core values are
embedded in our daily operations.
As part of our commitment to corporate culture, we prioritize the ongoing development of our employees. We acknowledge and appreciate the contributions
of our workforce while emphasizing goal-oriented principles to deliver results that benefit key stakeholders and the communities we serve. Our focus is on
enhancing productivity and innovation, supporting human development, promoting environmental stewardship, and implementing forward-thinking
solutions.
Compensation and Benefits
Our recruitment strategy focuses on attracting and retaining employees by providing market-competitive remuneration packages, tailored to position
requirements, geographical considerations, and local statutory requirements in the countries where we operate. Our compensation practices consider many
factors, including individual performance and responsibilities; years of service; elements of compensation mandated by Peruvian and Mexican law; future
challenges and objectives; contributions to the future success of our Company; the employee’s total compensation and our financial performance. We may
also look at the compensation levels of comparable companies. We offer productivity bonuses to our employees, which motivates them to grow the
Company’s results.
Health and Safety
Our comprehensive occupational health and safety program, administered jointly our Medical and Human Resources departments, encompasses preventive
care, periodic health assessments, wellness education, and an integrated digital wellness platform for our employees.

Table of Contents
9
In 2024, we launched 178 health campaigns in Mexico, supported by 6,787 collaborators to promote early detection of diseases such as diabetes mellitus,
subarachnoid hemorrhage, dyslipidemia, breast cancer, and prostate cancer. These campaigns were also focused on administering vaccines and providing
dental health services. We conducted 8,413 health talks on various promotional topics, reaching 50,476 attendees. Additionally, we also held 4,569
occupational health talks and conducted workshops on the proper use of personal protection equipment (PPE) to mitigate occupational risks and diseases.
We also provided 657 nutrition talks to 8,541 participants. In partnership with health institutions, we offered campaigns for workers and their families in the
communities where we operate providing general screenings; dental care; vaccinations; imaging studies; and laboratory tests, with an emphasis on breast
and prostate cancer screening.
As of 2024, the occupational health and safety management systems at all our mining operations in Mexico and Peru had been certified under the ISO
45001 standards and through ELSSA certification, awarded by the Social Security Institute (“IMSS”) in Mexico.
Our health and safety programs are supported by comprehensive annual training plans. We comply with regulations at each site and implement risk
management and Behavior Based Safety programs in collaboration with our contractors to foster a shared safety culture.  
Talent Attraction and Recruiting
As part of our talent attraction strategy, we have enhanced our employer brand through initiatives designed to solidify our status as an employer of choice in
the regions where we operate.
We recognize social media's strategic importance in modern talent acquisition and community engagement. Therefore, we have strengthened our presence
on LinkedIn, where our number of followers has risen 110% in the last two years with an engagement rate of 59% (2024), one of the highest in the mining
industry. We continue to participate in job fairs to leverage our presence at the most important universities in the countries where we operate.
To attract and develop high-potential university graduates, we implement structured recruitment and development programs designed to integrate young
professionals into operational divisions. In 2024, we attracted more than 228 graduates from different academic disciplines in Mexico. These strategies
consolidate Human Resources Planning.
More than 48% of the positions are covered by internal employees and our retention rate is around 90%.
We maintain transparent recruitment processes and are committed to upholding the principles of human rights, inclusivity, equity, merit, and equal
employment opportunity in accordance with applicable laws and regulations.
Employee Engagement
Every year we make concerted efforts to enhance employee engagement; foster a positive organizational environment; and strengthen our culture. We
encourage participation from all employees, both unionized and non-unionized, in our human talent initiatives. One noteworthy example is our “Family
Day” held in Mexico, which attracted over 14,700 attendees (employees with their families). This one-day event introduced participants to our Company’s
values; showcased our processes; highlighted our culture; and provided opportunities for colleagues to socialize in a positive and enjoyable environment.
For the fourth consecutive year, Great Place to Work Mexico has certified our Sonora Metallurgical Complex as one of the best places to work. This award
acknowledges our organization's dedication to fostering an inclusive and innovative work culture that prioritizes the well-being of its people.
In 2024, our Metallurgical Complex in Sonora obtained the following awards after competing with more than 100 organizations in Mexico and Latin
America in the category of 500 to 5,000 employees:
•
1st place in The Best Workplaces Regional – Northwest 2024
•
3rd place in The Best Workplaces for Women Mexico 2024
•
4th place in The Best Workplaces Mexico 2024

Table of Contents
10
•
23rd place in The Best Workplaces in Latin America 2024
•
Recognition among the 100 Best Chief Human Resources Officers in Mexico
•
Recognition among the 100 Best Chief Executive Officers in Mexico
The Company has a corporate social responsibility policy that is designed to integrate its operations with local communities in our areas of influence. This
policy focuses on creating permanent and positive relationships to generate optimal social conditions and promote sustainable development in the area. We
continue to make significant expenditures for community programs.  For additional information on our community programs, refer to Corporate Social
Responsibility under Note 13 “Commitments and Contingencies” to the consolidated financial statements.
2025 Strategic Workplace Plan
We strive to create a workplace culture where our personnel feel included, welcomed and valued for their personal and professional contributions. This
vision is grounded in our core values of respect, honesty and responsibility.
In line with our Code of Conduct and Human Rights Policy, our objectives are to (i) cultivate an organizational culture that fosters equality and well-being,
emphasizing excellence, equal opportunity, inclusivity and non-discrimination, (ii) enhance the sensitivity, knowledge and skills in our leaders and
employees to build diverse and inclusive teams and promote a culture of respect, and (iii) extend this inclusive culture to the communities in which we
operate.
We developed our 2025 Strategic Workplace Plan with six strategic initiatives:
1. Communication: Awareness campaigns on inclusivity, equity and non-discrimination to promote diverse, inclusive and safe work environments.
2. Training: Implement comprehensive education programs to strengthen understanding of and respect for workplace inclusivity and equity, while
promoting collaborative practices that foster inclusive and equitable team environments.
3. Data generation and statistics: Establish and maintain comprehensive data collection systems to measure, analyze, and monitor inclusivity and equity
metrics and strategic outcomes.
4. Adaptations to infrastructure: Adapt the workplace to be compatible with and inclusive of the needs of our personnel.
5. Hiring: Strategically utilize data from inclusivity and equity metrics to promote inclusivity, equity and excellence representation across all organizational
levels and business units.
6. Retention: Implement actions that foster an environment where people feel valued, supported, and safe.
In 2024, we implemented a comprehensive online training program for non-unionized personnel in Mexico and Peru with the aim of fostering workplace
culture and enhance our employees’ understanding of workplace inclusivity and equity principles.
We have established procedures to uphold a Zero Tolerance policy for workplace harassment in Mexico and Peru. These procedures were disclosed in
Mexico in 2024 and aim to foster a violence-free environment; promote fair and equitable dispute resolution; support good faith complaints with a policy of
non-retaliation; establish secure and confidential channels for reporting incidents; implement measures to investigate and address allegations; and ensure the
safety and well-being of all employees.
CODE OF ETHICS
All our employees, including our new hires, must certify compliance with the Code of Ethics yearly by reviewing and signing this principal document,
which serves as our primary guidance tool for professional conduct in terms of ethical obligations, both in our business dealings and our interpersonal
relationships.
Peru
As of December 31, 2024, 56.9% of our 5,120 Peruvian employees were unionized. Currently, there are six separate unions, none of which represents the
majority of workers, as defined by current Peruvian labor legislation. The Company maintains regular dialogue with union representatives to ensure labor
harmony and proper management of labor

Table of Contents
11
relations. The Company has collective bargaining agreements with each of the six unions, the earliest of which expires in 2027 and the latest, in 2033. These
agreements govern benefits related to compensation and working conditions.
From 2021 to 2022, the Company signed collective bargaining agreements with the six unions with durations between three to six years. These agreements
were executed in 2022. In the first quarter of 2023, the Company began applying the terms of the agreements entered into with the six unions pursuant to
Law 31632, which stipulates new conditions for compensation of leaves granted during COVID-19. Within the current framework of labor regulations and
the agreements with all six unions, this compensation has been adapted to align with current working hours in the mining sector. These conditions were in
effect until December 1, 2023.
In the second and third quarter of 2024, the Company held meetings with five of its six unions to discuss collective bargaining agreements. In the fourth
quarter of 2024, the Company signed long-term extensions of the collective bargaining agreements with these five unions, each lasting six years and
commencing on the day after the expiration of the prior agreements, in accordance with the law. This allows the Company to maintain consistency in
economic benefits and working conditions for over 2,000 workers. Additionally, the Company reached agreements with these five unions to ensure the
uninterrupted operation of its facilities, preventing stoppages by unions and workers for a period of six years. As a result of these agreements, the Company
made a signing payment to each worker, totaling $62 million approximately.
Meetings with the remaining union were held in accordance with the established collective bargaining procedure, as required by labor law. In February
2025, the Company signed a three-year extension of the collective bargaining agreement with this union. The Company made a signing payment to each
worker of the union, totaling approximately $6.3 million.
Our employees at the Toquepala and Cuajone mining units reside in the 3,700 houses and apartments that we have built at the townsites. We also have 90
houses in Ilo for staff personnel. Housing, maintenance and utility services are provided to most of our employees for a nominal cost. Our townsite and
housing complexes provide schools, medical facilities, churches, banks, shops, social clubs, recreational facilities and other services.
Mexico
As of December 31, 2024, 71% of our 10,988 Mexican employees were unionized and represented by ten collective bargaining agreements distributed
among three labor unions. Under Mexican law, the terms of employment for unionized workers are set forth in collective bargaining agreements. Mexican
companies negotiate the salary provisions of collective bargaining agreements with the labor unions on an annual basis and negotiate other benefits every
two years. We conduct negotiations separately at each mining complex and each processing plant.
Our Taxco mine in Mexico has been on strike since July 2007. For a discussion of labor matters, refer to the information contained under the caption “Labor
matters” in Note 13 “Commitments and Contingencies” of the consolidated financial statements.
Employees of La Caridad and Buenavista units reside in townsites at Nacozari and Cananea, where we have built approximately 1,800 houses and
apartments. Most of the employees of the IMMSA unit reside on the grounds of the mining or processing complexes where we have built 356 houses and
apartments. Housing, together with maintenance and utility services, is provided at nominal cost to most of our employees. Our townsites and housing
complexes include educational and medical facilities, churches, social clubs, shopping centers, banking and other services. Through 2007, the Buenavista
unit provided health care services to employees and retired unionized employees and their families through its own on-site hospital. In 2010, the Company
signed an agreement with the Secretary of Health of the State of Sonora to provide these services to its retired workers and their families. The new workers
of Buenavista receive health services through the Mexican Institute of Social Security as is the case for all Mexican workers.

Table of Contents
12
FUEL, ELECTRICITY AND WATER SUPPLIES
The principal raw materials used in our operations are fuel, gas, electricity and water. We use natural gas to power boilers and generators and utilize diesel
fuel to power mining equipment for metallurgical processes at our operations. We believe that sufficient sources of fuel, electricity and water are readily
available. Fluctuations may occur in the prices of these raw materials that are beyond our control; as such, we focus our efforts on reducing costs through
cost and energy-saving measures.
Energy generates the main cost in mining, so concern for its conservation and efficient usage is critical. We have energy management committees at most of
our mines, which meet periodically to discuss consumption and to develop measures directed at saving energy. Alternative sources are also being analyzed
at the corporate level, including both traditional and renewable energy sources. This approach has helped us to develop a culture of energy conservation
directed at ensuring the sustainability of our operations.
Peru:
Fuel:  In Peru, we obtain fuel primarily from Valero Peru, a local subsidiary of Valero Energy Corporation, a U.S. producer of fuel and power. The Company 
believes that adequate supplies of fuel are available for its operations in Peru.
Electricity:  In June 2014, we entered into a power purchase agreement for 120 megawatts (“MW”) with the state owned company Electroperu S.A., which 
began supplying energy to our Peruvian operations for a twenty-year period that started on April 17, 2017. In July 2014, we entered into a power purchase 
agreement for 120MW with a private power generator Kallpa Generacion S.A. (“Kallpa”), which began supplying energy to our Peruvian operations for a 
ten-year period that started on April 17, 2017. In May 2016, we signed an additional power purchase agreement for a maximum of 80MW with Kallpa, 
under which Kallpa began supplying energy to the operations related to the Toquepala expansion and to other minor projects for a period starting on May 1, 
2017, and ending on October 31, 2029. We feel confident that additional power can be obtained from the Peruvian national grid, should the need arise.
Additionally, we have nine megawatts of power generation capacity from two small hydro-generating facilities at Cuajone. Power is distributed over a 224-
kilometer transmission line circuit, which is connected to the Peruvian network.
Water: We have water rights or licenses for up to 2,011 liters per second from well fields at the Huaitire-Gentilar, Vizcachas and Titijones aquifers and
surface water rights from Lake Suches. Three additional water sources are: Quebrada Honda, Quebrada Tacalaya and a smaller resource from the Cuajone
mine pit. We believe these water sources are sufficient to supply the water demands of our operating units at Toquepala and Cuajone. Additionally, we have
permits in Ilo to use water at three desalination plants that generate water for industrial use and domestic consumption; we believe these facilities will
produce sufficient water to cover the requirements of both current and projected needs. Additionally, we have two licenses for the use of non-desalinated
seawater for the Smelter.
The Branch has a surface water permit for the Locumba river, which will facilitate the conservation and maintenance of a portion of the wetlands in Ite. The
Company has also been studying alternative sources of water to cover future needs as operations expand and our mining projects grow.
Mexico:
Fuel:  In Mexico, since 2018, we have purchased fuel from Petroleos Mexicanos (“PEMEX”), the state producer, and from private suppliers.
The La Caridad unit imports natural gas from the United States through its pipeline (between Douglas, Arizona and Nacozari, Sonora). This allows us to
import natural gas at market prices and thereby reduce operating costs. Several contracts with PEMEX and the United States provide us with the option of
using a monthly or daily fixed prices for our natural gas purchases.

Table of Contents
13
Natural gas is used for metallurgical processes and to power furnaces, converters, casting wheels, boilers and electric generators. Diesel oil is a backup
method for all these uses. We use diesel oil to power mining equipment at our operations.
Electricity:  Electricity is used as the main energy source at our mining complexes. We purchase most of our electricity from Mexico Generadora de Energia 
S. de R. L. (“MGE”), a subsidiary of Grupo Mexico which has two power plants designed to supply power to La Caridad and Buenavista units. In 2024, 
MGE supplied 20.2% of its power output to third party energy users. These plants are natural gas-fired combined cycle power generating units, with a net 
total capacity of 516.2 megawatts. In 2012, we entered into a power supply agreement with MGE that will last until 2032. The first plant was completed in 
2013 and the second in 2014. The first plant began to supply power to the Company in December 2013, and the second plant in June 2015.
We also purchase electricity from the Comision Federal de Electricidad (the Federal Electricity Commission or the “CFE”), the state’s electrical power
producer. In addition, we recover some energy from waste heat boilers at the La Caridad smelter. Accordingly, a significant portion of our operating costs in
Mexico is dependent upon the pricing policies of CFE and PEMEX, which are affected by political and regulatory environments, international market prices
for crude oil and natural gas; and conditions in the refinery markets.
Some IMMSA mining operations also purchase electricity from Eolica el Retiro, S.A.P.I de C.V. (“Eolica”), a windfarm energy producer that is an indirect
subsidiary of Grupo Mexico. In August 2013, IMMSA and other of the Company’s mining operations entered into a purchase agreement and in late 2014
started to purchase electricity from Eolica. Due to the nature of the production process there is not a fixed power capacity contracted. In 2024, Eolica el
Retiro supplied approximately 25.5% of its power output to IMMSA and Mexcobre.
On February 20, 2020, the Company signed a power purchase agreement with Parque Eolico de Fenicias, S. de R.L. de C.V., and indirect subsidiary of
Grupo Mexico, to supply 611,400 MWh of power per year to some of the Company´s Mexican operations for 20 years. This agreement commenced in the
third quarter of 2024. In 2024, Parque Eolico de Fenicias supplied approximately 58.6% of its power output to IMMSA.
Water:  In Mexico, water is deemed public property and industries that are not connected to a public service water supply must obtain a water concession 
from Comision Nacional del Agua (the National Water Commission or the “CNA”). Water usage fees are established in the Ley Federal de Derechos (the
Federal Rights Law), which distinguishes several availability zones with different fees per unit of volume according to each zone, with the exception of
Mexicana de Cobre. All of our operations have one or several water concessions and pump out the required water from wells. Mexicana de Cobre pumps
water from the La Angostura dam, which is close to the mine and plants. At our Buenavista facility, we maintain our own wells and pay the CNA for water
usage. Water conservation committees have been established at each plant to conserve and recycle water. Water usage fees are updated on a yearly basis and
have been on the rise in recent years.
LEGAL AND REGULATORY MATTERS
To the Company's knowledge, during the period from January 1, 2023 through December 31, 2024, no legal, environmental, labor or tax regulations came
into effect in the jurisdictions where the Company operates that (i) required the Company to incur material costs of compliance, (ii) had a material adverse
effect on the Company’s operations, or (iii) materially impacted the execution of the Company’s projects. As of the date hereof, the Company believes that
its facilities in Peru and Mexico are in material compliance with all applicable environmental, mining and other laws and regulations in their respective
jurisdictions.
On September 15, 2024, the Mexican Congress approved a constitutional reform to the Judicial Branch that replaces the existing appointment-based system
for selecting judges with a system of popular election of Congress pre-selected

Table of Contents
14
judges. The implementation of this reform is ongoing, and the Company cannot currently assess its potential impact on the Mexican federal judicial system
or the Company's operations.
For a discussion of environmental and labor matters, reference is made to the information contained in Note 13 “Commitments and Contingencies” of the
consolidated financial statements. For more information on tax matters, refer to Note 7 “Income taxes” of the consolidated financial statements.
MINING RIGHTS AND CONCESSIONS
Peru:
We have 154,535 hectares in concessions from the Peruvian government for our exploration, exploitation, extraction and production operations, at various
sites, as follows:
    
Toquepala     
Cuajone
    
Ilo
    
Other
    
Total
 
(hectares)
Mine concessions
 
 22,783  
 27,380  
 4,670  
 99,702  
 154,535
We believe that our Peruvian concessions are in full force and effect under applicable Peruvian laws and as such, comply with all material terms and
requirements applicable to said concessions. The concessions have indefinite terms, subject to our payment of concession fees of up to $3.00 per hectare
annually for the mining concessions and a fee based on nominal capacity for the processing concessions. Fees paid during 2024, 2023 and 2022, were
approximately $5.2 million, $3.4 million and $2.5 million, respectively. We have two types of mining concessions in Peru: metallic and non-metallic
concessions.
Mexico:
In Mexico we have 502,688 hectares in concessions from the Mexican government for our exploration and exploitation activities as outlined on the table
below:
    
IMMSA
    
La Caridad     
Buenavista     
Projects
    
Total
 
(hectares)
Mine concessions
 
 223,313
 103,821
 93,706
 81,848  
 502,688
We believe that our Mexican concessions are in full force and in effect under applicable Mexican laws and that we are in compliance with all material terms
and requirements applicable to these concessions. Under Mexican law, mineral resources belong to the Mexican nation and a concession from the Mexican
federal government is required to explore or mine mineral reserves. Mining concessions have a 50-year term that can be renewed for another 50 years.
Holding fees for mining concessions can be from $0.53 to $11.60 per hectare depending on the start date of the mining concession. Fees paid during 2024,
2023 and 2022 were approximately $11.6 million, $11.7 million and $8.7 million, respectively. In addition, all of our operating units in Mexico have water
concessions that are in full force and effect. Although ownership is not required in order to explore or mine a concession, we generally own the land related
to our Mexican concessions. We also own all of the processing facilities of our Mexican operations and the land on which they are built.
AVAILABLE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information with the U.S. Securities and Exchange Commission (“SEC”). You may
read and copy any document we file at the SEC’s Public Reference Room at 100 F Street NE, Washington, D.C. 20549. The SEC maintains a website that
contains annual, quarterly and current reports, proxy statements and other information that issuers (including Southern Copper Corporation) file
electronically with the SEC. The SEC’s website is www.sec.gov.
Our website is www.southerncoppercorp.com. The first document on the list of materials available on this website is Form 8-K, dated March 14, 2003. We
offer, free of charge, downloads of our annual, quarterly and current reports, as soon as they can be reasonably made available following electronic or
physical filing with the SEC. Our website also includes the Company’s Corporate Governance guidelines and the charters of our main Board Committees.
However, the information found on our website is not part of this or any other report.

Table of Contents
15
CAUTIONARY STATEMENT
Forward-looking statements in this report and in other Company statements include information regarding expected commencement dates of mining or
metal production operations, projected quantities of future metal production, anticipated production rates, operating efficiencies, costs and expenditures,
including taxes, as well as projected demand or supply for the Company’s products. Actual results could differ materially depending upon certain factors,
including the risks and uncertainties relating to general U.S. and international economic and political conditions, the cyclical and volatile prices of copper,
other commodities and supplies, including fuel and electricity, the availability of materials, insurance coverage, equipment, required permits or approvals
and financing, the occurrence of unusual weather or operating conditions, lower than expected ore grades, water and geological problems, the failure of
equipment or processes to operate in accordance with specifications, failure to obtain financial assurance to meet closure and remediation obligations, labor
relations, litigation and environmental risks, as well as political and economic risk associated with foreign operations. Results of operations are directly
affected by metal prices on commodity exchanges, which can be volatile.
CAUTIONARY NOTE REGARDING DISCLOSURE OF MINERAL PROPERTIES
Mineral Reserves and Resources
In our public filings in the U.S. and Peru and in certain other announcements not filed with the SEC, we disclose proven and probable reserves and
measured, indicated and inferred mineral resources, each as defined in Item 1300 of Regulation S-K (“S-K 1300”). The estimation of measured mineral
resources and indicated mineral resources implies greater uncertainty as to their existence and economic feasibility than the estimation of proven and
probable reserves, and therefore investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into S-K
1300-compliant reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the
estimation of other categories of resources. Therefore, investors are cautioned not to assume that all or any part of inferred resources exist, or that they can
be mined legally or economically.
Technical Report Summaries and Qualified Persons
The scientific and technical information concerning our mineral projects in this Form 10-K have been reviewed and approved by third-party “qualified
persons” pursuant to S-K 1300. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources
included in this Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any
known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for
each of the Company’s material properties which are included as exhibits to, and incorporated by reference in this report.
ITEM 1A. RISK FACTORS
Every investor or potential investor in Southern Copper Corporation should carefully consider the following risk factors.
Financial risks
Our financial performance is highly dependent on the price of copper and the other metals we produce.
Our financial performance is significantly affected by the market prices of the metals that we produce, particularly the market prices of copper,
molybdenum, zinc and silver. Historically, these prices have been subject to wide fluctuations and are affected by numerous and complex factors beyond our
control. Market prices are affected by a number of factors, including global economic and political conditions in general, and in particular by: international
policies and regulations in the ambits of trade, taxes and tariffs; levels of supply and demand; the availability and cost of substitutes; inventory levels
maintained by users; actions of participants in the commodities markets; interest rates; expectations

Table of Contents
16
regarding future inflation rates; currency exchange rates and changes in technology. In addition, the market prices of copper and certain other metals have
on occasion been subject to rapid short-term changes. At the start of the pandemic in 2020, copper prices were initially impacted by economic uncertainty.
However, in mid-2020, copper prices began to rise and reached a record highs during 2021. Volatility in global economic growth, particularly in developing
countries, has the potential to adversely affect future demand and prices for commodities. Geopolitical uncertainty and protectionism have the potential to
inhibit international trade and negatively impact business confidence, which can create price volatility and constraints on our ability to trade in certain
markets.
In addition to the factors discussed above, copper prices may be affected by demand from China, which is currently
the largest consumer of refined copper and concentrate in the world.
Over the last three years, approximately 76.1% of our revenues have come from the sale of copper; 11.4% from molybdenum; 4.5% from silver; and 3.5%
from zinc. Please see the distribution of our revenues per product on Item 8 “Financial Statements and Supplementary Data” Note 19 “Segment and Related
Information—Sales value per segment”.
See also the historical average price of our products on Item 1 Business caption “Metals prices”.
We cannot predict if metals prices will rise or fall in the future. Extended significant future declines in metals prices, particularly copper, could have a
material adverse impact on our results of operations, financial condition and value of our assets. Under very adverse market conditions, we might consider
curtailing or modifying some of our mining and processing operations. We may be unable to decrease our costs in an amount sufficient to offset reductions
in revenues, in which case, we may incur losses, which may be material.
Declines in the prices of metals we sell could also result in metals inventory adjustments and impairment charges for our long-lived assets. Other events that
could result in the impairment of our long-lived assets include, but are not limited to, decreases in estimated proven and probable mineral reserves and any
event that might have a material adverse effect on current and future expected mine production costs.
Volatility in metals prices may also impact the price of our outstanding securities.
Although our results of operations and cash flow will reflect fluctuations in the prices of copper and other metals we produce, short-term volatility in prices
may generate significant fluctuations in the price of our securities. Such volatility in the price of our securities may not be reflective of our operating
performance or financial results.
Our business requires levels of capital investments that we may not be able to maintain.
Our business is capital intensive. Significant capital investments are required specifically for the exploration and exploitation of copper and other metal
reserves, mining, smelting and refining costs, the maintenance of machinery and equipment and compliance with laws and regulations. We must continue to
invest capital to maintain or increase the amount of copper reserves that we exploit and the amount of copper and other metals we produce. We cannot
assure you that we will be able to maintain our production at levels that generate sufficient cash, or that we will have access to sufficient financing to
continue our exploration, exploitation and refining activities at or above present levels.
Restrictive covenants in the agreements governing our indebtedness and the indebtedness of our Minera Mexico subsidiary may restrict our ability to
pursue our business strategies.
Our financing instruments and those of our Minera Mexico subsidiary include financial and other restrictive covenants that, among other things, limit our
and Minera Mexico’s abilities to incur additional debt and sell assets. If either we or our Minera Mexico subsidiary fails to comply with these obligations,
we could be in default under the applicable agreements. This situation, if not addressed or waived, could require immediate repayment of debt obligations.
Our Minera Mexico subsidiary is further limited by the terms of its outstanding notes, which also restrict the Company’s applicable incurrence of debt and
liens. In addition, future credit facilities may contain limitations on our capacity to incur additional debt and liens, dispose of assets, or pay dividends to our
common stockholders.

Table of Contents
17
We may not pay a significant amount of our net income as cash dividends on our common stock in the future.
We have distributed a significant amount of our net income as dividends since 1996. Our dividend practice is subject to change at the discretion of our
Board of Directors at any time. The amount that we pay in dividends is subject to a number of factors, including the results of our operations; our financial
condition; cash requirements; tax considerations; future prospects; legal restrictions; contractual restrictions in credit agreements; limitations imposed by the
government of Peru, Mexico and other countries where we have significant operations; and other factors that our Board of Directors may deem relevant.
Depending on our capital investment program and global economic conditions, it is possible that future dividend distributions will be lower than the levels
seen in recent years.
Our ability to recognize the benefits of deferred tax assets is dependent on future cash flows and taxable income.
Through 2024, the Company recognized the expected future tax benefit from deferred tax assets when the tax benefit was considered more likely than not to
be realized. A valuation allowance is provided for those deferred tax assets for which management believes that the related benefits will not be realized.
Determining the amount of the valuation allowance and assessing the recoverability of deferred tax assets requires management to make significant
estimates related to expectations of future taxable income and existing tax laws. There can be no assurance that the Company will be able to recognize the
expected future benefits of deferred tax assets; this inability could have a material adverse effect on the Company’s financial results.
Operational risks
Our actual reserves and resources may not conform to our current estimates of our ore deposits and our long-term viability depends on our ability to
replenish mineral reserves and resources.
There is a degree of uncertainty attributable to the estimation of reserves and resources. Until reserves are actually mined and processed, the quantity of ore 
and grades must be considered estimates only. We disclose proven and probable reserves and measured, indicated and inferred resources, each as defined in 
Item 1300 of Regulation S-K (“S-K 1300”).  Additionally, the scientific and technical information concerning our mineral projects in this Form 10-K has 
been reviewed and approved by third-party “qualified persons” pursuant to S-K 1300. We may be required in the future to revise our reserves and resources 
estimates based on our actual production. We cannot assure you that our actual reserves and resources conform to geological, metallurgical or other 
expectations or that the estimated volume and grade of ore will be recovered. Market prices of our metals, increased production costs, reduced recovery 
rates, short-term operating factors, royalty charges and other factors may render proven and probable reserves uneconomic to exploit and may result in 
revisions of reserves data from time to time. Reserves data may not be indicative of future results of operations. Our reserves are depleted as we mine. We 
depend on our ability to replenish our mineral reserves and resources for our long-term viability. We use several strategies to replenish and increase our 
mineral reserves and resources, including exploration and investment in properties located near our existing mine sites and investing in technology that 
could extend the life of a mine by allowing us to cost-effectively process ore types that were previously considered uneconomic. Acquisitions may also 
contribute to increasing mineral reserves and resources, and we review potential acquisition opportunities on a regular basis. However, we cannot assure 
you that we will be able to continue with our strategy to replenish reserves indefinitely.
Our operations are subject to risks, some of which are not insurable.
The business of mining, smelting and refining copper, zinc and other metals is subject to a number of risks and hazards, including industrial accidents, labor
disputes, unusual or unexpected geological conditions, changes in the regulatory environment, environmental hazards, weather and other natural
phenomena, such as seismic activity, wall failures and rock slides in our open-pit mines, structural collapses of our underground mines or tailings
impoundments, and lower than expected ore grades or recovery rates. The Company’s operations may also be affected by mudslides and flash floods caused
by torrential rains.
Such occurrences could result in damage to, or destruction of, mining operations resulting in monetary losses and possible legal liability. In particular,
surface and underground mining and related processing activities present inherent risks of injury to personnel, loss of life and damage to equipment.

Table of Contents
18
The waste rock and tailings produced in our mining operations represent our largest volume of waste material. Managing the volume of waste rock and
tailings presents significant environmental, safety and engineering challenges and risks. We maintain large tailings impoundments containing sand of
ground rock, moistened with water, which are effectively large dams that must be engineered, built and monitored to assure structural stability and avoid
leakages or structural collapse. Defects, errors and failures at tailings dams and in other impoundments at any of our mining operations could cause severe
property and environmental damage and loss of life. The importance of careful design, management and monitoring of large impoundments was emphasized
in recent years by large scale tailings dam failures at unaffiliated mines, which caused extensive property and environmental damage and resulted in the loss
of life. For more information regarding our tailing dams, please see Item 2 “Properties—Slope Stability—Tailing Dams.”
During recent years, social and political demands has caused violence which could result in damage to, or destruction of, mining operations resulting in
monetary losses and possible legal liability.
In our proactive approach to managing operational sustainability risks, we have implemented the Critical Risk Registry, aligning with the International
Council on Mining and Metals (ICMM) Good Practice Guide on Health and Safety Critical Control Management. This robust system addresses both
environmental and health and safety risks, ensuring compliance with best practices. By focusing on critical controls through this approach, we optimize
resource allocation and bolster our efforts in sustainability risk management.
To enhance the monitoring of controls, we recently introduced a comprehensive company procedure and digital tool. This platform facilitates detailed
oversight by establishing clear roles, responsibilities, timelines, reminders, and notifications. It streamlines the chain of command, enabling the prompt
identification of deviations from established protocols and facilitating the implementation of corrective actions along with subsequent monitoring. Through
the digital tool, we can measure, verify, and audit controls, promptly identifying instances of incorrect implementation or threshold breaches.
In addition, we maintain insurance against many of these and other risks, which under certain circumstances may not provide adequate coverage. Insurance
against certain risks, including certain liabilities for environmental damage or hazards as a result of exploration and production, is not generally available to
us or other companies within the mining industry. Nevertheless, recent environmental legal initiatives contemplate requirements for environmental damage
insurance. If these regulations come into force, we will have to analyze the need to obtain said insurance. We do not have nor do we intend to obtain,
political risk insurance. We cannot assure you that these and other uninsured events will not have an adverse effect on our business, properties, operating
results, financial condition or prospects.
Changes in the demand level for our products and copper sales agreements could adversely affect our revenues.
Our financial results may be affected by fluctuations in demand for the refined, semi-refined metal products and concentrates we sell at both the industrial
and consumer level, and may also be affected by changes in the global economy, including economic upturns and downturns of differing magnitudes.
Changes in technology, industrial processes, concerns over weaknesses in the global economy and consumer habits may affect the level of demand to the
extent that those increase or decrease the need for our metal products. Our revenues may also be adversely affected by events of force majeure that could
have a negative impact on our sales agreements. These events include acts of nature, labor strikes, fires, floods, wars, transportation delays, government
actions or other events that are beyond the control of the parties to the agreement.
However, the success of the energy transition is intrinsically linked to copper, our key product, critical for the production of technological solutions to the
decrease the global greenhouse gas (GHG) emissions. Given copper's crucial role in electrification and the generation of clean energies, there exists an
increasing expectation from both corporate entities and societal stakeholders that copper sourcing should emanate from entities committed to rigorous and
responsible production practices.
This commitment has driven us to pledge certifications for all our copper production under international standards.

Table of Contents
19
Interruptions of energy supply or increases in energy, fuel and gas costs, shortages of water supply, critical parts, equipment, skilled labor and other
production costs may adversely affect our results of operations.
We require substantial amounts of fuel oil, electricity, water and other resources for our operations. Fuel, gas and power costs constituted approximately
26% of our total production cost in 2024, 29% in 2023 and 34% in 2022. We rely upon third parties for our supply of the energy resources consumed in our
operations. Therefore prices for and availability of energy resources may be subject to change or curtailment due to new laws or regulations; imposition of
new taxes or tariffs; interruptions in production by suppliers; and variations in global prices or market conditions, among other factors. Regarding water
consumption, although each of our operations currently has sufficient water supplies to cover its operational demands, the loss of some or all water rights
for any of our mines or operations, in whole or in part, shortages relative to the water to which we have rights or a lack of additional back-up water supplies
at an acceptable cost, or at all, could require us to curtail or shut down mining production and could prevent us from pursuing expansion opportunities,
thereby increasing and/or accelerating costs or foregoing profitable operations. In addition, future shortages of critical parts, equipment and skilled labor
could adversely affect our operations and development projects.
Our Company is subject to health and safety laws that may restrict our operations, result in operational delays or increase our operating costs and
adversely affect our financial results of operations.
We are required to comply with occupational health and safety laws and regulations in Peru and Mexico where our operations are subject to periodic
inspections by the relevant governmental authorities. These laws and regulations govern, among others, health and safety workplace conditions, including
high risk labor and the handling, storage and disposal of chemical and other hazardous substances. We believe our operations comply in all material respects
with applicable health and safety laws and regulations in the countries in which we operate. Compliance with existing and new laws and regulations that
may be applicable to us in the future could increase our operating costs and adversely affect our financial results of operations and cash flows.
Our objective is to preserve the health and safety of our workforce by implementing occupational health and training programs and safety incentives at our
operations that meet all regulatory requirements and enhance employee performance. Despite the Company’s efforts, we are not exempt from accidents.
These are reported to Mexican and Peruvian authorities as required. Regarding non-fatal accidents, during the last four years, the Company’s Dart rate (rate
to measure workplace injuries severe enough to warrant Day Away from work, job Restrictions and/or job Transfers) was much lower than the MSHA Dart
rate (the MSHA Dart rate is published by the U.S.’s Mine Safety and Health Administration, and is used as an industry benchmark).
In 2024, we recorded one fatality of a contractor. In 2023, we recorded five fatalities (two contractors and three employees) and in 2022, four fatalities (two
contractors and two employees) were registered. The amounts paid to the Mexican and Peruvian authorities for reportable accidents had no adverse effects
on our results. Under Mexican and Peruvian law penalties and fines for safety violations are generally monetary, but in certain cases may lead to the
temporary or permanent shutdown of the affected facility or the suspension or revocation of permits or licenses. Additionally, violations of security and
safety laws and regulations at our Peruvian operations can be considered criminal activity and punishable by a sentence of up to 10 years of prison.
Our metals exploration efforts are highly speculative in nature and may be unsuccessful.
Metals exploration is highly speculative in nature because it involves many risks and is frequently unsuccessful. Once mineralization is discovered, it may
take a number of years from the initial phases of drilling until production is possible. During such time the economic feasibility of production may change.
Substantial expenditures must be made to determine proven and probable mineral reserves, which requires drilling to establish the metallurgical processes
that will be needed to extract the metals from the ore and, in the case of new properties, to construct mining and processing facilities. We cannot assure you
that our exploration programs will result in the expansion or replacement of current production with new proven and probable mineral reserves.
Development projects have no operating history upon which we can base estimates of proven and probable mineral reserves and estimates of future cash
operating costs. Estimates are, to a large extent, based upon the interpretation of

Table of Contents
20
geological data obtained from drill holes and other sampling techniques and on pre-feasibility or feasibility studies that generate estimates of cash operating
costs based upon anticipated tonnage and grades of ore to be mined and processed; the configuration of the ore body; expected recovery rates of the mineral
from the ore; comparable facility and equipment operating costs; anticipated climatic conditions; and other factors. As a result, actual cash operating costs
and economic returns based upon the development of proven and probable mineral reserves may differ significantly from those originally estimated.
Moreover, significant decreases in actual or expected prices may mean reserves, once found, will be uneconomical to produce.
We may be adversely affected by challenges relating to slope stability.
Our open-pit mines get deeper as we mine them, presenting certain geotechnical challenges including the possibility of slope failure. If we are required to
decrease pit slope angles or provide additional road access to prevent such a failure, our stated reserves could be negatively affected. Furthermore,
hydrological conditions relating to pit slopes, renewal of material displaced by slope failures and increased stripping requirements could also negatively
affect our stated reserves. We take action to maintain slope stability, but we cannot assure you that we will not have to take additional action in the future or
that our actions taken to date will be sufficient. Unexpected slope failures, or additional requirements to prevent slope failures, may negatively affect our
results of operations and financial condition and may diminish our stated mineral reserves.
We may be adversely affected by labor disputes.
In the last several years, we have experienced several strikes and other labor disruptions that have had an adverse impact on our operations and operating
results. As of December 31, 2024, unions represented approximately 57% of our workforce in Peru and 71% of our workforce in Mexico. Currently, we
have labor agreements in effect for our Mexican and Peruvian operations.
Our Taxco mine in Mexico has been on strike since July 2007. It is expected that operations at this mine will remain suspended until these labor issues are
resolved. In addition, workers at the San Martin mine were on strike from July 2007 to August 2018. After eleven years of an illegal stoppage, we resumed
control of the San Martin mine in August 2018. During this period, the San Martin facilities deteriorated and we undertook a major renovation to restart
operations during the second quarter of 2019 for a total expense of approximately $90.5 million. For additional information, see Item 2, “Properties—
Mexican IMMSA Unit—San Martin and Taxco”, and Note 13, “Commitments and Contingencies—Labor matters”, to the consolidated financial statements.
We cannot assure you when the pending strike will be settled, or that in the future we will not experience strikes or other labor related work stoppages that
could have a material adverse effect on our financial condition and results of operations.
Our mining operations or metal production projects may be subject to stoppage and additional costs due to community actions and other factors.
In recent years, global mining activity has been pressured by neighboring communities for financial commitments to fund social benefit programs and
infrastructure improvements. Our projects in Peru are not exempt from these demands. Our Tia Maria project in Peru has experienced delays while trying to
resolve issues with community groups.
Seemingly in the Peruvian mining environment, it is becoming crucial to obtain acceptance from local communities for projects in their areas, which may
entail compliance with the demands for substantial investments in community infrastructure development and modernization to proceed with the mining
projects.
We are confident that we will move forward with the Tia Maria project. However, we cannot assure you when and that we will incur no additional costs for
community infrastructure development and modernization to obtain approval from the communities for current or future mining projects.

Table of Contents
21
In 2022, violent protests by some of communities adjoining the Cuajone mine negatively affected the mine’s operations. In February 2022, the railway
between Cuajone and Ilo was blocked and Viña Blanca water reservoir facilities were seized, cutting off the water supply to some residents of the Cuajone
mining camp.
After numerous efforts to restore order through dialogue by the authorities, the Peruvian government declared a state of emergency in the Moquegua region
in April 2022 and ordered the protestors to return the Viña Blanca facilities and the railway to the Company. After an evaluation of the damage, the
Company resumed production at the Cuajone mining unit and the facilities are currently operating at full capacity.
On April 30, 2022, the Peruvian government issued a Ministerial Resolution to set up a three-party-dialogue-table involving community members,
government representatives and Company executives to better understand and address the concerns of all parties. Between 2023 and 2024, several meetings
were held with community representatives, but no agreements were reached. In January 2025, new community representatives were appointed for two years.
These individuals have demonstrated a greater willingness to engage in dialogue and are interested in collaborating with the Company on joint social
programs. We anticipate resuming discussions soon to tackle current issues and discuss our proposed plans for investing in social programs that address
community needs. The Company has also indicated interest in purchasing land near the Cuajone operations to create a buffer zone to protect our facilities
and future production.
However, we cannot guarantee that any additional incidents will not arise or assert that any future incidents that occur will imply no adverse impacts for our
facilities, the results of our operations or our financial position.
In addition, collective action lawsuits and civil action lawsuits have been filed against the Company in Mexico through both federal courts and state courts
in Sonora. Constitutional lawsuits have also been filed against various government authorities and the Company. These lawsuits are seeking damages and
demand remediation actions to restore the environment. The Company believes that the lawsuits are without merit and that it is not possible to determine the
extent of the damages sought. Moreover, the Company cannot offer any assurances that the outcome of these lawsuits will not have adverse effects on the
Company.
Environmental regulation, climate change and other regulations may increase our costs of doing business, restrict our operations or result in
operational delays.
Our exploration, mining, milling, smelting and refining activities are subject to a number of Peruvian and Mexican laws and regulations, including
environmental laws and regulations, and certain industry technical standards. Additional matters subject to regulation include, but are not limited to,
concession fees, transportation, production, water use and discharge, power use and generation, use and storage of explosives, surface rights, housing and
other facilities for workers, reclamation, taxation, labor standards, mine safety and occupational health. As the world and the countries in which we operate
become more conscious of the importance of environmental aspects, we expect additional environmental laws and regulations will be enacted over time.
Please refer to Note 13 “Commitments and Contingencies—Environmental matters” of our financial statements for further information on this subject.
The potential physical impacts of climate change on our operations are highly uncertain and depend on the geographic location of our facilities. These may
include droughts and the associated changes in rainfall patterns, water shortages, changes in sea levels, and high temperatures. These effects may adversely
impact the cost, production and financial performance of our operations. In addition, substantial weather-related conditions could impact our relationships
and arrangements with our major customers and suppliers by materially affecting the normal flow of our transactions, especially seaborne transactions. For
example, severe weather events could damage transportation infrastructures and lead to interruptions or delays in the supply of key inputs and raw materials
or sold products.
We monitor fluctuations in weather patterns in the areas where we operate. Aligned with government efforts, we measure our carbon footprint and have
updated our climate strategy to reduce the contributions to greenhouse gas emissions of our operations. We also evaluate our water demand, as weather
changes may result in increases or decreases that affect our needs.

Table of Contents
22
Efforts to comply with more stringent environmental protection programs in Peru and Mexico and with relevant trade agreements could impose constraints
on operations and imply additional costs. Consequently, we may need to make significant investments in this regard in the future. We cannot assure you that
current or future legislative, regulatory or trade developments will not have adverse effects on our business, properties, operating results, financial condition
or prospects.
Our mining and metal production projects may expose us to new risks.
Our Company is in the midst of a large expansion program, which may expose us to additional risks in terms of industrial accidents. While we believe our
contractors employ safety standards and other procedures to ensure these projects are completed with proper governance, it is possible that increased
activity at our sites could cause environmental accidents or endanger human life.
Our business depends upon information technology systems that may be adversely affected by disruptions, damage, cyber-attacks, failure and risks
associated with implementation and integration.
Our operations depend upon information technology systems that may be subject to disruption, damage or failure from different sources, including, without
limitation, the installation of malicious software, computer viruses, security breaches, cyber-attacks and defects in design. In recent years, cybersecurity
incidents have increased in frequency and include, but are not limited to, malicious software, attempts to gain unauthorized access to data and other
electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information and the
corruption of data. We have taken appropriate preventive measures to mitigate potential risks by implementing an information security management system
that conducts frequent monitoring; which ensures the application of controls that are frequently reviewed and tested.
Given the unpredictability of the timing, nature and scope of information technology disruptions, we could potentially be subject to manipulation or
improper use of our systems and networks, operational delays, situations that compromise confidential or otherwise protected information, destruction or
corruption of data, security breaches, or financial losses from remedial actions, any of which could have a material adverse effect on the cash flows,
competitive position, financial condition or results of our operations.
Our business is exposed to certain risks associated with artificial intelligence (“AI”) and other new technologies.
Information and operational technology systems continue to evolve and, in order to remain competitive, we must implement new technologies in a timely,
cost-effective and efficient manner. For example, nowadays a major number of software, hardware, services and in general technological solutions vendors
are including AI components for a very wide range of applications; and we may find improvement opportunities by developing and applying AI in several
of our business and operational processes. These applications may become important in our operations over time. Our ability to implement new
technologies, including AI, may affect our competitiveness and, consequently, our results of operations.
 
In addition, we may utilize AI and other new technologies in software provided by third parties to enhance our capabilities in producing copper, improving
business processes and responding to threats to our technology platforms.  The use of AI when lacking of a strategy and a governance model may increase
our exposure to cybersecurity risks and additional risks relating to the protection of data.
Other risks
Applicable law restricts the payment of dividends from our Minera Mexico subsidiary to us.
Our subsidiary, Minera Mexico, is a Mexican company and, as such, may pay dividends only out of net income that has been approved by shareholders.
Shareholders must also approve the actual dividend payment, after mandatory legal reserves have been created and losses for prior fiscal years have been
satisfied. These legal constraints may limit the

Table of Contents
23
ability of Minera Mexico to pay dividends to us, which in turn, may have an impact on our ability to pay stockholder dividends or to service debt.
Global and local market conditions, including the high competitiveness in the copper mining industry, may adversely affect our profitability.
Our industry is cyclical in nature and fluctuates with economic cycles. Therefore, we are subject to the risks arising from adverse changes in domestic and
global economic and political conditions, such as a potential global recession, Russia’s invasion of Ukraine, lower levels of consumer and corporate
confidence, lower business investment, higher unemployment, reduced income and asset values in many areas, currency volatility and limited availability of
credit and access to capital. Additionally, we face competition from other copper mining and producing companies around the world. Along these lines,
significant competition exists to acquire properties that produce or are capable of producing copper and other metals, and some of our main competitors
have consolidated, which makes them more diversified than we are.
We cannot assure you that changes in market conditions, including competition, will not adversely affect our ability to compete in the future on the basis of
price or other factors with companies that may benefit from future favorable trading or other arrangements.
We are controlled by Grupo Mexico, which exercises control over our affairs and policies and whose interests may be different from yours.
As of December 31, 2024, Grupo Mexico owned indirectly 88.9% of our capital stock. Some of our officers and directors, and those of Minera Mexico, are
also directors and/or officers of Grupo Mexico and/or of its affiliates. We cannot assure you that the interests of Grupo Mexico will not conflict with those
of our minority stockholders. Grupo Mexico has the ability to determine the outcome of substantially all matters submitted for a vote to our stockholders
and thus exercises control over our business policies and affairs, including the following:
●
the composition of our Board of Directors and, as a result, any determinations of our Board concerning our business direction and policy, including the
appointment and removal of our officers;
●
determinations concerning mergers and other business combinations, including those that may result in a change of control;
●
whether dividends are paid or other distributions are made and the amount of any dividends or other distributions;
●
sales and dispositions of our assets;
●
the amount of debt financing that we incur; and
●
the approval of capital projects.
We cannot assure you that an increase in the financial obligations of Grupo Mexico or AMC, which may be attributable to financing or to other reasons, will
not result in a scenario in which our parent corporations obtain loans, increase dividends or receive other funding from us.
In addition, we have in the past engaged in, and expect to continue engaging in, transactions with Grupo Mexico and its other affiliates that are related party
transactions and may present conflicts of interest. For additional information regarding the share ownership of, and our relationships with, Grupo Mexico
and its affiliates, see Note 18 “Related Party Transactions” to the consolidated financial statements.
Unanticipated litigation or negative developments in pending litigation or with respect to other contingencies may adversely affect our financial
condition and results of operations.
We are currently, and may in the future become, subject to litigation, arbitration or other legal proceedings with other parties. If rulings are against the
Company, these legal proceedings, or others that could be brought against us in the future, may adversely affect our financial position or prospects. For
further detailed discussion of pending litigation, please see Note 13 “Commitment and Contingencies—Litigation matters” of the consolidated financial
statements.

Table of Contents
24
Developments in the United States, Europe and emerging market countries may adversely affect the Company business, the market value and trading
price of our common stock and our debt securities.
The business, market value and trading price of securities of companies with significant operations in Peru and Mexico is, to varying degrees, affected by
the economic policies and market conditions in the United States, Europe and emerging market countries. Although economic policies and conditions in
these countries may significantly differ from policies and conditions in Peru or Mexico, the market’s reactions to developments in any of these countries
may adversely affect the Company’s business causing a fluctuation on the market value or the trading price of our securities, including debt securities.
In addition, in recent years economic conditions in Mexico have shown to have an increased correlation to U.S. economic conditions. Therefore, changes in
economic policies and conditions in the United States could also have a significant adverse effect on Mexican economic conditions, affecting our business
and the price of our common stock or debt securities.
We cannot assure you that the market value or trading prices of our common stock and debt securities, will not be adversely affected by events in the United
States or elsewhere, including emerging market countries.
Potential developments in the United States, regulatory uncertainty, tariff threats and trade tensions may affect the Company’s business and results of
operations.
Our business operations may be adversely affected by changes in regulatory policies. Imposing new tariffs on imports could significantly affect our cost
structures and pricing strategies. The uncertainty surrounding potential tariff policies may complicate our supply chain planning and international trade
relationships while increasing costs for raw materials and goods. These events, should they materialize, may impact our profitability and competitive
positioning in the market.
Additionally, changes in international trade policies and relationships may affect global commodity prices and market conditions and could have a material
adverse impact on our business and results of operations. The adoption and expansion of trade restrictions; trade tensions; or other changes in governmental
policies related to taxes, tariffs, trade agreements or any policies, are difficult to predict and could adversely affect the demand for our products, our costs,
our customers, our suppliers and the U.S. economy and, consequently, could have a material adverse effect on our cash flows, competitive position,
financial condition or results of operations.
Despite our risk management efforts and mitigation strategies, we cannot provide any assurance that such measures will be successful in addressing or
minimizing the impact of political, regulatory, and trade-related risks on our business operations and financial results.
Other international risks
We are a company with substantial assets located outside of the United States. We conduct production operations in Peru and Mexico and exploration
activities in these countries as well as in Chile, Argentina and Ecuador. Accordingly, in addition to the usual risks associated with conducting business in
foreign countries, our business may be adversely affected by political, economic and social uncertainties in each of these countries. Such risks include
possible expropriation or nationalization of property, confiscatory taxes or royalties, possible foreign exchange controls, changes in the national policy
toward foreign investors, extreme environmental standards, etc.
Our international operations must comply with the U.S. Foreign Corrupt Practices Act and similar anti-corruption and anti-bribery laws in the other
jurisdictions in which we operate. There has been a substantial increase in global enforcement of these laws in recent years. As such, our corporate policies
and processes may not prevent or detect all potential breaches of the law. Any violation of those laws could result in significant criminal or civil fines and
penalties, litigation, and loss of operating licenses or permits, and may damage our reputation, which could have a material adverse effect on our cash flows,
results of operations and financial condition.

Table of Contents
25
Our insurance does not cover most losses caused by the aforementioned risks. Consequently, our production, development and exploration activities in these
countries could be substantially affected by factors out of our control, some of which could materially and adversely affect our financial position or results
of operations.
We may be adversely affected by natural disasters, pandemics (including the recent coronavirus outbreak) and other catastrophic events, and by man-
made problems such as terrorism, which could disrupt our business operations and our business continuity. Furthermore, disaster recovery plans may
not adequately protect us from a serious disaster.
Natural disasters, adverse weather conditions, floods, pandemics (including the recent coronavirus outbreak), acts of terrorism and other catastrophic or geo-
political events may cause damage or disruption to our operations, international commerce and the global economy, which could have an adverse effect on
our business, operating results, and financial condition.
Risks Associated with Doing Business in Peru and Mexico
There is uncertainty as to the termination and renewal of our mining concessions.
Under the laws of Peru and Mexico, mineral resources belong to the state and government. Therefore, concessions are required in both countries to explore
or exploit mineral reserves. In Peru, our mineral rights derive from concessions from Ministry of Energy and Mines (“MINEM”) for our exploration,
exploitation, extraction and/or production operations. In Mexico, our mineral rights derive from concessions granted, on a discretionary basis, by the
Ministry of Economy, pursuant to Mexican mining law and regulations thereunder.
Mining concessions in both Peru and Mexico may be terminated if the obligations of the concessioner are not satisfied. In Peru, we are obligated to pay
certain fees for our mining concession. In Mexico, we are obligated, among other things, to explore or exploit the relevant concession, to pay any relevant
fees, to comply with all environmental and safety standards, to provide information to the Ministry of Economy and to allow inspections by the Ministry of
Economy. Any termination or unfavorable modification of the terms of one or more of our concessions, or failure to obtain renewals of such concessions
subject to renewal or extensions, could have a material adverse effect on our financial condition and prospects.
Peruvian economic and political conditions, as well as illegal mining activities may have an adverse impact on our business.
A significant portion of our operations is conducted in Peru. Accordingly, our business, financial condition or results of operations could be affected by
changes in the political, regulatory or economic developments in the country and changes in the economic or other policies of the Peruvian government.
Over the past several decades, Peru has had a succession of regimes with differing political agendas and policies. In the twentieth century, past governments
have frequently intervened in the nation’s economy and social structure. Among other actions, past governments have imposed controls on prices, exchange
rates and local and foreign investments; placed limitations on imports; restricted companies’ abilities to dismiss employees and have prohibited the
remittance of profits to foreign investors.
Between 2019 and 2023, Peru experienced heightened political instability in a context marked by ongoing investigations into allegations of corruption and
confrontation on the political front. Significant political turmoil in Peru led to a shutdown of the Peruvian Congress and the removal of three Peruvian
presidents.
On December 7, 2022, the Peruvian congress invoked its powers under the Constitution to remove the current President from office. The Vice President
immediately assumed the presidency, which has led to considerable turmoil, particularly in the south of Peru, where acts of vandalism and violence
escalated. Roadblocks were scattered throughout the country, which negatively affected the normal course of business in various regions. Fortunately, our
operations were not impacted. This climate of violence gradually subsided during the year and was replaced by a general concern about the economic
recession and personal insecurity.

Table of Contents
26
Because we have significant operations in Peru, we cannot provide any assurance that political developments and economic conditions, including any
changes to economic policies or the adoption of other reforms proposed by existing or future administrations in Peru and/or other factors will have no
material adverse effects on market conditions, the prices of our securities, our ability to obtain financing, our results of operations, or our financial
condition.
Mexican economic and political conditions, as well as drug-related violence, may have an adverse impact on our business.
The Mexican economy is highly sensitive to economic developments in the United States, mainly because of its high level of exports to this market. Other
risks in Mexico are increases in taxes on the mining sector and higher royalties, such as those enacted in 2013. As has occurred in other metal producing
countries, the mining industry may be perceived as a source of additional fiscal revenue.
In addition, public safety organizations in Mexico are under significant stress, as a result of drug-related violence. This situation creates potential risks,
particularly for transportation of minerals and finished products, which may affect a small portion of our production. Drug-related violence has had a limited
impact on our operations, as it has tended to concentrate outside of our areas of production. The potential risks to our operations might increase if the
violence spreads to our areas of production.
On May 9, 2023, Mexican Congress approved several changes effective immediately to the Mining Law, the National Waters Law, the General Law of
Ecological Balance and Environmental Protection and the General Law for the Prevention and Integral Management of Waste. The main aspects of the
Company´s business that will be affected by the legislation are the terms for mining concessions from 50 to 30 years; new conditions on water use;
provision of guarantees for site closure and remediation; a new 5% contribution of net earnings to indigenous communities for new projects and significant
changes to exploration rules.
Down the line, the aforementioned changes could trigger amendment, additions and repeals of provisions of a number of laws, including the Mining Law,
the National Water Law, the General Law for Ecological Balance and Environmental Protection and the General Law for the Prevention and Management of
Mine Waste.
Although the Company believes that there will be no material impact on the Company's current operations or financial situation as a result of these changes,
we cannot assure you that future developments in these laws will not affect our business.
Additionally, on September 15, 2024, the constitutional reform to the Judiciary approved by the Mexican Congress was published and became effective, 
which establishes that judges, magistrates and ministers of the Mexican Supreme Court of Justice will be elected by the citizens.  It is currently not possible 
to determine the effects of the reform on the Company's operations.
Because we have significant operations in Mexico, we cannot provide any assurance that political developments and economic conditions, including any
changes to economic policies or the adoption of other reforms proposed by existing or future administrations in Mexico, or the advent of drug-related
violence in the country, will have no material adverse effect on market conditions, the prices of our securities, our ability to obtain financing, our results of
operations or our financial condition.
Peruvian inflation and fluctuations in the sol exchange rate may adversely affect our financial condition and results of operations.
Although the U.S. dollar is our functional currency and our revenues are primarily denominated in U.S. dollars, as we operate in Peru, portions of our
operating costs are denominated in Peruvian soles. Accordingly, when inflation or deflation in Peru is not offset by a change in the exchange rate of the sol,
our financial position, results of operations, cash flows and the market price of our common stock could be affected.

Table of Contents
27
Inflation in Peru in 2024, 2023 and 2022 was 2.0%, 3.2% and 8.5%, respectively. In 2024, the sol depreciated 1.5% against the U.S. dollar, versus a 2.8%
appreciation in 2023 and a 4.5% appreciation in 2022. Although the Peruvian government’s economic policy reduced inflation and the economy has
experienced significant growth in the past decade, we cannot assure you that inflation will not increase from its current level or that such economic growth
will continue in the future at similar rates or at all. Additionally, a global financial economic crisis could negatively affect the Peruvian economy.
To manage the volatility related to the risk of currency rate fluctuations, we may enter into forward exchange contracts. We cannot assure you, however, that
currency fluctuations will not have an impact on our financial condition and results of operations.
Mexican inflation, restrictive exchange control policies and fluctuations in the peso exchange rate may adversely affect our financial condition and
results of operations.
Although all of our Mexican operations’ sales of metals are priced and invoiced in U.S. dollars, a substantial portion of its costs are denominated in pesos.
Accordingly, when inflation in Mexico increases without a corresponding depreciation of the peso, the net income generated by our Mexican operations is
adversely affected. Inflation in Mexico was 4.2% in 2024, 4.7% in 2023 and 7.8% in 2022. The peso depreciated 20.0% against the U.S. dollar in 2024,
versus a 12.7% appreciation in 2023 and a 5.9% appreciation in 2022. The peso has been subject in the past to significant volatility, which may not have
been proportionate to the inflation rate and may not be proportionate to the inflation rate in the future.
Currently, the Mexican government does not restrict the ability of Mexican companies or individuals to convert pesos into dollars or other currencies. While
we do not expect the Mexican government to impose any restrictions or exchange control policies in the future, it is an area we closely monitor. We cannot
assure you the Mexican government will maintain its current policies with regard to the peso or that the peso’s value will not fluctuate significantly in the
future. The imposition of exchange control policies could impair Minera Mexico’s ability to obtain imported goods and to meet its U.S. dollar-denominated
obligations and could have an adverse effect on our business and financial condition.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 1C. CYBERSECURITY
Risk Management and Strategy
Our Cybersecurity Approach and Integration
Technology is a fundamental element in our Company’s permanent engagement with innovation and continuous improvement in the area of risk
management and cybersecurity management strategy. As cybersecurity threats are becoming increasingly sophisticated and rapidly evolving, we have
implemented processes for overseeing and identifying material risks from potential cybersecurity threats. Cyber risk management is a core component of
our Company’s governance structure, and our cybersecurity processes are integrated into the Company’s overall risk management system and processes.
Our primary focus is information security.
Our Information Technology governance framework is composed of policies, procedures, standards, and methodologies to identify and manage risks among
other aspects, which are governed by reference frameworks and best practices.
SCC’s information security strategy is led by the Technology and Information Security Director (“TISD”), with review and support from the Chief
Information Security Officer (“CISO”) of Grupo Mexico. The main purpose of SCC’s information security strategy is to identify and manage technological
risks that could affect the Company's objectives and to strengthen our Company’s resilience. As part of management’s oversight of cybersecurity, the
information security strategy is presented on an annual basis to SCC’s Audit Committee of the Board of Directors, which reports to

Table of Contents
28
the full Board of Directors, with additional review and oversight by AMC’s Risks Committee. In addition, we conduct a quarterly follow-up of our 
cybersecurity strategy’s execution progress  and any significant cybersecurity incidents are rigorously monitored.
SCC’s Information Technology Governance Framework includes:
a.
Procedures for Information Security Risk Management and Information Security Risk Management Methodology based on the ISO 27005
Information security, cybersecurity and privacy protection standard and Control Objectives for Information and Related Technology (“COBIT”),
which establishes criteria to identify, analyze, evaluate, treat and accept risks to the Company's technology infrastructure, including cybersecurity
risks.  
Our Risk Management Methodology is applied year-round and covers all of the Company’s IT departments and processes. The results are used to
generate and update risk and control matrices.
Cybersecurity risks are documented on the Information Security risks and controls matrices. Key risks and their treatment are tracked via these
matrices as part of the Information Security processes, which include Vulnerability Management, Patch Management on Information Technology
devices, Hardening, Information Security Incident Response, Information Security Culture Development and Cyber Threat Intelligence.
The IT risks and controls matrices are reviewed, authorized, and released annually by the Technology and Information Security Director. The
matrices are then submitted to SCC's Internal Audit department to review and evaluate controls, in terms of design, implementation, and
operational effectiveness.
b.
Information Security Incident Management Procedure based on the National Institute of Standards and Technology (“NIST”)
Cybersecurity Framework
We utilize the Cybersecurity Framework of the NIST to outline the activities and authorize personnel to handle information security and
cybersecurity incident responses within the Company. This procedure outlines the phases of the incident response process, including detection and
analysis; containment and intelligence development; eradication and remediation; recovery; and post-incident activities. Assessments include the
qualitative and quantitative factors that are essential for determining materiality on information security and cybersecurity incidents.
In instances where a cybersecurity incident is classified and declared as material, our process is designed to meticulously document in a
comprehensive report, all critical details such as the date and time of identification of the incident, a concise description of the incident's nature and
scope, the impact of the incident on the Company's operations, and its current status (remediated or is undergoing remediation), in order to be
clearly informed by the Company.
Information security and cybersecurity incidents undergo thorough review and assessment by the Information Security Subdirector, in
collaboration with cybersecurity specialists and experts. Those incidents classified as material are reported to the Technology and Information
Security Director, relevant Business Directors, and the Board’s Audit Committee, with additional review by AMC's Productivity and Risk
Committees. Simultaneously, these processes allow cybersecurity incidents classified as “material” to be promptly disclosed to the SEC in a Form
8-K report within 4 business days of the Company’s determination that such incident is in fact a “material” incident.
Oversight of Third-Party Service Providers
Security Assessment Process for IT Service Providers
Our Security Assessment Process for IT Service Providers is based on the ISO 27001 Information security, cybersecurity, and privacy protection standard.
This standard’s guidelines ensure that service providers design and implement procedures and notification mechanisms for incident response management
within their technological infrastructure. All contracts with IT service providers must stipulate the service levels required by the Company.

Table of Contents
29
Regular meetings are conducted with IT service providers to assess compliance with contracted services, which includes a report on detected information
security and cybersecurity incidents, activities for their remediation, and findings and insights from previous reviews and improvements.
Engagement with External Experts
The Company engages top-tier external cyber security firms as needed and leverage their expertise. This is part of our ongoing effort to evaluate and
enhance our cybersecurity program. The information security strategy includes assessments conducted by third parties and the engagement of specialized
services for specific tasks, including:
a.
Internal and External Penetration Testing of SCC's Technology Infrastructure: This service is contracted at least annually to identify and
remediate vulnerabilities that may exist at the infrastructure and critical operation systems levels.
b.
Cybersecurity Organizational Maturity Assessment: The objective of this service is to understand the level of risk and maturity of the
Company's cybersecurity controls (Cybersecurity Assessment). The results of Cybersecurity Assessments are used to design and implement work
plans.
Disclosure of Management’s Responsibilities
Technology and Information Security Director and Information Security Subdirector
Our management possesses significant expertise in the assessment and management of cybersecurity risks. TISD, and the Information Security Subdirector
(“ISD”), has extensive experience in the areas of information technology, information security risk management, and cybersecurity. Specific to
cybersecurity, the TISD and the ISD have the expertise to provide insights into the nature of cyber threats, the Company’s readiness, and actions that should
be taken to mitigate such risks.
The TISD, under the direction of the Company’s Chief Executive Officer, is responsible for overseeing the Company’s information technology systems,
digital capabilities, and cybersecurity practices. The current TISD has more than 25 years of IT experience and has spent 15+ years overseeing cybersecurity
strategy, implementation, and operation. Additionally, he holds a Master’s degree in IT Management and a Master’s Degree in Business Administration.
The ISD, under the direction of the TISD, is responsible for overseeing the organization’s cybersecurity and promoting a security-centric culture throughout
our operations. The ISD is at the forefront of enhancing our cybersecurity framework and strengthening the overall cybersecurity program. Additionally, the
ISD oversees the cyber risk management function, which identifies cybersecurity threats and assesses cybersecurity risks. Our ISD has more than 12 years
of experience in the cybersecurity field and holds a Computer Engineering degree.
Risk Committee and Productivity Committee
The Company’s holding company, AMC, has the following Committees, that convene several times a year:
●
AMC Productivity Committee
●
AMC Risks Committee
These committees provide support to the Company's Board of Directors with respect to information security and cybersecurity matters. In particular, the
Risk Committee provides oversight of the Company’s risk management, cybersecurity, and operational compliance activities, as well as a means of bringing
risk issues to the attention of management.
Disclosure of the Board’s Roles and Responsibilities
The Board of Directors is responsible for global oversight of our strategic and operational risks. The Audit Committee assists the Board of Directors with
this responsibility by reviewing and discussing our risk assessment and risk

Table of Contents
30
management practices, including cybersecurity risks, with members of management. The Audit Committee, in turn, periodically reports its findings to the
Board of Directors.
The Audit Committee
The Audit Committee is responsible for overseeing the Company’s overall risk management strategies, including cybersecurity risks and disclosures. To
keep the Audit Committee informed, our information security strategy is periodically presented to the Audit Committee, which reports to the full Board of
Directors. Regular meetings are held to report to the Audit Committee, which include a risk assessment that highlights cybersecurity risks and cybersecurity
risk mitigation actions. Additionally, the Audit Committee receives updates on significant incidents and cybersecurity risks that have been presented to or
discussed with the Risk Committee.
The Internal Audit Department
The Internal Audit department of SCC operates in accordance to an Annual Plan that has been approved by the SCC Audit Committee. This plan
encompasses the design and execution of system audits, including testing of cybersecurity controls and protocols. Recommendations from both Internal and
External experts are thoroughly reviewed and evaluated and may be implemented if findings so merit.
Cybersecurity Incident Impact
While we identified no cybersecurity incidents, we have been subject to attempted cybersecurity threats and will likely continue to be subject to such
attempts in the future. For additional discussions of risks from cybersecurity threats we face, see Item 1A “Risk Factors”. There were no material
cybersecurity incidents in 2024.
ITEM 2. PROPERTIES
SUMMARY DISCLOSURE
The following maps show the locations of our principal mines, smelting facilities, refineries and projects. We operate open-pit copper mines in the southern
part of Peru—at Toquepala and Cuajone—and in Mexico, at La Caridad and Buenavista. We also own five underground mines, three out of which currently
produce zinc, copper, silver and gold.
The below description of the Company’s mining operations is qualified in its entirety by reference to the Technical Report Summaries included as exhibits to
this report and incorporated by reference into this Item 2.  

Table of Contents
31
EXTRACTION, SMELTING AND REFINING PROCESSES
Our operations include open-pit and underground mining, concentrating, copper smelting, copper refining, copper rod production, solvent
extraction/electrowinning (“SX-EW”), zinc refining, sulfuric acid production, molybdenum concentrate production and silver and gold refining. The
extraction and production process are summarized below.
OPEN-PIT MINING
In an open-pit mine, the production process begins at the mine pit, where waste rock, leaching ore and copper ore are drilled and blasted and then loaded
onto diesel-electric trucks by electric shovels. Waste is hauled to dump areas and leaching ore is hauled to leaching dumps. The ore to be milled is
transported to the primary crushers.
UNDERGROUND MINING
In an underground mine, the production process begins at the stopes, where copper, zinc and lead veins are drilled and blasted and the ore is hauled to the
underground crusher station. The crushed ore is then hoisted to the surface for processing.
CONCENTRATING
The copper ore above an established cut-off from the primary crusher or the copper, zinc and lead-bearing ore from the underground mines is transported to
a concentrator plant where gyratory crushers break the ore into sizes no larger than three-quarters of an inch. The ore is then sent to a mill section where it is
ground to the consistency of fine powder. The finely ground ore is mixed with water and chemical reagents and pumped as a slurry to the flotation separator,
where it is mixed with certain chemicals. In the flotation separator, reagent solutions and air pumped into the flotation cells cause the minerals to separate
from the waste rock and bubble to the surface where they are collected and dried.
If the bulk concentrated copper contains molybdenum, it is first processed in a molybdenum plant as described below under “Molybdenum Production.” In
addition, some of the concentrates contain economic amounts of gold and silver that are recovered in the smelters and refineries.
COPPER SMELTING
Copper concentrates are transported to a smelter, where they are smelted using a furnace, converter and anode furnace to produce either blister copper
(which is in the form of cakes with air pockets) or copper anodes (which are cleaned of air pockets). At the smelter, the concentrates are mixed with flux (a
chemical substance intentionally included for high temperature processing) and then sent to reverberatory furnaces producing copper matte and slag (a
mixture of iron and other impurities). Copper matte contains approximately 65% copper. Copper matte is then sent to the converters, where the material is
oxidized in two steps: (i) the iron sulfides in the matte are oxidized with silica, producing slag that is returned to the reverberatory furnaces, and (ii) the
copper contained in the matte sulfides is then oxidized to produce copper that, after casting, is called blister copper, containing approximately 98% to 99%
copper, or anodes, containing approximately 99.7% copper. Most of the blister and anode production is sent to the refinery and the remainder is sold to
customers.
COPPER REFINING
Anodes are suspended in tanks with a solution containing water, sulfuric acid and copper sulfate. A weak electrical current is passed through the anodes and
chemical solution and the dissolved copper is deposited on very thin starting sheets to produce copper cathodes containing approximately 99.99% copper.
During this process, silver, gold and other metals (for example, palladium, platinum and selenium), along with other impurities, settle on the bottom of the
tank (anodic muds). This anodic mud is processed at a precious metal plant where selenium, silver and gold are recovered.

Table of Contents
32
COPPER ROD PLANT
To produce copper rod, copper cathodes are first smelted in a furnace and then dosed in a casting machine. The dosed copper is then extruded and passed
through a cooling system that begins solidification of copper into a 60×50 millimeter copper bar. The resulting copper bar is gradually stretched in a rolling
mill to achieve the desired diameter. The rolled bar is then cooled and sprayed with wax as a preservation agent and collected into a rod coil that is
compacted and sent to market.
SOLVENT EXTRACTION/ELECTROWINNING (“SX-EW”)
A complementary processing method is the leaching and SX-EW process. During the SX-EW process, low-grade sulfides ore and copper oxides are leached
with sulfuric acid to allow copper content recovery. The acid and copper solution is then agitated with a solvent that contains chemical additives that attract
copper ions. As the solvent is lighter than water, it floats to the surface carrying with it the copper content. The solvent is then separated using an acid
solution, freeing the copper. The acid solution containing the copper is then moved to electrolytic extraction tanks to produce copper cathodes.
MOLYBDENUM PRODUCTION
Molybdenum is recovered from copper-molybdenum concentrates produced at the concentrator. The copper-molybdenum concentrate is first treated with a
thickener until it becomes slurry. The slurry is then agitated in a chemical and water solution and pumped to the flotation separator. The separator creates a
froth that carries molybdenum to the surface but not the copper mineral (which is later filtered to produce copper concentrates. The molybdenum froth is
skimmed off, filtered and dried to produce molybdenum concentrates.
ZINC REFINING
Metallic zinc is produced through electrolysis using zinc concentrates and zinc oxides. Sulfur is eliminated from the concentrates by roasting and the zinc
oxide is dissolved in sulfuric acid solution to eliminate solid impurities. The purified zinc sulfide solution is treated by electrolysis to produce refined zinc
and to separate silver and gold, which are recovered as concentrates.
SULFURIC ACID PRODUCTION
Sulfur dioxide gases are produced in the copper smelting and zinc roasting processes. As a part of our environmental preservation program, we treat the
sulfur dioxide emissions at two of our Mexican plants and at our Peruvian processing facilities to produce sulfuric acid, some of which is, in turn, used for
the copper leaching process; the balance is sold to mining and fertilizer companies located mainly in Mexico, Peru, United States and Chile.
SILVER AND GOLD REFINING
Silver and gold are recovered from copper, zinc and lead concentrates in the smelters and refineries and from slimes through electrolytic refining.

Table of Contents
33
PRODUCTION OVERVIEW
The table below provides an overview of Southern Copper’s aggregate annual production for all of its properties during each of the three most recently
completed fiscal years:
 
Variance
 
Year Ended December 31, 
 
2024 -2023
 
2023 -2022
    
2024
    
2023
    
2022
    
Volume
    
%
    
Volume
    
%
COPPER (thousand pounds):
 
   
   
   
   
   
   
  
Mined
 
 2,146,971  
 2,008,438  
 1,972,480
 
 138,533
 
 6.9 %  
 35,958  
 1.8 %
Smelted
 
 1,347,597  
 1,383,597  
 1,405,421
 
 (36,000)
 (2.6)%  
 (21,824)
 
 (1.6)%
Refined
 
 1,403,040  
 1,419,817  
 1,495,767
 
 (16,777)
 (1.2)%  
 (75,950)
 
 (5.1)%
Rod
 
 336,785  
 340,182  
 344,893
 
 (3,397)
 (1.0)%  
 (4,711) 
 (1.4)%
SILVER (thousand ounces)
 
 
 
   
  
Mined
 
 20,984  
 18,408  
 18,562
 
 2,576
 14.0 %  
 (154)
 
 (0.8)%
Refined
 
 11,999  
 10,927  
 14,272
 
 1,072
 9.8 %  
 (3,345)
 
 (23.4)%
MOLYBDENUM (thousand pounds)
 
 
 
   
  
Mined
 
 63,929  
 59,164  
 57,849
 
 4,765
 
 8.1 %  
 1,315  
 2.3 %
ZINC (thousand pounds)
 
 
 
 
   
   
   
  
Mined
 
 286,625  
 144,422  
 132,300  
 142,203  
 98.5 %  
 12,122  
 9.2 %
Refined
 
 217,734  
 222,695  
 220,225  
 (4,961) 
 (2.2)%  
 2,470  
 1.1 %
GOLD (ounces)
Mined
 70,056
 65,373
 65,134
 4,683  
 7.2 %  
 239  
 0.4 %
Refined
 35,386
 37,666
 43,306
 (2,280) 
 (6.1)%  
 (5,640) 
 (13.0)%
KEY PRODUCTION CAPACITY DATA
We own and operate all production facilities. The table below provides details on the locations of production facilities as of December 31, 2024 by
reportable segment, the processes used, and the key production and capacity data for each location:

Table of Contents
34
    
    
    
    
2024
2024 Capacity
 
Facility Name
Location
Stage
Process
Nominal Capacity(1)
Production
Use(3)
 
PERUVIAN OPEN‑PIT SEGMENT
 
Mining Operations
  
  
  
 
Cuajone open‑pit mine
 
Cuajone (Peru)
Production
 
Copper ore milling and recovery,
copper and molybdenum
concentrate production
 
90.0 ktpd—ore milled
 
 85.7
 95.2 %
Toquepala open‑pit mine (Concentrator I+II)
 
Toquepala (Peru)
Production
 
Copper ore milling and recovery,
copper and molybdenum
concentrate production
 
120.0 ktpd—ore milled
 
 111.7
 93.0 %
Toquepala SX‑EW plant
 
Toquepala (Peru)
Production
 
Leaching, solvent extraction and
cathode electrowinning
 
56.3 ktpy—refined
 
 24.1
 42.8 %
Processing Operations
 
  
 
   
   
Ilo copper smelter
 
Ilo (Peru)
Production
 
Copper smelting, blister, anodes
production
 
1,376.1 ktpy—concentrate feed
 
 1,230.9
 89.5 %
Ilo copper refinery
 
Ilo (Peru)
Production
 
Copper refining
 
294.8 ktpy—refined cathodes
 
 287.9
 97.7 %
Ilo acid plants
 
Ilo (Peru)
Production
 
Sulfuric acid
 
1,354.93 ktpy—sulfuric acid
 
 1,185.0
 87.5 %
Ilo precious metals refinery
 
Ilo (Peru)
Production
 
Slime recovery & processing, gold
& silver refining
 
460 tpy
 
 377.6
 82.1 %
MEXICAN OPEN‑PIT SEGMENT
 
  
 
   
   
Mining Operations
 
  
 
   
   
Buenavista open‑pit mine; Concentrator I
 
Sonora (Mexico)
Production
 
Copper ore milling & recovery,
copper and zinc concentrate
production
 
84.0 ktpd—milling
 
 86.0
 102.4 %
Concentrator II
 
 
115.0 ktpd—milling
 119.7
 104.1 %
Zinc concentrator
20.0 ktpd—milling
 16.7
 83.3 %
Buenavista: SX‑EW plant I
 
Sonora (Mexico)
Production
 
Leaching, solvent extraction &
refined cathode electrowinning
 
11.0 ktpy—refined
 
 —
 — %
SX‑EW plant II
 
Sonora (Mexico)
Production
 
Leaching, solvent extraction &
refined cathode electrowinning
43.8 ktpy—refined
 19.4
 44.3 %  
SX‑EW plant III
 
Sonora (Mexico)
Production
 
Leaching, solvent extraction &
refined cathode electrowinning
120.0 ktpy—refined
 64.6
 53.8 %  
La Caridad open‑pit mine
 
Sonora (Mexico)
Production
 
Copper ore milling & recovery,
copper & molybdenum concentrate
production
 
94.5 ktpd—milling
 
 94.3
 99.8 %
La Caridad SX‑EW plant
 
Sonora (Mexico)
Production
 
Leaching, solvent extraction &
cathode electrowinning
 
21.9 ktpy—refined
 
 23.3
 106.2 %
Processing Operations
 
  
 
   
   
La Caridad copper smelter
 
Sonora (Mexico)
Production
 
Concentrate smelting, anode
production
 
1,000 ktpy—concentrate feed
 
 991.5
 99.1 %
La Caridad copper refinery
 
Sonora (Mexico)
Production
 
Copper refining
 
300 ktpy copper cathode
 
 217.1
 72.4 %
La Caridad copper rod plant
 
Sonora (Mexico)
Production
 
Copper rod production
 
150 ktpy copper rod
 
 152.8
 101.8 %
La Caridad precious metals refinery
 
Sonora (Mexico)
Production
 
Slime recovery & processing, gold
& silver refining
 
1.8 ktpy—slime
 
 1.0
 54.3 %
La Caridad sulfuric acid plant
 
Sonora (Mexico)
Production
 
Sulfuric acid
 
1,565.5 ktpy—sulfuric acid
 
 996.0
 63.6 %
IMMSA SEGMENT
 
  
 
   
   
Underground mines
 
  
 
   
   
Charcas
 
San Luis Potosi (Mexico)
Production
 
Copper, zinc, lead milling, recovery
& concentrate production
 
1,460 ktpy—ore milled
 
 1,300.9
 89.1 %
San Martin
 
Zacatecas (Mexico)
Production
 
Lead, zinc, copper & silver mining,
milling recovery & concentrate
production
 
1,606 ktpy—ore milled
 
 1,429.8
 89.0 %
Santa Barbara
 
Chihuahua (Mexico)
Production
 
Lead, copper and zinc mining &
concentrates production
 
2,190 ktpy—ore milled
 
 1,701.9
 77.7 %
Santa Eulalia
 
Chihuahua (Mexico)
Suspended
 
Lead & zinc mining and milling
recovery & concentrate production  
547.5 ktpy—ore milled
 
 —
 — %

Table of Contents
35
Taxco(2)
 
Guerrero (Mexico)
Suspended
 
Lead, zinc silver & gold mining
recovery & concentrate production  
730 ktpy—ore milled
 
 —
 — %
Processing Operations
 
  
 
   
   
San Luis Potosi zinc refinery
 
San Luis Potosi (Mexico)
Production
 
Zinc concentrates refining
 
105.0 ktpy zinc cathode
 
 98.8
 94.1 %
San Luis Potosi sulfuric acid plant
 
San Luis Potosi (Mexico)
Production
 
Sulfuric acid
 
180.0 ktpy sulfuric acid
 
 187.8
 104.3 %
ktpd = thousands of tonnes per day
ktpy = thousands of tonnes per year
Tpy = tonnes per year
(1)
Our estimates of actual capacity under normal operating conditions contemplating an allowance for normal downtime for repairs and maintenance and are based on the average metal
content for the relevant period.
(2)
The Taxco mine has been on strike since July 2007.
(3)
In some cases, real production exceeds nominal capacity due to higher grades and recovery rates.
OTHER PROPERTIES
The table below provides details on the locations and other information as of December 31, 2024 for our properties under development or exploration.
These properties are also owned and operated by SCC.
Property Name
Location
Stage
Mineralization
Mineral rights and acreage
Other properties in Peru
  
  
  
Tia Maria
 
Arequipa (Peru)
Development
 Porphyry copper deposit; economic mineralization is oxide copper.
Consists of 55 concessions covering
approximately 34,790 hectares.
Los Chancas
 
Apurimac (Peru)
Exploration
 
Porphyry copper–molybdenum deposit; copper sulfides are
dominant.
Consists of 31 concessions, covering
approximately 22,700 hectares.
Michiquillay
 
Cajamarca (Peru)
Exploration
 
Porphyry copper–molybdenum–gold deposit; copper sulfides are
dominant.
Consists of 18 concessions covering
approximately 4,051 hectares.
Other properties in Mexico
 
  
 
El Pilar
 
Sonora (Mexico)
Development
 Predominantly consists of the copper oxide mineral chrysocolla.
Consists of 19 concessions covering
approximately 9,571 hectares.
El Arco
 
Baja California (Mexico)
Development
 
Porphyry copper deposit; mineralization occurs in three sub-
horizontal zones.
Consists of 11 concessions covering
approximately 72,133 hectares.

Table of Contents
36
PROPERTY BOOK VALUE
As of December 31, 2024, net book values of property and mine development were as follows (in millions):
Peruvian operations:
    
    
Cuajone
$
 737.1
Toquepala
 
 1,917.2
Tia Maria project
 
 286.0
Ilo and other support facilities
 
546.6
Construction in progress
 
 539.8
Total Peru
$
 4,026.7
Mexican open‑pit operations:
 
Buenavista mine and concentrator plants
$
 2,445.3
Buenavista SX‑EW and Quebalix
 
 669.9
La Caridad mine and concentrator plant
 
 257.0
La Caridad support facilities
 
 790.5
Construction in progress
 
 546.6
Total Mexico Open Pit
$
 4,709.3
Mexican IMMSA unit:
 
  
San Luis Potosi
$
 85.7
Zinc electrolytic refinery
 
 74.4
Charcas
 
 115.8
San Martin
 
 131.0
Santa Barbara
 
 183.3
Santa Eulalia
 
 38.9
Other facilities
 5.1
Construction in progress
 
- Zinc electrolytic refinery
 13.5
- Charcas
 53.0
- San Martin
 17.7
- Santa Barbara
 76.6
- Santa Eulalia
 8.0
- Other Facilities
 2.1
Total IMMSA Unit
$
 805.1
Other property:
 
  
El Pilar
$
 119.9
Mexicana del Arco
 
 110.0
Total
$
 229.9
Mexican administrative offices
$
 112.3
Total Mexico
$
 5,856.6
Total Southern Copper Corporation
$
 9,883.3

Table of Contents
37
SUMMARY OPERATING DATA
The following table contains certain operating data underlying our financial and operating information for each of the periods indicated.
 
Variance
 
Year Ended December 31, 
 
2024 -2023
 
2023 -2022
    
2024
    
2023
    
2022
    
Volume
    
%
    
Volume
    
%
COPPER (thousand pounds):
 
   
   
   
   
   
   
  
Mined
 
   
   
   
   
   
   
  
Peru open‑pit
 
   
   
   
   
   
   
  
Toquepala
 
 496,428  
 440,165  
 385,931  
 56,263  
 12.8 %  
 54,234  
 14.1 %
Cuajone
 
 363,454  
 328,990  
 309,338  
 34,464  
 10.5 %  
 19,652  
 6.4 %
SX‑EW Toquepala
 
 53,165  
 55,672  
 58,315  
 (2,507) 
 (4.5)%  
 (2,643) 
 (4.5)%
Mexico open‑pit
 
 
 
 
   
   
   
  
La Caridad
 
 206,628  
 193,596  
 195,091  
 13,032  
 6.7 %  
 (1,495) 
 (0.8)%
Buenavista
 
 769,323  
 725,216  
 746,557  
 44,107  
 6.1 %  
 (21,341) 
 (2.9)%
SX‑EW La Caridad
 
 51,257  
 50,691  
 51,449  
 566  
 1.1 %  
 (758) 
 (1.5)%
SX‑EW Buenavista
 
 185,210  
 193,024  
 205,662  
 (7,814) 
 (4.0)%  
 (12,638) 
 (6.1)%
IMMSA unit
 
 21,506  
 21,084  
 20,137  
 422  
 2.0 %  
 947  
 4.7 %
Total Mined
 
 2,146,971  
 2,008,438  
 1,972,480  
 138,533  
 6.9 %  
 35,958  
 1.8 %
Smelted
 
   
   
   
   
   
   
  
Peru open‑pit
 
   
   
   
   
   
   
  
Blister Ilo
 
 3,323  
 4,088  
 4,508  
 (765) 
 100.0 %  
 (420) 
 (9.3)%
Anodes Ilo
 
 790,612  
 798,342  
 771,630  
 (7,730) 
 (1.0)%  
 26,712  
 3.5 %
Mexico open‑pit
 
 
 
 
   
   
   
  
Anodes La Caridad
 
 553,662  
 581,167  
 629,283  
 (27,505) 
 (4.7)%  
 (48,116) 
 (7.6)%
Total Smelted
 
 1,347,597  
 1,383,597  
 1,405,421  
 (36,000) 
 (2.6)%  
 (21,824) 
 (1.6)%
Refined
 
   
   
   
   
   
   
  
Peru Open‑pit
 
   
   
   
   
   
   
  
Cathodes Ilo
 
 634,707  
 638,589  
 638,741  
 (3,882) 
 (0.6)%  
 (152) 
 (0.0)%
SX‑EW Toquepala
 
 53,165  
 55,672  
 58,315  
 (2,507) 
 (4.5)%  
 (2,643) 
 (4.5)%
Mexico Open‑pit
 
 
 
 
   
   
   
  
Cathodes La Caridad
 
 478,701  
 481,841  
 541,600  
 (3,140) 
 (0.7)%  
 (59,759) 
 (11.0)%
SX‑EW La Caridad
 
 51,257  
 50,691  
 51,449  
 566  
 1.1 %  
 (758) 
 (1.5)%
SX‑EW Buenavista
 
 185,210  
 193,024  
 205,662  
 (7,814) 
 (4.0)%  
 (12,638) 
 (6.1)%
Total Refined
 
 1,403,040  
 1,419,817  
 1,495,767  
 (16,777) 
 (1.2)%  
 (75,950) 
 (5.1)%
Rod Mexico Open‑pit—La Caridad
 
 336,785  
 340,182  
 344,893  
 (3,397) 
 (1.0)%  
 (4,711) 
 (1.4)%
SILVER (thousand ounces)
 
   
   
   
   
   
   
  
Mined
 
   
   
   
   
   
   
  
Peru Open‑pit
 
   
   
   
   
   
   
  
Toquepala
 
 3,062  
 2,615  
 2,220  
 447  
 17.0 %  
 395  
 17.8 %
Cuajone
 
 2,635  
 2,395  
 2,298  
 240  
 10.1 %  
 97  
 4.2 %
Mexico Open‑pit
 
 
 
 
   
   
   
  
La Caridad
 
 2,208  
 2,065  
 2,086  
 143  
 6.9 %  
 (21) 
 (1.0)%
Buenavista
 
 6,304
 
 4,669
 
 5,208  
 1,635  
 35.0 %  
 (539) 
 (10.3)%
IMMSA unit
 
 6,775  
 6,664  
 6,750  
 111  
 1.7 %  
 (86) 
 (1.3)%
Total Mined
 
 20,984  
 18,408  
 18,562  
 2,576  
 14.0 %  
 (154) 
 (0.8)%
Refined
 
   
   
   
   
   
   
  
Peru—Ilo
 
 4,070  
 3,526  
 3,741  
 544  
 15.5 %  
 (215) 
 (5.7)%
Mexico—La Caridad
 
 7,929  
 7,398  
 8,569  
 531  
 7.2 %  
 (1,171) 
 (13.7)%
IMMSA unit
 
 —  
 3  
 1,962  
 (3) 
 (100.0)%  
 (1,959) 
 (99.8)%
Total Refined
 
 11,999  
 10,927  
 14,272  
 1,072  
 9.8 %  
 (3,345) 
 (23.4)%
MOLYBDENUM (thousand pounds)
 
   
   
   
   
   
   
  
Mined
 
   
   
   
   
   
   
  
Toquepala
 
 19,771  
 13,916  
 16,934  
 5,855  
 42.1 %  
 (3,018) 
 (17.8)%
Cuajone
 
 9,740  
 8,252  
 7,992  
 1,488  
 18.0 %  
 260  
 3.3 %
Buenavista
 
 12,991  
 11,937  
 11,848  
 1,054  
 8.8 %  
 89  
 0.8 %
La Caridad
 
 21,427  
 25,059  
 21,075  
 (3,632) 
 (14.5)%  
 3,984  
 18.9 %
Total Mined
 
 63,929  
 59,164  
 57,849  
 4,765  
 8.1 %  
 1,315  
 2.3 %
ZINC (thousand pounds)
 
   
   
   
   
   
   
  
Mined
IMMSA
 
 144,875  
 144,422  
 132,300  
 453  
 0.3 %  
 12,122  
 9.2 %
Buenavista
 141,750
 —
 —
 141,750
 100.0 %  
 —
 — %
Total Mined
 
 286,625  
 144,422  
 132,300  
 142,203  
 98.5 %  
 12,122  
 9.2 %
Refined IMMSA
 
 217,734  
 222,695  
 220,225  
 (4,961) 
 (2.2)%  
 2,470  
 1.1 %

Table of Contents
38
(1) Copper production reported under “smelted” and “refined” is a subset of the mined copper and it is not additive to the mined copper.
SUMMARY DISCLOSURE OF MINERAL RESOURCES
The following table contains the summary of our mineral resources exclusive of mineral reserves as of December 31, 2024, based on long-term price
assumptions of $3.80 per pound of copper, $11.50 per pound of molybdenum ($10.35 per pound of molybdenum in the case of our El Arco mine), $23.00
per ounce of silver, $1.32 per pound of zinc, $1.04 per pound of lead and $1,725 per ounce of gold.
Measured mineral resources
Indicated mineral resources
Measured + Indicated mineral resources
Inferred mineral resources
    
Amount
    
Metal
Amount
    
Metal
Amount
    
Metal
Amount
    
Metal
(million
tonnes)
Grades
Content
(million lb)
(million
tonnes)
Grades
Content
(million lb)
(million
tonnes)
Grades
Content
(million lb)
(million
tonnes)
Grades
Content
(million lb)
Copper:
 
   
  
 
  
 
Peru:
 
 
 
 
Cuajone Sulfides
 
 62.0
 0.35 %
 471.9
 444.2
0.33 %
 3,225.6
 506.2
0.33 %
 3,697.5
 865.3
0.28 %
 5,420.8
Cuajone Leach
 —
 — %
 —
 0.0
0.55 %
 0.3
 0.0
0.55 %
 0.3
 0.0
0.64 %
 0.2
Toquepala Sulfides
 
 99.3
 0.57 %
 1,241.2
 179.0
0.39 %
 1,525.3
 278.3
0.45 %
 2,766.6
 161.4
0.29 %
 1,017.4
Toquepala Leach
 11.3
 0.15 %
 37.4
 46.0
0.15 %
 153.4
 57.3
0.15 %
 190.8
 52.4
0.15 %
 177.0
La Tapada deposit
 —
 — %
 —
 90.4
0.21 %
 420.3
 90.4
0.21 %
 420.3
 1.6
0.18 %
 6.4
Tia Maria deposit
 
 —
 — %
 —
 35.5
0.17 %
 135.2
 35.5
0.17 %
 135.2
 21.8
0.22 %
 107.8
Los Chancas Oxide
 
 —
 — %
 —
 98.0
0.45 %
 972.0
 98.0
0.45 %
 972.0
 33.0
0.38 %
 276.0
Los Chancas Sulfide
 —
 — %
 —
 52.0
0.59 %
 676.0
 52.0
0.59 %
 676.0
 1,400.0
0.45 %
 13,889.0
Michiquillay
 
 —
 — %
 —
 —
 — %
 —
 —
 — %
 —
 2,287.9
0.43 %
 21,554.8
Mexico:
 
Buenavista Mill
 
 —
 — %
 —
 627.0
0.38 %
 5,243.0
 627.0
0.38 %
 5,243.0
 7,848.0
0.34 %
 58,477.6
Buenavista Leach
 —
 — %
 —
 53.0
0.33 %
 377.1
 53.0
0.33 %
 377.1
 373.0
0.18 %
 1,457.4
Buenavista zinc plant
 —
 — %
 —
 203.0
0.44 %
 1,985.5
 203.0
0.44 %
 1,985.5
 705.0
0.37 %
 5,809.5
La Caridad Mill
 
 89.0
 0.15 %
 295.4
 2,136.0
0.14 %
 6,675.6
 2,224.0
0.14 %
 6,971.0
 5,315.0
0.13 %
 14,764.0
La Caridad Leach
 5.0
 0.07 %
 7.2
 113.0
0.07 %
 161.9
 117.0
0.07 %
 169.2
 342.0
0.08 %
 610.7
Charcas
 
 —
 — %
 —
 18.1
0.35 %
 138.8
 18.1
0.35 %
 138.8
 15.8
0.32 %
 109.8
Santa Barbara
 —
 — %
 —
 19.9
0.47 %
 205.2
 19.9
0.47 %
 205.2
 47.3
0.45 %
 465.4
San Martin
 —
 — %
 —
 13.8
0.62 %
 190.2
 13.8
0.62 %
 190.2
 55.7
0.46 %
 570.8
El Arco Mill
 
 —
 — %
 —
 826.6
0.41 %
 7,544.9
 826.6
0.41 %
 7,544.9
 2,344.9
0.37 %
 19,352.3
El Arco Leach
 —
 —
 —
 51.3
0.30 %
 335.3
 51.3
0.30 %
 335.3
 63.8
0.25 %
 350.9
El Pilar
 
 2.2
 0.20 %
 9.0
 81.3
0.18 %
 317.0
 83.4
0.18 %
 326.0
 88.6
0.12 %
 234.4
Pilares Mill
 
 —
 — %
 —
 30.1
0.55 %
 364.2
 30.1
0.55 %
 364.2
 3.4
0.46 %
 34.4
Pilares Leach
 —
 — %
 —
 0.0
0.16 %
 0.1
 0.0
0.16 %
 0.1
 0.0
0.09 %
 0.0
Total
 
 268.8
 2,062.2
 5,118.1
 30,646.8
 5,384.9
 32,709.0
 22,025.8
 144,686.7
Molybdenum:
 
Peru:
 
Cuajone
 
 62.0
 0.014 %
 18.7
 444.2
0.012 %
 116.1
 506.2
0.012 %
 134.8
 865.3
0.008 %
 160.2
Toquepala
 
 99.3
 0.038 %
 83.0
 179.0
0.021 %
 81.7
 278.3
0.027 %
 164.8
 161.4
0.008 %
 28.6
Mexico:
 
Buenavista Mill
 
 —
 — %
 —
 627.0
0.008 %
 110.7
 627.0
0.008 %
 110.7
 7,848.0
0.008 %
 1,384.1
Buenavista zinc plant
 —
 — %
 —
 203.0
0.004 %
 17.9
 203.0
0.004 %
 17.9
 705.0
0.009 %
 139.8
La Caridad Mill
 
 89.0
 0.025 %
 50.7
 2,136.0
0.022 %
 1,026.6
 2,224.0
0.022 %
 1,077.2
 5,315.0
0.024 %
 2,806.5
El Arco Mill
 
 —
 — %
 —
 826.6
0.008 %
 146.5
 826.6
0.008 %
 146.5
 2,344.9
0.006 %
 298.2
Pilares Mill
 
 —
 — %
 —
 30.1
0.014 %
 9.3
 30.1
0.014 %
 9.3
 3.4
0.014 %
 1.1
Total
 
 250.3
 152.4
 4,445.9
 1,508.8
 4,695.2
 1,661.2
 17,242.9
 4,818.5
Silver: (2)
 
Mexico:
 
Charcas
 
 —
 —
 —
18.1
 57.1
 33,198.3
 18.1
 57.1
 33,198.3
15.8
 62.7
 31,775.8
Santa Barbara
 
 —
 —
 —
19.9
 97.5
 62,334.6
 19.9
 97.5
 62,334.6
47.3
 81.5
 124,080.7
San Martin
 
 —
 —
 —
13.8
 76.1
 33,793.2
 13.8
 76.1
 33,793.2
55.7
 71.1
 127,473.0
El Arco Mill
 
 —
 —
 —
826.6
 1.6
 41,875.3
 826.6
 1.6
 41,875.3
 2,344.9
 1.5
 110,887.3
Total
 
 —
 —
 878.4
 171,201.3
 878.4
 171,201.3
 2,463.7
 394,216.7
Zinc:
 
Mexico:
 
Buenavista zinc plant
 —
 — %
 —
 203.0
 0.37 %
 1,645.6
203.0
 0.37 %
 1,645.6
 705.0
0.18 %
 2,858.1
Buenavista Cu plant
 —
 — %
 —
 627.0
 0.04 %
 553.4
627.0
 0.04 %
 553.4
 7,848.0
0.04 %
 6,747.4
Charcas
 —
 — %
 —
 18.1
 3.74 %
 1,492.8
18.1
 3.74 %
 1,492.8
 15.8
3.32 %
 1,152.7
Santa Barbara
 —
 — %
 —
 19.9
 3.36 %
 1,473.3
19.9
 3.36 %
 1,473.3
 47.3
3.34 %
 3,480.5
San Martin
 —
 — %
 —
 13.8
 1.89 %
 574.9
13.8
 1.89 %
 574.9
 55.7
2.55 %
 3,136.2
Total
 —
 —
 881.8
 5,740.1
 881.8
 5,740.1
 8,671.8
 17,374.9

Table of Contents
39
Lead:
Mexico:
Charcas
 —
 — %
 —
 18.1
 0.24 %
 97.0
18.1
 0.24 %
 97.0
 15.8
0.35 %
 123.1
Santa Barbara
 —
 — %
 —
 19.9
 1.71 %
 751.0
19.9
 1.71 %
 751.0
 47.3
1.87 %
 1,950.2
San Martin
 —
 — %
 —
 13.8
 0.34 %
 102.4
13.8
 0.34 %
 102.4
 55.7
0.31 %
 384.3
Total
 —
 —
 51.8
 950.4
 51.8
 950.4
 118.8
 2,457.6
Gold: (2)
Mexico:
Santa Barbara
 —
 —
 —
 19.9
 0.16
 99.6
19.9
 0.16
 99.6
 47.3
0.12
 185.9
El Arco Mill
 —
 —
 —
 826.6
 0.12
 3,226.1
826.6
 0.12
 3,226.1
 2,344.9
0.11
 8,053.5
Total
 —
 —
 846.5
 3,326
 846.5
 3,326
 2,392.2
 8,239.4
(1)
Mineral resources are reported in situ and are current as of December 31, 2024. Mineral resources are reported exclusive of mineral reserves. Figures have been
rounded.
(2)
Gold and silver grades are denominated in grams per tonne. Gold and silver contents are expressed in thousand ounces.
(3)
For further information on assumptions used in preparing the mineral resource estimates, for the following operations: Cuajone, Toquepala, Buenavista and La
Caridad (including Pilares); please refer to their individual property disclosure in this Form 10-K and the technical report summaries prepared by qualified persons,
under Exhibits 96.1, 96.2, 96.6 and 96.7, respectively, of this Form 10-K.
(4)
For further information on assumptions used in preparing the mineral resource estimates, for the Charcas and Santa Barbara operations; please refer to their
individual property disclosure in this Form 10-K and the technical report summaries prepared by qualified persons, under Exhibits 96.10 and 96.11 respectively in
this Form 10-K.
(5)
For further information on assumptions used in preparing the estimates for the San Martin operations, please refer to their individual property disclosure in this
Form 10-K and Chapter 11 of the project technical report summary prepared by qualified persons, under Exhibit 96.13 of the 2023 Form 10-K filed on February
29, 2024.
(6)
For further information on assumptions used in preparing the estimates for the following operations: El Arco, Tia Maria, Los Chancas, Michiquillay and El Pilar,
please refer to their individual property disclosure in this Form 10-K and Chapter 11 of the project technical report summaries prepared by qualified persons, under
Exhibit 96.10, 96.3, 96.4, 96.5 and 96.9, respectively of 2021 Form 10-K/A filed on March 7, 2022.

Table of Contents
40
SUMMARY DISCLOSURE OF MINERAL RESERVES
The following table contains the summary of our mineral reserves as of December 31, 2024, based on long-term price assumptions of $3.30 per pound of
copper, $10.00 per pound of molybdenum ($9.00 per pound of molybdenum in the case of our El Arco mine), $20.00 per ounce of silver, $1,500 per ounce
of gold and $1.15 per pound of zinc.
Proven mineral reserves
Probable mineral reserves
Total mineral reserves
    
Amount
    
Metal
Amount
    
Metal
Amount
    
Metal
(million
tonnes)
Grades
Content (million
lb)
(million tonnes)
Grades
Content (million
lb)
(million tonnes)
Grades
Content (million
lb)
Copper:
 
   
  
 
  
 
Peru:
 
 
 
 
Cuajone Mill
 
 588.5
 0.52 %
 6,764.8
 910.4
 0.45 %
 9,012.3
 1,498.8
 0.48 %
 15,777.1
Cuajone Leach
 19.1
 0.50 %
 211.6
 0.3
 0.72 %
 5.5
 19.4
 0.51 %
 217.1
Toquepala Mill
 
 1,184.8
 0.57 %
 14,987.0
 583.9
 0.47 %
 5,992.0
 1,768.8
 0.54 %
 20,979.0
Toquepala Leach
 2,107.1
 0.16 %
 7,297.8
 502.8
 0.20 %
 2,242.5
 2,610.0
 0.17 %
 9,540.3
La Tapada deposit
 
 —
 — %
 —
 487.6
 0.41 %
 4,449.2
 487.6
 0.41 %
 4,449.2
Tia Maria deposit
 —
 — %
 —
 223.8
 0.29 %
 1,412.5
 223.8
 0.29 %
 1,412.5
Mexico:
 
Buenavista Sulfides
 
 —
 — %
 —
 2,413.0
 0.44 %
 23,307.2
 2,413.0
 0.44 %
 23,307.2
Buenavista Leach
 —
 — %
 —
 2,118.0
 0.27 %
 12,389.0
 2,118.0
 0.27 %
 12,389.0
La Caridad Mill
 
 272.0
 0.28 %
 1,697.2
 1,671.0
 0.21 %
 7,628.2
 1,943.0
 0.22 %
 9,325.3
La Caridad Leach
 66.0
 0.23 %
 341.7
 315.0
 0.16 %
 1,102.3
 381.0
 0.17 %
 1,443.9
Pilares Mill
 —
 — %
 —
 22.6
 0.80 %
 398.6
 22.6
 0.80 %
 398.6
Pilares Leach
 —
 — %
 —
 2.2
 0.35 %
 16.7
 2.2
 0.35 %
 16.7
El Arco Mill
 
 —
 — %
 —
 1,229.5
 0.40 %
 10,822.1
 1,229.5
 0.40 %
 10,822.1
El Arco Leach
 —
 — %
 —
 140.5
 0.27 %
 846.3
 140.5
 0.27 %
 846.3
El Pilar
 
 63.0
 0.27 %
 370.4
 254.0
 0.25 %
 1,373.5
 317.0
 0.25 %
 1,743.9
Total
 
 4,300.5
 31,670.4
 10,874.7
 80,997.8
 15,175.2
 112,668.2
Molybdenum:
 
Peru:
 
Cuajone
 
 588.5
 0.019 %
 252.3
 910.4
 0.015 %
 303.6
 1,498.8
 0.017 %
 555.9
Toquepala
 
 1,184.8
 0.040 %
 1,032.5
 583.9
 0.021 %
 275.5
 1,768.8
 0.034 %
 1,307.9
Mexico:
 
Buenavista
 
 —
 — %
 —
 2,117.0
 0.009 %
 399.0
 2,117.0
 0.009 %
 399.0
La Caridad
 
 272.0
 0.042 %
 251.3
 1,671.0
 0.036 %
 1,334.9
 1,943.0
 0.037 %
 1,586.2
El Arco Mill
 
 —
 — %
 —
 1,229.5
 0.006 %
 166.7
 1,229.5
 0.006 %
 166.7
Pilares
 
 —
 — %
 —
 22.6
 0.006 %
 3.2
 22.6
 0.006 %
 3.2
Total
 
 2,045.3
 1,536.1
 6,534.4
 2,482.9
 8,579.7
 4,018.9
Silver: (2)
 
Mexico:
 
El Arco
 
 —
 —
 —
 1,229.5
 1.8
 70,464.9
 1,229.5
 1.8
 70,464.9
Total
 
 —
 —
 1,229.5
 70,464.9
 1,229.5
 70,464.9
Zinc:
 
Mexico:
 
Buenavista zinc plant (3)
 —
 — %
 —
 296.0
 0.58 %
 3,758.3
 296.0
 0.58 %
 3,758.3
Gold: (2)
Mexico:
El Arco
 —
 —
 —
 1,229.5
 0.14
 5,584.8
 1,229.5
 0.14
 5,584.8
(1)
Mineral reserves are current as of December 31, 2024. The reference point for the estimate is delivery to the process plant. Figures have been rounded.
(2)
Gold and silver grades are denominated in grams per tonne. Gold and silver contents are expressed in thousand ounces.
(3)
For further information on assumptions used in preparing the mineral reserve estimates, for the following mineral properties: Cuajone, Toquepala, Buenavista and
La Caridad (including Pilares), please refer to the individual property disclosure in this Form 10-K and to the technical report summaries prepared by qualified
persons, under Exhibits 96.1, 96.2, 96.6 and 96.7 respectively of this Form 10-K.
(4)
For further information on assumptions used in preparing the estimates for the following mineral properties: El Arco, Tia Maria and El Pilar, please refer to the
individual property disclosure in this Form 10-K and to the project technical report summaries prepared by qualified persons, under Exhibit 96.10, 96.3 and 96.9
respectively of Form 10-K/A, filed on March 7, 2022.

Table of Contents
41
Tailings Dams
Tailings are comprised of solid particles originating at the concentrator plants during the grinding process that, combined with water, are sent to specially
built structures where they are impounded. The water is recovered to be reused in the process.
Tailings dams are basically built in two manners: by using the coarse fraction from the same tailings or by using external material, often known as
“borrowed material” such as rock, clay etc. We believe SCC’s tailings dams are built according to international standards and national accepted engineering
practices. We comply with the country’s current regulations and adhere to the recommendations of the International Commission on Large Dams (ICOLD).
In addition, we have a committee, comprised of both internal and external specialists, which periodically reviews the safety and operation of each dam. In
2020, we implemented the project “Automation and Real Time Monitoring of geotechnical instrumentation in the Pit and Quebrada Honda Tailings Dam”
and conditioned a location to install three radars to conduct geotechnical monitoring of the Quebrada Honda Tailings Dam. We do not expect that these
activities will generate any adverse material effects in our operations.
We have six tailings dams in operation in Mexico and one in Peru as follows:
Country
    
Operation
    
Name
    
Current Height
    
Material
    
Method
Mexico
 Buenavista
 Tailings dam # 3
 85 meters
 Borrowed
 Downstream
Mexico
 Buenavista
 New tailings dam
 92 meters
 Borrowed
 Downstream
Mexico
 La Caridad
 Tailings dam # 7
 182 meters
 Borrowed
 Downstream
Mexico
 Charcas
 Tailings dam
 57 meters
 Coarse tailings
 Upstream
Mexico
 Santa Barbara
 Noriega dam
 51 meters
 Coarse tailings
 Upstream
Mexico
 San Martin
 Tailings dam 5 & 7
 74 meters
 Coarse tailings
 Upstream
Peru
 
Cuajone and
Toquepala
 
Quebrada Honda
 
144 meters
 Coarse tailings
 Downstream
INDIVIDUAL PROPERTY DISCLOSURE
In 2021, we adopted the disclosure requirements of S-K 1300. The definitions and allowed assumptions for mineral reserves under previous guidance
(Industry Guide 7) are significantly different from the defined terms and allowed assumptions for mineral reserves under S-K 1300. Additionally, Industry
Guide 7 did not permit mineral resource reporting.
PERUVIAN OPERATIONS
Operations in our Peruvian segment include the Cuajone and Toquepala mine complexes and the smelting and refining plants, the industrial railroad that
links Ilo, Toquepala and Cuajone and the port facilities. Other properties include our Tia Maria, Los Chancas and Michiquillay projects. We conduct
ongoing maintenance and improvement programs to ensure the satisfactory performance of our equipment. We believe all of the equipment at our Peruvian
plants is in good physical condition and is suitable for our operations.

Table of Contents
42
The map below indicates the approximate location of, and access to, our Cuajone and Toquepala mine complexes and our Ilo processing facilities:
Cuajone
The Cuajone operations consist of an open-pit copper mine and a concentrator and are located in the Torata District, Mariscal Nieto Region, of Moquegua,
approximately 878 km from the city of Lima and 27 km from the city of Moquegua. The Project centroid is at about 17° 3.130’S latitude and 70° 44.499’W
longitude, while the open pit is centered at approximately 17° 2.601’S latitude and 70° 42.481’W longitude.
The Cuajone mine is accessible by paved road from Lima or Tacna by the Pan-American Highway. The Quebrada Honda tailings storage facility (“TSF”) is 
about 120 km via local roads, south of the Cuajone operations.  Access within the project area is via developed roads that are routinely maintained. Tacna,
Moquegua, and Ilo have regularly scheduled air services from Lima. Additionally, a spur railway runs from the Toquepala operations to the Cuajone
operations.
The Cuajone operations are owned and operated by SPCC Peru Branch and contain a single mining concession, “Acumulacion Cuajone”, which covers an
area of 14,875.66 hectares. Power is transmitted for process needs from the Peruvian grid using two Southern Copper-owned transmission lines of 138 kV 
and 220 kV. Additionally, the Cuajone operations use surface and underground water from a variety of sources as fresh make up water.  
The property is currently in the production stage. Southern Copper has had an interest in the Cuajone area since 1954. Predecessor companies included
Cerro de Pasco Corporation, Newmont and Asarco. Overburden removal commenced in 1970 and ore production commenced in 1976. Our Cuajone
operations utilize a conventional open-pit mining method to drill/blast/haul copper ore for further processing at the concentrator, which has a milling
capacity of 90,000 tonnes per day. Book value of the property and its associated plant and equipment is available under “Property Book Value” on page 36
of this report.

Table of Contents
43
The table below shows production information for 2024, 2023 and 2022 for our Cuajone operations:
 
 Variance 2024 -
 
2023
    
    
2024
    
2023
    
2022
    
Amount     
%
Mine annual operating days
 
  
 
366  
365  
 365  
   
  
Mine
 
  
 
 
 
 
   
  
Total ore mined
 
(kt)
 
 30,872  
 27,469  
 25,049  
 3,403  
 12.4 %
Copper grade
 
(%)
 
 0.625  
 0.640  
 0.658  
 (0.015) 
 (2.3)%
Leach material mined
 
(kt)
 
 1,129  
 913  
 1,817  
 216  
 23.7 %
Leach material grade
 
(%)
 
0.605  
0.590  
0.713  
 0.015  
 2.5 %
Stripping ratio
 
(x)
 
 3.58  
 4.15  
 4.21  
 (0.57) 
 (13.7)%
Total material mined
 
(kt)
 
 146,690  
 146,261  
 139,916  
 429  
 0.3 %
Concentrator
 
  
 
 
 
 
   
  
Total material milled
 
(kt)
 
 30,850  
 27,398  
 24,985  
 3,452  
 12.6 %
Copper recovery
 
(%)
 
 85.50  
 85.30  
 85.30  
 0.20  
 0.2 %
Copper concentrate
 
(kt)
 
 657.3  
 601.4  
 562.8  
 55.9  
 9.3 %
Copper in concentrate
 
(kt)
 
 164.9  
 149.2  
 140.3  
 15.7  
 10.5 %
Copper concentrates average grade
 
(%)
 
 25.08  
 24.81  
 24.93  
 0.27  
 1.1 %
Molybdenum
 
  
 
 
 
 
   
  
Molybdenum grade
 
(%)
 
 0.022  
 0.020  
 0.023  
 0.002  
 10.0 %
Molybdenum recovery
 
(%)
 
 64.60  
 63.30  
 63.22  
 1.30  
 2.1 %
Molybdenum concentrate
 
(kt)
 
 8.4  
 7.0  
 6.7  
 1.4  
 19.8 %
Molybdenum concentrate average grade
 
(%)
 
 52.60  
 53.43  
 53.86  
 (0.83) 
 (1.6)%
Molybdenum in concentrate
 
(kt)
 
 4.4  
 3.7  
 3.6  
 0.7  
 18.1 %
Key: kt = thousand tonnes
x = Stripping ratio obtained dividing waste by leachable material plus ore mined.
Copper and molybdenum grades are referred to as total copper grade and total molybdenum grade, respectively.
Geology
The Cuajone deposit is considered to be an example of a porphyry copper–molybdenum deposit. The basal regional geology consists of Precambrian
metamorphic rocks that are cut by Paleozoic granite, unconformably overlain by Upper Triassic to Jurassic marine volcanic and sedimentary lithologies.
Overlying these rocks are late Cretaceous to early Tertiary rhyolite, andesite and agglomerate of the Toquepala Group. These lithologies are intruded by the
composite, polyphase Cretaceous to Paleogene Coastal (Andean) Batholith.
Mineralization and alteration at the Cuajone deposit is directly related to a multi-stage latite porphyry that intrudes basaltic andesites and the overlying 370 
m of rhyolite porphyries of the Toquepala Group. The Cuajone porphyry deposit exhibits a zoned alteration pattern that includes potassic, propylitic, 
sericitic and intermediate argillic hydrothermal alteration styles. The Cuajone mineralogy is typically simple and consists of pyrite, chalcopyrite, and 
bornite, with sparse sphalerite, galena, and enargite.  
Concentrator
Our Cuajone operations use state-of-the-art computer monitoring systems at the concentrator, the crushing plant and the flotation circuit to coordinate
inflows and optimize operations. The process designs were based on existing technologies and proven equipment, and the plants constructed using those
designs have been operating for 48 years. Material with a copper grade over 0.25% is loaded to the in-pit crushing and conveying (IPCC) system and sent to
the milling circuit, where giant rotating crushers reduce the size of the rocks to approximately one-half of an inch. The ore is then sent to the ball mills,
which grind it to the consistency of fine powder. The finely ground powder is agitated in a water and reagents solution and is then transported to flotation
cells. Air is pumped into the cells to produce foam for floating the copper and molybdenum minerals while waste materials called tailings are separated.
This copper-molybdenum bulk concentrate is then treated by inverse flotation, where molybdenum is floated and copper is depressed. The copper

Table of Contents
44
concentrate is shipped by rail to the smelter at Ilo and the molybdenum concentrate is packaged for shipment to customers.
Tailings are sent to thickeners to recover water. The remaining tailings are sent to the Quebrada Honda dam, our principal tailings storage facility.
A major mill expansion was completed in 1999 and the eleventh primary mill began operations in January 2008. In December 2013, the high-pressure
grinding roll was put in operation. At the end of 2016, the Larox filter press for molybdenum concentrate began operations. The overland primary crusher
began operations in May 2018. The new tailings thickener began operations in September 2019.
In November 2023, the "HPGR optimization as a quaternary crushing circuit" project began operational testing and ramping-up. In February 2024, the
quaternary crushing circuit began working at full capacity with favorable results.
Slope stability
The Cuajone pit is approximately 900 meters deep. Under the present mine plan configuration, the Cuajone pit will reach a depth of 1,320 meters. The
increases in the depth of the pit present us with a number of geotechnical challenges. Perhaps the foremost concern is the possibility of slope failure, which
all open pit mines face. To meet the geotechnical challenges relating to slope stability of the open pit mines, we have taken the following steps:
At the Cuajone mine, the Company maintains many monitoring systems with radars in order to prevent the risk of slope instability. The equipment acquired
through these years have helped to control the walls of the pit and anticipate possible damages. In addition, in 2015 a geotechnical study was conducted to
increase the inter ramp angle by an average of three degrees and include 40 meters wide geotechnical berms for inter ramp heights above 150 meters.
In 2020, equipment to extract rock samples was implemented in the rock mechanics laboratory. This equipment allows us to obtain cylindrical rock
specimens and perform rock mechanics tests under current technical standards and norms. A drone was also incorporated in the slope reconciliation
activities to obtain detailed topographic information on the slopes and identify good practices or opportunities to build stable walls. In 2021, as part of the
equipment update and the requirement to improve the slope monitoring coverage due to the growth of the pit, two slope monitoring radars were acquired.
Three pieces of monitoring equipment have also been added to monitor slopes in the leaching pads. Likewise, the first study of the physical stability of
waste rock deposits was carried out by a consulting firm.
In 2022, seismic refraction equipment was used to record information on fracturing frequency, determine the dynamic parameters of the rock mass, and
modify designs in the buffer and pre-split blasting rows, as a complement in minimizing the impact on the final slopes of the pit. A digital inclinometer has
been replaced to monitor slopes in the pit and identify potential deformation zones.
In 2023, an evaluation of the physical stability of the waste rock deposits and leach heaps was carried out, in compliance with article 400 of the Supreme
Decree 024-2016 and its amendments contained in the Supreme Decree 023-2017 E.M. Eight digital extensometers were also acquired to monitor and
control waste rock deposits.
In 2024, we drilled 3,000.2 meters for geotechnical and conventional exploration purposes; implemented structural mapping with 3D laser scanning
technology; and installed geotechnical instruments, such as the Casagrande piezometer, and vertical inclinometers. In accordance with Supreme Decree 034-
2023-EM, we performed inspections to meet compliance and safety requirements; control management for the “Slope Slide / Rockfall” standard was also
implemented.

Table of Contents
45
Mineral resources
The following table contains the summary of copper and molybdenum mineral resources for Cuajone as of December 31, 2024, based on long-term price
assumptions of $3.80 and $11.50 per pound respectively; these prices were fixed over the remaining years of mine life:
2024
2023
Copper
    
Amount
(million
tonnes)
    
Grades
    
Metallurgical
recovery
Metal content
(million
pounds)
Amount
(million
tonnes)
    Grades
    
Metallurgical
recovery
Metal
content
(million
pounds)
Variation
Measured mineral resources
- Sulfides
 62.0
 0.35 %
 84.0 %
 471.9
 —
 — %
 — %
 —
100.0%
- Leach (oxides)
 —
 — %
 — %
 —
 —
 — %
 — %
 —
0.0%
Indicated mineral resources
 
- Sulfides
 444.2
 0.33 %
 84.0 %
 3,225.6
 329.5
 0.38 %
 84.8 %
 2,746.6
17.4%
- Leach (oxides)
 0.0
 0.55 %
 36.8 %
 0.3
 0.2
 0.54 %
 42.4 %
 2.6
(89.4)%
Measured + Indicated mineral
resources
 506.2
 0.33 %
 3,697.7
 329.7
 0.38 %
 2,749.2
34.5%
Inferred mineral resources
- Sulfides
 865.3
 0.28 %
 84.0 %
 5,420.8
 836.0
 0.32 %
 84.8 %
 5,831.2
(7.0)%
- Leach (oxides)
 0.0
 0.64 %
 36.8 %
 0.2
 0.3
 0.51 %
 42.4 %
 3.4
(93.3)%
Total inferred mineral resources
 865.3
 0.28 %
 5,421.0
 836.3
 0.32 %
 5,834.6
(7.1)%
Molybdenum
    
Amount
(million
tonnes)
    
Grades
    
Metallurgical
recovery
Metal content
(million
pounds)
Amount
(million
tonnes)
    Grades
    
Metallurgical
recovery
Metal
content
(million
pounds)
Variation
Measured mineral resources
 62.0
 0.014 %
 61.1 %
 18.7
 —
 — %
 — %
 —
100.0%
Indicated mineral resources
 
 444.2
 0.012 %
 61.1 %
 116.1
 329.5
 0.014 %
 62.9 %
 103.4
12.3%
Measured + Indicated mineral
resources
 506.2
 0.012 %
 61.1 %
 134.8
 329.5
 0.014 %
 62.9 %
 103.4
30.4%
Inferred mineral resources
 865.3
 0.008 %
 61.1 %
 160.2
 836.0
 0.011 %
 62.9 %
 200.5
(20.1)%
(1)
The Variation column refers to metal content variation.
(2)
The point of reference for mineral resources is in place and are current as of December 31, 2024. Mineral resources are reported exclusive of mineral reserves. Wood is
responsible for the estimate.
(3)
Mineral resources are constrained within an optimized pit shell based on copper and molybdenum revenues only. The following parameters were used in estimation:
assumed open-pit mining methods; assumed concentration and heap leaching processes; copper price of $3.80/lb, molybdenum price of $11.50/lb; marginal NSR cut-off
values of $8.21/t-processed for concentration material (approximately equivalent to 0.127% Cu ), and $9.95/t-processed for leach material (approximately equivalent to
0.326% Cu); variable metallurgical recoveries (average recoveries of 84.0% for copper by concentration, 61.1% for molybdenum by concentration, and 36.8% for copper by
leaching); average copper recoveries of 97.1% for smelting and 99.9% for refining; average mining cost of $2.09/t-mined; average process costs of $8.21/t-processed for
concentration material, and $9.95/t for leach material; average smelting and refining cost of $0.17/lb Cu; selling costs of $0.001/lb Cu for concentration process, $1.83/lb
Mo for concentration process, and $-0.005/lb Cu for leaching process; and 1% NSR royalty applied to Cu and Mo.
(4)
No estimates for molybdenum are reported for leachable material, as this element cannot currently be recovered using the leach process envisaged.
(5)
Numbers in the table have been rounded. Totals may not sum due to rounding.
(6)
For further information on the assumptions used to prepare the 2024 estimates and a detailed description of the cut-off determination, please refer to Chapter 11 of the
Cuajone operations technical report summary prepared by qualified persons, under Exhibit 96.1 to this Form 10-K.
(7)
For further information on the assumptions used to prepare the 2023 estimates, please refer to the prior technical report summary, under Exhibit 96.1 to the 2022 Form 10-K.

Table of Contents
46
Mineral reserves
The following table contains the summary of copper and molybdenum mineral reserves for Cuajone as of December 31, 2024, based on long-term price
assumptions of $3.30 and $10.00 per pound respectively; these prices were fixed over the remaining years of mine life:
2024
2023
Copper
    
Amount
(million
tonnes)
    Grades
    
Metallurgical
recovery
Metal content
(million
pounds)
Amount
(million
tonnes)
    Grades
    
Metallurgical
recovery
Metal content
(million
pounds)
Variation
Proven mineral reserves (mill)
 588.5
 0.52 %
 85.0 %
 6,764.8
 —
 — %
 — %
 —
100.0%
Proven mineral reserves (leach)
 19.1
 0.50 %
 54.8 %
 211.6
 —
 — %
 — %
 —
100.0%
Probable mineral reserves (mill)
 
 910.4
 0.45 %
 85.0 %
 9,012.3
 1,294.7
 0.48
%
 84.4 %
 13,749.7
(34.5)%
Probable mineral reserves (leach)
 0.3
 0.72 %
 43.5 %
 5.5
 20.6
 0.51
%
 48.2 %
 232.0
(97.6)%
Total mineral reserves
 1,518.2
 0.48 %
 15,994.2
 1,315.3
 0.48 %
 13,981.6
14.4%
Molybdenum
    
Amount
(million
tonnes)
    Grades
    
Metallurgical
recovery
Metal content
(million
pounds)
Amount
(million
tonnes)
    Grades
    
Metallurgical
recovery
Metal content
(million
pounds)
Variation
Proven mineral reserves
 588.5
 0.019 %
 62.7 %
 252.3
 —
 — %
 — %
 —
100.0%
Probable mineral reserves
 
 910.4
 0.015 %
 62.7 %
 303.6
 1,294.7
 0.017 %
 62.5 %
 493.0
(38.4)%
Total mineral reserves
 1,498.8
 0.017 %
 555.9
 1,294.7
 0.017 %
 493.0
12.7%
(1)
Mineral reserves are current as of December 31, 2024. Wood is responsible for the estimates.
(2)
The point of reference is the point at which the mineral reserves are delivered to the processing facility. Mineral reserves are constrained within an engineered pit based on
copper and molybdenum revenues only. The following parameters were used in estimation: assumed open-pit mining methods; assumed concentration and heap leaching
processes; copper price of US$3.30/lb, molybdenum price of US$10.00/lb; marginal NSR cut-off values of US$9.61–US$9.77/t-processed for concentration material
(approximately equivalent to 0.170%–0.173% Cu), and US$14.27–US$14.40/t-processed for leach material (approximately equivalent to 0.539%–0.544% Cu); mining
recovery and dilution are accounted for and generally offset each other; additional ore loss was considered on isolated blocks; variable metallurgical recoveries (average
LOM recoveries of 85.0% for copper by concentration, 62.7% for molybdenum by concentration, and 43.5% for copper oxide by heap leaching, including concentration ore
existing in stockpile); average copper recoveries of 97.1% for smelting and 99.9% for refining; variable mining costs of US$2.58–US$3.78/t-mined; average process costs
of US$9.72/t-processed for concentration material, and US$14.32/t for leaching material; average smelting and refining cost of US$0.21/lb Cu; selling costs of US$0.001/lb
Cu for concentration process, US$1.83/lb Mo for concentration process, and US$-0.005/lb Cu for leaching process; and 1% NSR royalty applied to Cu and Mo.
(3)
The point of reference for the leach from stockpile mineral reserves is in place on the stockpile with marginal NSR cut-off values of US$14.27–US$14.40/t-processed
(approximately equivalent to 0.40% Cu) and an average LOM recovery of 54.8%.
(4)
No estimates for molybdenum are reported for leach material as this element cannot currently be recovered using the leach process envisaged.
(5)
Numbers in the table have been rounded. Totals may not sum due to rounding.
(6)
For further information on assumptions used in preparing the estimates and a detailed description of the cut-off determination, please refer to Chapter 12 of the Cuajone
operations technical report summary prepared by qualified persons, under Exhibit 96.1 to this Form 10-K.
(7)
For further information on the assumptions used to prepare the 2023 estimates, please refer to the prior technical report summary, under Exhibit 96.1 to the 2022 Form 10-K.
Toquepala
The Toquepala operations are situated in Southern Peru, approximately 150 km by road from the city of Tacna and 30 kilometers from Cuajone. The Project
centroid is at about 17° 3.130’S latitude and 70° 44.499’W longitude while the open pit is centered at approximately 17° 2.601’S latitude and 70° 42.481’W
longitude. Road access from Tacna is via the Pan-American highway and other local roads. Alternative access is from Lima, using the Pan-American
highway to Alto Camiara, and then driving for 70 km on a paved road to the Toquepala camp. The Quebrada Honda tailings storage

Table of Contents
47
facility (TSF) is 40 km south of the mine and is located at approximately 17° 27.724’S latitude: 70° 47.810’W longitude. The Quebrada Honda tailings can
be accessed via the MO-107 route that connects Alto Camiara with Toquepala. Within the operations area, access is by unpaved mine and exploration roads.
The city of Tacna has a regional airstrip, with regular service within Peru. Additionally, railways extend from Ilo to Toquepala, and a spur railway runs from
the Toquepala operations to the Cuajone operations.
The Toquepala operations are owned and operated by SPCC Peru Branch and consist of 15 mining concessions which cover an area of 24,168.76 hectares. 
Power is transmitted for process needs from the Peruvian grid using two Southern Copper-owned transmission lines of 138 kV and 220 kV. Additionally, the 
Toquepala operations use surface and underground water from a variety of sources as fresh make up water.  
The property is currently under the production stage. Our Toquepala operations consist of an open-pit copper mine and two concentrators; each with a
milling capacity of 60,000 tonnes per day. We also refine copper at the SX-EW facility through a leaching process. The SX-EW facility has a production
capacity of 56,336 tonnes per year of LME grade A copper cathodes. Southern Copper has had an interest in the Project area since 1945. Prior to Southern
Copper’s Project interests, the area had been subject to artisanal mining activities. Overburden removal commenced in 1957 and ore production commenced
in 1960. Our Toquepala operations utilize a conventional open-pit mining method to collect copper ore for further processing in our concentrators. The
second concentrator began operations in the fourth quarter of 2018. Book value of the property and its associated plant and equipment is available under
“Property Book Value” on page 36 of this report.
The table below contains production information for 2024, 2023 and 2022 for our Toquepala operations:
 
 Variance 2024 -
 
2023
     
    
2024
    
2023
    
2022
    
Amount
    
%
Mine annual operating days
   
 
366
 
365
 
 365  
   
  
Mine
   
 
 
 
 
   
  
Total ore mined
 
(kt)
 
40,419  
41,657  
 41,558  
 (1,238) 
 (3.0)%
Copper grade
 
(%)
 
0.607  
0.529  
 0.476  
 0.078  
 14.7 %
Leach material mined
 
(kt)
 
17,256  
51,870  
 41,499  
 (34,614) 
 (66.7)%
Leach material grade
 
(%)
 
0.093  
0.096  
 0.214  
 (0.003) 
 (3.1)%
Stripping ratio
 
(x)
 
2.54  
1.49  
 1.53  
 1.05  
 70.5 %
Total material mined
 
(kt)
 
203,995  
232,795  
 209,745  
 (28,800) 
 (12.4)%
Concentrator
 
  
 
 
 
 
   
  
Total material milled
 
(kt)
 
40,417  
41,547  
 40,319  
 (1,130) 
 (2.7)%
Copper recovery
 
(%)
 
91.78  
90.80  
 91.21  
 0.98  
 1.1 %
Copper concentrate
 
(kt)
 
840.0  
787.0  
 689.8  
 53.0  
 6.7 %
Copper in concentrate
 
(kt)
 
225.2  
199.7  
 175.1  
 25.5  
 12.8 %
Copper concentrate average grade
 
(%)
 
26.81  
25.37  
 25.38  
 1.44  
 5.7 %
SX‑EW plant
 
  
 
 
 
 
   
  
Estimated leach recovery
 
(%)
 
24.29  
23.87  
 23.60  
 0.42  
 1.8 %
SX‑EW cathode production
 
(kt)
 
24.1  
25.3  
 26.5  
 (1.1) 
 (4.5)%
Molybdenum
 
  
 
 
 
 
   
  
Molybdenum grade
 
(%)
 
0.029  
0.020  
 0.026  
 0.009  
 45.0 %
Molybdenum recovery
 
(%)
 
76.51  
72.35  
 73.27  
 4.16  
 5.7 %
Molybdenum concentrate
 
(kt)
 
15.9  
11.2  
 13.7  
 4.7  
 42.5 %
Molybdenum concentrate average grade
 
(%)
 
56.43  
56.57  
 56.27  
 (0.14) 
 (0.2)%
Molybdenum in concentrate
 
(kt)
 
9.0  
6.3  
 7.7  
 2.7  
 42.1 %
Key: kt = thousand tonnes
x = Stripping ratio obtained by dividing waste tonnes by leachable material plus ore mined.
Copper and molybdenum grades are referred to as total copper grade and total molybdenum grade, respectively.

Table of Contents
48
Geology
The Toquepala deposit is an example of a copper–molybdenum porphyry deposit. The basal regional geology consists of Precambrian metamorphic rocks
that are cut by Paleozoic granite, unconformably overlain by Upper Triassic to Jurassic marine volcanic and sedimentary lithologies. Overlying these rocks
are late Cretaceous to early Tertiary rhyolite, andesite and agglomerate of the Toquepala Group. These lithologies are intruded by the composite, polyphase
Cretaceous to Paleogene Coastal (Andean) Batholith.
Mineralization consists of leached capping, oxide, enriched, transitional and primary mineralization. Leached capping, oxide, enriched and transition
mineralization is mostly mined out. Primary mineralization occurs as hypogene sulfides mainly restricted to the dacite porphyry and breccias.  Chalcopyrite 
is the dominant economic mineral with lesser bornite, molybdenite, and enargite as disseminations, fracture fillings, and breccia matrix. Economic 
molybdenite mineralization is associated with quartz veinlets and locally, with disseminated chalcopyrite.
Concentrators
Our Toquepala concentrators use state-of-the-art computer monitoring systems to coordinate inflows and optimize operations. Material with a copper grade
over 0.25% is loaded onto an overland conveyor belt and sent to the crushing circuit, where rotating crushers reduce the size of the rocks by approximately
85% to less than one-half of an inch. The ore is then sent to the rod and ball mills, which grind it in a mix with water to the consistency of fine powder. The
finely ground powder mixed with water is then transported to flotation cells. Air is pumped into the cells producing a froth, which carries the copper mineral
to the surface but not the waste rock, or tailings. The bulk concentrate with sufficient molybdenum content is processed to recover molybdenum by inverse
flotation. This final copper concentrate with a content of approximately 26.5% of copper is filtered to reduce moisture to 8.5% or less. Concentrates are then
shipped by rail to the Ilo smelter.
Tailings are sent to thickeners where water is recovered. The remaining tailings are sent to the Quebrada Honda dam, our principal tailings storage facility.
SX-EW Plant
The SX-EW facility at Toquepala produces grade A LME electrowon copper cathodes of 99.999% purity from solutions obtained by leaching low-grade ore
stored at the Toquepala mine and copper oxides ore at the Cuajone mine. The leach plant commenced operations in 1995 with a design capacity of 35,629
tonnes per year of copper cathodes. In 1999, the capacity was expanded to 56,336 tonnes per year.
This facility processes copper oxides from Cuajone and copper sulfides from Toquepala. Copper oxides from Cuajone with a copper grade higher than
0.268% and acid solubility index higher than 20% are leached. At Toquepala, the copper sulfides cutoff grade is 0.070% and therefore, material with a total
copper grade between 0.070% and 0.15% is leached. Copper in solution produced at Cuajone is sent to Toquepala through an eight-inch pipe laid alongside
the Cuajone-Toquepala railroad track.
Plant and equipment are supported by a maintenance plan and a quality management system to assure good physical condition and high availability. The
SX-EW plant management quality system (including leaching operations) has been audited periodically since 2002 by an external audit company and found
to be in compliance with the requirements of ISO 9001-2015, ISO 14001-2015 and ISO 45000-2018 standard.
Slope stability
Overview of Toquepala Pit Depth: The Toquepala pit is approximately 1,005 meters deep, with plans to reach 1,665 meters. This depth increase presents
geotechnical challenges, primarily the risk of slope failure.

Table of Contents
49
Geotechnical Measures from 2007 to 2018: Preventive actions were taken during 2007-2018 to enhance Toquepala pit slope stability, including installing
berms, updating monitoring software, and initiating the "Slope Stability Analysis in Deposits of Waste and Leachable Material" study in 2013.
Developments in 2019: External consultants performed an update on slope stability analysis, incorporating the IBIS ArcSAR radar for enhanced
monitoring and implementing sub-horizontal drains for pit slope depressurization.
Studies and Implementations in 2020 and 2021: In 2020, external consultants conducted stability studies for the Toquepala Pit and various waste
deposits, incorporating an IBIS ArcSAR radar with a five-kilometer range into the pit slope monitoring system. Simultaneously, initiatives included
establishing a geotechnical drillhole database and implementing the project "Automation and Real-Time Monitoring of geotechnical instrumentation in the
Pit and Quebrada Honda Tailings Dam." The installation of three radars for geotechnical monitoring of the Quebrada Honda Tailings Dam was also
planned. In 2021, the focus shifted to the "Stability Study of the Quebrada Honda Tailings Dam – Toquepala Mine," accompanied by the installation of the
Quebrada Honda Radar System, comprising two IBIS M units and one IBIS FM unit for geotechnical monitoring.
Tierra Group International's Contribution: In 2022, Tierra Group International supported various studies related to seismic hazard, including the
"Update of Seismic Hazard Study of Toquepala Mine", "Update of the Material Resistance Parameters of Waste and Leachable Deposits," (geotechnical
field investigation), "Update of the Hydrogeological Model of the Leachable Deposits," "Study of Physical Stability of Waste and Leachable Deposits in
Current Condition," "Update of the Numerical Hydrogeological Model of Toquepala Mine," and "Study of Anisotropic Physical Stability of Toquepala
Mine."
The Inersia company began conducting satellite monitoring and developing moisture maps for the pit, waste and leachable deposits as well as tailings
deposits at Quebrada Honda.
In 2023, Geotechnical – Structural logging, geological logging, in situ tests and hydrogeological laboratory and instrumentation for the Geotechnical
Drilling and Update of the Peak Particle Velocity Study of Toquepala mine were rolled out. Software 3D modeling was used to implement the Preliminary
Blasting Project and Inersia company began conducting satellite monitoring humidity at Suches, Santallana and kilometer 16. In the Quebrada Honda
Tailings Dam, geotechnical drilling, including SPT tests and installation of geotechnical instrumentation, CPTu and pit testing, and updates on resistance
were conducted.
In December 2023, a study was conducted to update geotechnical parameters, along with the execution of a preliminary field campaign. In 2024, we
received an updated stability study of the Quebrada Honda reservoir. Additionally, an external consulting firm carried out fieldwork to revise the resistance
parameters of the waste and leach deposits, which will support physical stability studies of these deposits. Additionally, geotechnical inspections of the
slope in the pit, waste and leachable deposits were conducted to comply with the new requirements of the Peruvian Ministry of Energy and Mines.
Currently, studies are being conducted to align with Supreme Decree 034-2023-EM. This includes a stability analysis, geotechnical risk management, and
an update on seismic hazards. In addition, the satellite monitoring service contract with a third-party provider was expanded to include the Toquepala pit,
waste and leach deposits, and the Quebrada Honda tailings deposit.

Table of Contents
50
Mineral resources
The following table contains the summary of copper and molybdenum mineral resources for Toquepala as of December 31, 2024, based on long-term price
assumptions of $3.80 and $11.50 per pound respectively; these prices were fixed over the remaining years of mine life:
2024
2023
Copper
    
Amount
(million
tonnes)
    Grades
    
Metallurgical
recovery
Metal content
(million
pounds)
Amount
(million
tonnes)
    Grades
 
Metallurgical
recovery
Metal content
(million
pounds)
Variation
Measured mineral resources
- Sulfides
 99.3
 0.57 %
 87.5 %
 1,241.2
 —
 — %
 — %
 —
100.0%
- Leach (low grade sulfides)
 11.3
 0.15 %
 17.0 %
 37.4
 —
 — %
 — %
 —
100.0%
Indicated mineral resources
 
- Sulfides
 179.0
 0.39 %
 87.5 %
 1,525.3
 1,196.7
 0.42 %
 88.2 %
 11,182.3
(86.4)%
- Leach (low grade sulfides)
 46.0
 0.15 %
 17.0 %
 153.4
 1,050.6
 0.08 %
 16.1 %
 1,943.3
(92.1)%
Measured + Indicated mineral
resources
 335.6
 0.40 %
 2,957.4
 2,247.3
 0.26
 13,125.6
(77.5)%
Inferred mineral resources
- Sulfides
 161.4
 0.29 %
 87.5 %
 1,017.4
 2,405.1
 0.39 %
 88.2 %
 20,920.9
(95.1)%
- Leach (low grade sulfides)
 52.4
 0.15 %
 17.0 %
 177.0
 2,303.7
 0.08 %
 16.1 %
 4,154.8
(95.7)%
Total inferred mineral resources
 213.8
 0.25 %
 1,194.5
 4,708.9
 0.24
 25,075.7
(95.2)%
Molybdenum
    
Amount
(million
tonnes)
    Grades
    
Metallurgical
recovery
Metal content
(million
pounds)
Amount
(million
tonnes)
    Grades
 
Metallurgical
recovery
Metal content
(million
pounds)
Variation
Measured mineral resources
 99.3
 0.038 %
 68.3 %
 83.0
 —
 — %
 — %
 —
100.0%
Indicated mineral resources
 
 179.0
 0.021 %
 68.3 %
 81.7
 1,196.7
 0.023 %
 68.1 %
 606.7
(86.5)%
Measured + Indicated mineral
resources
 278.3
 0.027 %
 68.3 %
 164.8
 1,196.7
 0.023 %
 68.1 %
 606.7
(72.8)%
Inferred mineral resources
 161.4
 0.008 %
 68.3 %
 28.6
 2,405.1
 0.019 %
 68.1 %
 1,009.3
(97.2)%
(1)
The Variation column refers to metal content variation.
(2)
The point of reference for the mineral resources are in place and are current as of December 31, 2024. Mineral resources are reported exclusive of mineral reserves. Wood is
responsible for the estimate.
(3)
Mineral resources are constrained within an optimized pit shell based on copper and molybdenum revenues only.  The following parameters were used in estimation: 
assumed open-pit mining methods; assumed concentration and dump leaching processes; copper price of $3.80/lb, molybdenum price of $11.50/lb; marginal NSR cut-off 
values of $9.80/t-processed for concentration material (approximately equivalent to 0.146% Cu), and $1.91/t-processed for leach material (approximately equivalent to 
0.135% Cu); variable metallurgical recoveries (average recoveries of 87.5% for copper by concentration, 68.3% for molybdenum by concentration, and 17.0% for copper by 
leaching); average copper recoveries of 97.1% for smelting and 99.9% for refining; average mining cost of $2.11/t-mined; average process costs of $9.80/t-processed for 
concentration material, and $1.91/t for leach material; average smelting and refining cost of $0.16/lb Cu; selling costs of $0.001/lb Cu for concentration process, $1.83/lb 
Mo for concentration process, and $-0.005/lb Cu for leaching process; and 1% NSR royalty applied to Cu and Mo.
(4)
No estimates for molybdenum are reported for leachable material as this element cannot currently be recovered using the leach process envisaged.
(5)
Numbers in the table have been rounded. Totals may not sum due to rounding.
(6)
For further information on assumptions used in preparing the 2024 estimates and a detailed description of the cut-off grade determination, please refer to Chapter 11 of the
Toquepala operations technical report summary prepared by qualified persons, under Exhibit 96.2 to this Form 10-K.
(7)
For further information on the assumptions used to prepare the 2023 estimates, please refer to the prior technical report summary, under Exhibit 96.2 to the 2022 Form 10-K.

Table of Contents
51
Mineral reserves
The following table contains the summary of copper and molybdenum mineral reserves for Toquepala as of December 31, 2024, based on long-term price
assumptions of $3.30 and $10.00 per pound, respectively. The metal prices were fixed over the remaining years of mine life:
2024
2023
Copper
    
Amount
(million
tonnes)
    Grades
    
Metallurgical
recovery
Metal content
(million
pounds)
Amount
(million
tonnes)
    Grades
 
Metallurgical
recovery
Metal content
(million
pounds)
Variation
Proven mineral reserves (mill)
 1,184.8
 0.57 %
 88.5 %
 14,987.0
 —
 — %
 — %
 —
100.0%
Proven mineral reserves (leach)
 2,107.1
 0.16 %
 5.7 %
 7,297.8
 —
 — %
 —
 —
100.0%
Probable mineral reserves (mill)
 
 583.9
 0.47 %
 88.5 %
 5,992.0
 2,105.0
 0.47 %
 88.2 %
 21,708.4
(72.4)%
Probable mineral reserves (leach)
 502.8
 0.20 %
 13.3 %
 2,242.5
 2,545.4
 0.15 %
 8.0 %
 8,691.7
(74.2)%
Total mineral reserves
 4,378.7
 0.32 %
 30,519.3
 4,650.4
 0.30 %
 30,400.1
0.4%
Molybdenum
    
Amount
(million
tonnes)
    Grades
    
Metallurgical
recovery
Metal content
(million
pounds)
Amount
(million
tonnes)
    Grades
 
Metallurgical
recovery
Metal content
(million
pounds)
Variation
Proven mineral reserves
 1,184.8
 0.040 %
 70.4 %
 1,032.5
 —
 — %
 — %
 —
100.0%
Probable mineral reserves
 
 583.9
 0.021 %
 70.4 %
 275.5
 2,105.0
 0.021 %
 68.1 %
 996.7
(72.4)%
Total mineral reserves
 1,768.8
 0.034 %
 1,307.9
 2,105.0
 0.021 %
 996.7
31.2%
(1)
Mineral reserves are current as of December 31, 2024. Wood is responsible for the estimates.  
(2)
The point of reference is the point at which the mineral reserves are delivered to the processing facility. Mineral reserves are constrained within an engineered pit based on 
copper and molybdenum revenues only.  The following parameters were used in estimation: assumed open-pit mining methods; assumed concentration and dump leaching 
processes; copper price of $3.30/lb, molybdenum price of $10.00/lb; marginal NSR cut-off values of $11.10–$11.37/t-processed for concentration material (approximately 
equivalent to 0.184%–0.188% Cu), and $1.95–$2.22/t-processed for leach material (approximately equivalent to 0.168%–0.191% Cu); mining recovery and dilution are 
accounted for and generally offset each other; additional ore loss was considered on isolated blocks; variable metallurgical recoveries (average LOM recoveries of 88.5% for 
copper by concentration, 70.4% for molybdenum by concentration, and 13.3% for copper by leaching); average copper recoveries of 97.1% for smelting and 99.9% for 
refining; variable mining costs of $2.65–$4.11/t-mined; average process costs of $11.26/t-processed for concentration material, and $2.11/t for leach material; average 
smelting and refining cost of $0.21/lb Cu; selling costs of $0.001/lb Cu for concentration process, $1.83/lb Mo for concentration process, and $-0.005/lb Cu for leaching 
process; and 1% NSR royalty applied to Cu and Mo.
(3)
The point of reference for the leach in process mineral reserves is in place on the leach dumps therefore no cut-off applies. The 4.3% copper recovery of leach in process
material includes an allowance of 60% of leachable material that will be exposed to irrigation on the leach dumps and will be processed by SX/EW.
(4)
The copper grade in the leach in process represents the estimated remaining grade of material that has been loaded on the leach dumps and material that has been under
leach for a period of time.
(5)
No estimates for molybdenum are reported for leach material as this element cannot currently be recovered using the leach process envisaged.
(6)
Numbers in the table have been rounded. Totals may not sum due to rounding.
(7)
For further information on assumptions used in preparing the 2024 estimates and a detailed description of the cut-off grade determination, please refer to Chapter 12 of the
Toquepala operations technical report summary prepared by qualified persons, under Exhibit 96.2 to this Form 10-K.
(8)
For further information on the assumptions used to prepare the 2023 estimates, please refer to the prior technical report summary, under Exhibit 96.2 to the 2022 Form 10-K.

Table of Contents
52
Processing Facilities—Ilo
Our Ilo smelter and refinery complex is located in the southern part of Peru, 17 kilometers north of the city of Ilo, 121 kilometers from Toquepala, 147
kilometers from Cuajone and 871 kilometers from the city of Lima. The smelter and refinery are located at about 17° 29.924’S latitude; 71° 21.608’W
longitude and 17° 34.728’S latitude; 71° 21.188’W longitude respectively. Access is by plane from Lima to Tacna (1:40 hours) and then by highway to the
city of Ilo (2:00 hours). Additionally, we operate a port facility in Ilo, from where we ship our products and receive supplies. Products shipped and supplies
received are moved between Toquepala, Cuajone and Ilo on our industrial railroad.
Smelter
Our Ilo smelter produces copper anodes for the refinery we operate as part of the same facility. When the copper produced by the smelter exceeds the
refinery’s capacity, the excess is sold to other refineries around the world. In 2007, we completed a major modernization of the smelter. The nominal
installed capacity of the smelter is 1,376,050 tonnes of copper concentrate per year. Copper concentrates from Toquepala and Cuajone are transported by
railroad to the smelter, where they are smelted using an ISASMELT furnace, converters and anode furnaces to produce copper anodes with 99.7% copper.
At the smelter, the concentrates are mixed with flux and other material and sent to the ISASMELT furnace producing a mixture of copper matte and slag,
which is tapped through a taphole to either of two rotary holding furnaces, where these smelted phases will be separated.
Copper matte contains approximately 63% copper. Copper matte is then sent to the four Pierce Smith converters, where the material is oxidized in two
steps: (1) the iron sulfides in the matte are oxidized with oxygen enriched air and silica is added producing slag that is sent to the slag cleaning furnaces, and
(2) the copper contained in the matte sulfides is then oxidized to produce blister copper, containing approximately 99.3% copper.
The blister copper is refined in two anode furnaces by oxidation and sulfur is removed with compressed air injected into the bath. Finally, the oxygen
content of the molten copper is adjusted by reduction by injecting liquefied petroleum gas with steam into the bath. Anodes, containing approximately
99.7% copper, are cast in two casting wheels. The smelter also can produce blister copper bars, especially when an anode furnace is undergoing general
repairs.
The off gases from the smelter are treated to recover over 92% of the incoming sulfur received in the concentrates to produce 98.5% sulfuric acid. The gas
stream from the smelter with 11.34% SO2 is split between two plants: The No. 1 acid plant (double absorption/double contact) and the No. 2 plant (double
absorption/double contact). Approximately, 16% of the acid produced is used at our facilities with the balance sold to third parties.
In 2010, the Ilo smelter marine trestle started operations. This facility allows us to offload directly to offshore ships the sulfuric acid produced, avoiding
hauling cargo through the city of Ilo. The 500-meter-long marine trestle is the last part of the Ilo smelter modernization project. Currently all overseas
shipments of sulfuric acid are being made using the marine trestle.
The smelter also has two oxygen plants. Plant No. 1, which has a production capacity of 272 tonnes per day, and Plant No.2, with a capacity of 1,045 tonnes
per day. This facility also has auxiliary plants (sea water intake and two desalinization plants).

Table of Contents
53
The table below contains production information for 2024, 2023 and 2022 for our Ilo smelter plant:
 
 Variance 2024 -
 
2023
Smelter
    
 
    
2024
    
2023
    
2022
    
Volume
    
%
Concentrate smelted
 
(kt)
 
 1,230.9  
 1,292.9  
 1,242.0  
 (62.0) 
 (4.8)%
Average copper recovery
 
(%)
 
 97.1  
 97.1  
 96.3  
 —  
 — %
Anode production
 
(kt)
 
 359.4  
 362.9  
 350.8  
 (3.5) 
 (1.0)%
Average anode grade
 
(%)
 
 99.78  
 99.78  
 99.78  
 —  
 — %
Blister production
 
kt
 
 1.5  
 1.9  
 2.1  
 (0.4) 
 (20.1)%
Average blister grade
 
(%)
 
 99.24  
 99.28  
 99.18  
 (0.04) 
 (0.04)%
Sulfuric acid produced
 
(kt)
 
 1,185.0  
 1,286.8  
 1,210.2  
 (101.8) 
 (7.9)%
Key: kt = thousand tonnes
Refinery
The Ilo refinery consists of a copper electrolytic plant, a precious metal plant and ancillary facilities. The refinery produces grade A copper cathode of
99.998% purity. The plant was acquired in 1994 and modernized the operation to produce 246,000 t/a of copper cathodes. It was subsequently expanded to
the current nominal capacity of 294,763 tonnes per year.
In the electrolytic plant, impure copper anodes are suspended in tanks containing a solution of sulfuric acid and copper sulfate. A low voltage but high
amperage electrical current is passed through the anodes, chemical solution and cathodes to dissolve copper which is initially deposited on very thin starting
copper sheets until thickness is increased to produce high grade copper cathodes. During this process, silver, gold and other metals, including palladium,
platinum and selenium, along with other impurities, settle to the bottom of the tank in the form of anodic slime. This anodic slime is processed in the
precious metal plant to produce refined silver, refined gold and commercial grade selenium.
The table below contains production information for 2024, 2023 and 2022 for our Ilo refinery and precious metals plants:
 
 Variance 2024 -
 
2023
Refinery
    
 
    
2024
    
2023
    
2022
    
Volume
    
%
Cathodes produced
 
(kt)
 
287.9  
 289.7  
 289.7  
 (1.8) 
 (0.6)%
Average copper grade
 
(%)
 
99.998  
 99.999  
 99.999  
 (0.001) 
 — %
Refined silver produced
 
(000 Kg)
 
126.6  
 109.7  
 116.4  
 16.9  
 15.4 %
Refined gold produced
 
(kg)
 
210.3  
 223.1  
 185.8  
 (12.8) 
 (5.7)%
Commercial grade selenium produced
 
(tons)
 
52.8  
 50.0  
 56.9  
 2.8  
 5.6 %
Key: kt = thousand tonnes
In addition to the processing facilities, the refinery has a production control section, a laboratory that provides sample analysis throughout the Company, a
maintenance department, a desalinization plant and other support facilities.
The industrial railroad’s main equipment includes locomotives of different types and rolling stock with different types of cars and capacities. The track runs
in a single 214 kilometer standard gauge line and supports a 30-ton axle load. The total length of the track system is around 257 kilometers including main
yards and sidings. The infrastructure includes 27 kilometers of track under tunnels and one concrete bridge. The industrial railroad includes a car repair shop
which is responsible for maintaining and repairing the car fleet. Annual transported tonnage is approximately 5.7 million tonnes.

Table of Contents
54
PERUVIAN PROJECTS
Tia Maria Project
The Tia Maria Project is in the Districts of Cocachacra, Mejia and Deán Valdivia, Province of Islay, and Arequipa Region. The Project is located 118 km 
from Moquegua, 125 km from Arequipa, 120 km from the District of Ilo, and 980 km from Lima. The Project centroid is at approximately 17º 00’ 21.06” S 
and 71º 49’ 44.94” W. The mine gate will be situated at Pampa Cachendo.  Mine access will be from the Pan-American Highway, diverting off the highway 
to the Project access road at km 1027–1028, between Arequipa and Moquegua, approximately 17 km before the town of El Fiscal.
The Project covers an area of 34,789.63 hectares in 55 concessions. We have easement agreements in place that cover the proposed powerline route and the
planned water pipeline that will run from the envisaged desalination plant to the mine. Additionally, the project currently holds no water rights and the mine
plan assumes that water for process operations will be sourced from a desalination plant. The project envisions a 120,000 ton annual SX-EW plant and the
mine plans assume conventional open pit mining methods from the La Tapada and Tia Maria deposits.
The property is currently under the development stage. From 1994 through 1999, prior to involvement by Southern Copper, the Tia Maria Project area was
evaluated by Teck Corporation, Phelps Dodge and Rio Tinto. We acquired the project in 2003, and we were granted the construction permit on July 2019.
Additionally, on October 2019, the Mining Council of the Peruvian Ministry of Energy and Mines ratified the construction permit for the Tia Maria project.
We expect the Peruvian government to acknowledge the significant progress the project has made on the social front and the important contributions that
Tia Maria will generate for Peru´s economy and, consequently, take the necessary steps to provide SCC with adequate support to initiate construction.
Geology
The La Tapada and Tía Maria deposits are within the northwest–southeast-trending Tambo–El Toro structural corridor that appears to be a large dextral
shear zone. There are a number of vein-hosted copper–gold–hematite deposits also associated with the corridor, outside our mineral tenure package.
Alteration within the project area is associated with the two porphyry systems currently outlined. The only known mineralization is derived from oxidation
of low-grade porphyry copper systems.
Mineral resources
The following table contains the summary of copper mineral resources for the La Tapada and Tia Maria deposits as of December 31, 2024, based on long-
term price assumptions of $3.80 per pound, fixed over the 20 year mine life:
La Tapada
    
Amount (million
tonnes)
    
Grades
    
Metallurgical recovery
Metal content (million
pounds)
Measured mineral resources
 —
 —
%
 —
%
 —
Indicated mineral resources
 
 90.4
 0.21
%
 69
%
 420.3
Measured + Indicated mineral resources
 90.4
 0.21
%
 69
%
 420.3
Inferred mineral resources
 1.6
 0.18
%
 69
%
 6.4
Tia Maria
    
Amount (million
tonnes)
    
Grades
    
Metallurgical recovery
Metal content (million
pounds)
Measured mineral resources
 —
 —
%
 —
%
 —
Indicated mineral resources
 
 35.5
 0.17
%
 65
%
 135.2
Measured + Indicated mineral resources
 35.5
 0.17
%
 65
%
 135.2
Inferred mineral resources
 21.8
 0.22
%
 65
%
 107.8
(1)
Mineral resources are reported in situ and are current as of December 31, 2024. Figures have been rounded.
(2)
Mineral resources are reported exclusive of mineral reserves.

Table of Contents
55
(3)
The cut-off grade used for mineral resource estimation was 0.08% Cu. Mineral resources are constrained within a wireframe constructed at a 0.1% total copper cut-off grade.
(4)
Mineral resources are reported within a conceptual pit shell that uses the following input parameters: metal prices of $3.80/lb Cu; metallurgical recovery assumptions of
69% for La Tapada and 65% for Tia Maria; base mining costs of $1.40/t mined and incremental haul costs of $0.017/t mined; process operating costs of $3.78/t processed
for La Tapada and $3.61/t processed for Tia María; general and administrative costs of $0.37/t processed; transport and freight costs of $0.04/lb Cu; an assumed copper
cathode premium of $0.03/lb Cu, and a royalty payable of 1%. Average pit slope angles were used for the north and south geotechnical zones in each deposit, and ranged
from 35º–39º.
(5)
No estimates for gold, silver, or molybdenum are reported for leachable material as these elements cannot currently be recovered using the leach process envisaged.
(6)
For further information on assumptions used in preparing the estimates, including a detailed description of the cut-off determinations, please refer to Chapter 11 of the Tia
Maria project technical report summary prepared by qualified persons, under Exhibit 96.3 of Form 10-K/A filed on March 7, 2022.
(7)
Wood is a third-party firm; its mining experts were responsible for the estimate.
(8)
There were no changes with regard to the figures reported in 2021.
Mineral reserves
The following table contains the summary of copper mineral reserves for the La Tapada and Tia Maria deposits as of December 31, 2024, based on long-
term price assumptions of $3.30 per pound, fixed over the estimated 20-year mine life:
La Tapada
    
Amount (million
tonnes)
    
Grades
    
Metallurgical recovery
Metal content
(million pounds)
Proven mineral reserves
 —
 —
%
 —
%
 —
Probable mineral reserves
 
 487.6
 0.41
%
 69
%
 4,449.2
Total mineral reserves
 487.6
 0.41
%
 69
%
 4,449.2
Tia Maria
    
Amount (million
tonnes)
    
Grades
    
Metallurgical recovery
Metal content
(million pounds)
Proven mineral reserves
 —
 —
%
 —
%
 —
Probable mineral reserves
 
 223.8
 0.29
%
 65
%
 1,412.5
Total mineral reserves
 223.8
 0.29
%
 65
%
 1,412.5
(1)
Mineral reserves are current as of December 31, 2024.
(2)
The reference point for the estimate is delivery to the process facility.
(3)
Four oxide stockpiles for material grading less than the run-of-mine cut-off but >0.08% Cu are planned, with two stockpile locations at each open pit.
(4)
Mineral reserves are constrained within an optimized pit shell that uses the following parameters: assumption of open pit
mining methods; assumption of heap leach processing; copper price of $3.30/lb; copper cut-off grade of 0.10% Cu; mining
recovery of 100%; metallurgical recovery of 69% at La Tapada and 65% at Tía María; total mining costs (base, incremental
and sustaining) of $1.466/t mined; process costs of $3.779/t processed at La Tapada and $3.614/t processed at Tía
María; process sustaining capital costs of $0.155/t processed, general and administrative costs of $0.373/t processed;
transport costs (rail, port, freight) of $0.034/lb Cu; a copper cathode premium payable of $0.026/lb Cu; and assumption of a 1% royalty payment.
(5)
For further information on assumptions used in preparing the estimates, including a detailed description on the cut-off determinations, please refer to Chapter 12 of the Tia
Maria project technical report summary prepared by qualified persons, under Exhibit 96.3 of Form 10-K/A report filed on March 7, 2022.
(6)
Wood is a third-party firm; its mining experts were responsible for the estimate.
(7)
There were no changes with regard to the mineral reserves figures reported in 2021.

Table of Contents
56
Los Chancas Project
The Los Chancas project is located in the Andes Range in southern Peru. The site is approximately 65 km southwest of the city of Abancay in the 
Department of Apurimac, Peru at coordinates 14° 9.904’S, 73° 6.608’W or UTM 8433300 S, 703,270 E – WGS84. The project site can be accessed using a 
Highway 1, a paved road, from Lima to Nazca (460 km), from Nazca to Santa Rosa (250 km), using road 30A, and a gravel road from Santa Rosa to the 
Project site (32 km). Alternatively, access is available from Cuzco, via paved road, to Santa Rosa (170 km), and uses the same gravel road from Santa Rosa 
to the Project site (32 km). Access within the project area is via gravel roads.  
The closest airport is at Cuzco, which is served by daily flights from Lima (approximately one hour flying time). There are a number of port options that
may be available to the project for concentrate shipment. These include San Juan de Marcona (approximately 500 km by road), General San Martin at Pisco
(about 640–800 km depending on the road route) and Matarani (about 600–750 km depending on the road route).
  
The project covers approximately 22,700 hectares in 31 concessions. Surface rights are currently being negotiated. The area where surface rights are
required is within the Tiaparo and Tapairíhua rural community boundaries.
The property is currently under the exploration stage. We commenced exploration in the Los Chancas area in 1997. The initial Environmental Assessment 
of the Los Chancas Project was conducted in 2001 and updated in 2008. A semi-detailed environmental impact assessment was completed in 2010. 
Additionally, we completed baseline studies from 2012 through 2020 and have community initiatives in place in the project area of influence. In 2023 and 
2024, we continued to roll out social and environmental improvement efforts in local communities. In 2025, we expect to restart  the environmental impact 
assessment; conduct a diamond drilling campaign for 40,000 meters; and initiate hydrogeological and geotechnical studies to gather additional information 
on the characteristics of the Los Chancas deposit. Los Chancas envisions an open-pit mine with a combined operation of concentrator and SX-EW 
processes.
Geology
The Los Chancas deposit is considered to be an example of a porphyry copper–molybdenum deposit. The deposit is about 1,200 m in diameter, extends for 
at least 1,000 m at depth, and most drill holes bottom in mineralization. The deposit remains open to the southeast and at depth.  Sedimentary rocks of the 
Jurassic–Cretaceous Ferrobamba, Mara, Soraya, and Chuquibambilla Formations form a north-facing anticline that is eroded along the axial plane. The 
sediments were intruded by three generations of monzonite intrusion.
Mineralization is hosted by quartz monzonite and surrounding quartzite and siltstone country rocks. Sulfide mineralization consists of hypogene 
chalcopyrite, bornite, molybdenite, and pyrite.  Sulfides are hosted in quartz veins, occur as small sulfide streaks/veins, or form disseminations in the 
intrusive and sedimentary rocks. This primary mineralization was oxidized and leached, and a zone of supergene enrichment developed.  The major area of 
leaching is to the east, and vertically above, the primary mineralized zone. The oxide zone is sub-parallel to topography.  Brochantite and chrysocolla are the 
dominant copper oxide minerals, with subordinate azurite and malachite. Sulfide minerals within the supergene enrichment zone include chalcocite, 
covellite, digenite, cuprite, and native copper.  Copper oxides are also present as a minor constituent.

Table of Contents
57
Mineral resources
The following table contains the summary of copper mineral resources for Los Chancas as of December 31, 2024, based on long-term price assumptions of
$3.80 per pound, fixed over the long-term period of time that mineral resources are expected to be produced:
Copper
    
Amount (million
tonnes)
    
Grades
    
Metallurgical recovery
Metal content (million
pounds)
Measured mineral resources
 —
 —
%
 —
%
 —
Oxide
 98
 0.45
 972
Sulfide
 52
 0.59
 676
Indicated mineral resources
 
 150
 0.50
%
82-84
%
 1,648
Measured + Indicated mineral resources
 150
 0.50
%
82-84
%
 1,648
Oxide
 33
 0.38
 276
Sulfide
 1,400
 0.45
 13,889
Inferred mineral resources
 1,433
 0.45
%
82-84
%
 14,165
(1)
Mineral resources are reported in situ and are current as of December 31, 2024.
(2)
Mineral resources are reported within a conceptual pit shell that uses the following input parameters: metal prices of $3.80/lb Cu; metallurgical recoveries from copper
leaching of 81.8% and from copper milling of 84.3%; base mining costs of $1.70/t; sustaining capital costs of $0.25/t processed; heap leach and electrowinning process
operating costs of $4.29/t, mill process operating costs of $5.82/t, general and administrative costs of $1.06/t processed; and closure costs of $0.51/t processed. The marginal
net smelter return cut-off values were $6.11/t for material amenable to heap leach methods and $7.64/t for material amenable to milling and flotation concentration.
(3)
For further information on assumptions used in preparing the estimates, including a detailed description of the cut-off determination, please refer to Chapter 11 of the Los
Chancas project technical report summary prepared by qualified persons, under Exhibit 96.4 of Form 10-K/A filed by the Company on March 7, 2022.
(4)
Wood is a third-party firm; its mining experts were responsible for the estimate.
(5)
There were no changes with regard to the mineral resource figures reported in 2021.
Michiquillay Project
The Michiquillay project is located in the Western Cordillera of the Andes in northwest Peru, approximately 45 km from Cajamarca and 900 km northeast 
of Lima. Project centroid coordinates are approximately 7º 02’ 23.65” S and 78º 19’ 23.59” W. The Michiquillay deposit is located at 7º 02’ 17.53” S and 
78º 19’ 29.30” W.  The datum used is UTM WGS84. The main access route to the Project is via road from Cajamarca. Initially, the paved Route 8B is used 
from Cajamarca to the town of La Encañada, a distance of approximately 33 km. A gravel road is then used from La Encañada to the project site, 
approximately 14 km. The communities of Michiquillay and Encañada are 2 km and 14 km from the project, respectively. Access within the project is via 
various gravel and two-track roads that link areas where drilling is planned. The closest airport is at Cajamarca, which is serviced by regular flights from 
Lima.
The Michiquillay Project consists of 18 mining concessions with a total area of 4,051.4 hectares. The Michiquillay deposit is located on lands of the
Michiquillay Rural Community and the Encañada Rural Community. We have signed surface land use agreements with both communities which allow us to
conduct exploration activities. Permits for the use of water for exploration purposes are currently being processed by the National Water Authority and the
Marañon Local Authority. Exploration activities are carried out with all the permits and authorizations required by Peruvian regulations.
The property is currently under the exploration stage. Previous work in the project was conducted by Northern Peru Mining Company, American Smelting
and Refining Company, later Asarco LLC, Minero Peru S.A., and various Anglo American subsidiaries. In June 2018, Southern Copper purchased the
project from Activos Mineros S.A.C. for a total purchase price of $400 million and made an initial payment of $12.5 million. In June 2021, we paid an
additional $12.5 million to acquire the project. The remaining balance of $375 million will be paid if we decide to develop the project. In 2021, we signed
Social Agreements with the Michiquillay and La Encañada communities. Additionally, on October 1, 2021 the Peruvian Ministry of Energy and Mines
approved the semi-detailed Environmental Impact Study for the project. In the fourth quarter of 2022, the Company informed MINEM that it had begun
exploration activities and initiated an assessment of existing mineral resources at depth. In 2022, we drilled 1,585 meters. As of December 31,

Table of Contents
58
2024, we had drilled 140,130 meters and obtained 45,762 core samples for chemical analysis. Geological modeling, cross section interpretation, and drilling
logging are currently underway. For 2025, the Company expects to drill 10,000 meters and complete the 148,000-meter diamond drilling program to update
the geological modeling and resource evaluation. We have also initiated hydrological, hydrogeological and geo-metallurgical studies; the geotechnical study
for the project is scheduled to begin shortly.
Geology
The Michiquillay deposit is considered to be an example of a porphyry copper–molybdenum–gold deposit. The project is located within a northwest–
southeast-oriented metallogenetic corridor of the Andes, that hosts several porphyry copper deposits in the Cajamarca region. Those deposits are
characterized by the presence of calc-alkaline magmatic rocks that intrude folded and faulted sedimentary rock formations. Mineralization is zoned
vertically, with oxidation zones, supergene mineralization and zones with primary copper mineralization.
The copper porphyry mineralization is related to the intrusion of a feldspathic porphyry, whose emplacement is controlled by a regional-scale faulting,
which due to the strike change originated a series of structural weakness zones, evidenced by the presence of pre-mineral west–northwest to northwest
striking brittle–ductile fault zones. The porphyry intrusions appear to be controlled by intense, concentrated extension on releasing bends, splays, overlaps
in dextral fault segments and on the margins of brittle fault zones with development of multiple extensional phases in stockworks, synthetic/antithetic
extensional faults and extensional duplexes.
Mineral resources
The following table contains the summary of copper mineral resources for Michiquillay as of December 31, 2024, based on long-term price assumptions of
$3.80 per pound, fixed over long-term period that would be expected to be required to produce the mineral resources:
Copper
    
Amount (million
tonnes)
    
Grades
    
Metallurgical recovery
Metal content
(million pounds)
Measured mineral resources
 —
 —
%
 —
%
 —
Indicated mineral resources
 
 —
 —
%
 —
%
 —
Measured + Indicated mineral resources
 —
 —
%
 —
%
 —
Inferred mineral resources
 2,287.9
 0.43
%
 85
%
 21,554.8
(1)
Mineral resources are reported in situ and are current as of December 31, 2024.
(2)
Mineral resources are reported within a conceptual pit shell that uses the following input parameters: metal prices of $3.80/lb Cu; copper metallurgical recovery assumptions
of 85.4%; base mining costs of $1.70/t; mill process operating costs of $5.82/t, general and administrative costs of $1.12/t; variable pit slope angles that vary from 34–38º;
3% NSR royalty payable to Activos Mineros Mineral resources are reported above a cut-off grade of 0.1% Cu.
(3)
Wood chose a cut-off grade of 0.1% Cu to report mineral resource estimates as based on the above assumptions it provides reasonable prospects of economic extraction.
(4)
For further information on assumptions used in preparing the estimates, including a detailed description of the cut-off determination, please refer to Chapter 11 of the
Michiquillay project technical report summary prepared by qualified persons, under Exhibit 96.5 of Form 10-K/A filed by the Company on March 7, 2022.
(5)
Wood is a third-party firm; its mining experts were responsible for the estimate.
(6)
There were no changes with regard to the mineral resource figures reported in 2021.

Table of Contents
59
MEXICAN OPERATIONS
The map below indicates the approximate locations of our Mexican mines and processing facilities:
MEXICAN OPEN-PIT SEGMENT
Our Mexican open-pit segment operations combine two units of Minera Mexico, La Caridad and Buenavista, which include La Caridad and Buenavista
mine complexes and smelting and refining plants and support facilities, which service both complexes.

Table of Contents
60
The map below indicates the approximate location of, and access to, our Mexican open-pit mine complexes and our processing facilities:
We have ongoing maintenance and improvement programs to ensure the satisfactory performance of our equipment. We believe all our Mexican open-pit
segment equipment is in good physical condition and suitable for our operations.

Table of Contents
61
Buenavista
The Buenavista mining unit operates an open-pit porphyry copper mine, three concentrators and three SX-EW plants. It is located within the Cananea
mining district in the north-central part of the State of Sonora, Mexico. The property is located about 222 kilometers northeast of the city of Hermosillo,
Sonora and 150 kilometers southeast of the city of Tucson, Arizona. The geographical location of the Cananea mining district is between latitudes 30° 42’
and 31° 16’ north, and longitude meridians 109° 51’ and 110° 33’ west. The Cananea mining district is located at an altitude between 1,600 and 2,485
meters (m) above mean sea level. The property covers an area of 89,220.5 hectares of mining concessions for exploitation activities. The elevation of the
mine is of the order of 1,604 meters above mean sea level. Buenavista also has 4.485.5 hectares of exploration concessions in the State of Chihuahua,
Mexico, thus totaling 93,706 hectares in concessions from the Mexican government.
The Buenavista del Cobre deposit contains two areas, one related to copper mineralization (“BVC”) and other to zinc mineralization (“BVZ”). The BVZ pit
area lies within the larger BVC pit. Buenavista is connected by paved highways to the border city of Agua Prieta to the northeast, to the town of Nacozari in
the southeast and to the town of Imuris to the west. Buenavista is also connected by railway to Agua Prieta and Nogales. A municipal airport is located
approximately 20 kilometers to the northeast of Buenavista. All required fixed and permanent infrastructure of power, pipelines and primary roadways, and
Project access are established. Drainage, water controls and mine access roads are established for current operations and will be expanded and continued as
the pit progresses through its planned life of operations.
In 2016 we concluded our $3.5 billion investment program in Mexico. The program included a third SX-EW plant, which was completed in June 2014 with
a rated annual capacity of 120,000 tonnes of copper and a new concentrator, completed in 2015, with an annual copper production capacity of 188,000
tonnes. The program also included two molybdenum plants with a combined annual capacity of 4,600 tonnes. The first plant was completed in 2013 and the
second in 2016. Additionally, the program included the Crushing, Conveying and Spreading System for Leachable Ore (Quebalix IV), which was completed
on time and under budget and is currently operating steadily. This project will reduce mining costs and increase SX-EW copper recovery, allowing the
Buenavista unit to reach its copper production capacity of 500,000 tonnes.
The original concentrator currently has a nominal milling capacity of 82,000 tonnes per day. The second concentrator began operations in 2016 and
currently has a nominal milling capacity of 115,000 tonnes per day. The SX-EW facilities have a cathode production capacity of 174,470 tonnes per year.
The Buenavista ore body is considered one of the world’s largest porphyry copper deposits. Buenavista is the oldest continuously operated copper mine in
North America, with operations dating back to 1899. High grade ore deposits in the district were mined exclusively using underground methods. The
Anaconda Company acquired the property in 1917. In the early 1940s, Anaconda started developing the first open-pit in Buenavista. In 1990, through a
public auction procedure, Minera Mexico acquired 100% of the Buenavista mining assets for $475 million. Buenavista is currently applying conventional
open-pit mining methods to extract copper ore for further processing in the concentrator. Additionally, we have built a new zinc concentrator plant, which
increased milling capacity and allows us to recover zinc, along with copper contents. Ramping up of the plant began in the first quarter of 2024 after
technical adjustments to the concentrator.

Table of Contents
62
The following table contains production information for 2024, 2023 and 2022 for Buenavista:
2024 - 2023
 
Variance
 
    
    
2024
    
2023
    
2022
    
Volume
    
%
 
Mine annual operating days
 
  
 
 366  
 365  
 365  
   
  
Mine:
 
  
 
 
 
 
   
  
Total ore mined
 
(kt)
 
77,379  
72,896  
74,180  
 4,483  
 6.1 %
Copper grade
 
(%)
 
0.520  
0.525  
0.528  
 (0.005) 
 (1.0)%
Leach material mined
 
(kt)
 
126,675  
121,124  
122,630  
 5,551  
 4.6 %
Leach material grade
 
(%)
 
0.248  
0.223  
0.21  
 0.025  
 11.2 %
Stripping ratio
 
(x)
 
0.64  
0.66  
0.72  
 (0.02) 
 (3.0)%
Total material mined
 
(kt)
 
335,904  
322,142  
337,727  
 13,762  
 4.3 %
Concentrator:
 
 
 
 
   
  
Total material milled
 
(kt)
 
77,493  
72,609  
74,121  
 4,884  
 6.7 %
Copper recovery
 
(%)
 
86.63  
86.36  
86.57  
 0.27  
 0.3 %
Copper concentrate
 
(kt)
 
1,554.3  
1,455.6  
1,482.3  
 98.7  
 6.8 %
Copper in concentrate
 
(kt)
 
349.0  
329.0  
339.0  
 20.0  
 6.1 %
Copper concentrate average grade
 
(%)
 
22.45  
22.60  
22.87  
 (0.2) 
 (0.7)%
SX‑EW plant
 
 
 
 
   
  
Estimated leach recovery
 
(%)
 
 70.00  
 70.00  
 67.00  
 —  
 — %
SX‑EW cathode production
 
(kt)
 
 84.0  
 87.6  
 93.3  
 (3.6) 
 (4.1)%
Zinc
Zinc grade
(%)
 2.15
 —
 —
 2.15
 100.0 %
Zinc recovery
(%)
 81.05
 —
 —
 81.05
 100.0 %
Zinc concentrate
(kt)
 132.7
 —
 —
 132.7
 100.0 %
Zinc concentrate average grade
(%)
 48.24
 —
 —
 48.24
 100.0 %
Zinc in concentrate
(kt)
 64.0
 —
 —
 64.0
 100.0 %
Molybdenum
 
 
 
 
   
  
Molybdenum grade
 
(%)
 
0.011  
0.011  
0.01  
 —  
 — %
Molybdenum recovery
 
(%)
 
71.57  
70.84  
70.46  
 0.73  
 1.0 %
Molybdenum concentrate
 
(kt)
 
11.42  
10.49  
10.48  
 0.93  
 8.9 %
Molybdenum concentrate average grade
 
(%)
 
51.58  
51.57  
51.24  
 0.01  
 0.0 %
Molybdenum in concentrate
 
(kt)
 
5.89  
5.41  
5.37  
 0.48  
 8.9 %
Key: kt = thousand tonnes
x = Stripping ratio obtained dividing waste by leachable material plus ore mined.
The copper, zinc and molybdenum grade are total grade.

Table of Contents
63
Geology
The Cananea mining district lies within the eastern section of the Sonora Basin and Range Province of northern Mexico. Sustained magmatic activity along
the North American Cordillera during the late Mesozoic through Paleogene resulted in the development of numerous porphyry copper deposits. The
Precambrian Cananea basement rocks are overlain by several Paleozoic sedimentary units ranging from the Cambrian Capote Quartzite through thick
limestone sequence of Upper Paleozoic age. Overlying the Paleozoic sediments and Precambrian granite of Cananea are the Henrietta and Elenita
formations which are Triassic to late Jurassic in age and are comprised of volcanic rocks of latite to andesite composition. The youngest volcanic units in
the district are andesitic tuffs and rhyolites of the Mesa formation.
The intrusions of diorite, granodiorite and quartz monzonite formed after the emplacement of the Mesa Formation. In the final stage of intrusive activity,
diabase dikes intruded faults and fractures with a NW-SE trend. Pipe-like breccias formed as late-stage products of the quartz-monzonite porphyries. During
the Cenozoic, alluvian and fluvial sediments were deposited as erosion of the Cananea Mountains occurred. Exhumation of the upper part of the Cananea
mining district porphyry system resulted in the formation of a supergene enrichment and an oxidation overburden overlying the porphyry system.
Concentrator
Buenavista uses state-of-the-art computer monitoring systems at the concentrators, the crushing plant and the flotation circuit in order to coordinate inflows
and optimize operations. In the original concentrator, material with a copper grade above a cut-off grade of approximately 0.30% is currently loaded onto
trucks and sent to the milling circuit, where giant rotating crushers reduce the size of the ore to approximately one-half of an inch. The ore is then sent to the
ball mills, which grind it to the consistency of fine powder. The finely ground powder is agitated in a water and reagents solution and is then transported to
flotation cells. Air is pumped into the cells producing a froth, which carries the copper mineral to the surface but not the waste rock, or tailings. Recovered
copper, with the consistency of froth, is filtered and dried to produce copper concentrates with an average copper content of approximately 24%.
Concentrates are then shipped by rail to the smelter at La Caridad.
In the second concentrator, material with a copper grade above a cut-off grade of approximately 0.30% is sent to a three-phase milling circuit, where the ore
size is reduced to approximately one-half inch. The ore is then sent to a circuit of six ball mills, which grind it to the consistency of fine powder. The finely
ground powder is agitated in a water and reagents solution and is then transported to flotation cells. Air is pumped into the cells producing a froth, which
carries the copper mineral to the surface but not the waste rock, or tailings. Recovered copper, with the consistency of froth, is filtered and dried to produce
copper concentrates with an average copper content of approximately 24%. Concentrates are then sent by trucks or by railroad to the La Caridad smelter or
to the Guaymas port, at Sonora, for export.
The current cut-off grade assumptions used on site for both concentrator 1 and 2 and material assigned for leach is recommended to be reassessed. The
mineral reserves reported for Buenavista have been estimated by determining economic value of each block containing mineral resource. This takes into
account the potential revenue of the block whether it is processed in a concentrator or on the leach pad along with the downstream selling costs. The
approximate cut-off grade for the concentrators is estimated to be 0.11% copper and the approximate cut-off grade for the leachable material is estimated to
be 0.05% copper. The approximate cut-off grade for the zinc concentrator is estimated to be 0.22% copper equivalent.
As part of the expansion program for this unit, in 2013 we completed the construction of the first molybdenum plant with an annual production capacity of
2,000 tonnes of molybdenum contained in concentrate. The plant was designed to process 1,500 tonnes of copper-molybdenum concentrates per day with a
content recovery of approximately 80% copper and 50% molybdenum. The molybdenum plant consists of thickeners, homogenizer tanks, flotation cells,
column cells and a holo-flite dryer. The second molybdenum plant was designed to process 3,040 tonnes of copper-molybdenum concentrates per day for a
content recovery between 80% and 87% for copper and 60% for molybdenum. The plant generated its first production lot in July 2016 and fully initiated
operations in November 2016.

Table of Contents
64
SX-EW Plant
The Buenavista unit operates a leaching facility and three SX-EW plants. All copper ore with a grade lower than the mill cut-off grade of 0.30%, but higher
than 0.15%, is delivered to the leach dumps. A cycle of leaching and resting occurs for approximately five years in the run-of-mine dumps and three years
for the crushed leach material. A review of the cut-off grades based on economics is recommended to be reassessed as described above.
There are three irrigation systems for the dumps and eleven dams for the pregnant leach solution (PLS). Plant I has four solvent extraction tanks with a
nominal capacity of 18,000 liters per minute of PLS and 54 electrowinning cells and has a daily production capacity of 30 tonnes of copper cathodes with
99.999% purity. Plant II has five trains of solvent extraction with a nominal capacity of 62,000 liters per minute of PLS and 220 cells distributed in two bays
and has a daily production capacity of 120 tonnes of copper cathodes with 99.9% purity. Plant III has three trains of solvent extraction with a nominal
capacity of 167,100 liters per minute of PLS and 270 cells distributed in two bays and has a daily production capacity of 328 tonnes of copper cathodes with
99.9% purity. The plant produces copper cathodes of LME grade A.
Slope stability
At the Buenavista mine, we are following the recommendations produced by a geotechnical evaluation of the design slope for the 15-year pit plan. This
evaluation was prepared by an independent mine consulting firm. The assessment included the determination of optimum pit slope design angles and bench
design parameters for the proposed mine plan. The objective of the study was: (1) to determine optimum inter-ramp slope angles and bench design
parameters for the 15-year plan and (2) to identify and analyze any potential major instability that could adversely impact mine operation. In 2012, we
installed a radar system to monitor the walls of the mine.
The following recommendations were made for the Buenavista mine: inter-ramp slope design angles for the 15-year pit plan for all of the 21 design sectors
defined on a rock-fabric-based catch bench analysis, using double bench, can range from 48° and 55°, and the inter-ramp slope angles are based on
geometries obtained from the back-break analysis using 80% reliability of achieving the required 7.6 meter catch bench width for a single bench
configuration and 10.6 meter catch bench width for a double bench configuration. Preliminary observations suggest the 15-year pit walls may be relatively
free-draining; the back-break analysis assumed depressurized conditions of mine benches, and the inter-ramp stability analysis were performed for both
saturated and depressurized conditions.
A pit dewatering/depressurization plan for the Buenavista mine was also recommended to address the issues of open-pit drainage, dewatering plan and
future slope depressurization. Phase I of the geohydrological study was completed by an independent consultant. The analysis included a preliminary
assessment and work plan implementation.
Between 2011 and 2014, we conducted well drilling and dewatering programs to ensure the ability to continue with the mining plan. We also executed a
geophysical study to determine the best locations for water extraction wells and continued collecting new geotechnical information from two exploration
drilling projects. Following the recommendations of the geotechnical evaluation, we continued monitoring the walls using the radar system.
Various studies are now being conducted by outside specialized consultants to establish long-range mine water management objectives and implement
recommendations for the efficient use of this resource. We are also conducting a geotechnical study and a diamond drilling program with an independent
consulting firm in order to obtain additional geotechnical information, which will allow us to verify the slope stability for the long-term mine plan.
In July 2020, the OMNI 505 radar began operating. In 2021, we acquired two pieces of equipment for additional monitoring and began developing a 
geotechnical study for the mine with the support of a specialized consulting firm. The results of the study concluded in 2022 and included recommendations 
for updates to the bench design which have been incorporated in the current estimation of Mineral Reserves. These recommendations should be reviewed 
for potential updates to the ultimate pit design.  

Table of Contents
65
A third IBIS ArcSAR radar is currently operating, which has increased monitoring coverage in the development of the new slopes of Increments 12, 16 and
BVZ. At the end of 2023, with the appropriate infrastructure and trained personnel, 24/7 slope monitoring began. Our main objective is to process
information from radars and total stations to facilitate early detection of any unstable area that may pose safety risks to personnel. In 2024, the SSR 160
radar ceased operations due to a lack of spare parts and support for new software versions. This year, a terrestrial scanner was acquired to collect
geotechnical data from the bank faces to update the geotechnical model.
In 2022, we continued with the diamond exploration and reverse circulation programs for the quantification and certification of resources and reserves,
considering the limits of the final slope design (LOM). During this period, a total of 27,106 linear meters were developed distributed in a total of 38
diamond exploration holes. 10,288 tested samples for 18 chemical elements were generated and 1,570 samples related to QA/QC analysis (control samples)
were included. We also drilled 4,332 meters of exploration with reverse circulation that were distributed into 45 holes for short-term planning. All
exploration information contains lithological descriptions, geomechanical data, QA/QC data, orientations, densities and final coordinates.
In 2023, we continued to roll out diamond exploration and reverse circulation programs for the quantification and certification of resources and reserves,
considering the limits of the updated final slope design. Over the year, a total of 12,661 linear meters were developed distributed in a total of 16 diamond
exploration holes. 6,144 tested samples for 18 chemical elements were generated and a total of 852 samples related to QA/QC analysis (control samples)
were included. In the short-term exploration segment, we drilled 5,689 meters of exploration with reverse circulation distributed in 46 holes. All the
exploration information contains lithological descriptions, geomechanical data, QA/QC data, orientations, densities and final coordinates.
In 2024, a total of 26,599 linear meters were drilled through 35 diamond exploration holes. 8,578 samples were analyzed for 18 chemical elements in a
certified laboratory, while 1,635 samples were analyzed for QA/QC control (control samples). In the short-term exploration segment, 6,246 meters were
drilled with reverse circulation, distributed in 44 holes. 2,252 samples were subsequently analyzed in our internal laboratories and included 173 samples for
QA/QC control. All exploration information contains lithological descriptions, geotechnical data, QA/QC data, orientations, densities and final coordinates.
From 2020 to the end of 2024, a total of 132,412 meters were drilled, distributed in 299 holes, at depths varying from 220 to 1,279 meters. The number of
samples analyzed in certified chemical laboratories with QA/QC controls totaled 45,666 (standards, fine-coarse blanks, fine-coarse duplicates and twins).
Additionally, information was obtained for 1,660 orientation data points and 28,785 densities.

Table of Contents
66
Mineral resources
The following table contains the summary of copper, molybdenum and zinc mineral resources exclusive of mineral reserves for Buenavista as of December 31,
2024, based on long-term price assumptions of $3.80, $11.50 and $1.32 per pound, respectively:
2024
Copper plant
    
Amount
(million
tonnes)
    
Copper
grades
    
Molybdenum
grades
Zinc
grades
Contained
copper
(million
pounds)
 
Contained
molybdenum
(million pounds)
Contained
zinc (million
pounds)
Variation
Copper
Variation
Molybdenum
Variation
Zinc
Measured mineral resources
 —
 — %
 — %
 — %
 —
 —
 —
 —
 —
 —
Indicated mineral resources
 
 627
 0.38 %
 0.008 %
 0.04 %
 5,243
 111
 553
(7.4)%
24.2%
(53.2)%
Measured + Indicated mineral
resources
 627
 0.38 %
 0.008 %
 0.04 %
 5,243
 111
 553
(7.4)%
24.2%
(53.2)%
Inferred mineral resources
 7,848
 0.34 %
 0.008 %
 0.04 %
 58,478
 1,384
 6,747
3.3%
28.1%
(16.6)%
Zinc plant
    
Amount
(million
tonnes)
    
Copper
grades
    
Molybdenum
grades
Zinc
grades
Contained
copper
(million
pounds)
 
Contained
molybdenum
(million pounds)
Contained
zinc (million
pounds)
Measured mineral resources
 —
 — %
 — %
 — %
 —
 —
 —
 —
 —
 —
Indicated mineral resources
 
 203
 0.44 %
 0.004 %
 0.37 %
 1,985
 18
 1,646
27.1%
231.6%
(31.9)%
Measured + Indicated mineral
resources
 203
 0.44 %
 0.004 %
 0.37 %
 1,985
 18
 1,646
27.1%
231.6%
(31.9)%
Inferred mineral resources
 705
 0.37 %
 0.009 %
 0.18 %
 5,809
 140
 2,858
316.7%
2013.6%
74.5%
Leach plant
    
Amount
(million
tonnes)
    
Copper
grades
    
Molybdenum
grades
Zinc
grades
Contained
copper
(million
pounds)
 
Contained
molybdenum
(million pounds)
Contained
zinc (million
pounds)
Measured mineral resources
 —
 —  
 — %
 — %
 —
 —
 —
 —
 —
 —
Indicated mineral resources
 
 53
 0.33 %
 — %
 — %
 377
 —
 —
92.2%
 —
 —
Measured + Indicated mineral
resources
 53
 0.33 %
 — %
 — %
 377
 —
 —
92.2%
 —
 —
Inferred mineral resources
 373
 0.18 %
 — %
 — %
 1,457
 —
 —
(82.9)%
 —
 —
2023
Copper plant
Amount
(million
tonnes)
    
Copper
grades
    
Molybdenum
grades
Zinc
grades
Contained
copper
(million
pounds)
 
Contained
molybdenum
(million pounds)
Contained
zinc (million
pounds)
Measured mineral resources
 —
 — %
 — %
 — %
 —
 —
 —
Indicated mineral resources
 764
 0.34 %
 0.005 %
 0.07 %
 5,664
 89
 1,182
Measured + Indicated mineral
resources
 764
 0.34 %
 0.005 %
 0.07 %
 5,664
 89
 1,182
Inferred mineral resources
 13,015
 0.21 %
 0.004 %
 0.03 %
 56,584
 1,080
 8,089

Table of Contents
67
Zinc plant
Amount
(million
tonnes)
    
Copper
grades
    
Molybdenum
grades
Zinc
grades
Contained
copper
(million
pounds)
 
Contained
molybdenum
(million pounds)
Contained
zinc (million
pounds)
Measured mineral resources
 —
 — %
 — %
 — %
 —
 —
 —
Indicated mineral resources
 148
 0.46 %
 0.002 %
 0.78 %
 1,562
 5
 2,416
Measured + Indicated mineral
resources
 148
 0.46 %
 0.002 %
 0.78 %
 1,562
 5
 2,416
Inferred mineral resources
 143
 0.43 %
 0.003 %
 0.49 %
 1,394
 7
 1,638
Leach plant
Amount
(million
tonnes)
    
Copper
grades
    
Molybdenum
grades
Zinc
grades
Contained
copper
(million
pounds)
 
Contained
molybdenum
(million pounds)
Contained
zinc (million
pounds)
Measured mineral resources
 —
 —  
 — %
 — %
 —
 —
 —
Indicated mineral resources
 77
 0.13 %
 — %
 — %
 196
 —
 —
Measured + Indicated mineral
resources
 77
 0.13 %
 — %
 — %
 196
 —
 —
Inferred mineral resources
 2,831
 0.14 %
 — %
 — %
 8,518
 —
 —
(1)
Mineral resources are reported in situ and are current as of December 31, 2024.
(2)
Mineral resources are reported exclusive of mineral reserves.
(3)
Mineral recovery was based on a formula determined from historical averages. The average recovery for mineral resources was 81% for Cu, 70% for Mo and 74% for Zn
(4)
Cut-off grade: mineral resources are reported on break-even plant and leach profit basis. The estimate was constrained to the Resource pit based on a Cu price of $3.795/lb, Mo price of
$11.50/lb and Zn price of $1.323/lb.
(5)
Material with a solubility index greater than 0.3 could be sent to the leach pad. If more than one process was profitable, then the process with the highest value was chosen.
(6)
For further information on assumptions used in preparing the 2024 estimates, including a detailed description of the cut-off determination, please refer to Chapter 11 of the Buenavista
del Cobre technical report summary prepared by qualified persons, under Exhibit 96.6 to this Form 10-K. Assumptions for the 2023 estimates may be found in the prior technical
report summary, under Exhibit 96.6 to the 2022 Form 10-K.
The variations registered for mineral resources from 2023 to 2024 were attributable to:
-
Changes in the geological block model.
-
Updates to the mineral reserve ultimate pit based on revised cut-off grades.
Mineral reserves
The following table contains the summary of copper, molybdenum and zinc mineral reserves for Buenavista as of December 31, 2024, based on long-term
price assumptions of $3.30, $10.00 and $1.15 per pound, respectively:
2024
Probable mineral
reserves
    
Amount
(million
tonnes)
    
Copper
grades
    
Molybdenum
grades
 
Zinc
grades
Contained
copper
(million
pounds)
 
Contained
molybdenum
(million pounds)
Contained
zinc (million
pounds)
Variation
Copper
Variation
Molybdenum
Variation
Zinc
Sulfide ROM Ore -
Copper plant
 2,117
 0.41 %
 0.009 %
 — %
 19,343
 399
 —
8.3%
25.1%
0.0%
Sulfide ROM Ore - Zinc
plant
 
 296
 0.61 %
 — %
 0.58 %
 3,964
 —
 3,758
390.0%
0.0%
31.8%
Sulfide ROM Ore Total
 2,413
 0.44 %
 — %
 — %
 23,307
 399
 3,758
24.8%
25.1%
31.8%
Leachable Ore
 2,118
 0.27 %
 — %
 — %
 12,389
 —
 —
150.4%
0.0%
0.0%

Table of Contents
68
2023
Probable mineral
reserves
Amount
(million
tonnes)
    
Copper
grades
    
Molybdenum
grades
 
Zinc
grades
Contained
copper
(million
pounds)
 
Contained
molybdenum
(million pounds)
Contained
zinc (million
pounds)
Sulfide ROM Ore -
Copper plant
 1,961
 0.41 %
 0.007 %
 — %
 17,861
 319
 —
Sulfide ROM Ore - Zinc
plant
 91
 0.40 %
 — %
 1.42 %
 809
 —
 2,852
Sulfide ROM Ore Total
 2,052
 0.41 %
 — %
 — %
 18,670
 319
 2,852
Leachable Ore
 1,033
 0.22 %
 — %
 — %
 4,948
 —
 —
(1)
Mineral reserves are current as of December 31, 2024.
(2)
The reference point for the estimate is delivery to the process plant and leach pads.
(3)
Contained metal in mineral reserves in 2024 increased compared to 2023 after the geological interpretation and cut-off grade parameters were revised.
(4)
Mineral reserves are reported on an elevated cut-off grade for the first three years of the mine schedule and then on a break-even plant and leach profit basis for the
remaining LOM schedule. The estimate was based on the long- range schedule, inclusive of processing costs and transport streams and based on a Cu price of
$3.30/lb, Mo price of $10.00/lb and Zn price of $1.15/lb.
(5)
Ore with a solubility index greater than 0.3 could be sent to the leach pad. If more than one process was profitable, then the process with the highest value was
chosen.
(6)
Mineral reserves are reported using a cut-off grade optimization strategy with elevated copper feed grade targets of 0.50% (2025), 0.48% (2026), 0.43% (2027)
and 0.40% (2028+) based on a long-range schedule. The estimate was constrained to an ultimate pit design. The design was based on a Cu price of $3.30/lb and a
Mo price of $10.00/lb.
(7)
The recoveries over the life of mine schedule were: mill: 81% for Cu, 70% for Mo and 74% for Zn, 45% for Cu in crushed leach and 52% for Cu in ROM Leach.
(8)
For further information on assumptions used in preparing the 2024 estimates, including a detailed description of the cut-off determination, please refer to Chapter
12 of the Buenavista operations technical report summary prepared by qualified persons, under Exhibit 96.6 to this Form 10-K. Assumptions for the 2023
estimates may be found in the prior technical report summary, under Exhibit 96.6 to the 2022 Form 10-K.
The variations registered for mineral reserves from 2023 to 2024 were attributable to a revised geological interpretation; modifications to the block model;
and revised cut-off grade parameters.
La Caridad-Pilares Complex
The La Caridad-Pilares complex includes two open-pit mines, a concentrator, a smelter, a copper refinery, a precious metals refinery, a rod plant, a SX-EW
plant, a lime plant and two sulfuric acid plants.
La Caridad mine and mill are located about 23 kilometers southeast of the town of Nacozari in northeastern Sonora at an average altitude of 1,500 meters
above mean sea level. Nacozari is about 266 kilometers northeast of the Sonora state capital of Hermosillo and 125 kilometers south of the U.S.—Mexico
border. The municipality of Nacozari de Garcia is located between 30°17’ and 30°20’ of north latitude and 109°32’ and 109°35’ of west longitude with
regard to the Greenwich meridian. Limits of the mining unit using UTM coordinates are listed in the following table:
VERTEX
    
UTM Zone 12 WGS 84
Easting
    
Northing
1
629,600.00
3,361,303.35
2
655,325.58
3,361,303.35
3
655,325.58
3,350,065.74
4
629,600.00
3,350,065.74
Nacozari is connected by paved highway with Hermosillo and Agua Prieta and by rail with the international port of Guaymas, and the Mexican and United
States rail systems. An airstrip with a reported runway length of 2,500 meters is

Table of Contents
69
located 36 kilometers north of Nacozari, less than one kilometer away from the La Caridad copper smelter and refinery. The smelter and the sulfuric acid
plants, as well as the refineries and rod plant, are located approximately 24 kilometers from the mine. Access is by paved highway and by railroad.
The mining claims held by La Caridad unit cover an area of about 103,821 hectares for exploration and exploitation activities. Surface rights are held by a
combination of private ownership and agreements with local ejidos. Ejidos are agrarian land grants held by a group of people. The agreements allow for
exploration and mining activities. The La Caridad-Pilares complex imports natural gas from the United States through its pipeline (between Douglas,
Arizona and Nacozari, Sonora). The electrical power is supplied to site from the utility grid via 230 kV overhead transmission lines. The bulk of demand is
supplied by MGE, a subsidiary of Grupo Mexico. The primary fresh water source is the La Angostura Dam located approximately 29 km to the northeast of
the La Caridad mine.
The ore at La Caridad is recovered using open-pit conventional truck and shovel mining methods due to the proximity of the ore to the surface and the
physical characteristics of the deposit. The concentrator began operations in 1979; the molybdenum plant was added in 1982 and the smelter in 1986; the
first sulfuric acid plant was added in 1988 and the SX-EW plant in 1995; the second sulfuric acid plant was added in 1997 and the copper refinery in 1997;
the rod plant was added in 1998 and the precious metals refinery in 1999; and the dust and effluents plant was incorporated in 2012.
In 2020, the final ore reserve estimation report for the Bella Union prospect was integrated into the La Caridad Block Model and in 2021 it was considered
in the new life of mine that was delivered in January 2022. The Bella Union prospect is a mineralized copper and molybdenum breccia deposit; the site is
located at less than one kilometer from the border of La Caridad pit.
The table below contains production information for 2024, 2023 and 2022 for the La Caridad-Pilares complex:
Variance
 
2024 - 2023
 
    
    
2024
    
2023
    
2022
    
Volume
    
%
 
Mine annual operating days
 
  
 
366
 
365
 
 365  
   
  
Mine
 
  
 
 
 
 
   
  
Total ore mined
 
(kt)
 
34,634  
34,886  
34,099  
 (252) 
 (0.7)%
Copper grade
 
(%)
 
0.322  
0.296  
0.303  
 0.026  
 8.8 %
Leach material mined
 
(kt)
 
19,333  
15,099  
30,113  
 4,234  
 28.0 %
Leach material grade
 
(%)
 
0.211  
0.250  
0.201  
 (0.039) 
 (15.6)%
Stripping ratio
 
(x)
 
1.68  
1.48  
0.65  
 0.20  
 13.5 %
Total material mined
 
(kt)
 
144,615  
124,090  
106,251  
 20,525  
 16.5 %
Concentrator
 
 
 
 
   
  
Total material milled
 
(kt)
 
34,515  
35,128  
34,114  
 (613) 
 (1.7)%
Copper recovery
 
(%)
 
84.35  
84.45  
85.71  
 (0.10) 
 (0.1)%
Copper concentrate
 
(kt)
 
425.5  
387.2  
385.3  
 38.3  
 9.9 %
Copper in concentrate
 
(kt)
 
93.7  
87.8  
88.5  
 5.9  
 6.7 %
Copper concentrate average grade
 
(%)
 
22.03  
22.68  
22.97  
 (0.65) 
 (2.9)%
SX‑EW plant
 
 
 
 
   
  
Estimated leach recovery
 
(%)
 
35.70  
34.97  
34.46  
 0.73  
 2.1 %
SX‑EW cathode production
 
(kt)
 
23.25  
22.99  
23.34  
 0.26  
 1.1 %
Molybdenum
 
 
 
 
   
  
Molybdenum grade
 
(%)
 
0.035  
0.039  
0.034  
 (0.004) 
 (10.3)%
Molybdenum recovery
 
(%)
 
81.11  
82.71  
81.67  
 (1.60) 
 (1.9)%
Molybdenum concentrate
 
(kt)
 
18.2  
21  
17.8  
 (2.8) 
 (13.3)%
Molybdenum concentrate average grade
 
(%)
 
53.38  
54.15  
53.58  
 (0.77) 
 (1.4)%
Molybdenum in concentrate
 
(kt)
 
9.7  
11.4  
9.6  
 (1.7) 
 (14.9)%
Key: kt = thousand tonnes
x = Stripping ratio obtained dividing waste by leachable material plus ore mined
The copper and molybdenum grade are total grade.

Table of Contents
70
Geology
La Caridad is a porphyry copper deposit, that is currently the largest copper producer in Mexico and the youngest dated porphyry copper system in the
American Southwest region. The La Caridad district lies within the eastern section of the Sonora Basin and Range Province of northern Mexico. Sustained
magmatic activity along the North American Cordillera during the late Mesozoic through Paleogene resulted in the development of numerous porphyry
copper deposits. The basement rocks of area consist of strongly deformed greenschist-grade volcanic and sedimentary rocks that are intruded by granites
emplaced at 1.4 and 1.1 billion years ago. Above the sequence Late Proterozoic and Paelozoic rocks are overlain by volcanic and plutonic rocks of
Mesozoic and Cenozoic age. Middle Jurassic rocks characterized by volcanic and volcano-sedimentary sequences, with occasional granite intrusions,
outcrop in the northern and northeastern portion of Sonora. In the La Caridad district, these rocks outcrop in the Sierra Cobriza area, west of the town of
Nacozari.
The main mineralization at La Caridad occurs in the Quartz-monzonite porphyry and hydrothermal breccias. The host rock at La Caridad are andesites, with
the oldest rocks corresponding to the Laramide volcanic rocks, which are regionally correlated with the Tarahumara Formation. Locally, this andesitic
volcanic sequence was intruded by a granodiorite which is well exposed to the east-southeast of the La Caridad mine, which are in turn intruded by diorite
dikes that range from fine to coarse grain. Discordantly overlying this igneous complex is a sequence of rhyolitic flows.
Concentrator
La Caridad uses state-of-the-art computer monitoring systems at the concentrator, the crushing plant and the flotation circuit to coordinate inflows and
optimize operations. The concentrator has a current capacity of 94,500 tonnes of ore per day.
Ore extracted from the mine with a copper grade over 0.30% is currently sent to the concentrator and processed into copper concentrates and molybdenum
concentrates. The copper concentrates are sent to the smelter and the molybdenum concentrate is sold to a Mexican customer. The molybdenum recovery
plant has a capacity of 2,000 tonnes per day of copper-molybdenum concentrates. The lime plant has a capacity of 340 tonnes of finished product per day.
The mineral reserves estimated for La Caridad were estimated utilizing an economic cut-off to assign material to either the concentrator or leach pad. Each
block in the mineral resource model is assigned an economic value based on the total potential revenue whether the block is processed in the concentrator or
on a leach pad and takes into account the various recoveries, selling costs, and payability. The resulting cut-off grade for the concentrator is approximately
0.08% copper and the leachable cutoff grade is approximately 0.01% copper.
SX-EW Plant
Approximately 1,018.3 million tonnes of leaching ore with an average grade of approximately 0.239% copper had been extracted from the La Caridad open-
pit mine and deposited in leaching dumps as of December 31, 2024. All copper ore with a grade lower than the current mill cut-off grade 0.30%, but higher
than 0.15% copper, is at present delivered to the leaching dumps. In 1995, we completed the construction of a SX-EW facility at La Caridad that has
allowed us to process this ore and certain leach mineral reserves that were not mined; this has led to a subsequent reduction in our copper production costs.
The SX-EW facility has an annual design capacity of 21,900 tonnes of copper cathodes. These cut-off grades need to be re-assessed as the mineral reserves
stated were estimated utilizing an economic cut-off value.
The plant has three trains of solvent extraction with a nominal capacity of 2,400 cubic meters per hour and has 94 electrowinning cells, which are
distributed in a single electrolytic bay. The plant has a daily production capacity of 65 tonnes of copper cathodes with 99.999% purity.

Table of Contents
71
Slope stability
In 2004, our 15-year mine plan study for the La Caridad mine was awarded to an independent consulting firm to conduct a geotechnical evaluation. The
purpose of the plan was to develop a program of optimum bench design and inter-ramp slope angles for the open-pit. The results of the evaluation presented
by the consultants included a recommendation of a maximum average bench face angle of 72 degrees. Additionally, single benching was recommended for
the upper sections of the west, south and east walls of the main pit. Double benching was recommended for the lower levels of the main pit and single
benching for the upper slope segments that consist of either alluvial material, mine waste dumps or mineralized stockpile material. Alternatively, slopes in
these types of materials, may be designed with an overall 37-degree slope. The geostructural and geotechnical parameters recommended were applied in the
pit design for the new life of mine plan for La Caridad mine, which was prepared in 2015. This mine plan replaced the 15-year mine plan prepared in 2010.
However, since final pit limits have yet to be established at La Caridad, all current pit walls are effectively working slopes. Geostructural and geotechnical
data collected at the open-pit mine from cell-mapping and oriented-core drilling databases provided the basis for the geotechnical evaluation and
recommendations. Additional geotechnical drilling is required in the expanded areas of the Mineral Reserve ultimate pit shell which are beyond the design
sector limits.
In 2019, we assigned an independent consulting firm to conduct a geotechnical study of La Caridad, which included the Bella Union area, based on a 15-
year mining plan. The results of this study included recommendations on geostructural and geotechnical parameters. These were applied to the pit design for
the new mine plan for La Caridad, which replaced the 15-year mine plan prepared in 2015. A hydrogeological study was also recommended to determine
the distribution of pore pressure. In September 2021, the SSR-OMNI and the SSR-FX radars began operating. These two working radars will allow us to
cover up to 80% of the slopes in the operating areas of the mine.
In 2022, a Geotechnical Engineer in charge of the Geotechnical Department, took care of the two radars to create information and to make daily monitoring
reports as well as giving recommendations to the Operation Department to have a safer mining process. Geostructural data from cell-mapping is being
collected. The inter-ramp slope angles are updated weekly, as the topography changes, to know if we continue within the recommended level.
In 2023, a second Geotechnical Engineer was hired for the Geotechnical Department. The Maptek XR3 scanner is being used to improve structural mapping
and make recommendations to the Blasting Department. Weekly and monthly reports are generated based on the piezometers, which show the evolution of
the water table levels and enable monitoring if slope drainage is required.
La Caridad pit and its surroundings are fully monitored by four radar systems and a specialized team, who is on 24/7 to notify operations if an alert is
triggered. A drone equipped with a LiDAR sensor is used to conduct surveys to measure slope angles, inter-ramp areas, waste rock facilities, and leaching
pads.
The quality of the rock mass and nearby geological structures are reported daily for scheduled blasts. Furthermore, a slope and bench cleaning program has
been implemented to minimize the risk of rockfall as much as possible.

Table of Contents
72
Mineral resources
The following table contains the summary of copper and molybdenum mineral resources exclusive of mineral reserves for La Caridad as of December 31,
2024, based on long-term price assumptions of $3.80 and $11.50 per pound, respectively:
2024
Leach process
    
Amount
(million tonnes)     Copper grades
    
Molybdenum
grades
Contained
copper (million
pounds)
 
Contained
molybdenum
(million pounds)
Variation
Copper
Variation
Molybdenum
Measured mineral resources
 5
 0.07
%
 —
%
 7
 —
 —
 —
Indicated mineral resources
 
 113
 0.07
%
 —
%
 162
 —
(85.7)%
 —
Measured + Indicated mineral
resources
 117
 0.07
%
 —
%
 169
 —
(85.0)%
 —
Inferred mineral resources
 342
 0.08
%
 —
%
 611
 —
(32.5)%
 —
Mill process
    
Amount
(million tonnes)     Copper grades
    
Molybdenum
grades
Contained
copper (million
pounds)
Contained
molybdenum
(million pounds)
Variation
Copper
Variation
Molybdenum
Measured mineral resources
 89
 0.15
%
 0.025
%
 295
 51
 —
 —
Indicated mineral resources
 
 2,136
 0.14
%
 0.022
%
 6,676
 1,027
(51.2)%
(57.65)%
Measured + Indicated mineral
resources
 2,224
 0.14
%
 0.022
%
 6,971
 1,077
(49.0)%
(55.56)%
Inferred mineral resources
 5,315
 0.13
%
 0.024
%
 14,764
 2,807
65.6%
71.2%
2023
Leach process
Amount
(million tonnes)     Copper grades
    
Molybdenum
grades
Contained
copper (million
pounds)
 
Contained
molybdenum
(million pounds)
Measured mineral resources
 —
 —
%
 —
%
 —
 —
Indicated mineral resources
 683
 0.08
%
 —
%
 1,129
 —
Measured + Indicated mineral
resources
 683
 0.08
%
 —
%
 1,129
 —
Inferred mineral resources
 526
 0.08
%
 —
%
 905
 —
Mill process
Amount
(million tonnes)     Copper grades
    
Molybdenum
grades
Contained
copper (million
pounds)
Contained
molybdenum
(million pounds)
Measured mineral resources
 —
 —
%
 —
%
 —
 —
Indicated mineral resources
 3,928
 0.16
%
 0.028
%
 13,681
 2,424
Measured + Indicated mineral
resources
 3,928
 0.16
%
 0.028
%
 13,681
 2,424
Inferred mineral resources
 2,973
 0.14
%
 0.025
%
 8,913
 1,639
(1)
Mineral resources are reported in situ and are current as of December 31, 2024.
(2)
Mineral resources are reported exclusive of mineral reserves.
(3)
Copper content in mineral resources in 2024 changed significantly from 2023 mainly due to the three reasons mentioned below.
(4)
Mineral resources are reported on break-even plant and leach profit basis. The estimate was constrained to the Resource pit based on a Cu price of $3.795/lb, Mo price of $11.50/lb.
(5)
Ore material with solubility index greater than 0.3 was considered routable to leach.
(6)
Recovery assumed based on 3-year averages of La Caridad 81% Cu and 87% Mo for mill and 44% Cu for heap leach.
(7)
For further information on assumptions used in preparing the 2024 estimates, including a detailed description of the cut-off determination, please refer to Chapter 11 of the La Caridad
and Pilares operations technical report summary prepared by qualified persons, under Exhibit 96.7 to this Form 10-K. Assumptions for the 2023 estimates may be found in the prior
technical report summary, under Exhibit 96.7 to the 2022 Form 10-K.

Table of Contents
73
The variations registered for mineral resources from 2023 to 2024 were attributable to:
-
The site has added 119,738 meters of samples in 416 drill holes, with widespread coverage across La Caridad and Bella Union zones since the last
time the mineral resource estimate block model was updated.
-
The economics have been updated with new recovery calculations, updated costs and updated logic for the mill/leach categorizations.
-
Measured resources are declared for the first time for this deposit. The net impact of these changes is a change in classification from measured and
indicated material to mineral reserves and an increase in the amount of inferred mill material.
Mineral reserves
The following table contains the summary of copper and molybdenum mineral reserves for La Caridad as of December 31, 2024, based on long-term price
assumptions of $3.30 and $10.00 per pound, respectively.
2024
Proven mineral reserves
    
Amount (million
tonnes)
    
Copper grades
    
Molybdenum
grades
 
Contained
copper (million
pounds)
 
Contained
molybdenum
(million pounds)
Variation
Copper
Variation
Molybdenum
Leach process
 66
 0.23 %
 —
%
 342
 —
100.0%
100.0%
Mill process
 
 272
 0.28 %
 0.042
%
 1,697
 251
100.0%
100.0%
2024
Probable mineral reserves
    
Amount (million
tonnes)
    
Copper grades
    
Molybdenum
grades
 
Contained
copper (million
pounds)
 
Contained
molybdenum
(million pounds)
Variation
Copper
Variation
Molybdenum
Leach process
 315
 0.16 %
 —
%
 1,102
 —
180.5%
 —
Mill process
 
 1,671
 0.21 %
 0.036
%
 7,628
 1,335
(19.0)%
7.3%
2023
Probable mineral reserves
Amount (million
tonnes)
    
Copper grades
    
Molybdenum
grades
 
Contained
copper (million
pounds)
 
Contained
molybdenum
(million pounds)
Leach process
 197
 0.09 %
 —
%
 393
 —
Mill process
 2,039
 0.21 %
 0.028
%
 9,415
 1,244
(1)
Mineral reserves are current as of December 31, 2024.
(2)
The reference point for the estimate is the leach pad or concentrator.
(3)
Mineral reserves are reported using a cut-off grade optimization strategy. The estimate was constrained to an ultimate pit design limited to an approximate 60-year life to stay within
current tailings capacity estimate. The design was based on a Cu price of $3.30/lb and a Mo price of $10.00/lb.
(4)
Ore material with solubility index greater than 0.3 was considered routable to leach.
(5)
Copper recovery for the mill process is 83% for Cu and 88% for Mo and recovery for the leach process is 46%.
(6)
Contained metal in mineral reserves in 2024 increased slightly compared to the 2023 estimate; this was mainly due to the implementation of a new geological model.
(7)
For further information on assumptions used in preparing the 2024 estimates, including a detailed description of the cut-off determination, please refer to Chapter 12 of the La Caridad
and Pilares operations technical report summary prepared by qualified persons, under Exhibit 96.7 to this Form 10-K. Assumptions for the 2023 estimates may be found in the prior
technical report summary, under Exhibit 96.7 to the 2022 Form 10-K.
The variations registered for mineral reserves from 2023 to 2024 were attributable to:
-
Generation of a new geological model, which incorporated recent drilling.
-
Change from a breakeven cutoff grade estimate to a cut-off grade optimization strategy.

Table of Contents
74
Pilares
Pilares is considered part of the La Caridad unit and ore from Pilares is routed to the leach pads and processing facilities at the La Caridad operations. The
Pilares mineral development project is located in northeastern Sonora, Mexico, about 266 kilometers northeast of the city of Hermosillo and 125 kilometers
south of the city of Agua Prieta Sonora, Mexico, which is on the international U.S. – Mexico border. The Pilares project is located between 30°19’ and
30°20’ N, and between 109°38’ and 109°37’47’’ W, at elevations ranging between 1,400 to 1,460 meters above mean sea level. It is about 6 kilometers from
the La Caridad mining unit and 22 kilometers from the town of Nacozari.
The mining claims held by Pilares project cover an area of about 143.3 hectares for exploration and exploitation activities. Surface rights are held by a
combination of private ownership and agreements with the local ejido “Pilares”, which consists of about 40 members. Ejidos are agrarian land grants held
by a group of people. The agreements allow for exploration and mining activities, plus conservation of the historical town of Pilares. Additionally, the
Pilares Project was included in the regional environmental permit obtained for the entire La Caridad complex dated September 2018 and valid for 60 years.
Geology
The La Caridad mining district, where the Pilares porphyry copper deposit is located, lies within the eastern section of the Sonora Basin and Range Province
in Northern Mexico. Sustained magmatic activity along the North American Cordillera during the late Mesozoic through Paleogene resulted in the
development of numerous porphyry copper deposits.
The local geology of the Pilares area consists of two main lithological packages, a volcanic sequence and a set of hypabyssal bodies that intrude the volcanic
sequence. The volcanic sequence is comprised from the base to the top by the following units: andesitic flows from intercallations of Crystal Tuff,
Tobaceous Sandstone, tuff-breccia (ignimbrite), basalt-andesite flows and Lapilli Tuffs. The Lapilli Tuff is composed of lapilli-sized volcanic fragments
outcropping in the topographic highs and distributed in the central, southeastern and northeastern portion of the Pilares area. The Lapilli Tuff hosts the
mineralized structure of the Pilares Breccia.
Slope stability
In 2024, a SSR827-XT radar was installed for slope monitoring. Pre-cutting equipment was acquired, and pre-cut drilling was performed on final slopes.
Mineral resources
The following table contains the summary of copper and molybdenum mineral resources for Pilares as of December 31, 2024, based on long-term price
assumptions of $3.80 and $11.50 per pound, respectively:
2024
Leach process
    
Amount (million
tonnes)
    
Copper
grades
    
Molybdenum
grades
Contained
copper
(million
pounds)
 
Contained
molybdenum
(million pounds)
Variation
Copper
Variation
Molybdenum
Measured mineral resources
 —
 — %
 — %
 —
 —
 —
 —
Indicated mineral resources
 
 0.03
 0.16 %
 — %
 0.1
 —
100.0%
 —
Measured + Indicated mineral resources
 0.03
 0.16 %
 — %
 0.1
 —
100.0%
 —
Inferred mineral resources
 0.01
 0.09 %
 — %
 0.02
 —
(99.7)%
 —

Table of Contents
75
Mill process
    
Amount (million
tonnes)
    
Copper
grades
    
Molybdenum
grades
Contained
copper
(million
pounds)
Contained
molybdenum
(million pounds)
Variation
Copper
Variation
Molybdenum
Measured mineral resources
 —
 — %
 — %
 —
 —
 —
 —
Indicated mineral resources
 
 30.1
 0.55 %
 0.014 %
 364.2
 9.3
100.0%
100.0%
Measured + Indicated mineral resources
 30.1
 0.55 %
 0.014 %
 364.2
 9.3
100.0%
100.0%
Inferred mineral resources
 3.4
 0.46 %
 0.014 %
 34.4
 1.1
(95.8)%
(85.1)%
2023
Process
    
Classification
Amount
(million
tonnes)
    
Total copper
    Copper oxide
Molybdenum
grade
Contained
copper
(million
pounds)
Contained
molybdenum
(million pounds)
Leach
Inferred
 0.9
 0.34 %
 0.09 %
 0.003 %
 6.8
 —
Mill
 
Inferred
 67.3
 0.55 %
 0.04 %
 0.005 %
 817.3
 7.4
(1)
Mineral resources are reported in situ and effective as of December 31, 2024. Mineral resources are reported exclusive of mineral reserves.
(2)
Recovery assumed based on 3-year averages of La Caridad 81% Cu and 87% Mo for mill and 44% Cu for heap leach.
(3)
Mineral resources are reported on break-even plant and leach profit basis. The estimate was constrained to the Resource pit based on a Cu price of $3.795/lb, Mo price of $11.50/lb.
(4)
Ore material with solubility index greater than 0.3 was considered routable to leach.
(5)
For further information on assumptions used in preparing the 2024 estimates, including a detailed description of the cut-off determination, please refer to Chapter 11 of the La Caridad
and Pilares project technical report summary prepared by qualified persons under Exhibit 96.7 of this Form 10-K.
(6)
For further information on assumptions used in preparing the 2023 estimates, including a detailed description of the cut-off determination, please refer to Chapter 11 of the Pilares
project technical report summary prepared by qualified persons, under Exhibit 96.8 of Form 10-K/A filed by the Company on March 7, 2022.
Mineral reserves
The following table contains the summary of copper and molybdenum mineral reserves for Pilares as of December 31, 2024, based on long-term price
assumptions of $3.30 and $10.00 per pound, respectively. This is the first time that mineral reserves are being stated for Pilares.
2024
Probable mineral reserves
    
Amount (million
tonnes)
    
Copper grades
    
Molybdenum grades
 
Contained copper
(million pounds)
 
Contained
molybdenum (million
pounds)
Leach process
 2.2
 0.35
%
 —
%
 17
 —
Mill process
 
 22.6
 0.80
%
 0.006
%
 399
 3
(1)
Mineral reserves are current as of December 31, 2024.
(2)
The reference point for the estimate is the leach pad or concentrator.
(3)
Mineral reserves are reported using a cut-off grade optimization strategy. The estimate was constrained to an ultimate pit design limited to an approximate 60-year life. The design was
based on a Cu price of $3.30/lb and a Mo price of $10.00/lb.
(4)
Ore material with solubility index greater than 0.3 was considered routable to leach.
(5)
Copper recovery for the mill process is 83% for Cu and 88% for Mo and recovery for the leach process is 46%.
(6)
For further information on assumptions used in preparing the 2024 estimates, including a detailed description of the cut-off determination, please refer to Chapter 12 of the La Caridad
and Pilares operations technical report summary prepared by qualified persons, under Exhibit 96.7 to this Form 10-K.

Table of Contents
76
Processing Facilities—La Caridad
Our La Caridad complex includes a smelter, an electrolytic copper refinery, a precious metal refinery, a copper rod plant and an effluent and dust treatment
plant. The distance between this complex and the La Caridad mine is approximately 24 kilometers.
Smelter
Copper concentrates from Buenavista, Santa Barbara, Charcas and La Caridad are transported by rail and truck to the La Caridad smelter where they are
processed and cast into copper anodes of 99.2% purity. Sulfur dioxide off-gases collected from the flash furnace, the El Teniente converter and conventional
converters are processed into sulfuric acid at two sulfuric acid plants. Approximately 2% to 3% of this acid is used by our SX-EW plants and the balance is
sold to third parties.
All of the anodes produced in the smelter are sent to the La Caridad copper refinery. The actual installed capacity of the smelter is 1,000,000 tonnes
per year, a capacity that is sufficient to treat all the concentrates of La Caridad and almost 40.5% of total production of the OMIMSA I and OMIMSA II
concentrators from Buenavista. In 2010, the smelter also began processing concentrates from the IMMSA mines, as we closed the San Luis Potosi smelter.
Other facilities in the smelter include two sulfuric acid plants with capacities of 2,625 and 2,135 tonnes per day, three oxygen plants each with a production
capacity of 275 tonnes per day; and one power turbine which generates 11.5 MWh.
Refinery
La Caridad includes an electrolytic copper refinery that uses permanent cathode technology. The installed capacity of the refinery is 300,000 tonnes
per year. The refinery consists of an anode plant with a preparation area, an electrolytic plant with an electrolytic cell house with 1,115 cells and 32 liberator
cells, two cathode stripping machines, an anode washing machine, a slime treatment plant and a number of ancillary facilities. The refinery is producing
grade A (LME) and grade 1 (COMEX) copper cathode of 99.99% purity. Anodic slimes are recovered from the refining process and sent to the slime
treatment plant, where additional copper is extracted. The slimes are then filtered, dried, packed and shipped to the La Caridad precious metals refinery to
produce silver and gold.
Precious Metals Plant
The operations at the precious metal refinery begin with the reception of anodic slimes, which are dried in a steam dryer. After this, the dried slime is
smelted and a gold and silver alloy is obtained, which is known as Dore. The precious metal refinery plant has a hydrometallurgical stage and a
pyrometallurgical stage, in addition to a steam dryer, Dore casting system, Kaldo furnace, 20 electrolytic cells in the silver refinery, one induction furnace
for fine silver, one silver ingot casting system and two reactors for obtaining fine gold. The process ends with the refining of the gold and silver alloy. We
also recover commercial selenium from the gas produced by the Kaldo furnace process.
Copper Rod Plant
A rod plant at the La Caridad-Pilares complex began operations in 1998 and reached its full annual operating capacity of 150,000 tonnes in 1999. The plant
is producing eight-millimeter copper rods with a purity of 99.99%.
Effluent and Dust Treatment Plant
In 2012, we started operating a dust and effluent plant with a treatment capacity of 5,000 tonnes of smelter dusts per year, which will produce 1,500 tonnes
of copper by-products and 2,500 tonnes of lead sulfates per year. This plant is designed to reduce dust emissions from La Caridad metallurgical complex.

Table of Contents
77
The table below contains production information for 2024, 2023 and 2022 for the La Caridad processing facilities:
Variance
 
2024 - 2023
 
    
    
2024
    
2023
    
2022
    
Volume
    
%
 
Smelter
   
 
   
   
   
   
  
Total copper concentrate smelted
 
(kt)
 
991.5  
966.6  
1,052.0  
 24.9  
 2.6 %
Anode copper production
 
(kt)
 
252.5  
265.3  
287.1  
 (12.8) 
 (4.8)%
Average copper content in anode
 
(%)
 
99.46  
99.38  
99.43  
 0.08  
 0.1 %
Average smelter recovery
 
(%)
 
95.20  
96.70  
96.80  
 (1.50) 
 (1.6)%
Sulfuric acid production
 
(kt)
 
996.0  
948.5  
1,001.3  
 47.5  
 5.0 %
Refinery
 
 
 
 
   
  
Refined cathode production
 
(kt)
 
217.1  
218.6  
245.7  
 (1.5) 
 (0.7)%
Refined silver production
 
(000 kg)  
246.6  
230.1  
266.5  
 16.5  
 7.2 %
Refined gold production
 
(Kg)
 
890.4  
948.1  
1,096.4  
 (57.7) 
 (6.1)%
Rod Plant
 
 
 
 
   
  
Copper rod production
 
(kt)
 
152.8  
154.3  
156.4  
 (1.5) 
 (1.0)%
Key: kt = thousand tonnes
Kg = kilograms
MEXICAN PROJECTS
El Pilar Project
The El Pilar Property is located in north central Sonora, Mexico, about 15 kilometers south of the international border with United States. The property is
situated within lands of Ejido Miguel Hidalgo (also referred to as San Lazaro), in the Santa Cruz Municipality. The property is situated between UTM
coordinates 3,446,000N to 3,455,000N and 526,800 E to 534,700 E. The El Pilar property comprises 9,571.4 hectares in 19 concessions. These concessions
are wholly owned by Recursos Stingray de Cobre S.A de C.V., our wholly owned Mexican subsidiary. Additionally, a total of 1,926 hectares of surface
rights have been successfully negotiated with the Ejido Miguel Hidalgo, which allows for all required land ownership rights needed for project
development.
The El Pilar deposit is located at the southwest margin of the Patagonia Mountains near the base of a mountain range. The topography near the deposit
permits sufficient surface space for a mining operation, leaching pads, waste disposal areas, and other facilities. The property can be reached by road from
Hermosillo, Sonora in Mexico and from Tucson, Arizona in the United States. The route from Hermosillo to Miguel Hidalgo takes about 3.5 hours of
driving time. The route from Tucson to Miguel Hidalgo is currently a two-hour drive. The site is a green-field mining site with no existing infrastructure.
Experienced mining personnel and related contractors are available within driving distance.
The project area climate allows year-round mining and processing operations. A power line is located 3 km to the south, in the village of Miguel Hidalgo
where SCC has an office and warehouse facilities, but the project will require the construction of a high voltage power line from the site to connect with the
high voltage power lines accessible in Nogales, which is 28 km northwest of the property. A railroad is located 3 km south of the deposit. Construction of a
new railway spur approximately 4 km in length is planned for the delivery of molten sulfur or sulfuric acid.
Geology
The deposit is located within the Sonora-Arizona Porphyry Copper Province, along the southwest flank of the Patagonia Mountains. The geology of the El
Pilar property consists of Precambrian intrusive rocks overlain by Paleozoic sedimentary rocks. These units are overlain by Tertiary sedimentary rocks.
Intrusives of granitic to monzonitic composition with some pegmatitic and aplitic facies intrude all the older units. Tertiary and Quaternary alluvial fan and
alluvial wash sediments cover the flanks of the ranges and the intervening valleys.
The El Pilar copper deposit occurs within unconsolidated, poorly sorted, poorly bedded, proximal facies alluvial wash

Table of Contents
78
deposits that are overlain by dissected younger alluvial fan deposits. The copper bearing sediments at El Pilar are comprised solely of alluvial wash gravels
deposited into a paleo topographic range-front depression. At the northern boundary of the deposit, these basin-fill sediments are juxtaposed against
unmineralized Precambrian granitic rocks by an east-west to northwest-trending, south dipping zone of faulting and hydrothermal brecciation.
Mineralization predominantly consists of the copper oxide mineral chrysocolla, which occurs as coatings on clasts of highly silicified breccia and as grains
in the sedimentary gravel matrix.
Mineral resources
The following table contains the summary of copper mineral resources exclusive of mineral reserves for El Pilar as of December 31, 2024, based on long-
term price assumptions of $3.80 per pound:
    
2024
 
Copper
    
Amount (million
tonnes)
    
Total copper
    
Soluble copper
Contained copper
(million pounds)
Measured mineral resources
 2.2
 0.20
%
 0.10
%
 9
Indicated mineral resources
 
 81.3
 0.18
%
 0.08
%
 317
Measured + Indicated mineral resources
 83.4
 0.18
%
 0.08
%
 326
Inferred mineral resources
 88.6
 0.12
%
 0.06
%
 234
(1)
Mineral resources are reported in situ and effective as of December 31, 2021 as reported in the Technical Report Summary dated February 28, 2022. Southern Copper has reported that
minor activity by contractors at the site has not materially impacted the total Mineral Resource estimates that were reported as of December 31, 2021. Therefore, the estimates as of
December 31, 2021 are deemed current as of December 31, 2024. The qualified person (“QP”) has not visited the site since August 2021 and cannot independently determine whether
contractor activities have impacted Mineral Resources.
(2)
Mineral resources are reported exclusive of mineral reserves.
(3)
Metallurgical Recovery: Cu Recovery = 0.3349 x LN (Soluble Cu/Total Cu) + 0.7949
(4)
Cut-Off Grade: Calculated on break-even profit basis and constrained within the pit shell outlined using a Cu price of $3.795/lb.
(5)
For further information on assumptions used in preparing the estimates, including a detailed description of the cut-off determination, please refer to Chapter 11 of the El Pilar project
technical report summary prepared by qualified persons, under Exhibit 96.9 of Form 10-K/A for the fiscal year ended December 31, 2021, filed on March 7, 2022.
(6)
There were no changes in resources with regard to 2021’s figures. Technical Studies are underway.
Mineral reserves
The following table contains the summary of copper mineral reserves for El Pilar as of December 31, 2024, based on long-term price assumptions of $3.30
per pound:
    
2024
Copper
    
ROM Ore (million
tonnes)
    
Copper grade
    
Contained copper
(thousand tonnes)
 
Contained copper
(million pounds)
Proven mineral reserves
 63
 0.27
%
 168
 370
Probable mineral reserves
 
 254
 0.25
%
 623
 1,374
Total mineral reserves
 317
 0.25
%
 790
 1,744
(1)
Mineral reserves are effective as of December 31, 2021 as reported in the Technical Report Summary dated February 28, 2022.  Southern Copper has reported minor activity by 
contractors at the site since that time has not materially impacted the original Mineral Reserves estimates. Therefore, the estimates as of December 31, 2021 are deemed current as of 
December 31, 2024. The QP has not visited the site since August 2021 and cannot independently determine whether the contractor activities have impacted Mineral Reserves. 
(2)
The reference point for the estimate is delivery to the leach pad.
(3)
The recovered copper estimate utilizes the following recovery formula: (Cu Rec % = 0.3349 x LN(Cu_Ratio) + 0.7949)
(4)
Cut-Off Grade: Measured and Indicated Blocks within the ultimate pit design with a value greater than or equal to zero were considered ore. The following “Value Equation” was used
to calculate that value using a Cu price of $3.30/lb. Value / tonne = ($0.73 * Cu Recovery * Cu Grade) – ($0.15 * Cu Recovery * Cu Grade) - $0.57
(5)
For further information on assumptions used in preparing the estimates, including a detailed description of the cut-off determination, please refer to Chapter 12 of the El Pilar project
technical report summary prepared by qualified persons, under Exhibit 96.9 of the Company´s Form 10-K/A for the fiscal year ended December 31, 2021, filed on March 7, 2022.
(6)
There were no changes in reserves with regard to 2021’s figures. Technical Studies are underway.

Table of Contents
79
El Arco Project
The El Arco deposit is located near the village of El Arco in Baja California, Mexico, which lies near the center of the Baja California Peninsula in the
municipalities of San Quintin, Baja California and Mulegé, Baja California Sur, Mexico. The Project centroid is at approximately 28°03’ 24.08” N; 113° 27’
35.23” W. The center of the El Arco deposit is located at approximately 28° 02’ 02.97” N; 113° 23’ 46.75” W. Route 1 is the only paved highway
connecting the northern and southern parts of the Baja Peninsula. El Arco located between the towns of Santa Rosalía and Guerrero Negro at kilometer 189.
The El Arco site is accessed by taking Highway 1 approximately 30 kilometers south of the town of Guerrero Negro to the intersection with the highway
MX 18, and following MX 18 for 42 kilometers east to the project site. Highway 1 is paved and in good condition and Highway 18 was originally paved but
currently all pavement is gone, leaving a gravel roadbed.
The nearest port is Santa Rosalía on the Sea of Cortez, 240 km by road southeast of El Arco. We plan to construct a port at El Barril, located 70 km
northeast of the proposed mine site. The site is currently a greenfields site with limited infrastructure that is only suitable to support exploration-level
activities. Planned on-site infrastructure includes an open pit mine, two waste rock storage facilities, mill complex and oxide fine crushing facilities,
temporary ore stockpile, heap leach facility, tailings storage facility, administration building, truck shop and warehouse, main 230 kV electrical substation
and a water storage dam and reservoir.
We hold 11 mining concessions, covering 72,133 hectares. Surfaces rights in the deposit area are held by a combination of agrarian cooperatives (ejidos)
and private owners. Project water is planned to be sourced from a desalination plant, to be constructed at El Barril. Additionally, we expect to obtain power
from a private provider.
Geology
The El Arco deposit is considered to be an example of a porphyry copper deposit. The Alisitos arc is an approximately 300 × 30 kilometer oceanic arc
terrane that accreted to the western edge of the Peninsular Ranges batholith within the North American Cordillera. A chain of granitic batholithic intrusions
intrude the Alisitos Formation, and El Arco, the oldest known porphyry deposit in this chain, is located at the extreme southern end of the chain.
The El Arco area basement consists of serpentinite, with blocks of peridotite, pyroxenite and amphibolite that are tectonically overlain by diorites, gabbros,
and rocks interpreted to be pillow lavas. These units are overlain by metavolcanic agglomerates, metagraywackes, meta-andesite flows and breccias, and
thinly-bedded marble. Andesite flows in the upper part of this sequence host granodiorite porphyry intrusions that generated the El Arco deposit. Barren
diabase dikes cut the andesite and granodiorite porphyry. All lithologies have been subject to greenschist facies metamorphism, characterized by
development of chlorite–epidote–calcite–quartz. Mineralization at El Arco occurs in three sub-horizontal zones.

Table of Contents
80
Mineral resources
The following table contains the summary of mineral resources for El Arco as of December 31, 2024, based on long-term price assumptions of $3.80 and
$10.35 per pound for copper and molybdenum, respectively, and fixed over the 35-year expected mine life.
    
2024
Mill plant
    
Amount
(million
tonnes)
    
Copper
grades
    
Molybdenum
grades
Gold
grade
(g/t)
Silver
grade
(g/t)
Contained
copper
(million
pounds)
 
Contained
molybdenum
(million pounds)
Contained
gold (million
ounces)
Contained
silver
(million
ounces)
Measured mineral resources
 —
 — %
 — %
 —
 —
 —
 —
 —
 —
Indicated mineral resources
 
 826.6
 0.41 %
 0.008 %
 0.12
 1.6
 7,544.9
 146.5
 3.23
 41.88
Measured + Indicated mineral resources
 826.6
 0.41 %
 0.008 %
 0.12
 1.6
 7,544.9
 146.5
 3.23
 41.88
Inferred mineral resources
 2,344.9
 0.37 %
 0.006 %
 0.11
 1.5
 19,352.3
 298.2
 8.05
 110.89
Leach plant
    
Amount
(million
tonnes)
    
Copper
grades
    
Molybdenum
grades
Gold
grade
(g/t)
Silver
grade
(g/t)
Contained
copper
(million
pounds)
 
Contained
molybdenum
(million pounds)
Contained
gold (million
ounces)
Contained
silver
(million
ounces)
Measured mineral resources
 —
 — %
 — %
 —
 —
 —
 —
 —
 —
Indicated mineral resources
 
 51.3
 0.30 %
 — %
 —
 —
 335.3
 —
 —
 —
Measured + Indicated mineral resources
 51.3
 0.30 %
 — %
 —
 —
 335.3
 —
 —
 —
Inferred mineral resources
 63.8
 0.25 %
 — %
 —
 —
 350.9
 —
 —
 —
(1)
Mineral resources are reported in situ and are current as at December 31, 2024.
(2)
Mineral resources are reported exclusive of mineral reserves. Mineral resources that are not mineral reserves have no demonstrated economic viability.
(3)
Mineral resources are reported within a conceptual pit shell that is based on copper and molybdenum values only. The pit shell uses the following input parameters: metal prices of
$3.80/lb Cu and $10.35/lb Mo; variable net smelter return cut-offs; mining recovery of 100%; metallurgical recoveries of 86% Cu, and 55% Mo for material sent to the mill facility,
and recovery of 80% Cu (Total copper) for material sent to the heap leach pad; total mining costs (base, incremental and sustaining) of $1.206/t mined; total mill process costs (base,
sustaining, tailings, G&A and molybdenum plant) of $7.80/t milled; total leaching costs (operating and SX-EW) of $1.60/t leached; miscellaneous costs (closure, payments) of $0.10/t
processed; copper refining cost of $0.09/lb, copper smelting cost of $90/t concentrate; copper transport costs of $107.69/t concentrate; molybdenum transport costs of $73.67/t
concentrate; and molybdenum refining/treatment cost of 12.50% (of molybdenum price). Mineral resources are constrained within a wireframe constructed at a 0.1% total copper cut-
off grade.
(4)
Gold and silver are not used in the pit optimization. The gold and silver metallurgical recoveries for material that will be sent to the mill facility are forecast at 55.7% Au, and 50.2%
Ag, respectively. Molybdenum, gold and silver are not expected to be recovered from the leach process.
(5)
Mineral resources are constrained within a wireframe constructed at a 0.1% total copper cut-off grade.
(6)
For further information on assumptions used in preparing the estimates, please refer to Chapter 11 of the El Arco project technical report summary prepared by qualified persons, under
Exhibit 96.10 of the Company´s Form 10-K/A for the fiscal year ended December 31, 2021, filed on March 7, 2022.
(7)
There were no changes in mineral resources with regard to the figures reported in 2021.

Table of Contents
81
Mineral reserves
The following table contains the summary of copper mineral reserves for El Arco as of December 31, 2024, based on long-term price assumptions of $3.30
and $9.00 per pound for copper and molybdenum, respectively, and were fixed over the 35 year expected mine life.
    
2024
Probable mineral
reserves
    
Amount
(million
tonnes)
    
Copper
grades
    
Molybdenum
grades
 
Gold
grade
(g/t)
Silver
grade (g/t)
Contained
copper (million
pounds)
 
Contained
molybdenum
(million pounds)
Contained
gold (million
ounces)
Contained
silver (million
ounces)
Sulfide mill
 1,229.5
 0.40 %
 0.006 %
 0.14
 1.8
 10,822
 166.7
 5.6
 70.5
Oxide leach
 
 140.5
 0.27 %
 — %
 —
 —
 846
 —
 —
 —
(1)
Mineral reserves are current as of December 31, 2024.
(2)
The reference point for the estimate is the point of delivery to the processing facility.
(3)
Mineral reserves are constrained within an optimized pit shell based on copper and molybdenum only.
(4)
The following parameters were used in estimation: assumption of open pit mining methods; assumption of heap leach and concentrate processing; copper price of $3.30/lb,
molybdenum price of $9.00/lb; variable net smelter return cut-offs; mining recovery of 100%; metallurgical recoveries of 86% Cu, and 55% Mo for material sent to the mill facility,
and recovery of 80% Cu (Total copper) for material sent to the heap leach pad; total mining costs (base, incremental and sustaining) of $1.206/t mined; total mill process costs (base,
sustaining, tailings, G&A and molybdenum plant) of $7.80/t milled; total leaching costs (operating and SX-EW) of $1.60/t leached; miscellaneous costs (closure, payments) of $0.10/t
processed; copper refining cost of $0.09/lb; copper smelting cost of $90/t concentrate; copper transport costs of $107.69/t concentrate; molybdenum transport costs of $73.67/t
concentrate; and molybdenum refining/treatment cost of 12.50% (of molybdenum price).
(5)
Gold and silver are not used in the pit optimization. The gold and silver metallurgical recoveries for material that will be sent to the mill facility are forecast at 55.7% Au, and 50.2%
Ag, respectively. Molybdenum, gold and silver are not expected to be recovered from the leach process.
(6)
For the leaching process, the internal copper cut-off was 0.049% while the breakeven copper cut-off was 0.057%.
(7)
For further information on assumptions used in preparing the estimates, including a detailed description of the cut-off determination, please refer to Chapter 12 of the El Arco
operations technical report summary prepared by qualified persons, under Exhibit 96.10 of the Company´s Form 10-K/A for the fiscal year ended December 31, 2021, filed on March
7, 2022.
(8)
There were no changes in mineral reserves with regard to the figures reported in 2021.
MEXICAN IMMSA UNIT
Our IMMSA unit (underground mining poly-metallic division) owns five underground mining complexes situated in central and northern Mexico, three of
which are currently operating. It produces zinc, lead, copper, silver and gold. These complexes include industrial processing facilities for zinc, lead, copper
and silver. All of IMMSA’s mining facilities employ exploitation systems and conventional equipment. We believe that all the plants and equipment are in
satisfactory operating condition. IMMSA’s principal mining facilities are Charcas, Santa Barbara, San Martin, Santa Eulalia and Taxco.

Table of Contents
82
The table below contains production information for 2024, 2023 and 2022 for our Mexican IMMSA unit:
Variance
 
2024 - 2023
 
    
    
2024
    
2023
    
2022
    
Volume     
%
 
Average annual operating days(*)
 
 300  
 301  
 307
Total material mined and milled
 
(kt)
 
4,433  
4,346  
 4,100  
 87  
 2.0 %
Zinc:
 
 
 
 
   
  
Average ore grade
 
(%)
 
1.85  
1.88  
 1.79  
 (0.03) 
 (1.6)%
Average recovery
 
(%)
 
80.28  
80.22  
 81.62  
 0.06  
 0.1 %
Concentrate produced
 
(kt)
 
130.7  
132.0  
 124.0  
 (1.3) 
 (1.0)%
Concentrate average grade
 
(%)
 
50.29  
49.64  
 48.38  
 0.65  
 1.3 %
Zinc in concentrate
 
(kt)
 
65.7  
65.5  
 60.0  
 0.2  
 0.3 %
Lead:
 
 
 
 
   
  
Average ore grade
 
(%)
 
0.69  
0.63  
 0.58  
 0.06  
 9.5 %
Average recovery
 
(%)
 
68.92  
68.78  
 69.49  
 0.14  
 0.2 %
Concentrate produced
 
(kt)
 
37.2  
33.6  
 32.5  
 3.6  
 10.7 %
Concentrate average grade
 
(%)
 
56.63  
55.71  
 51.00  
 0.92  
 1.7 %
Lead in concentrate
 
(kt)
 
21.1  
18.7  
 16.6  
 2.4  
 12.8 %
Copper:
 
 
 
 
   
  
Average ore grade
 
(%)
 
0.38  
0.38  
 0.39  
 —  
 — %
Average recovery
 
(%)
 
58.49  
57.52  
 56.71  
 0.97  
 1.7 %
Concentrate produced
 
(kt)
 
44.4  
43.9  
 40.3  
 0.5  
 1.1 %
Concentrate average grade
 
(%)
 
21.97  
21.80  
 22.65  
 0.17  
 0.8 %
Copper in concentrate
 
(kt)
 
9.8  
9.6  
 9.1  
 0.2  
 2.1 %
Silver:
 
 
 
 
   
  
Average ore grade
 
(ounces)
 
1.93  
1.97  
 2.13  
 (0.04) 
 (2.0)%
Average recovery
 
(%)
 
78.99  
77.88  
 77.22  
 1.11  
 1.4 %
Concentrate average grade
 
(%)
 
31.9
31.8  
 34.3  
 0.1  
 0.3 %
Silver in concentrates
 
((000) ounces)
 
6,774.86  
6,664.00  
 6,749.6  
 110.9  
 1.7 %
kt = thousand tonnes
(*)
Weighted average annual operating days based on total material mined and milled in the three active mines: Charcas, Santa Barbara and San Martin.
Charcas
The Charcas mining complex is located approximately 110 kilometers north of the city of San Luis Potosi in the State of San Luis Potosi, Mexico. The mine
uses the Universal Transverse Mercator (UTM) World Geodetic System (WGS84) Zone 14Q coordinate system and is located at 2 560 223 N and 280 042 E
at an altitude of 2,150 meters above sea level. Charcas is connected to the state capital by a paved highway of 130 kilometers. It was discovered in 1573 and
operations in the 20th century began in 1911. The complex includes three underground mines (San Bartolo, Rey-Reina and La Aurora) and one flotation
plant that produces zinc, lead and copper concentrates with significant amounts of silver. The Charcas mine is characterized by low operating costs and
good quality ores and is situated near the zinc refinery. Charcas is exploited underground by room and pillar with hydraulic cut and fill. The crushed ore is
transported to the surface for processing in the flotation plant.
We currently hold 13 mining concessions over the Charcas property, which covers a total area of 88,643.26 hectares. Additionally, we own surface lands
covering an area of 1,744.4 hectares with rights to conduct any work or exploration required to advance or continue of activities within the Charcas project.
Water is obtained from three main sources: recovery of process water from the tailings dam, recovery of the working water from the mine and fresh water
from concession wells. Additionally, the unit receives a power supply of 115,000 volts in two 7.5-Mega Volt-Amp (MVA) transformers, distributed to
electrical substations located in the different areas of mining operation. Fuel comes from a local distribution point in the city of San Luis Potosi and is stored
in a series of tanks located on the surface.

Table of Contents
83
Geology
The Charcas mining district is in the east-central part of the central mesa of Mexico, which is part of the larger metallogenic province of Sierra Madre. The
mineral deposits found within the Charcas mining district are tertiary polymetallic skarn (silver, lead, zinc and copper) deposits hosted in carbonate rocks of
the Jurassic-Cretaceous periods and in shales and sandstones of the Late Triassic. In the carbonate rocks, veins and mantos form the predominant
mineralization, while less mineralized fractures tend to occur within the shales and sandstones. The varied style of mineralization largely corresponds to the
lithological variety of units that serve as host rocks.
The Charcas intrusive complex (“CIC”) was emplaced in Triassic to upper Cretaceous sedimentary rocks. Some dikes from the CIC have developed
metamorphic halos with related polymetallic mineralization. There are two recognized stages of mineralization. In the first stage, the mineralization is
enriched in silver, lead, and zinc and characterized with calcite and small quantities of quartz and chalcopyrite (CuFeS) present. In the second stage, the
mineralization is copper and silver rich with lesser amounts of chalcopyrite. The mineralization also includes lead ore with associated silver, plus pyrite and
only minor amounts of sphalerite (ZnS). The mineralization occurs as replacement sulfides in carbonate rocks and as filling fracture veins. The typical
sulfides found at the Charcas include chalcopyrite, sphalerite, galena (PbS), and silver minerals.
Mineral resources
The following table contains the summary of mineral resources for Charcas as of December 31, 2024, based on long-term metal price assumptions:
2024
2023
Silver
 
Metal price
(per ounce)     
Amount
(thousand
tonnes)
    
Grades
(grams per
tonne)
    
Metal
content
(thousand
ounces)
Metal price
(per ounce)     
Amount
(thousand
tonnes)
    
Grades
(grams per
tonne)
    
Metal content
(thousand
ounces)
Variation
Measured mineral resources
 —
 —
 —
 —
 —
 —
 —
 —
 —
Indicated mineral resources
 23.00
 18,085
 57
 33,198
 23.00
 6,410
 84
 17,297
91.9%
Measured + Indicated mineral
resources
 23.00
 18,085
 57
 33,198
 23.00
 6,410
 88
 17,297
91.9%
Inferred mineral resources
 23.00
 15,752
 63
 31,776
 23.00
 15,162
 98
 48,005
(33.8)%
Zinc
 
Metal price
(per
pound)
    
Amount
(thousand
tonnes)
    
Grades
    
Metal
content
(thousand
tonnes)
Metal price
(per
pound)
    
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Variation
Measured mineral resources
 —
 —
 — %
 —
 —
 —
 — %
 —
 —
Indicated mineral resources
 1.32
 18,085
 3.74 %
 677.1
 1.32
 6,410
 3.06 %
 195.9
245.7%
Measured + Indicated mineral
resources
 1.32
 18,085
 3.74 %
 677.1
 1.32
 6,410
 3.13 %
 195.9
245.7%
Inferred mineral resources
 1.32
 15,752
 3.32 %
 522.8
 1.32
 15,162
 2.78 %
 421.0
24.2%

Table of Contents
84
Lead
 
Metal price
(per
pound)
    
Amount
(thousand
tonnes)
    
Grades
    
Metal
content
(thousand
tonnes)
Metal price
(per
pound)
    
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Variation
Measured mineral resources
 —
 —
 — %
 —
 —
 —
 — %
 —
 —
Indicated mineral resources
 1.09
 18,085
 0.24 %
 44.0
 1.09
 6,410
 0.39 %
 24.9
76.7%
Measured + Indicated mineral
resources
 1.09
 18,085
 0.24 %
 44.0
 1.09
 6,410
 0.39 %
 24.9
76.7%
Inferred mineral resources
 1.09
 15,752
 0.35 %
 55.8
 1.09
 15,162
 0.39 %
 58.7
(4.9)%
Copper
 
Metal price
(per
pound)
    
Amount
(thousand
tonnes)
    
Grades
    
Metal
content
(thousand
tonnes)
Metal price
(per
pound)
    
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Variation
Measured mineral resources
 —
 —
 — %
 —
 —
 —
 — %
 —
 —
Indicated mineral resources
 3.80
 18,085
 0.35 %
 63.0
 3.80
 6,410
 0.52 %
 33.5
87.9%
Measured + Indicated mineral
resources
 3.80
 18,085
 0.35 %
 63.0
 3.80
 6,410
 0.52 %
 33.5
87.9%
Inferred mineral resources
 3.80
 15,752
 0.32 %
 49.8
 3.80
 15,162
 0.55 %
 82.8
(39.9)%
(1)
Mineral resources are reported in situ and are current as of December 31, 2024.
(2)
Mineral resources are reported exclusive of mineral reserves.
(3)
Metallurgical recovery assumptions (in payable concentrates) are: 76% for silver, 39% for lead, 63% for copper and 87% for zinc.
(4)
Mineral resources are reported at metal-equivalent Cut-Off Grades (COG) based on metal price assumptions, variable metallurgical recovery assumptions, mining costs, processing
costs, G&A costs, and variable Net Smelter Recovery (NSR) factors. Mining, processing, and G&A costs total $69.84/t with metal prices of $1,725/tr oz for Au, $23/tr oz for Ag,
$1.09/lb for Pb, $1.32 /lb for Zn and $3.80/lb for Cu.
(5)
For further information on assumptions used in preparing the 2024 estimates, including a detailed description of the cut-off determination, please refer to Chapter 11 of the Charcas
operations technical report summary prepared by qualified persons, under Exhibit 96.10 to this Form 10-K. Assumptions for the 2023 estimates may be found in the prior technical
report summary, under Exhibit 96.11 to the 2023 Form 10-K.
(6)
Variations in mineral resources in 2024 were attributable to the implementation of 3D implicit geological modeling, geostatistical analysis, block model construction and mineral
resource estimation, involving changes in the method of evaluating capping, use of statistical tools and grade continuity evaluation through variography analysis.
Santa Barbara
The Santa Barbara mining complex is located approximately 26 kilometers southwest of the city of Hidalgo del Parral in southern Chihuahua, Mexico. The
mine uses the Universal Transverse Mercator (UTM) World Geodetic System (WGS84) Zone 13R coordinate system and is located at 2 965 880 N and 418
948 E at an altitude of 2,000 m above sea level. The area can be reached via a paved road of from Hidalgo del Parral, a city on a federal highway. The area
is also connected to the state capital of Chihuahua 250 km along Highway 24. It was discovered in 1536 and mining activities in the 20th century began in
1913. Santa Barbara includes three main underground mines (San Diego, Segovedad and Tecolotes) as well as a flotation plant and produces lead, copper
and zinc concentrates, with significant amounts of silver.
IMMSA currently holds 33 mining concessions over the Santa Barbara property, covering a total area of 27,772.51 hectares (ha), with the titles held 100%
by the Company. There are also surface lands that cover an area of 20.92 hectares and are owned by IMMSA, which provide us within sufficient rights to
any work or exploration that we require to carry out for the advancement and continuity of activities in the Santa Barbara property. There are an additional
371.07 hectares covered by a contract with the community of Santa Barbara that allows for any further work or exploration required.

Table of Contents
85
Due to the variable characteristics of the ore bodies, four types of mining methods are used: shrinkage stoping, long-hole drilled open stoping, cut-and-fill
stoping and horizontal bench stoping. The ore, once crushed, is processed in the flotation plant to produce concentrates. All the water used in industrial
operations at Santa Barbara comes from the mine and the concentrator plant, where a large part of this water is recovered from the tailings dam, creating a
closed circuit for its proper use. Electricity is supplied by Eolica el Retiro, Energia Chihuahua, S.A. de C.V. and the CFE.
Geology
The pre-mineral rock types found at Santa Barbara consist of a thick calcareous shale formation and andesite flows. The post-mineral rock types consist of
dikes and sills of rhyolite and diabase, a thin conglomerate formation, basalt flows, and unconsolidated stream sediments. Pre-mineral faulting took place in
two stages, forming four fault systems. All faults within each system have similar strike and dip. Movement along these faults, vertical in the first-stage
faults and horizontal in the second-stage faults, formed openings and breccia zones.
Hydrothermal solutions, emanating from depth, were introduced into the faults. The walls and breccia fragments within the faults were silicified, and the
high-temperature silicates, garnet, pyroxene, and epidote were formed. Accompanying and following the formation of the silicates, the sulfides, such as
sphalerite, galena, chalcopyrite, pyrite, and arsenopyrite, with associated gold and a silver mineral, were introduced with quartz, calcite, and fluorite. Most
of these minerals replaced the silicates and altered shale. The parts of the faults where wide pre-mineral openings were located filled with quartz and a
higher ratio of sulfides than in the narrow portions of the faults. Quartz, calcite, fluorite, and barite were among the last minerals deposited.
Mineral resources
The following table contains the summary of mineral resources for Santa Barbara as of December 31, 2024, based on long-term metal price assumptions:
2024
2023
Silver
 
Metal price
(per ounce)     
Amount
(thousand
tonnes)
    
Grades
(grams per
tonne)
    
Metal content
(thousand
ounces)
Metal
price (per
ounce)
    
Amount
(thousand
tonnes)
    
Grades
(grams per
tonne)
    
Metal
content
(thousand
ounces)
Variation
Measured mineral resources
 —
 —
 —
 
 —
 —
 —
 —
 
 —
 —
Indicated mineral resources
 23.00
 19,883
 98
 62,335
 23.00
 
 25,512
 103
 84,495
(26.2)%
Measured + Indicated mineral
resources
 23.00
 19,883
 98
 62,335
 23.00
 25,512
 103
 84,495
(26.2)%
Inferred mineral resources
 23.00
 47,333
 82
 124,081
 23.00
 18,238
 95
 55,444
123.8%
Zinc
 
Metal price
(per pound)     
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Metal
price (per
pound)
    
Amount
(thousand
tonnes)
    
Grades
    
Metal
content
(thousand
tonnes)
Variation
Measured mineral resources
 —
 —
 —
 
 —
 —
 —
 —
 —
 —
Indicated mineral resources
 1.32
 19,883
 3.36 %
 668.3
 1.32  
 25,512
 3.15 %
 804.1
(16.9)%
Measured + Indicated mineral
resources
 1.32
 19,883
 3.36 %
 668.3
 1.32
 25,512
 3.15 %
 804.1
(16.9)%
Inferred mineral resources
 1.32
 47,333
 3.34 %
 1,578.7
 1.32
 18,238
 3.86 %
 704.7
124.0%

Table of Contents
86
Lead
 
Metal price
(per pound)     
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Metal
price (per
pound)
    
Amount
(thousand
tonnes)
    
Grades
    
Metal
content
(thousand
tonnes)
Variation
Measured mineral resources
 —
 —
 —
 
 —
 —
 —
 —
 —
 —
Indicated mineral resources
 1.09
 19,883
 1.71 %
 340.7
 1.09  
 25,512
 1.99 %
 508.5
(33.0)%
Measured + Indicated mineral
resources
 1.09
 19,883
 1.71 %
 340.7
 1.09
 25,512
 1.99 %
 508.5
(33.0)%
Inferred mineral resources
 1.09
 47,333
 1.87 %
 884.6
 1.09
 18,238
 2.25 %
 410.9
115.3%
Copper
 
Metal price
(per pound)     
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Metal
price (per
pound)
    
Amount
(thousand
tonnes)
    
Grades
    
Metal
content
(thousand
tonnes)
Variation
Measured mineral resources
 —
 —
 —
 —
 —
 —
 —
 —
 —
Indicated mineral resources
 3.80
 19,883
 0.47 %
 93.1
 3.80  
 25,512
 0.52 %
 132.3
(29.7)%
Measured + Indicated mineral
resources
 3.80
 19,883
 0.47 %
 93.1
 3.80
 25,512
 0.52 %
 132.3
(29.7)%
Inferred mineral resources
 3.80
 47,333
 0.45 %
 211.1
 3.80
 18,238
 0.55 %
 100.8
109.4%
Gold
 
Metal price
(per ounce)     
Amount
(thousand
tonnes)
    
Grades
(grams per
tonne)
    
Metal content
(thousand
ounces)
Metal
price (per
ounce)
    
Amount
(thousand
tonnes)
    
Grades
(grams per
tonne)
    
Metal
content
(thousand
ounces)
Variation
Measured mineral resources
 —
 —
 —
 
 —
 —
 —
 —
 
 —
 —
Indicated mineral resources
 1,725
 19,883
 0.16
 100
 1,725
 
 25,512
 0.27
 
 221
(54.9)%
Measured + Indicated mineral
resources
 1,725
 19,883
 0.16
 100
 1,725
 25,512
 0.27
 
 221
(54.9)%
Inferred mineral resources
 1,725
 47,333
 0.12
 186
 1,725
 18,238
 0.17
 98
89.7%
(1)
Mineral resources are reported in situ and are current as of December 31, 2024.
(2)
Mineral resources are reported exclusive of mineral reserves.
(3)
Metallurgical recovery assumptions (in payable concentrates) are: 33% for Gold, 81% for silver, 79% for lead, 40% for copper and 80% for zinc.
(4)
Mineral resources are reported at metal-equivalent Cut-Off Grades (COG) based on metal price assumptions, variable metallurgical recovery assumptions, mining costs, processing
costs, G&A costs, and variable Net Smelter Recovery (NSR) factors. Mining, processing, and G&A costs total $82.98/t. with metal prices of $1,725/tr oz for Au, $23/tr oz for Ag,
$1.09/lb for Pb, $1.32 /lb for Zn and $3.80/lb for Cu.
(5)
For further information on assumptions used in preparing the 2024 estimates, including a detailed description of the cut-off determination, please refer to Chapter 11 of the Santa
Barbara operations technical report summary prepared by qualified persons, under Exhibit 96.11 to this Form 10-K. Assumptions for the 2023 estimates may be found in the prior
technical report summary, under Exhibit 96.12 to the 2023 Form 10-K.
(6)
Variations in mineral resources in 2024 were attributable to the implementation of 3D implicit geological modeling, geostatistical analysis, block model construction and mineral
resource estimation, involving changes in the method of evaluating capping, use of statistical tools and grade continuity evaluation through variography analysis.

Table of Contents
87
San Martin
The San Martin mining complex is located in the municipality of Sombrerete in the northwestern part of the state of Zacatecas, Mexico. It is located
approximately 185 kilometers from the city of Zacatecas. The elevation of the San Martin mining complex is approximately 2,600 meters (m) with
geographic coordinates of 629,000 E and 2,614,000 N (WGS84, UTM Zona 13). The nearest major town is the municipality of Sombrerete (17 km away) in
the Sierra Madre Occidental geographic province. It was discovered in 1555 and mining operations in the 20th century began in 1949. The complex
includes an underground mine and a flotation plant. The ore body contains lead, copper and zinc concentrates, with significant amounts of silver. The state
of Zacatecas has an extensive infrastructure of roads and highways that connect the San Martín to the rest of the country. The San Martin mining unit has a
paved road to Highway 45, which leads to the town of Sombrerete, 17 kilometers away. Highway 45 then connects Sombrete to Fresnillo, Zacatecas and
Durango at distances of 110,171 and 125 kilometers, respectively.
The San Martin property consists of 73 mining concessions with a total surface of 10,360.95 hectares, with the titles held by IMMSA. Water is currently
extracted via three deep wells in the Proaño area, storing it in a pool adjacent to the wells. Electric power is provided by the national grid via a 45 kilometer
extension. The unit receives a power supply of 115 KV, the main substation has a capacity of 24 MWA.
After eleven years of an illegal stoppage, we resumed control of the San Martin mine in August 2018. The San Martin facilities deteriorated during this
period and we undertook a major renovation to restart operations in the second quarter of 2019, with a total expense of approximately $90.5 million.
Production at this mine was restored to full capacity at the end of the third quarter of 2019.
Geology
San Martín mine is located in the Central Mesa of Mexico, between Sierra Madre Occidental and Sierra Madre Oriental. The Cuesta del Cura (Upper
Cretaceous) limestone is the main sedimentary formation in the district. This is a sequence of shallow marine limestone and black chert which is overlain by
Indura Formation that consists of alternating shales and fine-grained clayey limestones.
The mineral deposits in this district are associated with replacement veins and bodies formed in the skarn in close proximity to the Cerro de la Gloria
granodiorite intrusion. The main mineralized veins are San Marcial, Ibarra and Gallo-Gallina which are oriented parallel to the intrusive contact and have
thicknesses varying from 0.4 m to 4 m and horizontal extents of up to 1,000 m to the east/northeast from the granodiorite contact. The mineralization is
associated with massive and disseminated sulfides occurring in replacement ore bodies between the main veins and in the skarn and include chalcopyrite
(CuFeS), sphalerite (ZnS), galena (PbS), bornite (CuFeS), tetrahedrite (CuFe Sb S), native Silver (Ag), Pyrite (FeS), arsenopyrite (FeAsS) and stibnite
(SbS).
Mineral resources
The following table contains the summary of mineral resources for San Martin as of December 31, 2024, based on long-term metal price assumptions:
2024
2023
Silver
 
Metal price
(per ounce)     
Amount
(thousand
tonnes)
    
Grades
(grams per
tonne)
    
Metal content
(thousand
ounces)
Metal price
(per ounce)     
Amount
(thousand
tonnes)
    
Grades
(grams per
tonne)
    
Metal content
(thousand
ounces)
Variation
Measured mineral resources
 —
 —
 —
 —
 —
 —
 —
 —
 —
Indicated mineral resources
 23.00
 13,812
 76
 33,793
 23.00
 
 12,978
 77
 32,236
4.8%
Measured + Indicated mineral
resources
 23.00
 13,812
 76
 33,793
 23.00
 12,978
 77
 32,236
4.8%
Inferred mineral resources
 23.00
 55,744
 71
 127,473
 23.00
 52,330
 72
 121,500
4.9%

Table of Contents
88
Zinc
 
Metal price
(per pound)     
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Metal price
(per pound)     
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Variation
Measured mineral resources
 —
 —
 —
 —
 —
 —
 — %
 —
 —
Indicated mineral resources
 1.32
 13,812
 1.89 %
 260.8
 1.32  
 12,978
 1.97 %
 256.3
1.7%
Measured + Indicated mineral
resources
 1.32
 13,812
 1.89 %
 260.8
 1.32
 12,978
 1.97 %
 256.3
1.7%
Inferred mineral resources
 1.32
 55,744
 2.55 %
 1,422.6
 1.32
 52,330
 2.66 %
 1,393.8
2.1%
Lead
 
Metal price
(per pound)     
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Metal price
(per pound)     
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Variation
Measured mineral resources
 —
 —
 —
 —
 —
 —
 — %
 —
 —
Indicated mineral resources
 1.09
 13,812
 0.34 %
 46.5
 1.04  
 12,978
 0.34 %
 43.9
5.8%
Measured + Indicated mineral
resources
 1.09
 13,812
 0.34 %
 46.5
 1.04
 12,978
 0.34 %
 43.9
5.8%
Inferred mineral resources
 1.09
 55,744
 0.31 %
 174.3
 1.04
 52,330
 0.32 %
 167.5
4.1%
Copper
 
Metal price
(per pound)     
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Metal price
(per pound)     
Amount
(thousand
tonnes)
    
Grades
    
Metal content
(thousand
tonnes)
Variation
Measured mineral resources
 —
 —
 —
 —
 —
 —
 — %
 —
 —
Indicated mineral resources
 3.80
 13,812
 0.62 %
 86.3
 3.80  
 12,978
 0.65 %
 84.8
1.7%
Measured + Indicated mineral
resources
 3.80
 13,812
 0.62 %
 86.3
 3.80
 12,978
 0.65 %
 84.8
1.7%
Inferred mineral resources
 3.80
 55,744
 0.46 %
 258.9
 3.80
 52,330
 0.48 %
 251.3
3.0%
(1)
Mineral resources are reported in situ and are current as of December 31, 2024.
(2)
Mineral resources are reported exclusive of mineral reserves.
(3)
Metallurgical recovery assumptions (in payable concentrates) are 83% for silver, 40% for lead, 71% for copper and 76% for zinc.
(4)
Mineral resources are reported at metal-equivalent Cut-Off Grades (COG) based on metal price assumptions, variable metallurgical recovery assumptions, mining costs,
processing costs, G&A costs, and variable Net Smelter Recovery (NSR) factors. Mining, processing, and G&A costs total $61.16/t. with metal prices of $1,725/tr oz for Au,
$23/tr oz for Ag, $1.04/lb for Pb, $1.32 /lb for Zn and $3.80/lb for Cu.
(5)
For further information on assumptions used in preparing the estimates, including a detailed description of the cut-off determination, please refer to Chapter 11 of the San
Martin operations technical report summary prepared by qualified persons, under Exhibit 96.13 of the Company’s Form 10-K for the fiscal year ended December 31, 2023,
filed on February 29, 2024.
(6)
Variations in mineral resources in 2024 were attributable to a reduction in the Cut-Off grade and production depletion in 2024.
Santa Eulalia
The mining district of Santa Eulalia is located in the central part of the state of Chihuahua, Mexico, approximately 26 kilometers east of the city of
Chihuahua, and is connected to the city of Chihuahua by a paved road (highway no. 45). It

Table of Contents
89
was discovered in 1590 but exploitation began in 1870. The main mines in Santa Eulalia are The Buena Tierra mine and the San Antonio mine.
Regarding its geology, the majority of mineralization corresponds to ore skarns: silicoaluminates of calcium, iron and manganese with variable quantities of
lead, zinc, copper and iron sulfides. Economic ore include sphalerite (ZnS), galena (PbS) and small quantities of pyrargyrite (Ag3SbS3).
In the first quarter of 2020, the Santa Eulalia mine temporarily suspended its operations due to flooding. We are currently evaluating different options to
supply the Santa Eulalia concentrator. We are also evaluating drainage at the mining facilities and determining if it is possible to sell the water for
agricultural or other uses.
Taxco
The Taxco mining complex has been on strike since July 2007. It is located on the outskirts of the city of Taxco in the northern part of the state of Guerrero,
Mexico. It was discovered in 1519 and mining activities in the 20th century began in 1918. The complex includes several underground mines (San Antonio,
Guerrero and Remedios) and a flotation plant. The ore contains lead and zinc concentrates, with some amounts of gold and silver.
There was no mine exploration drilling at Taxco during the three-year period ended December 31, 2024 due to the strikes. Please see Note 13
“Commitments and Contingencies—Labor matters” to the consolidated financial statements.
Processing Facilities—San Luis Potosi
Our San Luis Potosi electrolytic zinc refinery is located in the city of San Luis Potosi, in the state of San Luis Potosi, Mexico. The city of San Luis Potosi is
connected to our refinery by a major highway.
Zinc Refinery
The San Luis Potosi electrolytic zinc refinery was built in 1982 and was designed to produce 105,000 tonnes of refined zinc per year by treating up to
200,000 tonnes of zinc concentrate from our own mines, principally Charcas, which is located 113 kilometers from the refinery. The refinery produces
special high-grade zinc (99.995%), high-grade zinc (over 99.9%) and zinc-based alloys with aluminum, lead, copper or magnesium in varying quantities
and sizes depending on market demand. Refined silver and gold production is obtained from tolling services provided by a third party mining company.
The electrolytic zinc refinery has an acid plant, a steam recovery boiler and a roaster. There is also a calcine processing area with five leaching stages:
neutral, hot acid, intermediate acid, acid, purified fourth and jarosite, as well as two stages for solution purifying.
The table below contains production information for 2024, 2023 and 2022 for our San Luis Potosi zinc refinery:
Variance
 
2024 - 2023
 
    
    
2024
    
2023
    
2022
    
Volume
    
%
 
Total zinc concentrate treated
 
(kt)
 
214.1  
215.2  
 215.3  
 (1.1) 
 (0.5)%
Refined zinc produced
 
(kt)
 
98.8  
101.0  
 99.9  
 (2.2) 
 (2.2)%
Sulfuric acid produced
 
(kt)
 
187.7  
179.9  
 182.1  
 7.8  
 4.3 %
Refined silver produced
 
(kt)
 
16.8  
13.9  
 18.9  
 2.9  
 20.9 %
Refined gold produced
 
(k)
 
22.2  
21.7  
 21.5  
 0.5  
 2.3 %
Refined cadmium produced
 
(kt)
 
0.6  
0.5  
 0.6  
 0.1  
 17.6 %
Average refinery recovery
 
(%)
 
92.2  
92.2  
 93.1  
 —  
 — %
kt = thousand tonnes

Table of Contents
90
MINERAL RESOURCES AND RESERVES
Mineral resources are concentrations or occurrences of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity
that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant
factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is
likely to, in whole or in part, become economically extractable. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until
engineering, legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries
and other material factors. Mineral resources include measured, indicated and inferred mineral classifications.
Measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological
evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply
modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the
deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an
inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.
Indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological
evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply
modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral
resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted
to a probable mineral reserve.
Inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence
and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors
likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has
the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation
of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, may not be converted
to a mineral reserve and no assurance can be given that the estimated mineral resources not included in mineral reserves will become proven and probable
mineral reserves.
Mineral reserves are estimates of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can
be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which
includes diluting materials and allowances for losses that may occur when the material is mined or extracted. Mineral reserves, as used in the mineral
reserve data presented in this report, means the economically mineable part of a measured or indicated resource, which includes diluting materials and
allowances for losses that may occur when the material is mined or extracted. Proven mineral reserve is the economically mineable part of a measured
mineral resource and can only result from conversion of a measured mineral resource. Probable mineral reserve is the economically mineable part of an
indicated and, in some cases, a measured mineral resource.
Our estimates of mineral reserves and mineral resources have been prepared in accordance with the disclosure requirements of S-K 1300. Pursuant to SEC
guidance, qualified persons used forecast metal prices for mineral resource and mineral reserve estimation and the economic analysis. These projected
prices were derived from forecasts from several analysts and banks. The commodity price forecast covered the period 2021–2025 and provided a long-term
forecast for 2025 onward. As of December 31, 2024, we considered $3.30 per pound of copper and $10.00 per pound of molybdenum.

Table of Contents
91
Our engineering department reviews reserve computations in detail on an annual basis. In addition, our engineering department reviews the computation
when changes in assumptions occur. Changes can occur for price or cost assumptions, results in field drilling or new geotechnical parameters. We also
engage third party consultants to review mine planning procedures.
We periodically reevaluate estimates of our mineral reserves, which represent our estimate as to the amount of unmined copper remaining in our existing
mine locations that can be produced and sold at a profit. These estimates are based on engineering evaluations derived from samples of drill holes and other
openings, combined with assumptions about copper market prices and production costs at each of our mines. See Risk Factors in Item 1A for a discussion of
risks associated with our estimates of mineral reserves and resources.
The qualified persons responsible for mineral reserve and resource estimates are as follows:
Peruvian open-pit:
Cuajone mine – Wood Group USA Inc.
Toquepala mine - Wood Group USA Inc.
Tia Maria project:
Wood Group USA Inc.
Chancas project:
Wood Group USA Inc.
Michiquillay project:
Wood Group USA Inc.
Mexican open-pit:
La Caridad - WSP USA Inc.
Pilares - WSP USA Inc.
Buenavista del Cobre - WSP USA Inc.
IMMSA unit:
Santa Barbara - SRK Consulting (U.S.), Inc.
Charcas - SRK Consulting (U.S.), Inc.
San Martin – SRK Consulting (U.S.), Inc.
El Arco project:
Wood Group USA Inc.
El Pilar project:
M3 Engineering & Technology Corp., Ingenieria Geomex, S.A. de C.V., and WSP USA Inc.

Table of Contents
92
MINERAL RESERVES AND MINERAL RESOURCES INTERNAL CONTROLS DISCLOSURE
In 2021, we adopted the new requirements of S-K 1300. As part of this process, we developed an implementation plan with a high-level cross functional
team, which performed a completeness assessment over the Technical Report Summaries for each material property prepared by a third-party Qualified
Person. Additionally, we established new policies, procedures and internal controls related to the new regulation. The review includes, among others, an
analysis of the reasonableness of technical information, a thorough review of the mineral resources and reserves estimates, and the economic analysis which
supports these estimates.
In addition, as part of the adoption of the requirements of S-K 1300, a significant component of our internal controls and quality assurance procedures on
the information from material properties was performed by qualified persons responsible for mineral reserve and resource estimates. These include an
intensive review of our procedures, as well as database verification, validation of mineral resource and reserve estimates, and the elaboration of technical
report summaries. These controls and methods help to validate the reasonableness of the estimates. The effectiveness of the controls are reviewed
periodically to address changes in conditions and the degree of compliance with policies and procedures.
EXPLORATION ACTIVITIES
We are engaged in ongoing extensive exploration to locate additional ore bodies in Peru, Mexico, Argentina and Chile. We also conduct exploration in the
areas of our current mining operations. We invested $60.9 million in exploration programs in 2024, $55.0 million in 2023 and $41.7 million in 2022 and we
expect to spend approximately $61.4 million on exploration programs in 2025.
Currently, we directly control 64,069 hectares and 136,256 hectares of exploration concessions in Peru and Mexico, respectively. We also currently hold
146,014 hectares and 28,268 hectares of exploration concessions in Argentina and Chile, respectively.
Peru
In 2024, we finished the evaluation of the Qori Project, which was based on the 2,031 meters previously drilled, and determined the existence of low-grade
copper mineralization. Consequently, we will not continue exploration work on this project. In addition, exploration continued in the copper-gold strip of the
southern Peruvian coast, locating anomalous zones of prospective interest that are under evaluation.
In 2025, we plan to conduct a diamond drilling program of 5,000 meters to explore targets with geophysical anomalies at the Atico project; the objective is
to locate copper mineralization. Additionally, we will carry out prospecting work in metallogenic zones on the southern coast of Peru, which are associated
with copper porphyry systems.
Mexico
In addition to exploration and drilling programs at existing mines, we are currently conducting exploration to locate mineral deposits at various other sites in
Mexico. The following are some of the more significant exploration projects:
The Chalchihuites. This is a skarn type deposit located in the state of Zacatecas, close to the San Martin mining unit. Drilling programs conducted between
1980 and 2014 identified 12.6 million tonnes of mineralized material with an average silver content of 110 grams per ton, 2.66% of zinc, 0.37% of lead and
0.67% of copper. Current results indicate that mineralization consists of a complex mixture of oxides and sulfides of silver, lead and zinc that requires
additional metallurgical research. In 2017, we started a new drilling program of 21,000 meters to continue metallurgical research and testing. In 2018, this
exploration program, which included 48 drill holes was completed. This program has been carried out in compliance with QA/QC protocol, which includes
testing the specific density of different rocks and mineralized types and geochemistry sampling. In addition, 5,000 meters of core sample from the drilling
program were analyzed with a hyperspectral scanner, and a study of 498 kilometers of hyperspectral imaging was conducted to recognize the geology of the
entire Chalchihuites mineral district. In 2019, with the complete data from the diamond

Table of Contents
93
drilling program, we made a geological model of the Cronos deposit using Leapfrog software. In 2020, the sample design for a metallurgical test was
completed and three metallurgical samples were delivered to an external consultant. Metallurgical tests for silver recovery will continue with semi-sulfide
and oxide ores. In 2022 and 2023, we drilled a total 5,000 meters and included 16 drill holes in the area known as Virgen Morena. Exploration activities at
this area did not render positive results and they were suspended. Metallurgical tests were concluded and confirmed that recoveries in sulphide flotation are
good for Zn, Cu, Pb and Ag; however it was not possible to separate lead from the copper concentrate. Dynamic acid leaching tests were performed for
oxides and mixed oxides. The results were positive. In 2024, Cu-Pb concentrate separation tests using microbubble technology were carried out.
Additionally, we are evaluating three design alternatives to build an access ramp to obtain ore and process it in a pilot plant. Negotiations to purchase
additional land are also ongoing.
San Antonio Sur (Santa Eulalia). It is located in the San Antonio mine, eastern field zone in Santa Eulalia. There is evidence of mineralization at Level 8
inside the mine. The drilling program is in place to verify the continuity of mineralization. The mine is currently flooded. In December 2023, the gauging
stage with the new pumping system began. In 2024, the groundwater level was reduced 25 meters. In 2025, the water flow will be measured to confirm the
capacity of the pumping system, and a technical economic study will be carried out to analyze the economic viability of the project. It is currently not clear
if the mine can be dewatered.
Malpica Project. This project is located in the municipality of Concordia, 30 km east-southeast of the city of Mazatlán, in the state of Sinaloa. It comprises
13 mining concessions, covering a total area of 2,662 hectares. The Malpica project hosts a breccia pipes ore deposit that contains copper-gold-molybdenum
sulfides. In 2022, a preliminary assessment study was conducted, estimating mineral resources of 42 million tonnes, with a grade of 0.47% copper and 0.20
grams of gold per tonne. In 2025, we plan to conduct a diamond drilling program of 10,000 meters and analyze 4,000 core samples to delimit the depth of
mineralization. We also plan to implement quality control protocols in geochemical assays to validate the historical database to bolster geological reliability.
San Diego Project. This project is located in the municipality of Madero, 48 km south of the city of Morelia, in the state of Michoacán. In 2018, a diamond
drilling campaign of 4,290 meters was completed, and results indicated the possible presence of a copper, molybdenum and gold porphyry deposit. In 2025,
we plan to conduct a diamond drilling program of 5,000 meters and analyze 2,000 core samples to further verify the geophysical anomaly detected by
induced polarization.
Chile
El Salado (Montonero). A copper-gold prospect located in the Atacama region, northern Chile has been under exploration for copper and molybdenum
porphyry since 2014. In 2016 and 2017, we conducted a diamond drilling program of 22,108 meters and finished the conceptual study. In 2022 and 2023,
we concluded the pre-feasibility study of the project. In 2024, we reviewed the information to develop a scoping plan for the project and determined a
potential resource of 123 million tonnes of “mineable” sulfides with a grade of 0.54% of copper and 0.11 grams of gold per tonne. For 2025, we plan to
continue drilling work to obtain geo-metallurgical, geotechnical and hydrogeological information, which will be used to develop the feasibility study.
Ecuador
Chaucha. The Ruta del Cobre (“Copper Road”) project is located in the west of Cuenca city and south of Guayaquil. The mineralization in this area is
characteristic of a copper-molybdenum porphyry system, where exploration began in 2014. In 2021, the infill-drilling program was concluded, totaling
121,000 meters of diamond drilling. With this information, we prepared the project’s feasibility study, which concluded in 2022. The results of this study
did not meet the Company´s commercial expectations and efforts were suspended in 2023.
In 2024, the Company had no prospects under evaluation and does not expect to conduct exploration activities in Ecuador during 2025.

Table of Contents
94
Argentina
In 2011, we started exploration activities in Argentina in the Neuquen province. In 2015, we performed geological exploration in the Salta, Rio Negro and
Neuquen provinces where we expected to locate copper porphyry with precious metals epithermal systems. Starting 2017, we performed prospection and
geological evaluation work in the provinces of San Juan and Rio Negro with the exploration of silver-gold epithermal systems through geological mapping
and surface sampling. In 2021, superficial geological and geochemical work was concluded at the Cerro La Mina and Tanque Negro prospects, which
conform the Caldera project. In 2023, we developed surface geochemical and geological studies at the province of Catamarca. With the results of these
studies, we are evaluating different areas.
Cañadon del Moro. This is a silver and gold low sulfidation epithermal deposit with high longitude seams located in the Rio Negro province. We conducted
a diamond drilling program of 10,164 meters through 2022. In 2023 and 2024, we conducted the Conceptual Study and estimated indicated and inferred
resources of 6.2 million tonnes with a grade of 6.0 ounces of silver per tonne and prospective resources of 15.0 million tonnes. For 2025, we plan to conduct
a diamond drilling program of 2,000 meters to reclassify and increase the estimated resources to date.
Esperanza Project. Geological exploration work has been carried out using geophysical, geochemical methods and satellite images. A system of gold-
bearing veins of economically prospective interest was determined, and with an initial drilling campaign of 2,000 meters, three areas of interest associated
with the main structure were identified. For 2025, we plan to conduct a drilling campaign of 4,000 meters to dimension the economic potential in depth.
Caldera Project. This is located in the Rio Negro province, and includes the Cerro La Mina, Tanque Negro, Cerro Abanico and Cristal prospects. For 2025,
we plan to evaluate these areas of interest to determine their potential, envisioning the formation of an operating cluster.
ITEM 3. LEGAL PROCEEDINGS
Reference is made to the information under the caption “Litigation Matters” in the consolidated financial statement Note 13 “Commitments and
Contingencies.”
ITEM 4. MINE SAFETY DISCLOSURE
Not applicable.

Table of Contents
95
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF
EQUITY SECURITIES
SCC COMMON STOCK:
SCC’s common stock is traded on the New York Stock Exchange (“NYSE”) and the Lima Stock Exchange (“BVL”). SCC’s common stock symbol is
SCCO on both the NYSE and the BVL. As of December 31, 2024, 840 holders of our common stock were on record.
DIRECTORS’ STOCK AWARD PLAN:
The following table contains certain information related to our shares held as treasury stock for the Directors’ stock award plan as of December 31, 2024:
Equity Compensation Plan Information
    
Number of securities to be
    
Weighted-average
    
Number of securities
issued upon exercise of
exercise price of
remaining available
Plan Category
outstanding options
outstanding options
for future issuance
Directors’ stock award plan
 
N/A
 
N/A
 
 155,600
For additional information see Note 14—“Stockholders Equity—Directors’ Stock Award Plan.”
SCC COMMON STOCK REPURCHASE PLAN:
In 2008, our BOD authorized a $500 million share repurchase program that has since been increased by the BOD and is currently authorized to $3 billion.
Pursuant to this program, the Company purchased common stock as shown in the table below. These shares are available for general corporate purposes.
The Company may purchase additional shares of its common stock from time to time, based on market conditions and other factors. This repurchase
program has no expiration date and may be modified or discontinued at any time.
Period
    
    
    
    
Total
    
Maximum
    
Number of
Number of
Shares
Shares that
Total
Purchased
May Yet Be
Number of
Average
as Part of
Purchased
Shares
Price Paid
Publicly
Under the
Total Cost
From
To
Purchased
per Share
Announced Plan
Plan @ $91.13(1)
($ in millions)
2008
 
2012  
 46,914,486
$
 18.72  
 46,914,486  
   
 878.1
2013:
 
   
 10,245,000
 
 27.47  
 57,159,486  
   
 281.4
2014:
 
   
 22,711,428
 
 30.06  
 79,870,914  
   
 682.8
2015:
 
   
 36,689,052
 
 27.38  
 116,559,966  
   
 1,004.4
2016:
 
   
 2,937,801
 
 24.42  
 119,497,767  
   
 71.7
Total purchased
 
   
 119,497,767
$
 24.42  
   
$
 2,918.4
(1) NYSE closing price of SCC common shares at December 31, 2024.
The SCC share repurchase program has registered no activity since the third quarter of 2016. The NYSE closing price of SCC common shares as of
December 31, 2024 was $91.13 and the maximum number of shares that the Company could purchase at that price was 0.9 million.
As a result of the repurchase of shares of SCC’s common stock, Grupo Mexico’s direct and indirect ownership was 88.9% as of December 31, 2024 and
2023.

Table of Contents
96
SHAREHOLDER RETURN PERFORMANCE PRESENTATION
Set forth below is a line graph comparing the yearly change in the cumulative total returns on the Company’s common stock against cumulative total return
on the S&P 500 Stock Index and the S&P Metals and Mining Select Industry Index for the five-year period ending December 31, 2024. The chart below
analyzes the total return on SCC’s common stock for the period commencing December 31, 2019 and ending December 31, 2024, compared to the total
return of the S&P 500 and the S&P Metals and Mining Select Industry Index for the same five-year period.
Comparison of Five Year Cumulative Total Return *
SCC Stock, S&P 500 Index and S&P Metals and Mining Select Industry Index **
*
Total return assumes reinvestment of dividends
**
The comparison assumes $100 invested on December 31, 2019
Total Return per Year
 
    
2020
    
2021
    
2022
    
2023
    
2024
 
SCC
 
 56.8 %  
 (0.3)%  
 3.5 %
 49.1 %
 11.2 %
S&P 500
 
 16.3 %  
 26.9 %  
 (19.4)%
 24.2 %
 23.3 %
S&P M + MS
 
 14.4 %  
 34.0 %  
 11.5 %
 20.1 %
 (5.2)%
The foregoing Performance Graph and related information shall not be deemed “soliciting material” or “filed” with the SEC or subject to Section 18 of the
Securities Exchange Act of 1934, as amended, nor shall such information be incorporated by reference into any future filing under the Securities Act of
1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the Company specifically incorporates it by reference into such filing.

Table of Contents
97
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
EXECUTIVE SUMMARY
This Management’s Discussion and Analysis of Financial Condition and Results of Operations relates to and should be read together with our Audited
Consolidated Financial Statements as of and for each of the years in the three-year period ended December 31, 2024. Therefore, unless otherwise noted, the
discussion below of our financial condition and results of operations is for Southern Copper Corporation and its subsidiaries (collectively, “SCC,”
“Southern Copper,” “the Company,” “our,” and “we”) on a consolidated basis for all periods. Our financial results may not be indicative of our future
results.
This discussion contains forward-looking statements that are based on management’s current expectations, estimates and projections about our business
and operations. Our actual results may differ materially from those currently anticipated and expressed in the forward-looking statements as a result of a
number of factors. See Item 1 “Business—Cautionary Statement.”
For details on the discussion on variations between 2023 and 2022, please see Management´s Discussion and Analysis of Financial Condition and Results
of Operations, on the 2023 Form 10-K.
EXECUTIVE OVERVIEW
Business: Our business is primarily the production and sale of copper. In the process of producing copper, a number of valuable metallurgical by-products
are recovered, which we also produce and sell. Market forces outside of our control largely determine the sale prices for our products. Our management,
therefore, focuses on value creation through copper production, cost control, production enhancement and maintaining a prudent capital structure to remain
profitable. We endeavor to achieve these goals through capital spending programs, exploration efforts and cost reduction programs. Our aim is to remain
profitable during periods of low copper prices and to maximize financial performance in periods of high copper prices. We are one of the world’s largest
copper mining companies in terms of production and sales and our principal operations are in Peru and Mexico. We also have an active ongoing exploration
program in Chile and Argentina.
We believe we hold one of the world’s largest copper reserves and resources positions. As of December 31, 2024, our copper mineral reserves, estimated at
a copper price of $3.30 per pound, totaled 112,668 million pounds of contained copper, distributed in the following locations:
Copper contained in ore reserves
    
Million pounds
Mexican open‑pit
 
 46,881
Peruvian operations
 
 46,513
Development projects
 
 19,274
Total
 
 112,668
Outlook:  Various key factors affect our outcome. These include, but are not limited to, the following:
●
Sales structure: In the last three years, approximately 76.1% of our revenues came from the sale of copper; 11.4% from molybdenum; 4.5% from silver;
3.5% from zinc; and 4.5% from various other products, including gold, sulfuric acid and other materials.
●
Copper: In 2024, representing approximately 76.6% of our sales, the LME copper price increased from an average of $3.85 per pound in 2023 to $4.15
(+7.8%) in 2024. Based on supply and demand dynamics, we estimated 2024 to end in balance, where demand grew 3.0% and supply, 3.5%.
For 2025, we expect demand to grow around 4%, driven by economic measures announced in China to promote economic expansion; resilient
consumption in the U.S. economy; and new demand on the back of the energy

Table of Contents
98
transition and growth in artificial intelligence technologies. This positive outlook for demand may be impacted by U.S. import duties on China and 
other countries and by slow growth or even a recession in several European countries and emerging markets.  
On the supply side, we expect growth to stand at about 3.0%. As of the beginning of 2025, we expect a market deficit for the year of approximately
250,000 tonnes. We estimate that inventories will cover about one week of world demand. In summary, even though we see some risks, particularly for
demand in 2025, we are optimistic about the strong support copper market prices will have this year.
●
Molybdenum: Represented approximately 10.9% of our sales in 2024. Molybdenum prices averaged $21.21 per pound in 2024, compared to $23.73 in
2023, a 10.6% decrease.
For 2025, we believe that prices will hold at the current level of about $21.00 per pound due to a balanced market.
●
Silver: We believe that silver prices will be supported by its intensive industrial use of this metal. Silver represented 5.1% of our sales in 2024.
●
Zinc: Average zinc prices increased 5.0% in 2024 versus the figure recorded in 2023. We believe zinc has strong long-term fundamentals, driven by
sustained industrial demand, particularly in the construction and automotive sectors. Although current supply levels are stable, a forecasted reduction in
mine production and the closing of key refineries suggest that supply will tighten over time. As demand continues to grow, this imbalance is expected
to put upward pressure on prices in the long run. Zinc represented 3.8% of our sales in 2024.
●
Production: In 2025, we expect our copper production to reach 965,800 tonnes, a decrease of 0.8% over final production in 2024. Last year we drove
our Pilares project to full capacity and we expect this project to contribute 32,300 tons of copper in 2025.
Regarding by products, we expect to produce 171,700 tonnes of zinc from our mines, up 32.0% from 2024 production level. This growth will be driven
by the Buenavista Zinc concentrator (+40,700 tonnes). For 2025 and the coming years, we expect to produce over 170,000 tons of zinc per year on
average. We expect to produce 26,200 tonnes of molybdenum, which represents a decrease of 9.7% compared to 2024 production levels. For silver, we
expect to produce 23.1 million ounces of this metal, an increase of 10.1% compared to last year’s production.
●
Capital investments: Capital investments were $1,027.3 million in 2024. This is 1.9% higher than in 2023 and represented 30.3% of net income. Our
growth program to develop the full production potential of our Company is underway. We are currently developing a new organic growth plan whose
goal is to increase our copper volume production to 1.5 million tonnes by 2032.
For 2025, the Board of Directors approved a capital investment program of $1,598.0 million.
KEY MATTERS
Below, we discuss several matters that we believe are important to understand our results of operations and financial condition. These matters include
(i) earnings, (ii) production, (iii) “operating cash costs” as a measure of our performance, (iv) metal prices, (v) business segments, (vi) the effect of inflation
and other local currency issues and (vii) our capital investment and exploration program.

Table of Contents
99
Earnings: The table below highlights key financial and operational data of our Company for the three years ended December 31, 2024 (in millions, except
copper price and per share amounts):
    
        
        
    
Variance
2024
    
2023
    
2022
    
2024 - 2023
    
2023 - 2022
Copper price LME
 4.15
 3.85
 4.00
 0.30  
 (0.15)
Pounds of copper sold
 2,069.1
 1,961.8
 1,920.4
 107.3  
 41.4
Net sales
$
 11,433.4
$
 9,895.8
$
 10,047.9
$
 1,537.6
$
 (152.1)
Cost of sales
$
 (4,841.4)
$
 (4,687.7)
$
 (4,649.1)
$
 (153.7)
$
 (38.6)
Operating income
$
 5,554.7
$
 4,192.3
$
 4,435.8
$
 1,362.4
$
 (243.5)
Income before income taxes
$
 5,357.4
$
 3,955.8
$
 4,247.8
$
 1,401.6
$
 (292.0)
Net income attributable to SCC
$
 3,376.8
$
 2,425.2
$
 2,638.5
$
 951.6
$
 (213.3)
Earnings per share
$
 4.33
$
 3.14
$
 3.41
$
 1.19
$
 (0.27)
Cash dividend per share
$
 2.10
$
 4.00
$
 3.50
$
 (1.90)
$
 0.50
Net sales in 2024 totaled a record high of $11,433.4 million, reflecting a 15.5% increase compared to 2023. This performance was driven by higher prices
for copper (+7.8% - LME), silver (+20.7%), and zinc (+5.0%), combined with increased sales volumes of copper (+5.5%), molybdenum (+7.9%), silver
(+15.7%), and zinc (+44.6%). The significant rise in zinc sales volumes was primarily attributed to the Buenavista Zinc concentrator, which is operating at
full capacity. These gains were partially offset by a decline in molybdenum prices (-10.6%), and by a downward adjustment of $77.6 million related to
provisionally priced sales, reflecting a variance in open sales value at the end of 2024.
Costs of sales (exclusive of depreciation, amortization and depletion) increased slightly in 2024 driven primarily by upticks in various areas. The main
sources of variation in costs came from higher expenses related to repair materials, labor and fuel costs. These results were partially mitigated by a decrease
in copper purchased from third parties, energy costs and inventory variance. In this context, the overall impact on the cost of sales was relatively moderate,
as opposing factors largely balanced out fluctuations, resulting in a 3.3% increase compared to the figures recorded in 2023.
In 2024, net income attributable to SCC was $3,376.8 million, reflecting a 39.2% increase from the 2023 net income. This increase was primarily driven by
increased sales volumes and a minor increase in interest income. Net income attributable to SCC in 2023 was 8.1% below 2022’s net income; this was
mainly due to a reduction in sales volumes and a slight increase in costs of sales.
Production: The table below contains mine production data of our Company for the three years ended December 31, 2024:
Variance
2024 - 2023
2023 - 2022
 
2024
    
2023
    
2022
    
Volume
    
%
Volume
    
%
 
Copper (in million pounds)
 
 2,147.0  
 2,008.4  
 1,972.5  
 138.6  
 6.9 %  
 35.9  
 1.8 %
Molybdenum (in million pounds)
 
 63.9  
 59.2  
 57.8  
 4.8  
 8.1 %  
 1.3  
 2.3 %
Zinc (in million pounds)
 
 286.6  
 144.4  
 132.3  
 142.2  
 98.5 %  
 12.1  
 9.2 %
Silver (in million ounces)
 
 21.0  
 18.4  
 18.6  
 2.6  
 14.0 %  
 (0.2) 
 (0.8)%

Table of Contents
100
The table below contains copper production data from each of our mines for the three years ended December 31, 2024:
Variance
2024 - 2023
2023 - 2022
 
Copper (in million pounds):
2024
    
2023
    
2022
    
Volume
    
%
    
Volume
    
%
 
Toquepala
 
 549.6  
 495.8  
 444.2  
 53.8  
 10.8 %  
 51.6  
 11.6 %
Cuajone
 
 363.5  
 329.0  
 309.4  
 34.5  
 10.5 %  
 19.6  
 6.4 %
La Caridad
 
 257.9  
 244.3  
 246.5  
 13.6  
 5.6 %  
 (2.2) 
 (0.9)%
Buenavista
 
 954.5  
 918.2  
 952.3  
 36.3  
 4.0 %  
 (34.1) 
 (3.6)%
IMMSA
 
 21.5  
 21.1  
 20.1  
 0.4  
 2.0 %  
 1.0  
 4.7 %
Total mined copper
 
 2,147.0  
 2,008.4  
 1,972.5  
 138.6  
 6.9 %  
 35.9  
 1.8 %
2024 compared to 2023:
Copper mine production in 2024 increased 6.9% to 2,147.0 million pounds. This increase was primarily driven by an uptick in production levels at all our
operations: Toquepala (+10.8%; higher ore grades and recoveries), Cuajone (+10.5%; higher volume of mineral processed), La Caridad (+5.6%; higher ore
grades), Buenavista (+4.0%; higher ore grades and the contribution of Buenavista Zinc operations) and IMMSA (+2.0%; higher ore grades).
Molybdenum production increased 8.1% to 63.9 million pounds, up from 59.2 million pounds in 2023. This increase was due to higher production at all our
mines, with the exception of La Caridad mine (-14.5%), where grades and recoveries dropped.
Mined zinc production rose 98.5% in 2024, mainly driven by increases in production at our Buenavista Zinc concentrator. This facility started operating at
full capacity in the second quarter of 2024 and contributed around 141.8 million pounds of zinc over the year.
Mined silver production for 2024 rose 14.0% compared to the previous year. This growth was fueled by higher production across all our operations, driven
primarily by improved ore grades, growth in recoveries, and a larger volume of processed mineral.
Operating Cash Costs:  An overall benchmark used by us and a common industry metric to measure performance is operating cash costs per pound of 
copper produced. Operating cash cost is a non-GAAP measure that does not have a standardized meaning and may not be comparable to similarly titled 
measures provided by other companies. This non-GAAP information should not be considered in isolation or as substitute for measures of performance 
determined in accordance with GAAP. A reconciliation of our operating cash cost per pound of copper produced to the cost of sales (exclusive of 
depreciation, amortization and depletion) as presented in the consolidated statement of earnings is presented under the subheading, “Non-GAAP 
Information Reconciliation” on page 123. We disclose operating cash cost per pound of copper produced, both before and net of by-product revenues.
We define operating cash cost per pound of copper produced before by-product revenues as cost of sales (exclusive of depreciation, amortization and
depletion), plus selling, general and administrative charges, treatment and refining charges net of sales premiums; less the cost of purchased concentrates,
workers’ participation and other miscellaneous charges, including royalty charges, and the change in inventory levels; divided by total pounds of copper
produced by our own mines.
In our calculation of operating cash cost per pound of copper produced, we exclude depreciation, amortization and depletion, which are considered non-cash
expenses. Exploration is considered a discretionary expenditure and is also excluded. Workers’ participation provisions are determined on the basis of pre-
tax earnings and are also excluded. Additional exclusions from operating cash costs are items of a non-recurring nature and the mining royalty charge as it is
based on various calculations of taxable income, depending on which jurisdiction, Peru or Mexico, is imposing the charge. We believe these adjustments
will allow our management and stakeholders to see a presentation of our controllable cash cost, which we believe is one of the lowest of all copper-
producing companies of similar size.

Table of Contents
101
We define operating cash cost per pound of copper produced net of by-product revenues as operating cash cost per pound of copper produced, as defined
in the previous paragraph, less by-product revenues and net revenue (loss) on sale of metal purchased from third parties.
In our calculation of operating cash cost per pound of copper produced, net of by-product revenues, we credit against our costs the revenues from the sale of
all our by-products, including, molybdenum, zinc, silver, gold, etc. and the net revenue (loss) on sale of metals purchased from third parties. We disclose
this measure including the by-product revenues in this way because we consider our principal business to be the production and sale of copper. As part of
our copper production process, much of our by-products are recovered. These by-products, as well as the processing of copper purchased from third parties,
are a supplemental part of our production process and their sales value contribute to covering part of our incurred fixed costs. We believe that our Company
is viewed by the investment community as a copper company, and is valued, in large part, by the investment community’s view of the copper market and
our ability to produce copper at a reasonable cost.
We believe that both of these measures are useful tools for our management and our stakeholders. Our cash costs before by-product revenues allow us to
monitor our cost structure and address areas of concern within operating management. The measure operating cash cost per pound of copper produced net of
by-product revenues is a common measure used in the copper industry and is a useful management tool that allows us to track our performance and 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 to determine whether to move forward or not in 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.
Our operating cash cost per pound of copper produced, as defined above, is presented in the table below for the three years ended December 31, 2024:
Operating cash cost per pound of copper produced(1)
(In millions, except cost per pound and percentages)
2024 - 2023
2023 - 2022
 
2024
    
2023
    
2022
    
Value
    
%
    
Value
    
%
    
Total operating cash cost before by‑product revenues$
 4,389.5
$
 4,235.0
$
 3,825.7
$
 154.5  
 3.6 %  $
 409.3  
 10.7 %
Total by‑product revenues
$
 (2,566.3)
$
 (2,243.8)
$
 (2,355.8)
$
 (322.5) 
 14.4 %   
 112.0  
 (4.8)%
Total operating cash cost net of by‑product revenues $
 1,823.2
$
 1,991.2
$
 1,469.9
$
 (168.0) 
 (8.4)%  $
 521.3  
 35.5 %
Total pounds of copper produced(2)
 
 2,057.7
 
 1,935.4
 
 1,894.7
 
 122.3  
 6.3 %   
 40.7  
 2.1 %
Operating cash cost per pound before by‑product
revenues
$
 2.13
$
 2.19
$
 2.02
$
 (0.06) 
 (2.5)%  $
 0.17  
 8.4 %
By‑products per pound revenues
$
 (1.25)
$
 (1.16)
$
 (1.24)
$
 (0.09) 
 7.6 %  $
 0.08  
 (6.8)%
Operating cash cost per pound net of by‑product
revenues
$
 0.89
$
 1.03
$
 0.78
$
 (0.14) 
 (13.9)%  $
 0.25  
 32.6 %
(1)
These are non-GAAP measures, see page 123 for reconciliation to GAAP measure.
(2)
Net of metallurgical losses.
2024 compared to 2023:
For the year 2024, our per pound operating cash cost before by-product revenues was $2.13, reflecting a 2.5% decrease compared to 2023. This
improvement was primarily due to the unit cost effect of a 6.3% increase in production and a reduction of 2.2 cents in treatment and refining charges.

Table of Contents
102
Operating cash cost per pound net of by-product revenues fell 13.9%, from $1.03 in 2023 to $0.89 in 2024. This reduction was mainly driven by a 4-cent
decrease in production costs and by a unit cost effect that was generated by both an increase in pounds of copper produced and a 9-cent increase in by-
product revenue credits.
Metal Prices:  The profitability of our operations is dependent on, and our financial performance is significantly affected by, the international market prices 
for the products we produce, especially for copper, molybdenum, zinc and silver.
We are subject to market risks arising from the volatility of copper and other metals prices. For instance, during the period from January 2015 through
December 2024, the London Metal Exchange (LME) copper settlement price varied from a low of $1.96 per pound in 2016 to a record high of $4.92 per
pound in 2024, and the Metals Week Molybdenum Dealer Oxide weekly average price ranged from a low of $4.30 per pound in 2015 to a high of $38.50
per pound in 2023. Metal prices historically have been subject to wide fluctuations and are affected by numerous factors beyond our control, as described
further in Item 1A Risk Factors. These factors, which affect each commodity to varying degrees, include international economic and political conditions,
levels of supply and demand, the availability and cost of substitutes, inventory levels maintained by producers and others and, to a lesser degree, inventory
carrying costs and currency exchange rates. In addition, the market prices of certain metals have on occasion been subject to rapid short-term changes due to
economic concerns and financial investments.
For 2025, assuming that expected metal production and sales are achieved; 2024 tax rates are unchanged and giving no effects relative to potential cost
changes, metal price sensitivity factors indicate the following change in estimated annual net income attributable to SCC resulting from metal price changes:
    
Copper
    
Molybdenum
    
Zinc
    
Silver
Change in metal prices (per pound except silver—per ounce)
$
 0.10
$
 1.00
$
 0.10
$
 1.00
Change in net earnings (in millions)
$
 125.5
$
 35.0
$
 23.9
$
 14.0
Business Segments:  We view our Company as having three reportable segments and manage it on the basis of these segments. These segments are (1) our 
Peruvian operations, (2) our Mexican open-pit operations and (3) our Mexican underground operations, known as our IMMSA unit. Our Peruvian 
operations include the Toquepala and Cuajone mine complexes and the smelting and refining plants, industrial railroad and port facilities that service both 
mines. Our Mexican open-pit operations include La Caridad and Buenavista mine complexes, the smelting and refining plants and support facilities, which 
service both mines. Our IMMSA unit includes five underground mines and several industrial processing facilities.
Segment information is included in our review of “Results of Operations” in this item and also in Note 19 “Segment and Related Information” of the
consolidated financial statements.
Inflation and Exchange Rate Effect of the Peruvian sol and the Mexican peso:  Our functional currency is the U.S. dollar and our revenues are 
primarily denominated in U.S. dollars. Significant portions of our operating costs are denominated in Peruvian sol and Mexican pesos. Accordingly, when 
inflation and currency devaluation/appreciation of the Peruvian and Mexican currency occur, our operating results can be affected. In recent years, exchange 
rate volatility has been high but has had a limited effect on our results. Please see Item 7A “Quantitative and Qualitative Disclosures about Market Risk” for 
more detailed information.
Capital Investment Program: We made capital investments of $1,027.3 million in 2024 and $1,008.6 million in 2023. In general, the capital investments
and projects described below are intended to increase production, decrease costs or address social and environmental commitments.

Table of Contents
103
The table below contains information on our capital investments for the three years ended December 31, 2024 (in millions):
    
2024
    
2023
    
2022
Peruvian projects:
Toquepala expansion project
$
 (2.4)
$
 5.8
$
 6.6
Tia Maria project
 14.8
 —
 (2.3)
Quebrada Honda dam expansion
 
 2.0
 
 8.4
 
 20.3
Relocation of facilities at Toquepala
 
 0.0
 
 0.9
 
 6.3
HPGR optimization at Cuajone
 18.2
 54.2
 35.4
Fresh water pipeline replacement at Suches
 
 0.6
 
 0.9
 
 10.6
Tailings disposal—Quebrada Honda dam
 
 —
 
 (2.2)
 
 1.5
Maintenance workshops at Toquepala concentrator
 
 2.3
 9.7
 21.9
Quebrada Honda filter plant
 1.3
 16.1
 18.3
Maintenance workshops at Cuajone
 5.5
 17.2
 4.2
Other projects
 
 22.4
 15.6
 27.7
Sub‑total projects
 
 64.7
 
 126.6
 
 150.5
Maintenance and replacement
 
 217.0
 
 193.1
 
 196.3
Net change in capital expenditures incurred but not yet paid
 
 (10.4)
 
 3.0
 
 8.2
Total Peruvian expenditures
 
 271.3
 
 322.7
 
 355.0
Mexican projects:
 
 
New Buenavista concentrator
 
 8.3
 
 12.3
 
 15.0
Buenavista Zinc project
 47.9
 66.5
 99.8
Pilares Mine
 19.2
 33.5
 29.6
Expansion of mine pit at Buenavista
 
—
 
 17.3
 
 11.3
Lime plant - Sonora
 6.1
 9.7
 19.3
MexCobre - Bella Union Mine
 14.4
 56.4
 —
IMMSA - Mine development
 29.5
 39.4
 33.6
Project MexArco
 7.6
 23.4
 22.6
San Fernando mineshaft rehabilitation
 4.4
 8.3
 7.2
New tailing disposal deposit at Buenavista mine
 
 134.7
 
 65.6
 
 27.3
Over elevation of tailings deposit N° 7 at La Caridad mine
 
 5.5
 
 5.8
 
 2.8
San Martin mine restoration
 0.7
 0.7
 1.6
Other projects
 
 173.3
 
 112.1
 
 113.3
Sub‑total projects
 
 451.6
 
 451.0
 
 383.4
Maintenance and replacement
 
 297.7
 
 235.4
 
 212.2
Net change in capital expenditures incurred but not yet paid
 
 6.7
 
 (0.5)
 
 (2.1)
Total Mexican expenditures
 
 756.0
 
 685.9
 
 593.5
Total capital investments
$
 1,027.3
$
 1,008.6
$
 948.5
In 2025, we plan to invest $1,598.0 million in capital projects. In addition to our ongoing capital maintenance and replacement spending, our principal
capital programs include the following:
Projects in Mexico:
Minera Mexico is planning to invest more than $600 million in 2025 at its open pit, metallurgical facilities and underground mines. 50% of this investment
will be used to guarantee the viability of long-term operations by actively modernizing and updating assets. About 43% of the investment will target
improvements in water usage and tailings management to ensure safety and efficiency at our operations. The remaining funds will be invested in efforts to
bolster optimization and growth.
El Pilar - Sonora: This low-capital intensity copper greenfield project is strategically located in Sonora, Mexico, approximately 45 kilometers from our
Buenavista mine. Its copper oxide mineralization contains estimated proven and probable reserves of 317 million tonnes of ore with an average copper
grade of 0.249%. We anticipate that El Pilar will

Table of Contents
104
operate as a conventional open-pit mine with an annual production capacity of 36,000 tonnes of copper cathodes. This operation will use highly cost
efficient and environmentally friendly SX-EW technology. The budget for El Pilar is $310 million.
The results from experimental pads in the leaching process have confirmed adequate levels of copper recovery and we are evaluating different options for
optimization. The Company is engaging in project development and on-site environmental activities. Mine life is estimated at 13 years.
The Company has several projects in its Mexican pipeline that may boost organic growth if they are found to be of value for both stakeholders and the
communities in which we operate. These projects are Angangueo, Chalchihuites and the Empalme Smelter, which could bolster our position as a fully
integrated copper producer.
Projects in Peru:
Tia Maria - Arequipa: This greenfield project, located in Arequipa, Peru, will use state of the art SX-EW technology with the highest international
environmental standards with a capacity of 120,000 tons of SX- EW copper cathodes per year.
Tia Maria will generate significant revenues for the Arequipa region from day one of its operations. At current copper prices, we expect to export $17.5
billion and contribute $3.4 billion in taxes and royalties during the first 20 years of operation. After a thoughtful and detailed review, the new project budget
has been set at $1,802 million.
Project update: As of December 31, 2024, the Company had generated more than 614 jobs, 492 of which were filled with local applicants. To the fullest
extent possible, we intend to fill the 3,500 jobs estimated to be required during Tia Maria’s construction phase prioritizing workers from the Islay province.
When we start operations in 2027, the project will generate 764 direct jobs and 4,800 indirect jobs.
This year, we expect construction to begin. Work will initiate with construction of roads and access points to the project as well as railways; installation of a
temporary camp; massive earthmoving efforts; and mine clearing activities. We have made progress in our efforts to delimit the property and have installed
a live fence covering 59 kilometers to date.
Quebrada Honda dam expansion – Tacna: This project aims to enlarge the main and lateral dams in Quebrada Honda and includes the relocation and
repowering of some facilities due to dam growth and development of other facilities for water recovery, among other factors. As of December 31, 2023,
drainage works, removal of Eolic material for the main and lateral dam, and complementary operational work had been completed. We have also installed
two cyclone nests for the main dam, which are currently operating. Additionally, in 2024, equipment purchased to haul tailings arrived on site for
operational use. To align with the increase in size of the tailings dam, we intend to build new administrative facilities down the line. As of December 31,
2024, this project had been completed with an investment of $154.3 million, out of a total budget of $165.0 million.
Potential projects:
We have a number of other projects that we may develop in the future. We continuously evaluate new projects on the basis of our long-term corporate
objectives, strategic and operating fit, expected return on investment, required investment, estimated production, estimated cash-flow profile, social and
environmental considerations, among other factors. All capital spending plans will continue to be reviewed and adjusted to respond to changes in the
economy and market conditions.
El Arco - Baja California: This is a world-class copper deposit located in the central part of the Baja California peninsula with ore reserves of over 1,230
million tonnes with an average ore grade of 0.40% and 141 million tonnes of leach material with an average ore grade of 0.27%. The project includes an
open-pit mine with a combined 120 ktpd concentrator and 28 ktpa SX-EW operations.

Table of Contents
105
Project update: The Company has completed the environmental baseline study for the mine. Currently, more detailed engineering is being conducted for the 
concentrator, SX-EW plant as well as for water desalination, logistics infrastructure and power delivery.  
Los Chancas—Apurimac: This greenfield project, located in Apurimac, Peru, is a copper and molybdenum porphyry deposit. Current estimates of indicated
copper mineral resources are 98 million tons of oxides with a copper content of 0.45% and 52 million tons of sulfides with a copper content of 0.59%. The
Los Chancas project envisions an open-pit mine with a combined operation of concentrator and SX-EW processes to produce 130,000 tons of copper and
7,500 tons of molybdenum annually. The estimated capital investment is $2,600 million and operations are expected to begin in 2031. We continue to
engage in social and environmental improvements for the local communities and are working on the project’s environmental impact assessment.
Project update: In coordination with the Peruvian authorities, efforts continue to eradicate illegal mining activities. Once this process has concluded, we will
resume our environmental impact study and begin hydrogeological and geotechnical studies. We will also begin a resource verification drilling campaign of
a 40,000-meter in-fill to gather additional information on the geological characteristics of the Los Chancas deposit.
Michiquillay Project—Cajamarca: In June 2018, Southern Copper signed a contract for the acquisition of the Michiquillay project in Cajamarca, Peru.
Michiquillay is a world-class greenfield mining project with inferred mineral resources of 2,288 million tons and an estimated copper grade of 0.43%. When
developed, we expect Michiquillay to produce 225,000 tons of copper per year (along with by-products of molybdenum, gold and silver) at a competitive
cash-cost for an initial mine life of more than 25 years. We estimate an investment of approximately $2.5 billion will be required and expect production
start-up by 2032. Michiquillay will become one of Peru´s largest copper mines and will create significant business opportunities in the Cajamarca region;
generate new jobs for the local communities; and contribute taxes and royalties to the local, regional and national governments
Project update: As of December 31, 2024, total progress for exploration on the project was 35%. We had drilled 140,130 meters and obtained 45,762 core
samples for chemical analysis. Diamond drilling will continue to provide information to interpret geological sections related to mineralization; conduct
geological modeling; and evaluate mineral resources. Geo-metallurgical studies are currently underway, and hydrological and hydrogeological studies have
also begun; the geotechnical study is scheduled to begin shortly.
The Company continues working with the Michiquillay and La Encañada communities following the guidelines of the social agreements signed with them.
The above information is based on estimates only. We cannot make any assurances that we will undertake any of these projects or that the information noted
is accurate.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”) PRACTICES
Southern Copper Corporation, among the top 10 mining companies with the highest ratings for sustainability in 2024. Corporate Sustainability
Assessment (CSA) of S&P Global, which publishes an annual performance review of the sustainability practices of 13,000 companies from across the
globe, situated Southern Copper Corporation among the best-rated companies of 248 companies in the Mining and Metals sector in 2024. With a score that
is twice the average of our peers in the mining industry, SCC’s sustainability rating rose 9 points year-over-year. This marks our sixth consecutive year on
the Dow Jones’s Sustainability Index, and we have also been included in the Sustainability Emerging Markets Index.
Occupational safety and health of our workforce. Operating discipline and the strength of our preventive safety culture led to a 28% reduction in the
number of employee accidents involving lost-time injuries in 2024. These results compare favorably with the rates reported by other companies in the
mining sector.  
Tía María: support for agriculture benefits communities. In the area around our Tía María mining project in Arequipa, Peru, we are implementing the
“Technology for Agriculture” program with the participation of 28 out of 38 organizations

Table of Contents
106
from the Tambo Valley. With a 14% increase in crop productivity, nearly 95% of the families of the valley have benefited from this program.
The company has consistently promoted the welfare of the population of the Islay province and the Arequipa region. As part of these efforts, we have also
implemented several successful social programs in education, healthcare and productive development to improve the quality of life in the region.
Our current social programs in Islay help reduce the costs of agricultural production by improving productivity with cutting-edge technology. Additionally,
we are working to provide internet access to 4,600 school students. On top of this, we are committed to developing health facilities, high performance
schools, research centers and roads in the Arequipa region via the “works for taxes” mechanism.
Best international practices for tailings management. With a preventive focus and an eye on minimizing risks, we are making progress in our efforts to
implement the Global Industry Standard on Tailings Management of the International Council on Mining and Metals (ICMM) at our main operations. We
have completed a gap analysis of our open pit mining operations and continue efforts to establish that all of SCC’s facilities comply with this standard.
HEALTH AND SAFETY
The safety, health and well-being of our employees are the bedrock of SCC’s value system and our top priorities. We are committed to creating a safe and
healthy work environment for our employees, contractors and suppliers, whether they work at our facilities or in surrounding areas. Workplace safety is of
utmost importance to SCC and is a shared responsibility; all employees are required to comply with established policies and procedures to safeguard their
integrity and that of our facilities. For more details on our health and safety performance, please refer to Grupo Mexico's Sustainability Report at
https://www.gmexico.com/en/Pages/development.aspx. We are referring our investors to Grupo Mexico's website for informative purposes only. We do not
intend for this internet link to be an active link or to otherwise incorporate the contents of the website into this Report on Form 10-K.
Operating discipline and the strength of our preventive safety culture led to a reduction in the number of employee accidents involving lost-time injuries in
2024 by more than a quarter than those in in 2023. These results compare favorably with the rates reported by other companies in the mining sector.  
In 2024, in the field of Health, SPCC was recognized by Peru’s Ministry of Labor (Ministerio de Trabajo del Perú) with first place in the 2024 Good
Practices Contest. The Company was recognized in the category of Promotion and Care of Mental Health, which awards companies that make outstanding
efforts to identify and address issues such as depression and anxiety.
We have reaffirmed our commitment to maintain ISO-certified occupational health and safety management systems, and all units at SCC successfully
passed follow-up audits for ISO 45001 and retained their certification in 2024. This represents a significant step in our quest to obtain accreditation for
responsible copper production under The Copper Mark certification.
Another significant advance is the Behavioral Safety Program, which is being implemented across SCC’s units. This program focuses on promoting safe
practices among employees so that the human factor can be leveraged to ensure

Table of Contents
107
compliance and drive proactive behaviors. This fosters an environment of mutual assistance and collective vigilance among workers. This program aims to
strengthen safe behaviors at our operations and reduce accident rates.
We continue implementing the Critical Risk Registry within SCC. This tool helps us manage environmental and safety risks in our operations, enabling us
to identify, prevent, mitigate, and remediate undesirable events that could affect the integrity of our personnel and our relationships with communities.
ENVIRONMENT
Southern Copper Corporation aims to fulfill the needs of future generations by promoting development that benefits all, both today and in the long-term. We
are committed to continuously improving our environmental performance and to promoting the adoption of the best environmental practices at our
operations to contribute to the transition to a green economy. To this end, we have achieved ISO 14001 certification for the environmental management
systems at all our operations. We are also committed to preserving the environment by implementing actions to generate a positive impact on biodiversity
through our operations. To fulfill this commitment, which is outlined in the Company’s Environmental Policy, we have developed action plans for
biodiversity management that are aligned with the Good Practice Guidance for Mining and Biodiversity guide published by the International Council on
Mining and Metals (ICMM). We believe these plans further improve the Company’s capacity to implement effective mitigation measures and contribute to
the preservation and improvement of the environment at our operations.
Regarding our environmental risk management, we are aligning our tailings systems to the ICMM’s Global Standard on Tailings Management and have
improved our governance framework by implementing an Internal Committee for Review of Tailings Systems to bolster safety management and
communication between operations and top management.
To increase our water efficiency, we are currently recovering about six thousand cubic meters of water per day through the new tailings filtering plant in
Quebrada Honda, Peru, equivalent to 0.6 m3 of water per ton of tailings. With a design capacity of 10,000 tons/day and an investment to date of $27
million, this dam filter is the largest tailings processing unit of its kind in the market
Furthermore, to reduce our dependency on underground water, we are exploring new water sources for our processes, including recycling wastewater from
urban areas. This approach offers a win-win scenario that generates sanitation solutions for urban areas while reducing competition for water.
We have also made progress in our commitment to protect biodiversity. In 2023, the Environmental Management Unit at Buenavista del Cobre received
certification from the Wildlife Habitat Council, which recognized our contributions to efforts to prevent the extinction of the Mexican grey wolf. These
actions have allowed populations of this critically endangered species to increase its numbers significantly within in their natural habitat in Mexico. Going
forward, we will continue to work side-by-side with institutions and authorities to serve the common good in the regions in which we operate.
COMMUNITY OUTREACH
Southern Copper Corporation prioritizes being a good neighbor in the localities near our operations. Working together with the communities, we have the
opportunity to collaborate and forge a path based on common objectives for social and economic development as we work to support the United Nations’
Sustainable Development Goals. We believe that community outreach must be based on transparency and trust and strive to promote long-lasting ties.
Our Community Development model has three components: 1) responsible coexistence: to foster a positive and healthy coexistence with our neighbor
communities, and to have open and ongoing channels of communication to address complaints and concerns; 2) economic development: it is important to
share the economic value our operations generate

Table of Contents
108
with the community, and 3) human development: to optimize the skills of members of the communities where we work, to ensure that these individuals
become the principal drivers of development in their communities.
The primary tool to ensure a responsible coexistence is our grievance mechanism for external stakeholders (Service and Attention Center) that operates at
100% of our sites and resolves complaints in an average of five days.
In relation to economic development, we trained 1,326 people in mining communities in 2024, including 654 people in employment, 776 people in regional
vocational and productive skills and 27 local businesses to support the development of small and medium mining suppliers. In addition, we recorded a 97%
increase in year-to-year investment in social infrastructure. In Mexico, we allocated $6.6 million to these efforts, including a project focused on improving
water infrastructure for 54,000 people in the communities of Cananea and Nacozari. In Peru, we invested $36.5 million in social infrastructure, including the
progress in building the wastewater treatment plant (PTAR) in Ilo.
We continue to prioritize collaboration with the Peruvian government to close gaps in educational infrastructure through the Works for Taxes investment
model. As part of our commitment, we finished the “Colegios de Alto Rendimiento” (“COAR”) or schools of excellence in Tacna and Moquegua and began
studies for the COAR Apurímac. In 2025, the Arequipa and Cajamarca COAR projects are also expected to begin. Once these projects are complete, we will
have built five Colegios de Alto Rendimiento to benefit 1,500 outstanding students from vulnerable areas. With these investments, SCC remains the main
private investor in Peru in national educational infrastructure.
We also consolidated The Youth Orchestras and Choirs program promoted by SCC, benefiting 1,825 students in 14 communities in Mexico and Peru. In
2024, 65 artistic performances were held, including a concert at the Palacio de Minería featuring the Mining Symphony Orchestra and 68 student
performers. Additionally, in collaboration with the Sonoran Institute of Culture, the Museum of Art of Sonora (MUSAS) is hosting the photographic
exhibition Learning to Look. This exhibition, which showcases the results of three years of portraits from the Traveling Photography Workshop, highlights
traditions, landscapes and daily lives of mining communities.
CLIMATE CHANGE
SCC recognizes the importance and urgency of tackling climate change and is committed to supporting the objective of the Paris Agreement, preserving the
environment, minimizing the environmental footprint of our operations, and efficiently managing climate-related risks and opportunities. We recognize that
climate change will influence our strategy in various ways, and we aim to meet the expectations of the global business trends that are increasingly
demanding products with lower carbon footprints. Our focus is to continuously improve the responsible use of natural resources while complying with legal
standards for prevention, mitigation, control and remediation of environmental impacts.
In our commitment to improving performance on these critical issues, we have embarked on a multi-year process to align our climate change disclosures
with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). Since 2020, Grupo Mexico’s Sustainable Development
Report has included sections on climate-related risks and opportunities, more detailed information about new short-, medium- and long-term Scope 1 and 2
climate targets, strategy and governance mechanisms, and new emissions and energy metrics informed by Sustainability Accounting Standards Board
(SASB) standards. In our 2023 Sustainability Development Report, we included Scope 3 targets and preliminary capital allocation figures on
decarbonization projects. The report can be accessed at https://www.gmexico.com/en/Pages/development.aspx. We are referring our investors to Grupo
Mexico's website for details on these initiatives for informative purposes only. We do not intend for this internet link to be an active link or to otherwise
incorporate the contents of the website into this Report on Form 10-K.
As part of our emission reduction efforts, the Company started receiving renewable energy from the Fenicias wind park, operated by Grupo Mexico
Infraestructura, in August 2024. Once this wind park supplies its full capacity to our mining operations, SCC will reduce its CO2 emissions approximately
250,000 tonnes per year, which is equivalent to 7% of our carbon footprint. Additionally, in the first quarter of 2024, we received clean energy certificates
from one of our electricity suppliers in Peru. With this, all the electrical energy we consumed in Peru in 2023 came from renewable sources. Measurements
indicate that consumption of renewable electrical energy at SCC increased from 23% to 36% in

Table of Contents
109
2023, which means we have already hit our 2027 target to ensure that 25% of our electricity supply is derived from renewable sources. Over the same
period, greenhouse gas emissions dropped 7.5% in 2023 compared to 2022.
In the first quarter of 2024, members of the World Economic Forum's climate governance initiative, which is known as Chapter Zero, gave SCC board
members and executives a briefing about the roles and responsibilities that senior executives need to consider when managing the risks and opportunities
generated by climate emergency.
The execution of our climate strategy has allowed us to significantly improve our performance in several climate evaluation initiatives. In the sustainability
evaluation conducted by S&P Global through the Corporate Sustainability Assessment (“CSA”) in which we have participated in this assessment since
2020, we scored 90 out of 100 for climate governance once again in 2024, which ratifies the progress we have made since 2023. This high rating recognized
our efforts to publish our Climate Policy and our on-going supervision of the implementation of our climate change strategy, which evaluates management
of the risks and opportunities associated with climate change by the Sustainable Development Committee at the Board level of Southern Copper
Corporation. In a repeat of last year’s performance, we scored 100 in the Task Force on Climate-related Financial Disclosures (“TCFD”) category in 2024,
which assesses management and disclosure of financial risks and opportunities related to climate change.
In addition, the investor-led Climate Action 100+ initiative recognized our efforts to develop an emissions reduction roadmap and gave us a full compliance
rating in the TCFD category for the second consecutive year.
Since 2016, SCC has been participating in Carbon Disclosure Project (“CDP”) annual evaluation of Climate Change, and in 2022, we participated in our 
first evaluation of Water Security. In 2024, our 2023 results for both questionnaires were “B” (third best score on a scale of eight levels), which is one level 
above the average score in the mining sector and the overall score for the North American region.  
In 2025, we will develop climate change mitigation and adaptation plans at the site level; evaluate the role that nature-based solutions could play in reducing
our operational emissions; and continue to identify the financial impacts that our company will face in the future with regard to climate risks and
opportunities.
HUMAN RIGHTS
At SCC, we are committed to enforcing the United Nations Guiding Principles on Business and Human Rights. We have a series of policies and procedures
that serve as a guide to all employees and suppliers, and the Code of Conduct for Suppliers, Contractors and Relevant Business Partners, which includes
several sections related to human rights.
We have a human rights’ due diligence process in place to identify, prevent, mitigate or correct adverse impacts on the human rights of communities. In the
Mining and Infrastructure divisions, this process has three main components:
1) Participatory Social Diagnosis to allow communities to voice their concerns regarding human rights,   
2) Social Management Plans that define actions to address those concerns, and
3) Service and Attention Center (SAC), a tool that was designed with guidance from the United Nations High Commissioner for Human Rights Mexico
Office and that allows communities to immediately communicate their concerns with us.
SCC also has a human rights due diligence process in place to protect the rights of employees (both the Company’s and those of contractors). The work
environment surveys, Complaint Hotlines, and due diligence process are tools that enable us to comply with the commitments included in the General
Human Rights Policy. We are currently implementing a Strategic Workplace Plan, which focuses primarily on capacity building; communication campaigns;
revision of human resources processes to promote greater inclusivity and equity; and physical changes to working areas to address women’s needs.

Table of Contents
110
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our significant accounting policies are discussed in Note 2 “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial
Statements, included in Item 8 “Financial Statements and Supplementary Data” of this Annual Report.
Our discussion and analysis of financial condition and results of operations, as well as quantitative and qualitative disclosures about market risks, are based
upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of these consolidated financial
statements requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We
make our best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are
prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new
information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially
differ from amounts estimated include: mineral reserves, revenue recognition, ore stockpiles on leach pads and related amortization, estimated impairment
of assets, asset retirement obligations, determination of discount rates related to the operating lease liabilities, valuation allowances for deferred tax assets
and unrecognized tax benefits. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the
circumstances. Actual results may differ from these estimates under different assumptions or conditions.
Mineral Reserves:  For ore reserve estimation, we use metal price assumptions of $3.30 per pound for copper and $10.00 per pound for molybdenum. These 
prices are intended to conservatively approximate average prices over the long term and are based on internal estimates for the curves of long-term metal 
prices.
Certain financial information is based on reserve estimates calculated on the basis of current average prices. These include amortization of intangible assets
and mine development. Variations in ore reserve calculations from changes in metal price assumptions generally do not create material changes in our
financial results. However, significant decreases in metal prices could adversely affect our earnings by causing, among other things, asset impairment
charges, please see “Assets impairment” below.
Ore stockpiles on leach pads:  The leaching process is an integral part of the mining operations carried out at our open-pit mines. We capitalize the 
production cost of leachable material at our Toquepala, La Caridad and Buenavista mines, recognizing it as inventory. The estimates of recoverable mineral 
content contained in the leaching dumps are supported by engineering studies. As the production cycle of the leaching process is significantly longer than 
the conventional process of concentrating, smelting and electrolytic refining, we include current leach inventory (as part of work-in-process inventories) and 
long-term leach inventory on our balance sheet. Amortization of leachable material is recorded by the units of production method.
The capitalization of long-term inventory-Ore stockpiles in leach pads is based on the allocation of copper content recoverable between ore and leach
material. In addition, inventory consumption is valued at the average unit cost.
Asset Retirement Obligation:  Our mining and exploration activities are subject to various laws and regulations governing the protection of the environment. 
Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs we will 
incur to complete the reclamation and remediation work required to comply with existing laws and regulations. These estimates are based in part on our 
inflation and credit rate assumptions. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to 
environmental laws and regulations could increase the extent of reclamation and remediation work required to be performed by us. Any such increases in 
future costs could materially impact the amounts charged to operations for reclamation and remediation. 
Asset retirement obligations are further discussed in Note 10 “Asset Retirement Obligation” to the consolidated financial statements included herein.

Table of Contents
111
Revenue Recognition: For certain of our sales of copper and molybdenum products, customer contracts allow for pricing based on a month subsequent to
shipping, in most cases within the following three months and in a few cases, in a period that can exceed three months. In such cases, revenue is recorded at
a provisional price at the time of shipment. The provisionally priced copper sales are adjusted to reflect forward LME or COMEX copper prices at the end
of each month until a final adjustment is made to the price of the shipments upon settlement with customers pursuant to the terms of the contract. In the case
of molybdenum sales, for which there are no published forward prices, the provisionally priced sales are adjusted to reflect the market prices at the end of
each month until a final adjustment is made to the price of the shipments upon settlement with customers pursuant to the terms of the contract. (See details
in “Provisionally Priced Sales” under this Item 7).
Income Taxes: In preparing our consolidated financial statements, we recognize income taxes in each of the jurisdictions in which we operate. For each
jurisdiction, we calculate the actual amount currently payable or receivable, as well as deferred tax assets and liabilities attributable to temporary differences
between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or
settled. The effect on deferred tax assets and liabilities of a change in rate is recognized through the income tax provision in the period that the change is
enacted.
A valuation allowance is provided for those deferred tax assets for which it is more likely than not that the related benefits will not be realized. In
determining the amount of the valuation allowance, we consider estimated future taxable income, as well as feasible tax planning strategies in each
jurisdiction. If we determine that we will not realize all or a portion of our deferred tax assets, we will increase our valuation allowance with a charge to
income tax expense. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation
allowance has been provided, all or a portion of the related valuation allowance will be reduced with a credit to income tax expense.
The Company’s operations are in multiple jurisdictions where uncertainties can arise in the application of complex tax regulations. The final taxes paid are
dependent upon many factors, including audits and negotiations with tax authorities. The Company recognizes potential liabilities and records tax liabilities
for anticipated tax audit issues based on its estimate of whether, and the extent to which, additional taxes will be due. The Company adjusts these estimates
in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, final taxes paid may be materially different
from the Company’s current estimate of the tax liabilities. If its estimate of tax liabilities proves to be less than the ultimate assessment, or payment of these
amounts ultimately proves to be more than the recorded amounts, the difference would be recognized in the period when the Company determines the
change.
Asset Impairments: We evaluate our long-term assets when events or changes in economic circumstances indicate that the carrying amount of such assets
may not be recoverable. Our evaluations are based on business plans that are prepared using a time horizon that is reflective of our expectations of metal
prices over our business cycle. We are currently using an average copper price of $3.50 per pound and an average molybdenum price of $10.00 per pound in
our business plans, which reflect what we believe is the lower level of the current price environment. The results of our impairment sensitivity analysis,
which included a stress test using a copper price assumption of $2.80 per pound and a molybdenum price assumption of $6.00 per pound, showed projected
discounted cash flows in excess of the carrying amounts of long-lived assets by margins ranging from 2.1 to 6.8 times such carrying amount.
We use an estimate of the future undiscounted net cash flows of the related asset or asset group over the remaining life to measure whether the assets are
recoverable and measure any impairment compared to fair value.
Leases: The Company has concluded that all of its existing lease contracts are operating lease contracts. Right-of-use assets represent the Company’s right
to use an underlying asset for the lease term and lease liabilities represent an obligation by the Company to make lease payments that arise from the lease.
Lease right-of-use assets and liabilities are recognized at the inception date based on the present value of lease payments over the lease term. As the
Company’s lease contracts do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the
inception date to determine the present value of lease payments.

Table of Contents
112
RESULTS OF OPERATIONS
The following table highlights key financial results for each of the years in the three-year period ended December 31, 2024 (in millions):
        
        
    
Variance
Statement of Earnings Data
2024
    
2023
    
2022
2024 - 2023
    
2023 - 2022
Net sales
$
 11,433.4
$
 9,895.8
$
 10,047.9
$
 1,537.6
$
 (152.1)
Operating costs and expenses
 
 (5,878.7)
 
 (5,703.5)
 
 (5,612.1)
 
 (175.2)
 
 (91.4)
Operating income
 
 5,554.7
 
 4,192.3
 
 4,435.8
 
 1,362.4
 
 (243.5)
Non‑operating income (expense)
 
 (197.3)
 
 (236.5)
 
 (188.0)
 
 39.3
 
 (48.5)
Income before income taxes
 
 5,357.4
 
 3,955.8
 
 4,247.8
 
 1,401.6
 
 (292.0)
Income taxes
 
 (2,027.4)
 
 (1,578.0)
 
 (1,477.5)
 
 (449.4)
 
 (100.5)
Deferred income taxes
 
 52.2
 
 59.1
 
 (118.6)
 
 (6.9)
 
 177.7
Equity earnings of affiliate
 
 6.4
 
 (2.2)
 
 (3.7)
 
 8.6
 
 1.5
Net income attributable to non‑controlling interest
 
 (11.8)
 
 (9.5)
 
 (9.5)
 
 (2.3)
 
 —
Net income attributable to SCC
$
 3,376.8
$
 2,425.2
$
 2,638.5
$
 951.6
$
 (213.3)
NET SALES
Net sales in 2024 totaled a record high of $11,433.4 million, reflecting a 15.5% increase compared to 2023. This performance was driven by higher prices
for copper (+7.8% - LME), silver (+20.7%), and zinc (+5.0%), combined with increased sales volumes of copper (+5.5%), molybdenum (+7.9%), silver
(+15.7%), and zinc (+44.6%). The significant rise in zinc sales volumes was primarily attributed to Buenavista Zinc concentrator, which is operating at full
capacity. However, these gains were partially offset by a decline in molybdenum prices (-10.6%). Additionally, net sales in 2024 were negatively impacted
by downward adjustments of $77.6 million related to provisionally priced sales, reflecting the increase in metal prices.
The table below outlines the average published market metals prices for our metals for each of the three years in the three-year period ended December 31,
2024:
        
        
    
% Variance
 
2024
    
2023
    
2022
    
2024 - 2023
2023 - 2022
Copper price ($per pound—LME)
$
 4.15
$
 3.85
$
 4.00
 7.8 %  
 (3.8)%
Copper price ($per pound—COMEX)
$
 4.22
$
 3.86
$
 4.01
 9.3 %  
 (3.7)%
Molybdenum price ($per pound)(1)
$
 21.21
$
 23.73
$
 18.61
 (10.6)%  
 27.5 %
Zinc price ($per pound—LME)
$
 1.26
$
 1.20
$
 1.58
 5.0 %  
 (24.1)%
Silver price ($per ounce—COMEX)
$
 28.25
$
 23.41
$
 21.76
 20.7 %  
 7.6 %
(1) Platt’s Metals Week Dealer Oxide.
The table below provides our metal sales as a percentage of our total net sales:
Year Ended
 
December 31, 
Sales as a percentage of total net sales
    
2024
    
2023
2022
Copper
 
 76.6 %  
 76.7 %  
 75.0 %
Molybdenum
 
 10.9 %  
 11.4 %  
 11.9 %
Silver
 
 5.1 %  
 4.2 %  
 4.0 %
Zinc
 
 3.8 %  
 3.0 %  
 3.7 %
Other by‑products
 
 3.6 %  
 4.7 %  
 5.4 %
Total
 
 100.0 %  
 100.0 %
 100.0 %

Table of Contents
113
The table below provides our copper sales by type of product (in million pounds). The difference in value between products is the level of processing. At the
market price, concentrates take a discount since they require smelting and refining processes, while refined and rod copper receive premiums due to their
purity and presentation.
    
    
    
    
    
    
    
Variance
 
Copper Sales (million pounds)
2024
    
2023
    
2022
    
2024 - 2023
2023 - 2022
Refined (including SX‑EW)
 1,053.3
 1,064.1
 1,046.7
 (10.8) 
 17.4
Rod
 337.8
 338.0
 411.5
 (0.2) 
 (73.5)
Concentrates and other
 678.0
 559.7
 462.2
 118.3  
 97.5
Total
 2,069.1
 1,961.8
 1,920.4
 107.3  
 41.4
The table below provides our copper sales volume by type of product as a percentage of our total copper sales volume:
Year ended December 31, 
 
Copper Sales by product type
    
2024
    
2023
    
2022
 
Refined (including SX‑EW)
 
 50.9 %  
 54.2 %  
 54.5 %
Rod
 
 16.3 %  
 17.2 %  
 21.4 %
Concentrates and other
 
 32.8 %  
 28.5 %  
 24.1 %
Total
 
 100.0 %  
 100.0 %  
 100.0 %
OPERATING COSTS AND EXPENSES
The table below summarizes the production cost structure by major components for the three years ended December 31 2024, 2023 and 2022 as
a percentage of total production cost:
    
Year ended December 31, 
 
2024
    
2023
2022
Power
 
 11.0 %  
 13.3 %  
 16.7 %
Labor
 
 13.3 %  
 11.6 %  
 10.8 %
Fuel
 
 15.4 %  
 15.7 %  
 16.8 %
Maintenance
 
 23.4 %  
 21.4 %  
 19.6 %
Operating material
 
 19.0 %  
 19.6 %  
 20.1 %
Other
 
 17.9 %  
 18.4 %  
 16.0 %
Total
 
 100.0 %  
 100.0 %
 100.0 %

Table of Contents
114
2024-2023: Operating costs and expenses were $5,878.7 million in 2024 compared to $5,703.5 million in the same period of 2023. The increase of $175.2
million was primarily due to:
Operating cost and expenses for 2023 ($ in millions)
    
$
 5,703.5
Plus:
•
Increase in other cost of sales (exclusive of depreciation, amortization and depletion), which is mainly attributable to:
 187.3
- Repair materials, principally heavy equipment spare parts
 118.1
- Labor costs, which include a $62 million signing bonus related to the collective agreements for Peruvian
unions.
 88.6
- Workers participation
 43.3
- Fuel
 21.5
This was partially offset by a decrease in:
- Energy costs, mainly in Mexico due to a decrease in the price of natural gas.
 (68.6)
- Water
 (13.6)
- Other, net
 (2.0)
•
Increase in depreciation, amortization and depletion expense.
    
 
 12.3
•
Increase in exploration expense.
 
 5.9
•
Increase in selling, general and administrative expenses.
 
 3.3
Less:
•
Decrease in volume and cost of metals purchased from third parties.
 (33.5)
Operating cost and expenses for 2024 ($ in millions)
$
 5,878.7
        
        
        
    
Variance
NON‑OPERATING INCOME (EXPENSE)
    
2024
    
2023
    
2022
    
2024 - 2023
    
2023 - 2022
Interest expense
$
 (376.5)
$
 (376.3)
$
 (387.1)
$
 (0.2)
$
 10.8
Capitalized interest
 
 42.4
 
 49.6
 
 47.0
 
 (7.2)
 
 2.6
Other income (expense)
 
 5.5
 
 3.6
 
 117.1
 
 1.9
 
 (113.5)
Interest income
 
 131.4
 
 86.6
 
 35.0
 
 44.8
 
 51.6
Total non‑operating income (expense)
$
 (197.3)
$
 (236.5)
$
 (188.0)
$
 39.3
$
 (48.5)
2024-2023: Non-operating income and expense were a net expense of $197.3 million in 2024, compared to a net expense of $236.5 million in 2023. The
$39.3 million decrease in net expense in 2024 was mainly due to:
●
$44.8 million increase in interest income due to higher cash and cash equivalents balances in 2024, and
●
$1.9 million increase in other income; slightly offset by,
●
$7.4 million decrease in interest expense net of capitalized interest.
Income taxes
    
Year Ended
December 31, 
2024
    
2023
2022
Provision for income taxes ($ in millions)
$
 1,975.3
$
 1,518.9
$
 1,596.1
Effective income tax rate
 
 36.9 %  
 38.4 %  
 37.6 %
The income tax provision includes Peruvian, Mexican and U.S. federal income taxes.

Table of Contents
115
Components of income tax provision for 2024, 2023 and 2022 include the following ($ in millions):
    
2024
    
2023
    
2022
Statutory income tax provision
$
 1,688.0
$
 1,284.0
$
 1,361.6
Peruvian royalty
 
 57.5
 
 44.6
 
 35.8
Mexican royalty
 
 142.9
 
 118.6
 
 142.3
Peruvian special mining tax
 
 86.9
 
 71.7
 
 56.4
Total income tax provision
$
 1,975.3
$
 1,518.9
$
 1,596.1
The decrease in the effective income tax rate in 2024 compared to the same period in 2023 was primarily attributable to a variance in uncertain tax positions
recorded in the U.S., Peruvian and Mexican jurisdictions.
Equity earnings of affiliate
In 2024, 2023 and 2022 we recognized $6.4 million, $(2.2) million and $(3.7) million in equity earnings, respectively, which were associated with our
44.2% interest in the Tantahuatay mine.
Net Income attributable to the non-controlling interest
Net income attributable to the non-controlling interest in 2024 was $11.8 and $9.5 million in 2023 and 2022.
Net Income attributable to SCC
Net income attributable to SCC in 2024 amounted to $3,376.8 million, a 39.2% increase from the $2,425.2 million reported in 2023. The rise in net income
for 2024 was largely driven by higher metal prices and increased sales volumes for our main products.
SEGMENT RESULTS ANALYSIS
We have three segments: the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations. Please see a detailed
definition of these segments in Item 1 “Business—Business Reporting Segments.”
The following table presents the volume of sales by segment of copper and our significant by-products for each of the years in the three-year period ended
December 31, 2024:
    
    
    
    
    
    
    
Variance
 
Copper Sales (million pounds)
2024
    
2023
    
2022
    
2024 - 2023
2023 - 2022
Peruvian operations
 890.4
 805.8
 792.8
 84.6  
 13.0
Mexican open‑pit
 1,191.1
 1,151.5
 1,166.3
 39.6  
 (14.8)
Mexican IMMSA unit
 33.0
 26.3
 25.0
 6.7  
 1.3
Other and intersegment elimination
 (45.4)
 (21.8)
 (63.7)
 (23.6) 
 41.9
Total copper sales
 2,069.1
 1,961.8
 1,920.4
 107.3  
 41.4

Table of Contents
116
    
    
    
    
    
    
    
Variance
 
By‑product Sales (million pounds, except silver—million ounces)
2024
    
2023
    
2022
    
2024 - 2023
2023 - 2022
Peruvian operations:
Molybdenum contained in concentrate
 
 29.5
 22.1
 25.0
 7.4  
 (2.9)
Silver
 
 5.6
 4.4
 4.5
 1.2  
 (0.1)
Mexican open‑pit operations:
 
   
  
Molybdenum contained in concentrate
 
 34.5
 37.2
 32.9
 (2.7) 
 4.3
Silver
 
 11.9
 9.9
 11.2
 2.0  
 (1.3)
Zinc‑refined and in concentrate
 103.4
 —
 —
 103.4
 —
IMMSA unit
 
   
  
Zinc‑refined and in concentrate
 
 214.3
 219.7
 223.0
 (5.4) 
 (3.3)
Silver
 
 6.6
 6.9
 6.4
 (0.3) 
 0.5
Other and intersegment elimination
 
   
  
Silver
 
 (3.3)
 (3.2)
 (3.3)
 (0.1) 
 0.1
Total by‑product sales
 
   
  
Molybdenum contained in concentrate
 
 64.0
 59.3
 57.9
 4.7  
 1.4
Zinc‑refined and in concentrate
 
 317.8
 219.7
 223.0
 98.1  
 (3.3)
Silver
 
 20.8
 18.0
 18.8
 2.8  
 (0.8)
Peruvian Open-pit Operations:
    
    
    
Variance
2024
2023
2022
2024 - 2023
    
2023 - 2022
Net sales
$
 4,604.6
$
 3,854.3
$
 3,908.5
$
 750.3
$
 (54.2)
Operating costs and expenses
 
 (2,512.1)
 
 (2,380.9)
 
 (2,440.7)
 
 (131.2)
 
 59.8
Operating income
$
 2,092.5
$
 1,473.4
$
 1,467.8
$
 619.1
$
 5.6
Net sales:
2024-2023: Net sales in 2024 increased by $750.3 million compared to 2023. This growth was primarily driven by higher copper (+7.8% LME) and silver
(+20.7%) prices, as well as increased sales volumes of copper (+10.5%), molybdenum (+33.4%), and silver (+27.4%). However, this was slightly offset by a
decline in molybdenum (-10.6%) prices. Additionally, net sales in 2024 were negatively impacted by downward adjustments of $13.7 million related to
provisionally priced sales, reflecting the rise in metal prices.

Table of Contents
117
Operating costs and expenses:
2024-2023: Operating costs and expenses were $2,512.1 million in 2024 compared to $2,380.9 million in the same period of 2023. The increase of $131.2
million was primarily due to:
Operating costs and expenses for 2023 ($ in millions)
    
$
 2,380.9
Plus:
 
•
Increase in other cost of sales (exclusive of depreciation, amortization and depletion), mainly attributable to:
 142.7
- Labor costs, which include a $62 million signing bonus related to the collective agreements for Peruvian
unions.
 77.3
- Repair materials, principally heavy equipment spare parts
 67.8
- Workers participation
 53.5
- Operating contractors
 17.3
- Energy costs
 7.4
This was partially offset by a decrease in:
- Inventory variance
 (68.3)
- Explosives and reagents
 (9.5)
- Other, net
 (2.8)
•
Increase in exploration expenses.
 4.1
Less:
•
Decrease in depreciation, amortization and depletion expense.
 (9.2)
•
Decrease in cost of metals purchased from third parties.
 (6.1)
•
Decrease in selling, general and administrative expenses.
 
 (0.3)
Operating costs and expenses for 2024 ($ in millions)
$
 2,512.1
Mexican Open-pit Operations:
Variance
2024
    
2023
    
2022
    
2024 - 2023
    
2023 - 2022
Net sales
$
 6,317.0
$
 5,562.3
$
 5,772.6
$
 754.7
$
 (210.3)
Operating costs and expenses
 
 (2,932.9)
 
 (2,787.5)
 
 (2,817.9)
 
 (145.4)
 
 30.4
Operating income
$
 3,384.1
$
 2,774.8
$
 2,954.7
$
 609.3
$
 (179.9)
Net sales:
2024-2023: Net sales in 2024 increased by $754.7 million compared to 2023. This growth was primarily driven by higher copper (+9.3% - COMEX) and
silver (+20.7%) prices; higher sales volumes of copper (+3.4%), silver (+19.7%); and the $137.3 million in zinc sales contributed by startup at the
Buenavista zinc concentrator in the first quarter of 2024. This was slightly offset by a decline in molybdenum prices (-10.6%) and volumes sold (-7.2%).

Table of Contents
118
Operating costs and expenses:
2024-2023: Operating costs and expenses were $2,932.9 million in 2024 compared to $2,787.5 million in the same period of 2023. The increase of $145.4
million was primarily due to:
Operating costs and expenses for 2023 ($ in millions)
    
$
 2,787.5
Plus:
 
•
Increase in other cost of sales (exclusive of depreciation, amortization and depletion), mainly attributable to:
 86.7
- Foreign currency effect
 78.2
- Repair materials, principally heavy equipment spare parts.
 57.8
- Inventory variance
 28.8
- Fuel
 23.7
- Other, net
 4.1
This was partially offset by a decrease in:
- Energy costs, mainly due to a decrease in the price of natural gas.
 (72.2)
- Workers participation
 (19.8)
- Water
 (13.9)
•
Increase in cost and volume of metals purchased from third parties.
 
 35.7
•
Increase in depreciation, amortization and depletion expense.
 
 19.7
•
Increase in exploration expenses.
 
 2.5
•
Increase in selling, general and administrative expenses.
 0.8
Operating costs and expenses for 2024 ($ in millions)
$
 2,932.9
Mexican Underground Operations (IMMSA):
 
Variance
2024
    
2023
    
2022
    
2024 - 2023
    
2023 - 2022
Net sales
$
 704.1
$
 630.8
$
 666.5
$
 73.3
$
 (35.7)
Operating costs and expenses
 
 (574.9)
 
 (635.0)
 
 (605.9)
 
 60.1
 
 (29.1)
Operating income
$
 129.2
$
 (4.2)
$
 60.6
$
 133.4
$
 (64.8)
Net sales:
2024-2023: Net sales in 2024 increased by $73.3 million compared to 2023. This growth was primarily driven by higher copper (+9.3% - COMEX), silver
(+20.7%) and zinc (+5.0%) prices, and an increase in the sales volume of copper (+25.6%). This was partially offset by a decline in sales volumes of silver
(-3.7%), and zinc (-2.5%).

Table of Contents
119
Operating costs and expenses:
2024-2023: Operating costs and expenses were $574.9 million in 2024 compared to $635.0 million in the same period of 2023. The decrease of $60.1
million was primarily due to:
Operating costs and expenses for 2023 ($ in millions)
    
$
 635.0
Less:
 
•
Decrease in other cost of sales (exclusive of depreciation, amortization and depletion), mainly attributable to:
 (43.5)
- Foreign currency effect
 (27.0)
- Operating contractors
 (13.7)
- Repair materials
 (7.5)
- Energy costs
 (3.8)
- Other, net
 (0.3)
This was partially offset by an increase in:
- Workers participation
 8.8
•
Decrease in cost of metals purchased from third parties.
 (23.0)
Plus:
•
Increase in depreciation, amortization and depletion expense.
 2.5
•
Increase in selling, general and administrative expenses.
 2.0
•
Increase in exploration expenses.
 
 1.9
Operating costs and expenses for 2024 ($ in millions)
$
 574.9
Intersegment Eliminations and Adjustments:
The net sales, operating costs and expenses and operating income discussed above will not be directly equal to amounts in our consolidated statement of
earnings because the adjustments to intersegment operating revenues and expenses must be taken into account. Please see Note 19 “Segment and Related
Information” of the consolidated financial statements.
LIQUIDITY AND CAPITAL RESOURCES
The following discussion relates to our liquidity and capital resources for each of the years in the three-year period ended December 31, 2024.
Cash Flow:
The following table shows the cash flow for the three year period ended December 31, 2024 (in millions):
 
Variance
2024
    
2023
    
2022
    
2024 - 2023
    
2023 - 2022
Net cash provided by operating activities
$
 4,421.7
$
 3,573.1
$
 2,802.5
$
 848.6
$
 770.6
Net cash used in investing activities
$
 (673.3)
$
 (1,398.4)
$
 (666.8)
$
 725.1
$
 (731.6)
Net cash used in financing activities
$
 (1,645.2)
$
 (3,101.2)
$
 (3,011.0)
$
 1,456.0
$
 (90.2)

Table of Contents
120
Net cash provided by operating activities:
The 2024, 2023 and 2022 change in net cash from operating activities include (in millions):
 
Variance
2024
    
2023
    
2022
    
2024 - 2023     
2023 - 2022
Net income
$
 3,388.6
$
 2,434.7
$
 2,648.0
$
 953.9
$
 (213.3)
Depreciation, amortization and depletion
 
 845.9
 
 833.6
 
 796.3
 
 12.3
 
 37.3
(Benefit) provision for deferred income taxes
 
 (52.2)
 
 (59.1)
 
 118.6
 
 6.9
 
 (177.7)
Loss on foreign currency transaction effect
 
 13.7
 
 10.4
 
 41.9
 
 3.3
 
 (31.5)
Other adjustments to net income
 
 (13.0)
 
 43.5
 
 37.9
 
 (56.5)
 
 5.6
Operating assets and liabilities
 
 238.7
 
 310.0
 
 (840.2)
 
 (71.3)
 
 1,150.2
Net cash provided by operating activities
$
 4,421.7
$
 3,573.1
$
 2,802.5
$
 848.6
$
 770.6
Significant items added to (deducted from) net income to arrive at operating cash flow include depreciation, amortization and depletion, deferred tax
amounts and changes in operating assets and liabilities.
2024: Net income was $3,388.6 million, which represented 76.6% of the net operating cash flow.
Changes in operating assets and liabilities increased cash flow by $238.7 million, driven by the following variances:
●
$(48.5) million increase in trade accounts receivable, principally at our Mexican operations.
●
$385.7 million increase in accounts payable and accrued liabilities, which was mainly driven by an increase in accrued income taxes and workers
participation at our Peruvian and Mexican operations, resulting from the improvement in income before taxes in 2024.
●
$(56.1) million net increase in inventory; mainly work in process at our Peruvian operations.
●
$(42.4) million increase in other operating assets and liabilities, net.
Net cash used in investing activities:
2024: Net cash used for investing activities in 2024 included $1,027.3 million for capital investments. This included $756.0 million of investments at our
Mexican operations and $271.3 million at our Peruvian operations. For further information, please see “Capital Investment Program” under this Item on
page 102.
The 2024 investing activities also included net proceeds of short-term investments of $354.0 million.
2023: Net cash used for investing activities in 2023 included $1,008.6 million for capital investments. This included $685.9 million of investments at our
Mexican operations and $322.7 million at our Peruvian operations. For further information, please see “Capital Investment Program” under this Item on
page 102.
The 2023 investing activities also included net purchases of short-term investments of $391.0 million.
Net cash used in financing activities:
2024: Net cash used in financing activities in 2024 was $1,645.2 million and included a cash dividend distribution of $1,637.2 million.
2023: Net cash used in financing activities in 2023 was $3,101.2 million and included a dividend distribution of $3,092.4 million.

Table of Contents
121
Other Liquidity Considerations
We expect that we will meet our cash requirements for 2025 and beyond from cash on hand and internally generated funds. In addition, we believe that we
will be able to access additional external financing on reasonable terms, if required.
As of December 31, 2024, $577.6 million of the Company´s total cash, cash equivalents and short-term investments of $3,503.4 million were held by
foreign subsidiaries. The cash, cash equivalents and short-term investments maintained in our foreign operations are generally used to cover local operating
and investment expenses. Earnings of the Company’s Peruvian branch are not subject to transition taxes since they are taxed in the United States on a
current basis.
Dividend: On January 23, 2025, the Board of Directors authorized a quarterly cash dividend of $0.70 per share of common stock and a stock dividend of
0.0073 shares of common stock per share of common stock, paid on February 27, 2025, for shareholders of record at the close of business on February 11,
2025.
In lieu of fractional shares, cash was distributed to each shareholder who would otherwise have been entitled to receive a fractional share, based on a share
price of $95.86, which is the average of the high and low share price on January 23, 2025.
FINANCING
Our total debt as of December 31, 2024 was $6,258.3 million, compared to $6,254.6 million at December 31, 2023, net of the unamortized discount and
issuance costs of notes issued under par for $92.8 million and $96.5 million as of December 31, 2024 and 2023, respectively. This debt is all denominated in
dollars at fixed interest rates, weighed at 5.82%.
On February 5, 2025, our subsidiary Minera Mexico S.A. de C.V. issued a $1 billion 7-year Note of fixed-rate senior unsecured notes. This debt is due in
2032 and has an annual interest rate of 5.625%.
During our marketing effort, we held meetings with 85 global and local fixed income investors and received purchase orders from high quality institutional
investors. We received orders for $3.5 billion, a demand of 3.5 times the offering. Proceeds will provide the Company with additional liquidity to finance
our Mexican capital expenditures and Minera Mexico’s general corporate purposes.
Please see Note 11 “Financing” for a discussion about the covenants requirements related to our long-term debt.
Capital Investment Program
A discussion of our capital investment program is an important part of understanding our liquidity and capital resources. We expect to meet the cash
requirements for these capital investments from cash on hand, internally generated funds and from additional external financing if required. For information
regarding our capital expenditure programs, please see the discussion under the caption “Capital Investment Program” under this Item 7.
CONTRACTUAL AND OTHER OBLIGATIONS
As of December 31, 2024, our most significant contractual obligations include interest and principal on debt, workers’ participation, pension and post-
retirement obligations, payments for operating leases, asset retirement obligations, and commitments for purchasing energy and for capital investment
projects.
Interest on debt is calculated at rates in effect at December 31, 2024. As all our debt is at fixed rates, future expenditures will not change due to rate
changes. Please refer to Note 11 “Financing” of the consolidated financial statements for a description of our long-term debt arrangements and credit
facilities.

Table of Contents
122
Workers’ participation is currently calculated based on Peruvian Branch and Mexican pre-tax earnings. In Peru, the provision for workers’ participation is
calculated at 8% of pre-tax earnings. The current portion of this participation, which is accrued during the year, is based on the Peruvian Branch’s taxable
income and is largely distributed to workers after final results are determined for the year. Amounts in excess of 18 times a worker’s salary are distributed to
governmental bodies. In Mexico, workers’ participation is determined using the guidelines established in the Mexican income tax law at a rate of 10% of
pre-tax earnings as adjusted by the tax law. In 2021, there was a change in the Ley Federal del Trabajo ("Federal Labor Law"), effective in 2022. Under this
change, the amount payable to a worker cannot be higher than the maximum between the worker’s salary for a three-month period and the average of the
participation received in the last three years.
Operating leases include lease payments for power generating facilities to MGE, vehicles and properties. Please refer to Note 9 “Leases” of the consolidated
financial statements.
Pension and post retirement obligations include the benefits expected to be paid under our pension and post-retirement benefit plans. Please refer to Note 12
“Benefit Plans” of the consolidated financial statements.
Asset retirement obligations include the aggregate amount of closure and remediation costs for our Peruvian mines and facilities to be paid under the mine
closure plans approved by MINEM and the closure and remediation costs of our Mexican operations. See Note 10 “Asset Retirement Obligation” of the
consolidated financial statements.
In June 2014, we entered into a power purchase agreement for 120 megawatt (“MW”) with the state company Electroperu S.A., which began supplying
energy for our Peruvian operations for twenty years starting on April 17, 2017. In July 2014, we entered into a power purchase agreement for 120MW with
a private power generator Kallpa Generacion S.A. (“Kallpa”), which began supplying energy for our Peruvian operations for ten years starting on April 17,
2017. In May 2016, we signed an additional power purchase agreement for a maximum of 80MW with Kallpa, under which Kallpa began supplying energy
for the Peruvian operations related to the Toquepala Expansion and other minor projects starting on May 1, 2017 and ending on October 31, 2029. In the
third quarter of 2024, Parque Eolico de Fenicias began supplying energy to the IMMSA unit. For further information, please see Note 18 “Related party
transactions”.
Additionally, we have a commitment to purchase power for our Mexican operations from MGE, a subsidiary of Grupo Mexico through 2032. See Note 13
“Commitment and Contingencies—Other commitments”.
Our long-term estimated power costs are subject to change as energy generation costs change and our forecasted power requirements through the life of the
agreements change. In addition, as of December 31, 2024, the Company has committed approximately $236.2 million for the development of its capital
investment projects. These include committed purchase orders and executed contracts for our Mexican projects and for our Peruvian expansion projects.

Table of Contents
123
NON-GAAP INFORMATION RECONCILIATION
Operating cash cost:  Following is a reconciliation of “Operating Cash Cost” (see page 100) to cost of sales (exclusive of depreciation, amortization and 
depletion) as reported in our consolidated statement of earnings, in millions of dollars and dollars per pound in the table below:
2024
 
2023
 
2022
    
$ per
    
    
$ per
    
    
$ per
$ millions
pound
$ millions
pound
$ millions
pound
Cost of sales (exclusive of depreciation, amortization and
depletion)
$
 4,841.4
$
 2.35
$
 4,687.7
$
 2.42
$
 4,649.1
$
 2.45
Add:
 
  
 
 
  
 
 
  
 
Selling, general and administrative
 
 130.5
 
 0.06
 
 127.2
 
 0.07
 
 125.0
 
 0.07
Sales premiums, net of treatment and refining charges
 
 (39.5)
 (0.02)
 
 (7.7)
 
 (0.00)
 
 (21.0)
 
 (0.01)
Less:
 
 
 
 
 
 
Workers’ participation
 
 (296.4)
 (0.15)
 
 (253.2)
 
 (0.13)
 
 (282.9)
 
 (0.15)
Cost of metals purchased from third parties
 
 (162.4)
 (0.08)
 
 (195.8)
 
 (0.10)
 
 (316.8)
 
 (0.17)
Royalty charge and other, net
 
 (96.9)
 (0.05)
 
 (116.7)
 
 (0.06)
 
 (300.9)
 
 (0.16)
Inventory change
 
 12.8
 0.01
 
 (6.5)
 
 (0.00)
 
 (26.8)
 
 (0.01)
Operating Cash Cost before by‑product revenues
$
 4,389.5
$
 2.13
$
 4,235.0
$
 2.19
$
 3,825.7
$
 2.02
Add:
 
  
 
  
 
  
 
  
 
  
 
  
By‑product revenues(1)
 
 (2,524.1)
 
 (1.23)
 
 (2,194.0)
 
 (1.13)
 
 (2,327.2)
 
 (1.22)
Net revenue on sale of metal purchased from third parties
 
 (42.2)
 (0.02)
 
 (49.8)
 
 (0.03)
 
 (28.6)
 
 (0.02)
Total by‑product revenues
 
 (2,566.3)
 
 (1.25)
 
 (2,243.8)
 
 (1.16)
 
 (2,355.8)
 
 (1.24)
Operating Cash Cost net of by‑product revenues
 
 1,823.2
 
 0.89
 
 1,991.2
 
 1.03
 
 1,469.9
 
 0.78
Total pounds of copper produced (in millions)
 
 2,057.7
 
  
 
 1,935.4
 
  
 
 1,894.7
 
  
(1) By-product revenues included in our presentation of operating cash cost contain the following:
2024
 
2023
 
2022
    
$ per
    
    
$ per
    
    
$ per
$ millions
pound
$ millions
pound
$ millions
pound
Molybdenum
$
 (1,246.4)
$
 (0.61)
$
 (1,129.7)
$
 (0.58)
$
 (1,192.7)
$
 (0.63)
Silver
 
 (529.4)
 
 (0.26)
 
 (390.6)
 
 (0.20)
 
 (370.5)
 
 (0.20)
Zinc
 
 (354.3)
 
 (0.17)
 
 (226.0)
 
 (0.12)
 
 (242.9)
 
 (0.13)
Sulfuric Acid
 
 (262.4)
 
 (0.13)
 
 (318.4)
 
 (0.17)
 
 (395.8)
 
 (0.21)
Gold
 
 (81.4)
 
 (0.04)
 
 (77.4)
 
 (0.04)
 
 (81.0)
 
 (0.04)
Other
 
 (50.2)
 
 (0.02)
 
 (51.9)
 
 (0.03)
 
 (44.3)
 
 (0.01)
Total
$
 (2,524.1)
$
 (1.23)
$
 (2,194.0)
$
 (1.13)
$
 (2,327.2)
$
 (1.22)
The by-product revenue presented does not match with the sales value reported by segment on page 178 because the above table excludes purchases from
third parties, which are reclassified to net revenue on sale of metal purchased from third parties.

Table of Contents
124
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Commodity price risk:
For additional information on metal price sensitivity, refer to “Metal Prices” in Part II, Item 7 of this annual report.
Open sales risk:
Our provisional copper and molybdenum sales contain an embedded derivative that is required to be separate from the host contract for accounting
purposes. The host contract is the receivable from the sale of copper or molybdenum concentrates at prevailing market prices at the time of the sale. The
embedded derivative, which does not qualify for hedge accounting, is marked to market through earnings in each period prior to settlement. See Note 19 to
the consolidated financial statements for further information about these provisional sales.
Foreign currency exchange rate risk:
Our functional currency is the U.S. dollar. Portions of our operating costs are denominated in Peruvian soles and Mexican pesos. Given that our revenues
are primarily denominated in U.S. dollars, when inflation or deflation in our Mexican or Peruvian operations is not offset by a change in the exchange rate
of the sol or the peso to the dollar, our financial position, results of operations and cash flows could be affected by local cost conversion when expressed in
U.S. dollars. In addition, the dollar value of our net monetary assets denominated in soles or pesos can be affected by an exchange rate variance of the sol or
the peso, resulting in a re-measurement gain or loss in our financial statements. Recent inflation and exchange rate variances for the three years ended
December 31, 2024 are provided in the table below:
    
Year Ended
December 31, 
    
2024
    
2023
    
2022
Peru:
 
   
   
  
Peruvian inflation rate
 
 2.0 %  
 3.2 %  
 8.5 %
Initial exchange rate
 
 3.713  
 3.820  
 3.998
Closing exchange rate
 
 3.770  
 3.713  
 3.820
Appreciation/(devaluation)
 
 (1.5)%  
 2.8 %
 4.5 %
Mexico:
 
   
   
  
Mexican inflation rate
 
 4.2 %  
 4.7 %  
 7.8 %
Initial exchange rate
 
 16.894  
 19.362  
 20.584
Closing exchange rate
 
 20.268  
 16.894  
 19.362
Appreciation/(devaluation)
 
 (20.0)%  
 12.7 %
 5.9 %
Change in monetary position:
Assuming an exchange rate variance of 10% at December 31, 2024, we estimate our net monetary position in Peruvian sol and Mexican peso would
increase (decrease) our net earnings as follows:
    
Effect in net
 
earnings
 
($ in millions)
Appreciation of 10% in U.S. dollar vs. Peruvian sol
$
 33.9
Devaluation of 10% in U.S. dollar vs. Peruvian sol
$
 (41.4)
Appreciation of 10% in U.S. dollar vs. Mexican peso
$
 (9.3)
Devaluation of 10% in U.S. dollar vs. Mexican peso
$
 11.3
The net monetary position is net of those assets and liabilities that are sol or peso denominated as of December 31, 2024.
Short-term investments:
For additional information on our trading securities and available-for-sale investments, refer to Note 3 Short-term Investments in Part II, Item 8 of this
annual report.

Table of Contents
125
Derivative Instruments:
From time to time, we use derivative instruments to manage our cash flows exposure to changes in commodity prices. We do not enter into derivative
contracts unless we anticipate that the possibility exists that future activity will expose our future cash flows to deterioration. Derivative contracts for
commodities are entered into to manage the price risk associated with forecasted purchases of the commodities that we use in our manufacturing process.
Cash Flow Hedges of Natural Gas
In the third quarter of 2021, the Company acquired two derivative instruments that became effective in November 2021 and expired in March 2022. The
Company’s objective in using natural gas derivatives was to protect the stability of natural gas costs and manage exposure to natural gas price increases. The
Company assessed these derivative instruments as Cash Flow Hedges. As such, the effective portions of said hedges were recorded as earnings in the same
period or periods in which the hedged transaction affected earnings. The Company did not identify any ineffective portions of these derivatives. As of
December 31, 2024, the Company held no derivative instruments.

Table of Contents
126
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of Southern Copper Corporation:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Southern Copper Corporation and subsidiaries (the “Company”) as of December 31,
2024 and 2023, the related consolidated statements of earnings, comprehensive income, changes in equity, and cash flows for each of the three years in the
period ended December 31, 2024 and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024
and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with
accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s
internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework (2013) issued by
the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 3, 2025, expressed an unqualified opinion on the
Company’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with
respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free of material misstatement whether due to error or fraud. Our audits included
performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as
well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the consolidated financial statements that was
communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the consolidated
financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not
alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below,
providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Table of Contents
127
Ore stockpiles on Leach Pads – Capitalization of costs attributable to leachable material - Refer to Note 4 “Inventories” to the consolidated
financial statements
Critical Audit Matter Description
The Company has Ore stockpiles on leach pads related to the capitalization of costs attributable to leachable material mainly from the Mexican operations
presented as part of the current inventory and as part of the non-current assets.
The capitalization of costs in the inventory of Ore stockpiles in leach pads is based on the allocation of copper content recoverable between ore and leach
material. The Company used the copper content grade, the solubility index and the recovery rate when determining the allocation of costs to be capitalized
related to leachable material. The leachable material inventory determined could be misstated if the copper content grade, the solubility index and the
recovery rate used by the Company does not correspond to the actual results obtained from the laboratories and engineering studies.
We identified the capitalization of costs attributable to leachable material from Mexican operations as a critical audit matter because of the complexity of the
process and judgments made by management to support its assertion that these capitalized costs are probable of recovery. Addressing this matter required a
high degree of auditor judgement and significant audit effort, which includes the involvement of our technical specialists in evaluating whether the audit
evidence obtained supports management’s assertion that these costs are probable of future recovery.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to management’s assertions that extraction and production costs are capitalized in the appropriate amounts included the
following, among others:
●
We obtained an understanding and evaluated the Company’s methodology for determining the productions costs capitalized and the estimates of
recoverable mineral content contained in the leaching material deposited in the leaching pads.
●
We tested the effectiveness of controls over management’s review of the copper content grade, the solubility index and the recovery rate used to
determine the monthly average rate to be used in the calculation, which included an evaluation of the competence, objectivity and authority of the
personnel involved and management’s experts in the determination of the copper content grade, the solubility index and the recovery rate; the
identification of costs to be capitalized as part of the leaching process; and reconciliations of mineral received for the leaching process.
●
We tested the effectiveness of general IT controls for the relevant systems identified that process information that is considered significant in the
calculation of the Company’s estimate.
●
We independently recalculated the monthly average copper content grade and the monthly average solubility index to obtain the reasonability of the
inputs used in the estimate.
●
We involved technical specialists to evaluate the methodology and inputs used by the Company to determine the recoverability of copper from the leach
pads and challenge, from a technical perspective, if the balance as of December 31, 2024 represents copper that will be recovered as estimated by the
Company. Such involvement also consisted of site visits to the Mexican mining operations where ore stockpiles on leach pads existed.
Galaz, Yamazaki, Ruiz Urquiza, S.C.
Member of Deloitte Touche Tohmatsu Limited
/s/ Galaz, Yamazaki, Ruiz Urquiza, S.C.
Mexico City, Mexico
March 3, 2025
We have served as the Company’s auditor since 2009

Table of Contents
128
Southern Copper Corporation
and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
    
    
For the years ended December 31, (in millions, except for per share amounts)
2024
2023
2022
Net sales (including sales to related parties, see note 18)
$
11,433.4
$
9,895.8
$
10,047.9
Operating cost and expenses:
Cost of sales (exclusive of depreciation, amortization and depletion shown
separately below)
 
4,841.4
 
4,687.7
 
4,649.1
Selling, general and administrative
 
130.5
 
127.2
 
125.0
Depreciation, amortization and depletion
 
845.9
 
833.6
 
796.3
Exploration
 
60.9
 
55.0
 
41.7
Total operating costs and expenses
 
5,878.7
 
5,703.5
 
5,612.1
Operating income
 
5,554.7
 
4,192.3
 
4,435.8
Interest expense
 
(376.5)
 
(376.3)
 
(387.1)
Capitalized interest
 
42.4
 
49.6
 
47.0
Other income (expense)
 
5.5
 
3.6
 
117.1
Interest income
 
131.4
 
86.6
 
35.0
Income before income taxes
 
5,357.4
 
3,955.8
 
4,247.8
Income taxes (including royalty taxes, see Note 7)
 
2,027.4
 
1,578.0
 
1,477.5
Deferred income taxes
(52.2)
(59.1)
118.6
Net income before equity earnings of affiliate
 
3,382.1
 
2,436.9
 
2,651.7
Equity earnings of affiliate, net of income tax
 
6.4
 
(2.2)
 
(3.7)
Net income
 
3,388.6
 
2,434.7
 
2,648.0
Less: Net income attributable to the non-controlling interest
 
11.8
 
9.5
 
9.5
Net income attributable to SCC
$
3,376.8
$
2,425.2
$
2,638.5
Per common share amounts attributable to SCC:
Net earnings-basic and diluted
$
4.34
$
3.14
$
3.41
Weighted average shares outstanding-basic and diluted
 
780.4
 
773.1
 
773.1
The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents
129
Southern Copper Corporation
and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
2024
    
2023
    
2022
(in millions)
COMPREHENSIVE INCOME:
Net income and comprehensive income
$
3,388.6
$
2,434.7
$
2,648.0
Other comprehensive income (loss) net of tax:
—Decrease (increase) in pension and other post-retirement benefits (net of income tax of $(3.8), $(0.4)
and $(0.2), respectively)
 
5.8
 
1.0
 
1.0
- Unrealized (loss) on derivative instruments classified as cash flow hedge (net of income tax of $0.2
million in 2022)
 
—
 
—
(0.6)
Total other comprehensive income (loss)
 
5.8
 
1.0
 
0.4
Total comprehensive income
 
3,394.4
 
2,435.7
 
2,648.4
Comprehensive income attributable to the non-controlling interest
 
11.8
 
9.5
 
9.5
Comprehensive income attributable to SCC
$
3,382.6
$
2,426.2
$
2,638.9
The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents
130
Southern Copper Corporation
and Subsidiaries
CONSOLIDATED BALANCE SHEETS
December 31, 
December 31, 
    
2024
    
2023
(in millions)
ASSETS
Current assets:
Cash and cash equivalents
$
3,258.1
$
1,151.5
Short-term investments
 
245.3
 
599.3
Accounts receivable trade
 
1,189.6
 
1,141.1
Accounts receivable other (including related parties 2024- $13.5 and 2023 - $27.3)
 
54.2
 
87.2
Inventories
 
1,048.9
 
1,016.9
Prepaid taxes
346.7
395.4
Other current assets
 
31.7
 
38.1
Total current assets
 
6,174.3
 
4,429.5
Property and mine development, net
 
9,883.3
 
9,782.9
Ore stockpiles on leach pads
 
1,145.8
 
1,121.7
Intangible assets, net
 
124.6
 
130.2
Right-of-use assets
 
739.5
 
775.4
Deferred income tax
 
310.6
 
256.1
Equity method investment
 
111.9
 
108.2
Other non-current assets
 
223.5
 
121.3
Total assets
$
18,713.5
$
16,725.3
LIABILITIES
Current liabilities:
Current portion of long-term debt
$
499.8
$
—
Accounts payable (including related parties 2024 - $49.2 and 2023 - $93.6)
615.2
652.6
Accrued income taxes
 
635.2
 
278.3
Accrued workers’ participation
 
280.8
 
245.7
Accrued interest
 
97.1
 
97.1
Lease liabilities current
81.8
78.0
Other accrued liabilities
 
38.1
 
36.8
Total current liabilities
 
2,248.1
 
1,388.5
Long-term debt, net of current portion
 
5,758.5
 
6,254.6
Lease liabilities
657.6
697.4
Deferred income taxes
 
124.5
 
132.2
Non-current taxes payable
104.9
92.7
Other liabilities and reserves
 
35.6
 
66.2
Asset retirement obligation
 
546.1
 
612.5
Total non-current liabilities
 
7,227.3
 
7,855.6
Commitments and contingencies (Note 13)
STOCKHOLDERS’ EQUITY (NOTE 14)
Common stock par value $0.01; shares authorized, 2024 and 2023–2,000; shares issued, 2024 and 2023–884.6
 
8.8
 
8.8
Additional paid-in capital
 
5,026.0
 
3,532.8
Retained earnings
 
6,839.6
 
7,033.5
Accumulated other comprehensive income
 
(2.2)
 
(8.0)
Treasury stock, at cost, common shares
 
(2,700.7)
 
(3,149.0)
Total Southern Copper Corporation stockholders’ equity
 
9,171.6
 
7,418.1
Non-controlling interest
 
66.6
 
63.1
Total equity
 
9,238.1
 
7,481.2
Total liabilities and equity
$
18,713.5
$
16,725.3
The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents
131
Southern Copper Corporation
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 31, 
(in millions)
2024
2023
2022
OPERATING ACTIVITIES
Net income
$
3,388.6
$
2,434.7
$
2,648.0
Adjustments to reconcile net earnings to net cash provided from operating activities:
Depreciation, amortization and depletion
 
845.9
 
833.6
 
796.3
Equity earnings of affiliate, net of dividends received
 
(3.7)
 
2.6
 
4.6
Loss on foreign currency transaction effect
 
13.7
 
10.4
 
41.9
(Benefit) provision for deferred income taxes
 
(52.2)
 
(59.1)
 
118.6
Net charges for asset retirement obligations, including accretion
(24.4)
26.1
16.4
Other, net
 
15.2
 
14.8
 
16.9
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable trade
 
(48.5)
 
253.0
 
(35.4)
Increase in inventories
 
(56.1)
 
(60.4)
 
(7.7)
Increase (decrease) in accounts payable and accrued liabilities
 
385.7
 
152.1
 
(718.0)
Decrease (increase) in other operating assets and liabilities
 
(42.4)
 
(34.7)
 
(79.1)
Net cash provided by operating activities
 
4,421.7
 
3,573.1
 
2,802.5
INVESTING ACTIVITIES
Capital expenditures
 
(1,027.3)
 
(1,008.6)
 
(948.5)
Purchase of short-term investments
 
(611.8)
 
(808.7)
 
(486.2)
Proceeds on sale of short-term investments
 
965.8
 
417.7
 
764.7
Other, net
 
—
 
1.2
 
3.2
Net cash used in investing activities
 
(673.3)
 
(1,398.4)
 
(666.8)
FINANCING ACTIVITIES
Repayments of debt
 
—
 
—
 
(300.0)
Cash dividends paid to common stockholders
 
(1,637.2)
 
(3,092.4)
 
(2,705.8)
Distributions to non-controlling interest
 
(8.3)
 
(9.1)
 
(5.5)
Other, net
 
0.4
 
0.3
 
0.3
Net cash used in financing activities
 
(1,645.2)
 
(3,101.2)
 
(3,011.0)
Effect of exchange rate changes on cash and cash equivalents
 
3.4
 
8.3
 
(57.0)
Increase (decrease) in cash and cash equivalents
 
2,106.6
 
(918.2)
 
(932.3)
Cash and cash equivalents, at beginning of year
 
1,151.5
 
2,069.7
 
3,002.0
Cash and cash equivalents, at end of year
$
3,258.1
$
1,151.5
$
2,069.7
    
2024
    
2023
    
2022
(in millions)
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest
$
369.7
$
369.7
$
380.2
Income taxes
$
1,590.8
$
1,434.0
$
2,391.5
Workers’ participation
$
262.2
$
258.2
$
450.6
Supplemental schedule of non-cash operating, investing and financing activities:
Decrease in pension and other post-retirement benefits
$
5.8
$
1.0
$
1.0
Capital expenditures incurred but not yet paid
$
19.8
$
16.1
$
18.5
The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents
132
Southern Copper Corporation
and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions)
2024
2023
2022
TOTAL EQUITY, beginning of year
$
7,481.2
$
8,146.9
$
8,207.8
STOCKHOLDERS’ EQUITY, beginning of year
 
7,418.1
 
8,084.2
 
8,149.2
CAPITAL STOCK:
Balance at beginning and end of year:
 
8.8
 
8.8
 
8.8
ADDITIONAL PAID-IN CAPITAL:
Balance at beginning of year
 
3,532.8
 
3,489.7
 
3,454.1
Dividends paid in common stock
1,510.2
—
—
Other activity of the period
 
(17.0)
 
43.1
 
35.6
Balance at end of year
 
5,026.0
 
3,532.8
 
3,489.7
TREASURY STOCK:
Southern Copper common shares
Balance at beginning of the year
 
(2,766.6)
 
(2,766.9)
 
(2,767.2)
Dividends paid in common stock
 
428.9
 
—
 
—
Used for corporate purposes
 
0.4
 
0.3
 
0.3
Balance at end of year
 
(2,337.3)
 
(2,766.6)
 
(2,766.9)
Parent Company common shares
Balance at beginning of year
 
(382.4)
 
(340.7)
 
(306.8)
Other activity, including dividend, interest and foreign currency transaction effect
 
19.0
 
(41.7)
 
(33.9)
Balance at end of year
 
(363.4)
 
(382.4)
 
(340.7)
Treasury stock balance at end of year
 
(2,700.7)
 
(3,149.0)
 
(3,107.6)
RETAINED EARNINGS:
Balance at beginning of year
 
7,033.5
 
7,702.3
 
7,769.7
Net earnings
 
3,376.8
 
2,425.2
 
2,638.5
Dividends declared and paid, common stock, per share, 2024- $2.10, 2023– $4.00, 2022 - $3.50
 
(1,637.2)
 
(3,092.4)
 
(2,705.8)
Dividends paid in common stock
(1,939.2)
—
—
Other activity of the period
5.8
(1.6)
—
Balance at end of year
 
6,839.7
 
7,033.5
 
7,702.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):
Balance at beginning of year
 
(8.0)
 
(9.0)
 
(9.4)
Other comprehensive income (loss)
 
5.8
 
1.0
 
0.4
Balance at end of year
 
(2.2)
 
(8.0)
 
(9.0)
STOCKHOLDERS’ EQUITY, end of year
 
9,171.6
 
7,418.1
 
8,084.2
NON-CONTROLLING INTEREST, beginning of year
 
63.1
 
62.7
 
58.6
Net earnings
 
11.8
 
9.5
 
9.5
Distributions paid
 
(8.3)
(9.1)
(5.5)
NON-CONTROLLING INTEREST, end of year
 
66.6
 
63.1
 
62.7
TOTAL EQUITY, end of year
$
9,238.1
$
7,481.2
$
8,146.9
The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents
133
NOTE 1—DESCRIPTION OF THE BUSINESS:
The Company is a majority-owned, indirect subsidiary of Grupo Mexico S.A.B. de C.V. (“Grupo Mexico”). At December 31, 2024, Grupo Mexico through
its wholly-owned subsidiary Americas Mining Corporation (“AMC”) owned 88.9% of the Company’s capital stock. The consolidated financial statements
presented herein consist of the accounts of Southern Copper Corporation ("SCC", "Southern Copper" or the “Company”), a Delaware corporation, and its
subsidiaries. The Company is an integrated producer of copper and other minerals, and operates mining, smelting and refining facilities in Peru and Mexico.
The Company conducts its primary operations in Peru through a registered branch (the "Peruvian Branch" or “Branch” or “SPCC Peru Branch”). The
Peruvian Branch is not a corporation separate from the Company. The Company's Mexican operations are conducted through subsidiaries. The Company
also conducts exploration activities in Argentina, Chile, Mexico and Peru.
NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Principles of consolidation—
The consolidated financial statements include the accounts of subsidiaries of which the Company has voting control, in accordance with Accounting
Standards Codification (“ASC”) 810 Consolidation. Such financial statements are prepared in accordance with accounting principles generally accepted in
the United States ("U.S. GAAP").
Use of estimates—
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of
revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include the carrying value of mineral
reserves that are the basis for future cash flow estimates and amortization calculations; environmental reclamation, closure and retirement obligations;
estimates of recoverable copper in mill and leach stockpiles; asset impairments (including estimates of future cash flows); unrecognized tax benefits;
valuation allowances for deferred tax assets; and fair value of financial instruments. Management bases its estimates on the Company's historical experience
and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Revenue recognition—
The Company accounts for a contract with a customer when there is a legally enforceable contract between the Company and the customer, the rights of the
parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. The Company's revenues are
measured based on consideration specified in the contract with each customer. Disclosures regarding disaggregation of revenues and contract balances are
disclosed within Note 19 "Segment and related information".
The Company’s marketing strategy and annual sales planning emphasize developing and maintaining long-term customer relationships. Generally, 80% to
90% of the Company’s metal production is sold under annual or longer-term contracts, which specify a volume of mineral to be sold over a stated period
and delivery schedule; the price at which mineral will be sold at each delivery date is generally determined by the weekly or monthly average rate of the
commodity published by major metal exchanges at specific dates stipulated within each contract. The Company considers each contract to be a single
performance obligation, represented by the delivery of a series of distinct goods that are substantially the same, with the same pattern of transfer to the
Company’s customers. The Company concluded this as, based on the nature of its contracts, customers receive the benefit of mineral sold as it is shipped
per the terms of the contracts at each contractual delivery date. Likewise, each shipment of product represents the same measure of progress as other
shipments within the contract. Accordingly, the Company recognizes revenues for each contract over the period of time in which the specified quantity of
mineral is delivered. In doing so, the Company considers that it has a right to consideration from its customers in an amount that corresponds directly to the
value transferred to those customers that being the quantity of mineral delivered at the price per unit delivered. Accordingly, the Company

Table of Contents
134
recognizes revenue at the amount to which it has the right to invoice (the invoice practical expedient), as it believes that this method is a faithful depiction of
the transfer of goods to its customers.
For contracts with a term greater than one year, the Company is unable to disclose an allocation of the transaction price to the remaining unsatisfied
performance obligation, given that unit prices of mineral sold are determined by published commodity prices at specified dates within the contract. The
volume of mineral to be delivered after the first year of the contract is subject to annual volume negotiations in accordance with the terms of the contract. As
of December 31, 2024, the Company has long-term contracts with promises to deliver in 2025 for a total of 217,500 metric tonnes of copper concentrate;
48,000 metric tonnes of copper cathodes; 19,878 tonnes of molybdenum concentrate; and 442,774 tonnes of sulfuric acid. These are estimates and may vary
from actual deliveries in 2025 and 2026 based on negotiations with customers as mentioned above.
The remainder of the Company’s revenues, including its by-product revenues, are generated by spot sales that are recognized at a point in time.
Under both sales models, revenue is recognized when or as the performance obligations are satisfied, when the Company transfers control of the goods and
title passes to the customer. Considering the International Commercial Terms (Incoterms) utilized by the Company, control is transferred generally upon the
completion of loading the material at the point of origin. This is the point at which the customer obtains legal title to the product as well as the ability to
direct the use of and obtain substantially all of the remaining benefits of ownership of the asset. Additionally, payment is generally due upon the delivery of
the shipping and title documents at the point of origin, customers typically have 30 days to remit payment. Copper and non-copper revenues are measured
based on the monthly average of prevailing commodity prices according to the terms of the contracts. The Company provides allowances for doubtful
accounts based upon historical bad debt and claims experience and periodic evaluation of specific customer accounts.
Substantially all of the Company’s sales are made under carriage and insurance paid to, or cost, insurance and freight Incoterms, whereby the Company is 
responsible for providing shipping and insurance after control of the inventory has been transferred to the customer. According to the terms of the 
Company’s contracts, these services are not distinct within the context of the contract, and they are not separately identifiable from the other promises 
within the contract. Additionally, it is the Company policy and it has a long-standing history of providing shipping and insurance services to its customers. 
Accordingly, shipping and insurance are not considered separate performance obligations. The related costs of shipping and insurance are presented within 
the cost of sales line in the accompanying consolidated statements of income.  
Furthermore, the Company considered the impact of the shipping and insurance services on the determination of when control is transferred to its
customers. It has concluded that the terms of these services do not impact its customers’ ability to sell, pledge, or otherwise use the products in shipment.
Also, there is a small likelihood and minimal history of lost or damaged goods during shipment. Considering these factors, combined with the other
indicators of control previously mentioned, the Company has concluded that these services do not impact the determination that control is transferred at the
point of origin.
For certain of the Company’s sales of copper and molybdenum products, customer contracts allow for pricing based on a month subsequent to shipping, in
most cases within the following three months and occasionally in some cases a few additional months. In such cases, revenue is recorded at a provisional
price at the time of shipment. The provisionally priced copper sales are adjusted to reflect forward LME or COMEX copper prices at the end of each month
until a final adjustment is made to the price of the shipments upon settlement with customers pursuant to the terms of the contract. In the case of
molybdenum sales, for which there are no published forward prices, the provisionally priced sales are adjusted to reflect the market prices at the end of each
month until a final adjustment is made to the price of the shipments upon settlement with customers pursuant to the terms of the contract.
These provisional pricing arrangements are accounted for separately from the contract as an embedded derivative instrument under ASC 815-30
“Derivatives and Hedging—Cash Flow Hedges.” The Company sells copper in concentrate, anode, blister and refined form at industry standard commercial
terms. Net sales include the invoiced value of copper, zinc, silver, molybdenum, sulfuric acid and other metals and the corresponding fair value adjustment
of the

Table of Contents
135
related forward contract of copper and molybdenum. Disclosure regarding adjustments to sales for provisionally priced contracts is disclosed within Note 19
“Segment and related information”.
Cash and cash equivalents—
Cash and cash equivalents include bank deposits, certificates of deposit and short-term investment funds with original maturities of three months or less at
the date of purchase. The carrying value of cash and cash equivalents approximates fair value.
Short-term investments—
The Company accounts for short-term investments in accordance with ASC 320-10 “Investments Debt and Equity Securities-Recognition.” The Company
determines the appropriate classification of all short-term investments as held-to-maturity, available-for-sale or trading at the time of purchase and re-
evaluates such classifications as of each balance sheet date. Unrealized gains and losses on available-for-sale investments, net of taxes, are reported as a
component of accumulated other comprehensive income (loss) in stockholders’ equity, unless such loss is deemed to be other than temporary.
Inventories—
The Company principally produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and
other metals.
Metal inventories, consisting of work-in-process and finished goods, are carried at the lower of average cost or net realizable value (NRV). Costs of work-
in-process inventories and finished goods mainly include power, labor, fuel, operating and repair materials, depreciation, amortization, depletion, and other
necessary costs related to the extraction and processing of ore, including mining, milling, concentrating, smelting, refining, leaching and chemical
processing. Costs incurred in the production of metal inventories exclude general and administrative costs. Once molybdenum, silver, zinc and other by-
products are identified, they are transferred to their respective production facilities and the incremental cost required to complete production is assigned to
their inventory value.
Work-in-process inventories represent materials that are in the process of being converted into a saleable product. Conversion processes vary depending on
the nature of the copper ore and the specific mining operation. For sulfide ores, processing includes milling and concentrating and results in the production
of copper and molybdenum concentrates.
Finished goods include saleable products (e.g., copper concentrates, copper anodes, copper cathodes, copper rod, molybdenum concentrate and other
metallurgical products).
Supplies inventories are carried at the lower of average cost or net realizable value (NRV).
Long-term inventory-Ore stockpiles on leach pads
The leaching process is an integral part of the mining operations carried out at the Company’s open-pit mines. The Company capitalizes the production cost
of leachable material at its Toquepala, La Caridad and Buenavista mines, recognizing it as inventory. This cost includes mining and haulage costs incurred
to deliver ore to leach pads, depreciation, amortization, depletion and site overhead costs. The estimates of recoverable mineral content contained in the
leaching dumps are supported by engineering studies. As the production cycle of the leaching process is significantly longer than the conventional process
of concentrating, smelting and electrolytic refining, the Company includes current leach inventory (included in work-in-process inventories) and long-term
leach inventory on its balance sheet.
The capitalization of long-term inventory-Ore stockpiles in leach pads is based on the allocation of copper content recoverable between ore and leach
material. In addition, inventory consumption is valued at the average unit cost.

Table of Contents
136
Property—
Property is recorded at acquisition cost, net of accumulated depreciation and amortization. Cost includes major expenditures for improvements and
replacements, which extend useful lives or increase capacity and interest costs associated with significant capital additions. Maintenance, repairs, normal
development costs at existing mines and gains or losses on assets retired or sold are reflected in earnings as incurred.
Buildings and equipment are depreciated on the straight-line method over estimated lives from two to 50 years or the estimated life of the mine if shorter.
Mine development—
Mine development includes primarily the cost of acquiring land rights to an exploitable ore body, pre-production stripping costs at new mines that are
commercially exploitable, costs associated with bringing new mineral properties into production, and removal of overburden to prepare unique and
identifiable areas outside the current mining area for such future production. Mine development costs are amortized on a unit of production basis over the
remaining life of the mines.
Diverse practices exist in the mining industry relative to the treatment of drilling and other related costs to delineate new mineral reserves. The Company
follows the practices outlined in the next two paragraphs in its treatment of drilling and related costs.
Drilling and other associated costs incurred in the Company's efforts to delineate new resources, whether near-mine or Greenfield are expensed as incurred.
These costs are classified as mineral exploration costs. Once the Company determines through feasibility studies that proven and probable reserves exist and
that the drilling and other associated costs embody a probable future benefit that involves a capacity, singly or in combination with other assets, to
contribute directly or indirectly to future net cash inflow, then the costs are classified as mine development costs. These mine development costs incurred
prospectively to develop the property are capitalized as incurred, until the commencement of production, and are amortized using the units of production
method over estimated life of the ore body. During the production stage, drilling and other related costs incurred to maintain production are included in
production cost in the period in which they are incurred.
Drilling and other related costs incurred in the Company’s efforts to delineate a major expansion of reserves at an existing production property are expensed
as incurred. Once the Company determines through feasibility studies that proven and probable incremental reserves exist and that the drilling and other
associated costs embody a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to
future net cash inflow, then the costs are classified as mine development costs. These incremental mine development costs are capitalized as incurred, until
the commencement of production and amortized using the units of production method over the estimated life of the ore body. A major expansion of reserves
is one that increases total reserves at a property by approximately 10% or more.
For the years ended December 31, 2024, 2023 and 2022, the Company did not capitalize any drilling and related costs.
Asset retirement obligations (reclamation and remediation costs)—
The fair value of a liability for asset retirement obligations is recognized in the period in which the liability is incurred. The liability is measured at fair
value and is adjusted to its present value in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as
part of the carrying value of the related long-lived assets and depreciated over the asset's useful life.
Intangible assets—
Intangible assets include primarily the excess amount paid over the book value for investment shares, which are presented as mining concessions, and
mining and engineering development studies. Intangible assets are carried at

Table of Contents
137
acquisition costs, net of accumulated amortization and are amortized principally on a unit of production basis over the estimated remaining life of the mines.
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be
recoverable.
Debt issuance costs—
Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of that debt
liability, consistent with the treatment of a debt discount.
Mineral reserves—
The Company periodically reevaluates estimates of its mineral reserves, which represent the Company’s estimate as to the amount of unmined copper
remaining in its existing mine locations that can be produced and sold at a profit. Such estimates are based on engineering evaluations derived from samples
of drill holes and other openings, combined with assumptions about copper market prices and production costs at each of the respective mines.
The Company updates its estimate of mineral reserves at the beginning of each year. In 2021, the Company adopted SEC’s mining property disclosure
requirements (Regulation S-K, Subpart 1300). Consequently, in 2022, 2023 and 2024, the Company based its mineral reserve estimates on a long-term price
assumption of $3.30 per pound of copper. The ore reserve estimates are used to determine the amortization of mine development and intangible assets.
Once the Company determines through feasibility studies that proven and probable reserves exist and that drilling and other associated costs embody a
probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflow, then
the costs are classified as mine development costs and the Company discloses the related mineral reserves.
Exploration—
Tangible and intangible costs incurred in the search for mineral properties are charged against earnings when incurred.
Income taxes—
Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes on temporary differences between the amount
of taxable income and pretax financial income and between the tax bases of assets and liabilities and their reported amounts in the financial statements.
Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred
tax assets and liabilities are expected to be realized and settled as prescribed in ASC 740 “Income taxes.” As changes in tax laws or rates are enacted,
deferred tax assets and liabilities are adjusted through the provision for income taxes. Deferred income tax assets are reduced by any benefits that, in the
opinion of management, are more likely not to be realized.
The Company’s operations involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The
final taxes paid are dependent upon many factors, including negotiations with tax authorities in various jurisdictions and resolution of disputes arising from
federal, state, and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the U.S.
and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. The Company follows the guidance of
ASC 740 “Income taxes” to record these liabilities. (See Note 7 “Income taxes” of the consolidated financial statements for additional information). The
Company adjusts these reserves with information on changing facts and circumstances; however, due to the complexity of some of these uncertainties, the
ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If its estimate of tax
liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If payment of these amounts ultimately proves to be
less than the recorded amounts, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the
liabilities are no longer necessary.

Table of Contents
138
The Company classifies income tax-related interest and penalties as income taxes in the financial statements, as well as interest and penalties, if any, related
to unrecognized tax benefits.
Foreign exchange—
The Company’s functional currency is the U.S. dollar. As required by local law, both the Peruvian Branch and Minera Mexico maintain their books of
accounts in Peruvian soles and Mexican pesos, respectively. Foreign currency assets and liabilities are remeasured into U.S. dollars at current exchange
rates, except for non-monetary items such as inventory, property, intangible assets and other assets which are remeasured at historical exchange rates.
Revenues and expenses are generally translated at actual exchange rates in effect during the period, except for those items related to balance sheet amounts
that are remeasured at historical exchange rates. Gains and losses from foreign currency remeasurement are included in earnings of the period.
Gains and (losses) resulting from foreign currency transactions are included in "Cost of sales (exclusive of depreciation, amortization and depletion)."
Asset impairments -
The Company evaluates long-term assets when events or changes in economic circumstances indicate that the carrying amount of such assets may not be
recoverable. These evaluations are based on business plans that are prepared using a time horizon that is reflective of the Company’s expectations of metal
prices over its business cycle. The Company is currently using a long-term average copper price and an average molybdenum price for impairment tests,
reflective of what the Company believes is the lower level of the current price environment. The results of its impairment tests using these long-term copper
and molybdenum prices show no impairment in the carrying value of their assets.
The Company uses an estimate of the future undiscounted net cash flows of the related asset or asset group over the remaining life to measure whether the
assets are recoverable and measures any impairment by reference to fair value.
Other comprehensive income—
Comprehensive income represents changes in equity during a period, except those resulting from investments by owners and distributions to owners. During
the fiscal years ended December 31, 2024, 2023 and 2022, the components of "other comprehensive income (loss)" were, the unrecognized gain (loss) on
employee benefit obligations and unrealized gain (loss) on derivative instruments classified as cash flow hedge.
Business segments-
Company management views Southern Copper as having three reportable segments and manages it on the basis of these segments. The segments identified
by the Company are: 1) the Peruvian operations, which include the two open-pit copper mines in Peru and the plants and services supporting such mines, 2)
the Mexican open-pit copper mines, which include La Caridad-Pilares and Buenavista mine complexes and their supporting facilities and 3) the Mexican
underground mining operations, which include five underground mines that produce zinc, lead, copper, silver and gold, a coal mine and a zinc refinery.
Please see Note 19 “Segment and Related Information.”
The Chief Operating Decision Maker of the Company focuses on operating income as measure of performance to evaluate different segments, and to make
decisions to allocate resources to the reported segments. This is a common measure in the mining industry.
Leases -
The Company determined if a contract is or contained a lease at its inception. The Company evaluated if a contract gave the right to obtain substantially all
of the economic benefits from use of an identified asset and the right to direct the use of the asset, in order to determine if a contract contained a lease. All
of the Company’s existing lease contracts are

Table of Contents
139
operating lease contracts. For these leases, the Company recognized right-of-use assets and the corresponding operating lease liabilities on its consolidated 
balance sheet. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation by 
the Company to make lease payments which arise from the lease. Lease right-of-use assets and liabilities are recognized at the inception date based on the 
present value of lease payments over the lease term.  As the Company’s lease contracts do not provide an implicit rate, the Company uses its incremental 
borrowing rate based on the information available at the inception date in order to determine the present value of lease payments. Lease expense for lease 
payments is recognized on a straight-line basis over the lease term, in the cost of sales and operating expenses. The Company elected the transition approach 
whereby it applied the new leases standard at the adoption date and recognized a cumulative-effect adjustment to the opening balance of retained earnings in 
the period of adoption. The Company elected the short-term lease recognition exemption (short-term lease practical expedient) by class of underlying asset 
(which results in off-balance-sheet accounting for the lease).
ADOPTION OF SEGMENT REPORTING STANDARD
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07: “Segment Reporting – Improvements to reportable segment
disclosures (Topic 280)”. This ASU expanded the requirements for segment disclosures mainly through additional disclosures for significant segment
expenses and other matters, but did not modify the management approach to segment reporting. The ASU was adopted on January 1, 2025, and the
expanded disclosure requirements are incorporated in Note 19 “Segment and Related Information”.
NOTE 3—SHORT-TERM INVESTMENTS:
Short-term investments were as follows ($ in millions):
At December 31, 
 
2024
    
2023
 
Trading securities
$
245.2
$
599.1
Weighted average interest rate
 
4.7 %   
5.7 %
Available-for-sale
$
0.2
$
0.2
Weighted average interest rate
 
0.9 %   
0.8 %
Total
$
245.3
$
599.3
Trading securities consist of bonds issued by public companies and are publicly traded. Each financial instrument is independent of the others. The
Company has the intention to sell these bonds in the short-term.
Available-for-sale investments consist of securities issued by public companies. Each security is independent of the others and, as of December 31, 2024
and 2023, included asset and mortgage backed obligations. As of December 31, 2024 and 2023, gross unrealized gains and losses on available-for-sale
securities were not material.
The Company earned interest related to these investments, which was recorded as interest income in the consolidated statement of earnings. Also the
Company redeemed some of these securities and recognized gains (losses) due to changes in fair value, which were recorded as other income (expense) in
the consolidated statement of earnings.

Table of Contents
140
The following table summarizes the activity of these investments by category (in millions):
Years ended
 
December 31, 
2024
    
2023
 
Trading:
Interest earned
$
25.7
$
21.0
Unrealized gain (loss)  at the end of the period
$
(*)  
$
(*)  
Available-for-sale:
Interest earned
$
(*)  
$
(*)  
Investment redeemed
$
—
$
0.1
(*)   Less than $0.1 million
At December 31, 2024 and 2023, contractual maturities of the available-for-sale debt securities are as follows (in millions):
    
2024
    
2023
One year or less
$
—
$
—
Maturing after one year through five years
 
—
 
—
Maturing after five years through ten years
 
—
 
—
Due after 10 years
 
0.2
 
0.2
Total debt securities
$
0.2
$
0.2
NOTE 4—INVENTORIES:
At December 31, 
(in millions)
2024
    
2023
Inventory, current:
Metals at average cost:
Finished goods
$
55.9
$
68.8
Work-in-process
 
343.8
 
313.0
Ore stockpiles on leach pads  
217.2
230.9
Supplies at average cost
 
431.9
 
404.2
Total current inventory
$
1,048.9
$
1,016.9
Inventory, long-term:
Ore stockpiles on leach pads
$
1,145.8
$
1,121.7
Total leaching costs added as long-term inventory of ore stockpiles in leach pads amounted to $249.5 million, $291.6 million and $264.3 million in 2024,
2023 and 2022, respectively. Long-term leaching inventories recognized as cost of sales amounted to $239.0 million, $263.0 million and $297.5 million in
2024, 2023 and 2022, respectively.
NOTE 5—PROPERTY:
At December 31, 
(in millions)
    
2024
    
2023
Buildings and equipment
$
18,013.5
$
17,439.3
Construction in progress
 
1,579.1
 
1,664.8
Mine development
 
348.8
 
320.7
Mineral assets
83.2
83.2
Land, other than mineral
 
340.1
 
277.5
Total property
 
20,364.7
 
19,785.5
Accumulated depreciation, amortization and depletion
 
(10,481.4)
 
(10,002.6)
Total property and mine development, net
$
9,883.3
$
9,782.9

Table of Contents
141
Depreciation and depletion expense for the years ended December 31, 2024, 2023 and 2022 totaled $836.8 million, $825.7 million and $790.3 million,
respectively.
NOTE 6—INTANGIBLE ASSETS:
At December 31, 
(in millions)
    
2024
    
2023
Mining concessions
$
121.2
$
121.2
Mine engineering and development studies
 
19.8
 
19.8
Software
 
77.8
 
74.3
 
218.8
 
215.3
Accumulated amortization:
 
Mining concessions
(46.4)
(44.2)
Mine engineering and development studies
(19.8)
(19.8)
Software
(69.9)
(63.0)
(136.1)
(127.0)
Goodwill
 
41.9
 
41.9
Intangible assets, net
$
124.6
$
130.2
Amortization of intangibles for the years ended December 31, 2024, 2023 and 2022 totaled $9.1 million, $7.9 million and $7.3 million, respectively.
Estimated amortization is as follows:
Estimated amortization expense (in millions):
    
2025
$
7.4
2026
2.8
2027
2.0
2028
1.9
2029
1.9
Total 2025 - 2029
$
16.0
Average annual
$
3.2
Goodwill includes $17.0 million generated in 1997 as a result of purchasing a third party interest in the Buenavista mine. It also includes $24.9 million
representing the amount of the purchase price in excess of the fair value of the net assets acquired from El Pilar mine. This goodwill is attributable to future
benefits that the Company expects to realize from the mine and will not be deductible for income tax purposes.
NOTE 7—INCOME TAXES:
Since March 2009, Grupo Mexico, through its wholly-owned subsidiary AMC, owns an interest in excess of 80% of SCC. Accordingly, SCC’s results are
included in the consolidated tax return for AMC for U.S. federal income tax reporting.
Following its policy regarding the use of estimates, the Company estimates income taxes currently payable or receivable as well as deferred income tax 
assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their 
respective tax bases. The Company provides current and deferred income taxes, as if it were filing a separate U.S. federal income tax return.   

Table of Contents
142
The components of the provision for income taxes for the three years ended December 31, 2024, are as follows:
(in millions)
    
2024
    
2023
    
2022
U.S. federal and state:
Current
$
(4.8)
$
4.6
$
0.1
Deferred
 
—
 
—
 
—
Uncertain tax positions
 
(0.6)
 
0.6
 
—
 
(5.4)
 
5.2
 
0.1
Foreign (Peru and Mexico):
Current
 
1,985.8
 
1,491.0
 
1,443.1
Deferred
(52.2)
 
(59.1)
 
118.6
Uncertain tax positions
 
47.1
 
81.8
 
34.3
 
1,980.7
 
1,513.7
 
1,596.0
Total provision for income taxes
$
1,975.3
$
1,518.9
$
1,596.1
The source of income is as follows:
(in millions)
    
2024
    
2023
    
2022
Earnings by location:
U.S.
$
31.5
$
23.3
$
0.5
Foreign
Peru
 
1,796.4
 
1,151.3
 
1,167.8
Mexico
 
3,529.5
 
2,781.2
 
3,079.5
 
5,325.9
 
3,932.5
 
4,247.3
Earnings before taxes on income
$
5,357.4
$
3,955.8
$
4,247.8
The reconciliation of the statutory income tax rate to the effective tax rate for the three years ended December 31, 2024, is as follows (in percentage points):
 
    
2024
    
2023
    
2022
 
Expected tax at U.S. statutory rate
 
21.0 %  
21.0 %  
21.0 %
Foreign tax at other than statutory rate, net of foreign tax credit benefit (1)
 
13.9
15.3
14.7
Percentage depletion
(2.1)
(2.4)
(2.1)
Other permanent differences
(0.4)
(0.3)
(0.1)
Additional valuation allowance on U.S. deferred tax assets, foreign tax credits and U.S. tax effect on
Peruvian deferred taxes
4.5
6.3
5.5
Increase (decrease) in unrecognized tax benefits for uncertain tax positions
1.2
1.9
1.5
Amounts (over) / under provided in prior years
0.5
(0.4)
(1.7)
Other
(1.7)
(3.0)
(1.2)
Effective income tax rate
 
36.9 %  
38.4 %  
37.6 %
(1)
Foreign tax at other than statutory rates, net of foreign tax credit benefit, also includes the effects of permanent differences in Peru and Mexico, that are determined at the local
statutory rate.
The Company files income tax returns in three jurisdictions; Peru, Mexico and the United States. For the three years presented above, the statutory income
tax rate for Mexico was 30%, the United States tax rate was 21%, and the Peruvian tax rate was 29.5%. While the largest components of income taxes are
the Peruvian and Mexican taxes, the Company is a domestic U.S. entity. Therefore, the rate used in the above reconciliation is the U.S. statutory rate.
For all of the years presented, both the Peruvian branch and Minera Mexico filed separate tax returns in their respective tax jurisdictions. Although the tax
rules and regulations imposed in the separate tax jurisdictions may vary significantly, similar permanent items exist, such as items that are nondeductible or
nontaxable. Some permanent differences relate specifically to SCC, such as the allowance in the United States for percentage depletion.

Table of Contents
143
On May 31, 2019, the Organization for Economic Cooperation and Development (“OECD”) published a two-pillar system designed to address the tax
challenges created by an increasing digitalized economy. Pillar One focuses on the allocation of group profits among taxing jurisdictions based on a market-
based concept rather than on historic “permanent establishment” concepts, but includes explicit exclusions for Extractives and as such, is not expected to
have a material impact on the Company. Pillar Two addresses the remaining Base Erosion and Profit Shifting (“BEPS”) risk of profit shifting to entities in
low tax jurisdictions by introducing a global minimum tax of 15% and a proposed tax on base eroding payments. Certain aspects of Pillar Two take effect
January 1, 2024, while other aspects go into effect January 1, 2025. If jurisdictions do want to implement the GloBE rules, these rules will need to be
implemented through domestic legislation. The countries in which the Company has significant operations have yet to enact Pillar Two into law and have
not formally announced plans to implement these rules. The Company will continue to monitor the situation and analyze the potential impact that Pillar Two
will have on future results.
Deferred taxes include the U.S., Peruvian and Mexican tax effects of the following types of temporary differences and carryforwards:
At December 31, 
(in millions)
    
2024
    
2023
Assets:
Inventories
$
57.2
$
52.4
Capitalized exploration expenses
 
19.2
 
15.6
U.S. foreign tax credit carryforward, net of Uncertain Tax Positions
 
2,171.3
 
1,904.1
U.S. tax effect of Peruvian deferred tax liability
 
85.7
 
83.5
U.S. tax effect of Peruvian Uncertain Tax Positions
59.6
69.6
Reserves
 
284.3
 
315.4
Deferred workers participation
12.2
12.2
Accrued salaries, wages and vacations
8.4
7.7
Sales price adjustment (PUI)
4.2
(0.3)
Deferred charges
106.8
—
Valuation allowance on U.S. deferred tax assets, foreign tax credits and U.S. tax effect of
Peruvian deferreds
(2,545.9)
(2,301.7)
Accrued royalty and special mining tax
14.1
29.6
Other
 
11.3
 
16.5
Total deferred tax assets
 
288.4
 
204.6
At December 31, 
(in millions)
    
2024
    
2023
Liabilities:
Property, plant and equipment
 
(92.0)
 
(68.1)
Social responsibility expenses
 
(10.3)
 
(9.7)
Deferred charges
 
—
 
(2.9)
Total deferred tax liabilities
 
(102.3)
 
(80.7)
Total net deferred tax (liabilities) / assets
$
186.1
$
123.9
The valuation allowance increased by $244.2 million in 2024, which was primarily due to the valuation of unutilized Foreign Tax Credits generated in 2024
and the valuation of the anticipatory foreign tax credits for the U.S. Tax effect of Peruvian deferred tax related to uncertain tax position liabilities. The Peru
branch operations are taxed in the U.S. as a flow through entity to SCC. Since the Peruvian tax rate of 29.5% now exceeds the U.S. tax rate of 21%,
management expects that it is more likely than not that the benefit of excess credits generated in the current year will not be realizable. 
U.S. Tax Matters—
As of December 31, 2024, the Company considers its ownership of the stock of Minera Mexico to be essentially permanent in duration. Income from
subsidiaries, such as Minera Mexico, is included in the Global Intangible Low Tax Income (“GILTI”) on a current year basis.

Table of Contents
144
GILTI imposes a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has not had U.S. tax liability
from the GILTI inclusion since the introduction of this tax in 2018 and does not anticipate a tax in the future because of increased fixed asset amounts and
the Mexican tax rate of 30%. No U.S. deferred taxes have been recorded as the Company has elected that if GILTI were to apply in the future, a current
period expense would be recorded when incurred.
The Base Erosion Anti-Abuse Tax (“BEAT”) is a 10% minimum tax for the years 2019 through 2025 and 12.5% in years thereafter. It is calculated on a
base equal to the Company’s income determined without the tax benefit arising from base erosion payments. Since this tax was imposed in 2018 the
Company has had no U.S. tax liability for BEAT since it has met the safe harbor rule that provides a Company is not to be subject to the BEAT if related
party payments from the U.S. to foreign entities do not exceed 3% of expenses, excluding cost of goods sold. The Company will continue to analyze the
applicability of the BEAT provisions yearly.
As of December 31, 2024, $577.6 million of the Company´s total cash, cash equivalents and short-term investments of $3,503.4 million were held by
foreign subsidiaries. The cash, cash equivalents and short-term investments maintained in our foreign operations are generally used to cover local operating
and investment expenses. The Company has determined that as of December 31, 2024, a deferred tax asset of $0.1 billion exists with respect to its
investment in foreign subsidiaries. Tax accounting guidance provided in ASC 740 requires this asset to be recognized only if the basis difference will
reverse in the foreseeable future. Management has no plans that would result in the reversal of this temporary difference and consequently, no deferred tax
asset has been recorded. Future dividends from these subsidiaries may not be subject to federal income tax in the U.S., and the Company incurs no state
income tax liability. Additionally, there are no withholding taxes due to the tax treaty between the United States and Mexico. Distributions of earnings from
the Company's Peruvian branch to the United States are not subject to U.S. taxes on repatriation. The Company's branch operations are not foreign
corporations. They are mainly comprised of operations that are branches of the Company's U.S. operations and are taxed on a current basis.
As of December 31, 2024, there were $2,198.4 million of foreign tax credits available for carryback or carryforward. These credits have a one-year
carryback and a ten-year carryforward period and can be used to reduce U.S. income tax on foreign earnings. There were no other unused U.S. tax credits as
of December 31, 2024. These credits will expire if not utilized by the end of the years listed below:
Year
    
Amount
2025
146.7
2026
110.3
2027
 
-
2028
171.8
2029
234.5
2030
263.3
2031
582.3
2032
161.2
2033
244.0
2034
284.3
Total
$
2,198.4
These foreign tax credits are presented above on a gross basis and have not been adjusted for any unrecognized tax benefits. In accordance with ASC 740,
the Company has recorded $27.1 million for the U.S. jurisdiction unrecognized tax benefit as an offset to the Company’s deferred tax asset for foreign tax
credits. The remaining foreign tax credits of $2,171.3 million have a full valuation allowance against them at December 31, 2024. It is the expectation of
management that with the reduction in the U.S. corporate tax rate to 21% and considering the corporate tax rates in Mexico of 30% and in Peru at 29.5%, it
is unlikely the excess foreign tax credits can be utilized. Additionally, foreign dividends may no longer be taxed in the U.S. due to the GILTI rules and
thereby reducing the U.S. tax on foreign source income and limiting the ability to utilize foreign tax credits generated before the 2017 Tax Cuts and Jobs
Act.

Table of Contents
145
On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”), which includes, among other provisions, (i) a
new corporate alternative minimum tax of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion
over a three-year period, and (ii) a new excise tax of 1% on the fair market value of net corporate stock repurchases. The provisions of the Inflation
Reduction Act are effective for tax years beginning in fiscal year 2023. The Company continues to analyze the impacts that the Inflation Reduction Act will
have on future operating results.
Beginning in fiscal year 2022, the U.S. Tax Cuts and Jobs Act of 2017 (“TCJA”) enactment of IRC Section 174 requires the capitalization and amortization
of research and experimental expenditures. The Company does not believe this legislation will have a material impact on the Company’s Consolidated
Financial Statements and will continue to assess the effects.
Peruvian Tax Matters—
Mining royalty charge: The royalty charge is based on operating income margins with graduated rates ranging from 1% to 12% of operating profits, with a
minimum royalty charge assessed at 1% of net sales. The minimum royalty charge is recorded as cost of sales and those amounts assessed at higher rates are
included in the income tax provision. The Company accrued $103.4 million, $84.8 million and $71.4 million of royalty charges in 2024, 2023 and 2022,
respectively, of which $57.5 million, $44.6 million and $35.8 million were included in income taxes in 2024, 2023 and 2022, respectively.
Peruvian special mining tax: This tax is based on operating income with graduated rates increasing from 2% to 8.4%. The Company recognized $86.9
million, $71.7 million and $56.4 million in 2024, 2023 and 2022, respectively for this tax. These amounts were included as income taxes in the
Consolidated Statement of Earnings.
Mexican Tax Matters—
Since 2014, Mexican mining entities have been required to pay a mining royalty of 7.5% on taxable earnings before taxes, depreciation, and interest; and an
additional royalty of 0.5% over gross receipts from sales of gold, silver and platinum. In 2024, the mining royalty was $119.5 million and the additional
royalty was $1.4 million.
On December 19, 2024, several changes to the Federal Rights Law (Ley Federal de Derechos), which became effective on January 1, 2025, were published
in the Federal Official Gazette. Among the key changes are increases in the rates for the mining royalty, from 7.5% to 8.5%, and the additional royalty, from
0.5% to 1%. The effect of these changes on deferred tax assets and liabilities was less than $1 million. No other significant tax increases for 2025 are
expected.
Accounting for Uncertainty in Income Taxes—
The total amount of unrecognized tax benefits in 2024, 2023 and 2022, was as follows (in millions):
    
2024
    
2023
    
2022
Unrecognized tax benefits, opening balance
$
111.0
$
56.0
$
—
Gross decreases—tax positions in prior period
 
—
 
—
 
—
Gross increases—tax positions in prior period
23.7
50.2
104.2
Gross increases—current-period tax positions
 
12.9
 
8.6
 
—
Gross decreases—current-period tax positions
—
—
(10.7)
Decreases related to settlements with taxing authorities
 
(62.9)
 
(15.7)
 
(37.5)
Lapse in statute of Limitations
12.3
10.8
—
Foreign Currency Effects
(4.3)
1.1
—
 
(18.3)
 
55.0
 
56.0
Unrecognized tax benefits, ending balance
$
92.7
$
111.0
$
56.0

Table of Contents
146
The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes within the
Consolidated Statements of Earnings. For the Peruvian jurisdiction, the Company recorded $17.2 million and $19.7 million of accrued interest and penalties
in 2024 and 2023, respectively. For the U.S. jurisdiction, the Company recorded $0.2 million of accrued interest and penalties in 2023 that were reversed in
2024. There were no interest or penalties accrued in the Mexican jurisdiction for uncertain tax positions in any of the years presented above.
The amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $65.6 million at December 31, 2024 and relates to the
Peruvian and Mexican jurisdictions.
Unrecognized tax benefits in the U.S. jurisdiction of $27.1 million were offset by U.S. deferred tax assets including foreign tax credits. Offsetting expense
related to the change in liability for uncertain tax positions within the U.S. jurisdiction and the change in valuation allowance of the U.S. deferred tax asset
for foreign tax credits was presented as a net amount in the components of income taxes.
The Company expects that foreign exchange rates will have an impact on the amount of unrecognized tax benefits in the Peruvian and Mexican
jurisdictions.
As of December 31, 2024, the Company’s liability for uncertain tax positions included penalties and interest of $26.1 million in the Peruvian jurisdiction.
There was no liability for uncertain tax positions penalties and interest for the U.S. and Mexican jurisdictions as of December 31, 2024. Interest and
penalties are not included in the table of unrecognized tax benefits above.
The following tax years remain open to examination and adjustment in the Company’s three major tax jurisdictions:
Peru:
    
2019 and all subsequent years
U.S.:
2021 and all subsequent years
Mexico:
2019 and all subsequent years
Management does not expect that any of the open years will result in a cash payment within the U.S. or Mexican jurisdictions in the upcoming twelve
months ending December 31, 2025. Management expects to make cash payments of $34.7 million within the Peruvian jurisdiction in the upcoming twelve
months ending December 31, 2025.
NOTE 8—WORKERS’ PARTICIPATION:
The Company's operations in Peru and Mexico are subject to statutory workers' participation.
In Peru, the provision for workers' participation is calculated at 8% of pre-tax earnings. The current portion of this participation, which is accrued during the
year, is based on the Peruvian Branch's taxable income and is distributed to workers following determination of final results for the year. The annual amount
payable to an individual worker is capped at the worker’s salary for an 18 month period. Amounts determined in excess of the 18 months of worker’s salary
is no longer made as a payment to the worker and is levied first for the benefit of the “Fondo Nacional de Capacitacion Laboral y de Promocion del
Empleo” (National Workers’ Training and Employment Promotion Fund) until this entity receives from all employers in its region an amount equivalent to
2,200 Peruvian taxable units (approximately $3.0 million in 2024). Any remaining excess is levied as payment for the benefit of the regional governments.
These levies fund worker training, employment promotion, entrepreneurship and various other programs.
In Mexico, workers' participation is determined using the guidelines established in the Mexican income tax law at a rate of 10% of pre-tax earnings as
adjusted by the tax law. In 2021, there was a change in the Ley Federal del Trabajo ("Federal Labor Law"), effective in 2022. Under this change, the amount
payable to a worker cannot be higher than the maximum between the worker’s salary for a three-month period and the average of the participation received
in the last three years.

Table of Contents
147
The provision for workers’ participation is allocated to “Cost of sales (exclusive of depreciation, amortization and depletion)”. Workers’ participation
expense for the three years ended December 31, 2024 was as follows (in millions):
    
2024
    
2023
    
2022
Current
$
317.9
$
265.0
$
347.2
Deferred
 
(21.4)
 
(11.8)
 
29.1
$
296.5
$
253.2
$
376.3
NOTE 9—LEASES:
The Company has operating leases for power generating facilities, vehicles and properties. The Company recognizes lease expense for these leases on a
straight-line basis over the lease term. Some of the Company’s leases include both lease and non-lease components which are accounted for separately. The
Company’s leases have remaining lease terms of less than one year to eight years, and do not include options to extend the leases. The Company’s lease
agreements do not contain options to purchase the leased assets or to terminate the leases before the expiration date. In addition, the Company’s lease
contracts do not have any material residual value guarantees or material restrictive covenants. As none of the Company’s leases provides an implicit rate,
the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease
payments.
The weighted average remaining lease term for the Company’s leases is seven years, and the weighted average discount rate for these leases is 4.22%.
The operating lease expense recognized in the years ended December 31, 2024, 2023 and 2022 was classified as follows (in millions):
Classification
    
2024
 
2023
2022
Cost of sales (exclusive of depreciation, amortization and depletion)
 
$
106.0
$
115.4
$
115.5
Selling, general and administrative
 
0.1
 
0.1
 
0.1
Exploration
 
0.1
 
0.1
 
0.1
Total lease expense
 
$
106.2
$
115.6
$
115.7
Maturities of lease liabilities are as follows:
Lease liabilities
Year
    
(in millions)
2025
 
$
114.6
2026
 
114.6
2027
 
114.3
2028
 
114.0
2029
 
112.8
After 2029
 
317.1
Total lease payments
 
$
887.4
Less: interest on lease liabilities
 
(147.9)
Present value of lease payments
 
$
739.5

Table of Contents
148
NOTE 10—ASSET RETIREMENT OBLIGATION:
Peruvian operations:
The Company maintains an asset retirement obligation for its mining properties in Peru, as required by the Peruvian Mine Closure Law. In accordance with
the requirements of this law the Company’s closure plans were approved by the Peruvian Ministry of Energy and Mines (“MINEM”). The closure cost
recognized for this liability includes the cost, as outlined in its closure plans, of dismantling the Toquepala and Cuajone concentrators, the Ilo smelter and
refinery, and the shops and auxiliary facilities at the three units. As part of the closure plans, the Company is required to provide annual guarantees over the
estimated life of the mines, based on a present value approach, and to furnish the funds for the asset retirement obligation. This law requires a review of
closing plans every five years. Currently, the Company has pledged the value of its Lima office complex for 27% of the guarantee and with a stand-by letter
of credit for the other 73% as security for this obligation. Through January 2025, the Company has provided total guarantees of $98.5 million.  
On July 20, 2021, the Peruvian Government published Law 31347, which requires companies in the production stage to set aside additional guarantees for
progressive closure of its operations. The resources that back these guarantees will be returned to the Company when activities cease and the regulatory
agency verifies that all closure measures have been satisfactorily completed. Under this Law, companies must include activities for environmental
remediation within the closure schedule and assume costs associated with environmental impacts that are identified during audits. As of December 31, 2024,
the regulation attached to this Law had yet to be published. The Company is currently evaluating the possible financial impact of the Law but cannot fully
estimate the magnitude until the Law’s regulation is published.
In April 2024, the Company adjusted its estimate for the asset retirement obligation due to an update to the closure plan for its Ilo facility. The effect was a
decrease of $3.2 million in the asset retirement obligation.
Mexican operations:
The Company has recognized an estimated asset retirement obligation for its mining properties in Mexico as part of its environmental commitment. Even
though there is currently no enacted law, statute, ordinance, written or oral contract requiring the Company to carry out mine closure and environmental
remediation activities, the Company believes that an obligation presently exists based on historical government requirements for the closure of any facility.
The overall cost recognized for mining closure in Mexico includes the estimated costs of dismantling concentrators, smelter and refinery plants, shops and
other facilities.
In December 2024, the Company adjusted its estimate for the asset retirement obligation for its Mexican operations, mainly due to a detailed review of the
closing activities required and an update to life-of-mine plans for the Buenavista operations. The effect was a decrease in the asset retirement obligation to
the order of $119.2 million.
The following table summarizes the asset retirement obligation activity for the years ended December 31, 2024 and 2023 (in millions):
    
2024
    
2023
Balance as of January 1
$
612.5
$
585.3
Changes in estimates
 
(116.6)
 
0.2
Additions
 
24.6
 
1.0
Closure payments
 
—
 
(0.3)
Accretion expense
 
25.7
 
26.3
Balance as of December 31, 
$
546.1
$
612.5

Table of Contents
149
NOTE 11—FINANCING:
Long-term debt (in millions):
Carrying
value as of
Face
Issuance
Issuance
December 31, 
    
amount
    
discount
    
costs
    
2024
3.875% Senior unsecured notes due 2025
 
$
500
$
(0.1)
$
(0.1)
$
499.8
9.250% Yankee bonds due 2028
 
 
51.2
—
—
 
51.2
7.500% Senior unsecured notes due 2035
 
 
1,000
(9.9)
(6.6)
 
983.5
6.750% Senior unsecured notes due 2040
1,100
(6.1)
(4.9)
1,089.0
5.250% Senior unsecured notes due 2042
 
 
1,200
(16.6)
(5.5)
 
1,177.9
5.875% Senior unsecured notes due 2045
 
 
1,500
(14.7)
(7.8)
1,477.5
4.500% Minera Mexico Senior unsecured notes due 2050
1,000
(11.6)
(9.0)
 
979.4
Total
$
6,351.2
$
(59.0)
$
(33.9)
 
6,258.3
Less, current portion
 
(499.8)
Total long-term debt
$
5,758.5
    
    
    
    
Carrying
value as of
Face
Issuance
Issuance
December 31, 
amount
discount
costs
2023
3.875% Senior unsecured notes due 2025
$
500
$
(0.4)
$
(0.4)
$
499.2
9.250% Yankee bonds due 2028
 
51.2
—
—
 
51.2
7.500% Senior unsecured notes due 2035
 
1,000
(10.5)
(7.0)
 
982.5
6.750% Senior unsecured notes due 2040
 
1,100
(6.3)
(5.1)
1,088.6
5.250% Senior unsecured notes due 2042
1,200
(17.1)
(5.7)
 
1,177.2
5.875% Senior unsecured notes due 2045
 
1,500
(15.1)
(8.0)
1,476.9
4.500% Minera Mexico Senior unsecured notes due 2050
 
1,000
(11.8)
(9.2)
 
979.0
Total
$
6,351.2
$
(61.2)
$
(35.4)
 
6,254.6
Less, current portion
 
—
Total long-term debt
$
6,254.6
The bonds, referred above as “Yankee bonds”, contain a covenant requiring Minera Mexico to maintain a ratio of EBITDA to interest expense of not less
than 2.5 to 1.0 as such terms are defined in the debt instrument. At December 31, 2024, Minera Mexico was in compliance with this covenant.
Between July 2005 and April 2015 the Company issued fixed-rate senior unsecured notes eight times for a total of $6.2 billion, as listed above. Interest on
the notes is paid semi-annually in arrears. The notes rank pari passu with each other and rank pari passu in right of payment with all of the Company’s
other existing and future unsecured and unsubordinated indebtedness. Net proceeds are being used for general corporate purposes, including the financing of
the Company´s capital investment program. The notes were issued with an underwriters’ discount. The unamortized balance of the discount and the costs of
these notes are presented net of the carrying value of the debt issued and are amortized as interest expense over the life of the loan.
The indentures relating to the notes contain certain restrictive covenants, including limitations on liens, limitations on sale and leaseback transactions, rights
of the holders of the notes upon the occurrence of a change of control triggering event, limitations on subsidiary indebtedness and limitations on
consolidations, mergers, sales or conveyances. Certain of these covenants cease to be applicable before the notes mature if the Company obtains an
investment grade rating. The Company obtained investment grade rating in 2005. The Company has registered these notes under the Securities Act of 1933,
as amended. The Company may issue additional debt from time to time pursuant to certain of the indentures.

Table of Contents
150
If the Company experiences a “Change of Control Triggering Event”, the Company must offer to repurchase the notes at a purchase price equal to 101% of
the principal amount thereof, plus accrued and unpaid interest, if any. A Change of Control Trigger Event means a Change of Control (as defined) and a
rating decline (as defined), that is, if the rating of the notes, by at least one of the rating agencies shall be decreased by one or more gradations.
At December 31, 2024, the Company was in compliance with the covenants of the notes.
In 2019, SCC’s subsidiary Minera Mexico S.A. de C.V. issued $1.0 billion of fixed-rate senior notes. The unamortized balance of the discount and the costs
are presented net of the carrying value of the debt issued and are amortized as interest expense over the life of the loan. Interest on the notes is paid semi-
annually in arrears. The Company is using the net proceeds from this offering for general corporate purposes, including the financing of Minera Mexico
expansion program. The notes constitute general unsecured obligations of Minera Mexico and were issued in an unregistered offering pursuant to Rule
144A and Regulation S under the Securities Act of 1933.
The indenture related to the notes contains covenants that limit Minera Mexico's ability to, among other things, incur certain liens securing indebtedness,
engage in certain sale and leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all of
Minera Mexico's assets.
Aggregate maturities of the outstanding borrowings at December 31, 2024, are as follows:
    
Principal
Years
Due(*)
(in millions)
2025
 
$
500.0
2026
—
2027
 
—
2028
 
51.2
2029
—
Thereafter
 
5,800.0
Total
$
6,351.2
(*)
Total debt maturities do not include the debt discount valuation account of $92.9 million.
NOTE 12—BENEFIT PLANS:
Defined contribution plan and post-retirement defined benefit plans
The Company’s Mexican subsidiaries have a defined contribution pension plan for salaried employees and a non-contributory defined benefit pension plan
for union employees (the “Mexican Plan”). In addition, the Company has two noncontributory defined benefit pension plans covering a small group of
former salaried employees in the United States and former expatriate employees in Peru (the “Expatriate Plan”). Effective October 31, 2000, the Board of
Directors amended the qualified pension plan to suspend the accrual of benefits.
The components of net periodic benefit costs calculated in accordance with ASC 715 “Compensation retirement benefits,” using December 31 as a
measurement date, consist of the following:
(in millions)
    
2024
    
2023
    
2022
Service cost
$
2.2
$
2.3
$
1.8
Interest cost
 
3.3
 
3.6
 
2.3
Expected return on plan assets
 
(5.5)
 
(5.9)
 
(3.9)
Amortization of net actuarial loss
—
0.1
0.1
Amortization of prior service cost / (credit)
 
0.2
 
0.7
 
0.2
Amortization of net loss/(gain)
 
0.3
 
0.3
 
0.3
Net periodic benefit cost
$
0.5
$
1.1
$
0.8

Table of Contents
151
The change in benefit obligation and plan assets and a reconciliation of funded status are as follows:
As of December 31, 
(in millions)
    
2024
    
2023
Change in benefit obligation:
Projected benefit obligation at beginning of year
$
47.4
$
38.6
Service cost
 
2.2
 
2.3
Interest cost
 
3.3
 
3.6
Benefits paid
 
(4.4)
 
(3.9)
Actuarial loss
 
1.5
 
1.8
Actuarial loss (gain) assumption changes
 
(0.3)
 
0.6
Inflation adjustment
 
(6.7)
 
4.4
Projected benefit obligation at end of year
$
43.0
$
47.4
Change in plan assets:
Fair value of plan assets at beginning of year
$
73.2
$
59.2
Actual return on plan assets
 
16.1
 
8.8
Employer contributions
 
(0.6)
 
(1.0)
Benefits paid
 
(0.7)
 
(0.9)
Currency exchange rate adjustment
 
(10.6)
 
7.1
Fair value of plan assets at end of year
$
77.4
$
73.2
Funded status at end of year:
$
34.4
$
25.8
ASC-715 amounts recognized in statement of financial position consists of:
Non-current assets
$
34.4
$
25.8
Total
$
34.4
$
25.8
ASC-715 amounts recognized in accumulated other comprehensive income (net of income taxes
of $(0.4) million and $(4.7) million in 2024 and 2023, respectively) consists of:
Net loss (gain)
$
(0.3)
$
6.2
Prior service cost
 
0.8
 
1.1
Total
$
0.5
$
7.3
The following table summarizes the changes in accumulated other comprehensive income for the years ended December 31, related to the defined benefit
pension plan, net of income tax:
(in millions)
    
2024
    
2023
Reconciliation of accumulated other comprehensive income:
Accumulated other comprehensive income at beginning of plan year
$
7.3
$
7.8
Net  (gain) loss ocurring during the year
 
(5.8)
 
(0.6)
Net (gain) amortized during the year
 
(0.3)
 
(0.4)
Prior service cost (credit)
—
0.3
Settlement
(0.1)
(0.4)
Currency exchange rate adjustment
 
(0.6)
 
0.6
Net adjustment to accumulated other comprehensive income (net of income taxes of $4.3
million and $0.1 million in 2024 and 2023,  respectively)
 
(6.8)
 
(0.5)
Accumulated other comprehensive income at end of plan year
$
0.5
$
7.3

Table of Contents
152
The following table summarizes the amounts in accumulated other comprehensive income amortized and recognized as a component of net periodic benefit
cost in 2024 and 2023, net of income tax:
(in millions)
    
2024
    
2023
Net loss / (gain)
$
(5.8)
$
(0.6)
Amortization of net (loss) gain
 
(0.3)
 
(0.4)
Amortization of prior services cost (credit)
—
0.3
Total amortization expenses
$
(6.1)
$
(0.7)
The assumptions used to determine the pension obligations are:
Mexican Plan(*)
    
2024
    
2023
    
2022
 
Discount rate
 
10.19 %  
9.98 %  
10.09 %
Expected long-term rate of return on plan asset
 
10.19 %  
9.98 %  
10.09 %
Rate of increase in future compensation level
 
4.75 %  
5.00 %  
4.75 %
Expatriate Plan
    
2024
    
2023
    
2022
 
Discount rate
 
5.30 %  
4.65 %  
4.85 %
Expected long-term rate of return on plan asset
 
4.00 %  
4.50 %  
4.00 %
Rate of increase in future compensation level
 
N/A
N/A
N/A
(*)
These rates are based on Mexican pesos as pension obligations are denominated in this currency.
The scheduled maturities of the benefits expected to be paid in each of the next five years, and thereafter, are as follows:
    
Expected
Years
Benefit Payments
(in millions)
2025
$
8.2
2026
 
3.4
2027
 
4.3
2028
 
4.3
2029
 
3.9
2030 to 2034
 
24.9
Total
$
49.0
Mexican Plan
Minera Mexico’s policy for determining asset mix targets includes periodic consultation with recognized third-party investment consultants. The expected
long-term rate of return on plan assets is updated periodically, taking into consideration assets allocations, historical returns and the current economic
environment. The fair value of plan assets is impacted by general market conditions. If actual returns on plan assets vary from the expected returns, actual
results could differ.
The plan assets are managed by two financial institutions, Actinver S.A. and GBM Grupo Bursatil Mexicano, S.A. 75% of the funds are invested in
Mexican government securities, including treasury certificates and development bonds of the Mexican government. The remaining 25% is invested in
common shares of Grupo Mexico. The plan assets are invested without restriction in active markets that are accessible when required and are therefore
considered as level 1, in accordance with ASC 820 “Fair Value Measurement.”

Table of Contents
153
These plans accounted for approximately 100% of benefit obligations. The following table represents the asset mix of the investment portfolio as of
December 31:
    
2024
    
2023
 
Asset category:
Treasury bills
75 %  
73 %
Equity securities
25 %  
27 %
 
100 %  
100 %
The amount of contributions that the Company expects to pay to the plan in 2025 totals $7.5 million.
Expatriate Plan
The Company’s funding policy is to contribute amounts to the qualified plan sufficient to meet the minimum funding requirements set forth in the Employee
Retirement Income Security Act of 1974 plus such additional amounts as the Company may determine to be appropriate.
Plan assets are invested in a group annuity contract with Metropolitan Life Insurance Company (“MetLife”). The Contract invests in the MetLife General
Account Payment Fund (the "General Account") and the MetLife Broad Market Core Bond Account (the “Bond Fund”) managed by BlackRock, Inc.
The General Account is broadly diversified across asset classes and backed by the total capital of MetLife.
The Bond Fund seeks to outperform the Bloomberg U.S. Aggregate Bond Index, net of fees, over a full market cycle. The Bond Fund invests in publicly
traded, investment grade securities. These may include corporate securities, mortgage securities, treasuries and cash, agency securities, commercial
mortgage-backed securities and other investment vehicles adhering to the fund’s investment objectives. These investments are classified as Level 1 because
they are valued using quoted prices of the same securities as they consist of instruments which are publicly traded.
Plan assets are invested with the objective of maximizing returns with an acceptable level of risk and maintaining adequate liquidity to fund expected
benefit payments. The Company's policy for determining asset mix-targets to meet investment objectives includes periodic consultation with recognized
third-party investment consultants.
The expected long-term rate of return on plan assets is reviewed annually, taking into consideration asset allocations, historical returns and the current
economic environment. Based on these factors the Company expects its assets will earn an average of 4.00% per annum assuming its long-term mix will be
consistent with its current mix.
Post-retirement Health Care Plan
In Mexico, health services are provided by the Mexican Social Security Institute.
The components of net period benefit costs for the three years ended December 31, 2024 are as follows:
(in millions)
    
2024
    
2023
    
2022
Interest cost
$
1.8
$
2.2
$
1.7
Amortization of net loss (gain)
 
—
 
—
 
0.1
Net periodic benefit cost
$
1.8
$
2.2
$
1.8

Table of Contents
154
The change in benefit obligation and a reconciliation of funded status are as follows:
As of December 31, 
(in millions)
    
2024
    
2023
Change in benefit obligation:
Projected benefit obligation at beginning of year
$
22.7
$
20.3
Interest cost
 
1.8
 
2.2
Benefits paid
 
(1.4)
 
(1.1)
Actuarial (gain)
 
1.8
 
(1.6)
Inflation adjustment
 
(3.7)
 
2.9
Projected benefit obligation at end of year
$
21.2
$
22.7
Funded status at end of year:
$
21.2
$
22.7
ASC-715 amounts recognized in statement of financial position consists of:
Current liabilities
$
—
$
—
Non-current liabilities
 
(21.2)
 
(22.7)
Total
$
(21.2)
$
(22.7)
ASC-715 amounts recognized in accumulated other comprehensive income consists of:
Net loss (gain)
$
2.0
$
0.9
Total (net of income taxes of $(0.8) million and $(0.4) million in 2024 and 2023,
respectively)
$
2.0
$
0.9
The following table summarizes the changes in accumulated other comprehensive income for the years ended December 31, related to the post-retirement
health care plan, net of income tax:
As of December 31, 
(in millions)
    
2024
    
2023
Reconciliation of accumulated other comprehensive income:
Accumulated other comprehensive income at beginning of plan year
$
0.9
$
1.6
Net loss/(gain) occurring during the year
 
1.2
 
(0.8)
Net loss/(gain) amortized during the year
 
—
 
—
Currency exchange rate adjustment
 
(0.1)
 
0.2
Net adjustment to accumulated other comprehensive income (net of income taxes of $0.5 million
and $(0.4) million in 2024 and 2023, respectively)
 
1.1
 
(0.7)
Accumulated other comprehensive income at end of plan year
$
2.0
$
0.9
The following table summarizes the amounts in accumulated other comprehensive income amortized and recognized as a component of net periodic benefit
cost in 2024 and 2023, net of income tax:
As of December 31, 
(in millions)
    
2024
    
2023
Net loss / (gain)
$
1.2
$
(0.8)
Amortization of net (loss) gain
 
—
 
—
Total amortization expenses
$
1.2
$
(0.8)

Table of Contents
155
The discount rates used in the calculation of other post-retirement benefits and cost as of December 31 were:
    
2024
    
2023
    
2022
 
Mexican health plan
Weighted average discount rate
 
10.19 %  
9.98 %  
10.09 %
Expatriate health plan
Discount rate
 
5.30 %  
4.65 %  
4.85 %
The benefits expected to be paid in each of the next five years, and thereafter, are as follows:
    
Expected
Year
Benefit Payments
(in millions)
2025
$
1.7
2026
1.7
2027
 
1.8
2028
 
1.8
2029
 
1.9
2030 to 2034
 
10.2
Total
$
19.1
Mexican Health Plan
For measurement purposes, a 5.0% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2024 and remains at that
level thereafter.
An increase in other benefit cost trend rates have a significant effect on the amount of the reported obligations, as well as component cost of the other
benefit plan. One percentage-point change in assumed other benefits cost trend rates would have the following effects:
One Percentage
Point
(in millions)
    Increase     Decrease
Effect on total service and interest cost components
$
2.3
$
1.9
Effect on the post-retirement benefit obligation
$
21.7
$
19.9
NOTE 13—COMMITMENTS AND CONTINGENCIES:
Environmental matters:
The Company has established comprehensive environmental conservation programs at its mining facilities in Peru and Mexico. The Company’s
environmental programs include water recovery systems to conserve water and minimize the impact on nearby streams, reforestation programs to stabilize
the surface of the tailings dams and the implementation of scrubbing technology in the mines to reduce dust emissions, among others.
Environmental capital investments in years 2024, 2023 and 2022, were as follows (in millions):
    
2024
    
2023
    
2022
Peruvian operations
$
4.4
$
7.7
$
8.7
Mexican operations
 
173.0
 
100.6
 
52.7
$
177.4
$
108.3
$
61.4
Peruvian operations: The Company’s operations are subject to applicable Peruvian environmental laws and regulations. The Peruvian government, through
the Ministry of Environment (“MINAM”) conducts annual audits of the Company’s Peruvian mining and metallurgical operations. Through these
environmental audits, matters relating to environmental

Table of Contents
156
and legal compliance, atmospheric emissions, effluent monitoring and waste management are reviewed. The Company believes that it is in material
compliance with applicable Peruvian environmental laws and regulations. Peruvian law requires that companies in the mining industry provide assurances
for future mine closure and remediation. In accordance with the requirements of this law, the Company’s closure plans were approved by MINEM. See Note
10 “Asset retirement obligation” for further discussion of this matter.
Air Quality Standards (“AQS”): In June 2017, MINAM enacted a supreme decree which defined new AQS for daily sulfur dioxide in the air. As of
December 31, 2024, the Company maintains the daily average level of µg/m3 of SO2, which falls below the requirement of the AQS.
In November 2023, MINAM enacted a new AQS for Cadmium, Arsenic and Chromium in particulate matter less than ten microns (PM10). A review of the
Company´s chemical monitoring results has determined that the Company´s operations will not be significantly impacted by the new standards and
concentration values in place. Our results are expected to continue to fall below regulatory AQS.
Soil Environmental Quality Standards (“SQS”): In 2013, the Peruvian government enacted Soil Quality Standards. In accordance with the regulatory
requirements of the law, the Company prepared Soil Decontamination Plans (“SDP”) for environmentally impacted sites at each of its operation units
(Toquepala, Cuajone and Ilo) with the assistance of consulting companies. The costs of these SDPs are not material, either individually or in aggregated
form, for the financial statements of the Company.
Climate change: On April 17, 2018, the Peruvian government enacted Law N. 30754, which promotes public and private investments in climate change
management and establishes a Climate Change Framework. The law proposes creating an institutional framework to address climate change in Peru and
outlines new measures for climate change mitigation, such as provisions to address an increase in carbon capture and use of carbon sinks; afforestation and
reforestation practices; land use changes; sustainable systems of transportation, solid waste management, and energy systems. This climate change
framework law incorporates obligations from the Paris Agreement. Supreme Decree 013-2019 published on December 31, 2019, enacted statutory
regulations, which are applicable to all Peruvian institutions and agencies. It is expected that additional Peruvian regulations will be applicable to non-
governmental entities. However, no carbon pricing mechanism is currently applicable to the Company’s operations in Peru.
Mexican operations: The Company’s operations are subject to applicable Mexican federal, state and municipal environmental laws, to Mexican official
standards, and to regulations for the protection of the environment, including regulations relating to water supply, water quality, air quality, noise levels and
hazardous and solid waste.
The principal legislation applicable to the Company’s Mexican operations is the Federal General Law of Ecological Balance and Environmental Protection
(the “General Law”), which is enforced by the Federal Bureau of Environmental Protection (“PROFEPA”). PROFEPA monitors compliance with
environmental legislation and enforces Mexican environmental laws, regulations and official standards. It may also initiate administrative proceedings
against companies that violate environmental laws, which in the most extreme cases may result in the temporary or permanent shutdown of non-complying
facilities, the revocation of operating licenses and/or other sanctions or fines.
In 2011, the General Law was amended to provide an individual or entity the ability to contest administrative acts, including environmental authorizations,
permits or concessions granted, without the need to demonstrate the actual existence of harm to the environment as long as it can be argued that the harm
may be caused. Additionally, amendments to the Civil Federal Procedures Code (“CFPC”) were enacted in 2011 and established three categories of
collective actions under which a group of 30 or more individuals can be considered sufficient to prove a “legitimate interest” to file civil actions for injuries
arising out of alleged violations of environmental, consumer protection, financial services and Antitrust laws. The group can seek restitution or economic
compensation for the alleged injuries or suspension of the activities which allegedly caused the injuries in question. The amendments to the CFPC may
result in more litigation, with plaintiffs seeking remedies, including suspension of the activities alleged to cause harm.
In 2013, the Environmental Liability Federal Law was enacted. The law establishes general guidelines for actions considered likely to cause environmental
harm. If a possible determination regarding harm occurs, environmental clean-

Table of Contents
157
up and remedial actions sufficient to restore the environment to a pre-existing condition must be taken. If restoration is not possible, compensation measures
should be provided. Criminal penalties and monetary fines can be imposed under this law.
Guaymas sulfuric acid spill: In July 2019, there was an incident at the Company´s Marine Terminal in Guaymas, Sonora, that caused the discharge of
approximately three cubic meters of sulfuric acid into the sea in the industrial port area. PROFEPA, after two inspections, declared a partial shutdown of the
storage process and transportation of sulfuric acid at the terminal arguing the absence of an authorization of environmental impact, despite the fact that the
Company’s exempt to the permit because these facilities have been in operation since 1979, prior to the 1988 Mexican General Law of Ecological Balance
and the Protection of the Environment. The Company has resolved this issue and expects to restart operations in the near future.
Climate change: Several taxes are applicable to the Company’s mining operations in Mexico, including federal and state fossil fuel taxes, and the
requirements associated with Mexico’s emission trading scheme. These taxes range from $US9/tCO2 to $US18/tCO2 in 2023, approximately. These
regional taxes are applicable in the States of Baja California, Zacatecas and San Luis Potosí, as well as a federal tax linked to the import of fuels. In
addition, an emission trading scheme (ETS) in Mexico is currently available to the Company which is only applicable to two business units, the metallurgic
and lime plants in Sonora, which both generate annual GHG emissions levels above the threshold of 100,000 tCO2 per year contemplated by the scheme.
These two units are required to report and verify their emissions once a year with average costs of less than $6,000 per unit. Units that emit more than
25,000 tonnes CO2 equivalent per year (all our Mexican units) are required to report their emissions to the National Emissions Registry (RENE) annually
and to verify the reported emissions every three years. Total expenses to ensure annual compliance with climate change regulations in Mexico are not
material to the Company.
On May 09, 2023, Mexican Congress approved several changes effective immediately to the Mining Law, National Waters Law, the General Law of
Ecological Balance and Environmental Protection, and the General Law for the Prevention and Integral Management of Waste. The main changes are
reducing mining concession terms from 50 to 30 years; new restrictions and conditions on water use; requirements to provide guarantees for closure and
remediation of operations; and a requirement to contribute 5% of net earnings to indigenous communities for new projects and significant changes to
exploration rules.
These amendments to the law have been challenged and are being reviewed by the Supreme Court. The Company is not expecting any negative impacts on
its operations.
The Company believes that all of its facilities in Peru and Mexico are in material compliance with environmental, mining and other applicable laws and
regulations. The Company also believes that continued compliance with environmental laws of Mexico and Peru will have no material adverse effects on
the Company’s business, properties, or operating results.
Litigation matters:
Peruvian operations:
The Tia Maria Mining Project
There are five lawsuits filed against the Peruvian Branch of the Company related to the Tia Maria project. The lawsuits seek (i) to declare null and void the
resolution that approved the Environmental Impact Assessment of the project; (ii) the cancellation of the project and the withdrawal of mining activities in
the area; (iii) to annul the mining concession application for the Tia Maria project; and (iv) to annul the resolution that approved the construction license.
The lawsuits were filed by Messrs. Ernesto Mendoza Padilla (filed May 26, 2015), Juan Alberto Guillen Lopez (filed June 18, 2015), Junta de Usuarios del
Valle del Tambo (filed April 30, 2015), Gobierno Regional de Arequipa (filed December 16, 2019) and Municipalidad Distrital de Dean Valdivia (filed in
January 2020 but notified in August 2022).

Table of Contents
158
It should be noted that the Supreme Court of Justice of Peru has already issued a final ruling on the Carpio Lazo case challenging the approval of the
Environmental Impact Assessment (EIA) of the Tía Maria project (notified on February 22, 2022), which ratified the legality of said Environmental Impact
Assessment. The Judiciary recognized SPCC's strict compliance with all applicable environmental regulations during the approval stages of the Tía María
EIA. This decision should have a favorable impact on the cases described below:
The Mendoza Padilla case was initially rejected by the lower court on July 8, 2015. This ruling was confirmed by the Superior Court on June 14, 2016. On
July 12, 2016, the case was appealed before the Constitutional Court. On November 20, 2018, the Constitutional Court reversed the previous decisions and
remanded the case to the lower court for further action. In the third quarter of 2020, the Company was notified that the complaint had been reinstated. The
Company answered the complaint on September 15, 2020. On December 2, 2020, the lower court issued a resolution, considering the complaint answered.
On September 27, 2021, the Court ordered to temporarily archive the case. As of December 31, 2024, the case remains pending resolution.
The Guillen Lopez case is currently before the lower court. Oral arguments took place on July 19, 2019. On January 7, 2020, the Judge decided to suspend
the proceedings until the del Carpio Lazo case is concluded. On March 8, 2022, the Peruvian Branch informed the Court that the del Carpio Lazo case had
concluded. On September 7, 2023, the Judge cancelled the suspension and declared the case ready for a resolution. On May 18, 2024, the Judge declared,
once again, that the case was ready for resolution. As of December 31, 2024, the case remains pending resolution.
The Junta de Usuarios del Valle del Tambo case is currently before the lower court. In May 2016, the Company was included in the process after the
Ministry of Energy and Mines filed a civil complaint. On March 6, 2019, the Company was formally notified of the lawsuit and answered the complaint on
March 20, 2019. On July 8, 2019, the Company requested the suspension of the proceeding until the del Carpio Lazo case is concluded. On March 11, 2022,
the Peruvian Branch informed the Court that the del Carpio Lazo case had concluded. On January 5, 2024, the Peruvian Branch reiterated its petition to
continue the process given that a final decision has already been handed down in Carpio Lazo case. As of December 31, 2024, the case remains pending
resolution.
The Gobierno Regional de Arequipa case is currently before the lower court. The Company answered the complaint on September 15, 2020. On February 8,
2021, the Judge decided to suspend the proceeding until the del Carpio Lazo case was concluded. On March 24, 2022, SCC’s Peruvian Branch informed the
Court that the del Carpio Lazo case had concluded. On March 28, 2022, the Judge cancelled the suspension. On May 24, 2022, the parties presented their
closing arguments. On March 15, 2023, the Judge dismissed the lawsuit. The plaintiff missed the chance to appeal the ruling, therefore, the Judge declared
the case had concluded in favor of the Peruvian Branch. On April 20, 2023 the plaintiff appealed this ruling. On October 20, 2023, the Superior Court
declared that the plaintiff had not been properly informed of the ruling and ordered issuance of a new notification of the First Instance ruling. The Superior
Court instructed the First Instance Court to inform the Gobierno Regional de Arequipa that it must establish a new address to ensure proper notification. On
April 16, 2024, the Gobierno Regional de Arequipa filed an appeal against the first instance decision. The Superior Court notified the Company of the
appeal, and the Peruvian Branch responded on June 10, 2024. On August 7, 2024, an oral hearing took place. As of December 31, 2024, the case was
pending resolution.
The Municipalidad Distrital de Dean Valdivia case is currently before the lower court. On August 17, 2022, the Company was formally notified of the
lawsuit and answered the complaint on September 2, 2022. The Peruvian Branch informed the Court the result of the del Carpio Lazo case. As of December
31, 2024, the case is pending resolution.
The Company asserts that these lawsuits are without merit and is vigorously defending against them. The potential contingency amount for these cases
cannot be reasonably estimated by management at this time.
Special Regional Pasto Grande Project (“Pasto Grande Project”)
In 2012, the Pasto Grande Project, an entity of the Regional Government of Moquegua, filed a lawsuit against SCC’s Peruvian Branch alleging property
rights over a certain area used by the Peruvian Branch and seeking the demolition of the tailings dam where SCC’s Peruvian Branch has deposited its
tailings from the Toquepala and Cuajone operations since 1995. The Peruvian Branch has had title to use the area in question since 1960 and has constructed
and operated

Table of Contents
159
the tailings dams with proper governmental authorization since 1995. Following a motion filed by the Peruvian Branch, the lower court included MINEM as
a defendant in this lawsuit. MINEM has answered the complaint and denied the validity of the claim. On July 2, 2022, the case was temporarily archived.
On May 26, 2023, the Judge ordered termination of the proceeding due to the lack of interest of the plaintiff. On June 2, 2023, the plaintiff appealed the
termination of the proceeding. On September 18, 2023, the Superior Court reversed the termination and ordered the Judge to continue the proceeding. As of
December 31, 2024, the case was pending resolution.
The Peruvian Branch asserts that the lawsuit is without merit and is vigorously defending against it. The amount of this contingency cannot be reasonably
estimated by management at this time.
Mexican operations
The Accidental Spill at Buenavista Mine of 2014
Regarding the 2014 accidental spill of copper sulfate solution at a leaching pond in the Buenavista mine, the following legal procedures are pending against
the Company:
On August 19, 2014, PROFEPA, as part of the administrative proceeding initiated after the spill, announced the filing of a criminal complaint against
Buenavista del Cobre S.A. de C.V. (“BVC”), a subsidiary of the Company to determine those responsible for environmental damages. During the second
quarter of 2018, the criminal complaint was dismissed. This decision was appealed and was pending resolution as of December 31, 2024.
On October 12, 2023, SEMARNAT publicly announced the filing of another criminal complaint regarding the Sonora River spill, arguing that remediation
of damages to the river was incomplete and compensation for said damages was insufficient. The Company has been directed to provide information
regarding remediation activities and compensation for damages. The Company strongly believes that it has duly completed all remediation and
compensation-related activities as required by the competent Mexican authorities and as such, this new complaint lacks merit.
Through the first half of 2015, six collective action lawsuits were filed in federal courts in Mexico City and Sonora against two subsidiaries of the Company
seeking economic compensation, clean up and remedial activities in order to restore the environment to its pre-existing conditions. Three of the collective
action lawsuits have been dismissed by the court. The remaining three lawsuits are still pending: two were filed by Acciones Colectivas de Sinaloa, A.C.
and one, by Defensa Colectiva, A.C.; requesting precautionary measures about construction of facilities for monitoring public health services and
prohibiting the closure of the Rio Sonora Trust. As of December 31, 2024, these cases remain in the same stage.
Similarly, during 2015, eight civil action lawsuits were filed against BVC in the state courts of Sonora seeking damages for alleged injuries and for moral
damages as a consequence of the spill. The plaintiffs in the state court lawsuits are: Jose Vicente Arriola Nunez et al; Santana Ruiz Molina et al; Andres
Nogales Romero et al; Teodoro Javier Robles et al; Gildardo Vasquez Carvajal et al; Rafael Noriega Souffle et al; Grupo Banamichi Unido de Sonora El
Dorado, S.C. de R.L. de C.V; and Marcelino Mercado Cruz. In 2016, three additional civil action lawsuits, claiming similar damages, were filed by Juan
Melquicedec Lebaron; Blanca Lidia Valenzuela Rivera et al and Ramona Franco Quijada et al. In 2017, BVC was served with thirty-three additional civil
action lawsuits, claiming similar damages. The lawsuits were filed by Francisco Javier Molina Peralta et al; Anacleto Cohen Machini et al; Francisco Rafael
Alvarez Ruiz et al; Jose Alberto Martinez Bracamonte et al; Gloria del Carmen Ramirez Duarte et al; Flor Margarita Sabori et al; Blanca Esthela Ruiz
Toledo et al; Julio Alfonso Corral Dominguez et al; Maria Eduwiges Bracamonte Villa et al; Francisca Marquez Dominguez et al; Jose Juan Romo Bravo et
al; Jose Alfredo Garcia Leyva et al; Gloria Irma Dominguez Perez et al; Maria del Refugio Romero et al; Miguel Rivas Medina et al; Yolanda Valenzuela
Garrobo et al; Maria Elena Garcia Leyva et al; Manuel Alfonso Ortiz Valenzuela et al; Francisco Alberto Arvayo Romero et al; Maria del Carmen
Villanueva Lopez et al; Manuel Martin Garcia Salazar; Miguel Garcia Arguelles et al; Dora Elena Rodriguez Ochoa et al; Honora Eduwiges Ortiz
Rodriguez et al; Francisco Jose Martinez Lopez et al; Maria Eduwiges Lopez Bustamante; Rodolfo Barron Villa et al, Jose Carlos Martinez Fernandez et al,
Maria de los Angeles Fabela et al; Rafaela Edith Haro et al; Luz Mercedes Cruz et al; Juan Pedro Montaño et al; and Juana Irma Alday Villa. In the first
quarter of 2018, BVC was served with another civil action lawsuit, claiming similar damages. The lawsuit was filed by Alma Angelina Del Cid

Table of Contents
160
Rivera et al. On October 3, 2024, BVC was served with another civil action lawsuit, claiming similar damages. The lawsuit was filed by María Lourdes
Martínez Navarro et al. As of December 31, 2024, all these cases were pending resolution.
In 2015, four constitutional lawsuits (juicios de amparo) were filed before Federal Courts against various authorities and against a subsidiary of the
Company, arguing; (i) the alleged lack of a waste management program approved by SEMARNAT; (ii) the alleged lack of a remediation plan approved by
SEMARNAT with regard to the August 2014 spill; (iii) the alleged lack of community approval regarding the environmental impact authorizations granted
by SEMARNAT to one subsidiary of the Company; and (iv) the alleged inactivity of the authorities with regard of the spill in August 2014. The plaintiffs of
these lawsuits are: Francisca Garcia Enriquez, et al filed two lawsuits, Francisco Ramon Miranda, et al and Jesus David Lopez Peralta et al. In the third
quarter of 2016, four additional constitutional lawsuits, claiming similar damages were filed by Mario Alberto Salcido et al; Maria Elena Heredia
Bustamante et al; Martin Eligio Ortiz Gamez et al; and Maria de los Angeles Enriquez Bacame et al. In the third quarter of 2017, BVC was served with
another constitutional lawsuit filed by Francisca García Enriquez et al. In 2018, BVC was served with two additional constitutional lawsuits that were filed
against SEMARNAT by Norberto Bustamante et al. With regard to the constitutional lawsuit filed by Maria Elena Heredia Bustamante et al; in which it was
claimed the lack of community approval regarding the authorization granted by SEMARNAT to build the new BVC tailings dam, on September 5, 2018, the
Supreme Court of Justice issued a resolution establishing that such authorization was granted to BVC in compliance with the applicable legislation.
However, SEMARNAT must carry out a public meeting to inform the community of the technical aspects required to build the dam, potential impacts and
prevention measures. This public meeting will have no material effects to BVC’s operations. SEMARNAT has carried out the consultation ordered by the
Supreme Court. As a result, it has informed the corresponding Judge about its compliance with the resolution, in which BVC was required to implement
additional measures of environmental impact prevention, such as: (i) the building of at least three monitoring wells downstream from the curtain of the
contingency dam in a period of six months; (ii) monitoring of the groundwater level and water quality every six months; (iii) carrying out rain collection
work in order to restore water to the Sonora River basin, with six months granted to present the execution program; (iv) determine the location of wildlife
conservation and protection areas and define the need to establish biological corridors; (v) obtain photographic or videographic evidence every six months;
(vi) submitting to SEMARNAT two years before the closure and abandonment of the site, or earlier if necessary, the closure program that includes the
cleaning and restoration of the soil including Mexican regulation NOM-141; (vii) include the measures in the Environmental Monitoring Program according
to the environmental components impacted; and (viii) hiring an external environmental consultant to validate compliance with the current and new
conditions imposed. The foregoing does not impact BVC’s operations. Additionally, the lawsuits filed by Maria de los Angeles Enriquez Bacame and
Norberto Bustamante have been dismissed and closed without prejudice to the Company. As of December 31, 2024, the remaining cases were pending
resolution.
It is currently not possible to determine the extent of the damages sought in these state and federal lawsuits but the Company believes that these lawsuits are
without merit. Accordingly, the Company is vigorously defending against them. Nevertheless, the Company believes that none of the legal proceedings
resulting from the spill, individually or in the aggregate, would have a material effect on its financial position or results of operations.
Labor matters:
Peruvian operations: 56.9% of the Company's 5,120 Peruvian employees were unionized as of December 31, 2024. Currently, there are six separate unions,
none of which represents the majority of workers, as defined by current Peruvian labor legislation.
From 2021 to 2022, the Company signed collective bargaining agreements with the six unions with durations between three to six years. These agreements
were executed in 2022. In the first quarter of 2023, the Company began applying the terms of the agreement entered into with the six unions pursuant to
Law 31632, which stipulates new conditions for compensation of leaves granted during COVID-19. Within the current framework of labor regulations and
the agreements with all six unions, this compensation has been adapted to align with current working hours of the mining sector. These conditions were in
effect until December 1, 2023.

Table of Contents
161
In the second and third quarter of 2024, the Company held meetings with five of its six unions to discuss collective bargaining agreements. In the fourth
quarter of 2024, the Company signed long-term extensions of the collective bargaining agreements with these five unions, each lasting six years and
commencing on the day after the expiration of the prior agreements, in accordance with the law. This allows the Company to maintain consistency in terms
of economic benefits and working conditions for over 2,000 workers. Additionally, the Company reached agreements with these five unions to ensure the
uninterrupted operation of its facilities, preventing stoppages by the unions and workers for a period of six years. As a result of these agreements, the
Company made a signing payment to each worker, totaling $62 million approximately.
Meetings with the remaining union were held under the established collective bargaining procedure, as required by labor law. In February 2025, the
Company signed a three-year extension of the collective bargaining agreement with this union. The Company made a signing payment to each worker of the
union, totaling approximately $6.3 million.
The Company maintains regular dialogue with union representatives to ensure labor harmony and proper management of labor relations. Southern Peru has
collective bargaining agreements with each of the six unions, the earliest of which expires in 2027 and the latest, in 2033. These agreements regulate
benefits related to compensation and working conditions.
Mexican operations: In recent years, the Mexican operations have experienced a positive improvement in their labor environment, as workers opted to
change their affiliation from the Sindicato Nacional de Trabajadores Mineros, Metalurgicos y Similares de la Republica Mexicana (the “National Mining
Union”) to other less politicized unions.
The workers of the San Martin mine were on strike since July 2007. On February 28, 2018, the striking workers of the San Martín mine of IMMSA held an
election to vote on the union that would hold the collective bargaining agreement at the San Martin mine. The Federacion Nacional de Sindicatos
Independientes (the National Federation of Independent Unions) won the vote by a majority. Nevertheless, the vote was challenged by the National Mining
Union. On June 26, 2018, the Federal Mediation and Arbitration Board issued a ruling recognizing the election results. Due to the agreement between
workers and the Company to end the protracted strike, on August 22, 2018, the Federal Mediation and Arbitration Board authorized the restart of operations
of the San Martin mine. Such authorization was challenged by the National Mining Union. On April 4, 2019, the Federal Mediation and Arbitration Board
recognized, once again, the election results from February 28, 2018, by which the National Federation of Independent Unions won by a majority. In the last
quarter of 2019, a Federal Court issued a resolution that established that the Labor Court should analyze the list of workers with the right to vote in the
union election. The Company and the National Federation of Independent Unions challenged such determination before the Supreme Court of Justice. Such
challenges were dismissed by the Supreme Court. Consequently, on September 6, 2021, the Federal Mediation and Arbitration Board issued a new
resolution determining that, based on the documents submitted by the National Federation of Independent Unions and given the status of the strike until
2018, it was not possible to create a registry of workers holding a right to vote. Therefore, in case of a strike, any collective bargaining proceedings shall
remain suspended. On June 9, 2023, the Federal Mediation and Arbitration Board, in a ruling that veered from its previous stance, did not recognize the
common representatives of the coalition workers and consequently ruled that the agreement which such representatives had made with the Company to lift
the strike in 2018 lacked validity. Notwithstanding, on June 14, 2023, in an arbitration proceeding initiated at IMMSA's request, the Federal Mediation and
Arbitration Board handed down a ruling that terminated the strike and ordered workers to resume activities within 15 days. The Mining Union filed a
protective action (Amparo) against this resolution, which was pending resolution as of December 31, 2024.
Additionally, the Mining Union has filed a complaint before the Government of the United States of America under the rules of the Rapid Response
Mechanism contained in the Mexico-United States-Canada Treaty (“T-MEC”), alleging denial of free association rights. On April 26, 2024, the arbitration
panel of the Labor Rapid Response Mechanism ruled in favor of the Government of Mexico, determining that they did not have jurisdiction to rule on the
denial of union rights at the mine. The Company collaborated by providing background information on the case and followed up every stage of the
arbitration.
The Company´s operations at the San Martin unit continue to evolve normally and the conflict is expected to be resolved in accordance with the legal
framework set by labor authorities; any actions taken will respect the will of the workers.

Table of Contents
162
In the case of the Taxco mine, its workers have been on strike since July 2007. After several legal procedures, in August 2015, the Supreme Court decided
to assert jurisdiction over the case and to rule on it directly. As of December 31, 2024, the case was pending resolution without further developments.
It is expected that operations at the Taxco mine will remain suspended until the labor issues are resolved. In view of the lengthy strike, the Company has
reviewed the carrying value of the Taxco mine to ascertain whether impairment exists. The Company concluded that there is a non-material impairment of
the assets located at this mine.
Other legal matters:
The Company is involved in various other legal proceedings incidental to its operations, but the Company does not believe that decisions adverse to it in any
such proceedings, individually or in the aggregate, would have a material effect on its financial position or results of operations.
Other commitments:
Peruvian Operations:
Michiquillay:
In June 2018, the Company signed a contract for the acquisition of the Michiquillay copper project in Cajamarca, Peru, at a purchase price of $400 million.
Michiquillay is a world-class mining project with estimated inferred mineral resources of 2,288 million tonnes with an estimated copper grade of 0.43%. It
is expected to produce 225,000 tonnes of copper per year (along with by-products of molybdenum, gold and silver) for an initial mine life of more than 25
years.
As per the purchase agreement, the Company paid $12.5 million at the signing of the contract and $12.5 million in June 2021. The remaining balance of
$375.0 million will be paid if the Company decides to develop the project. Therefore, it is not a present obligation. In June 2022, the Company notified the
Peruvian authorities of the end of the suspension period and the start of the preoperational period that lasts 12 years and it can be extended for three more
years. The start of the preoperational period does not imply a payment obligation. The Company must support an investment of $20 million in the next five
years which includes exploration activities as well as the development of social programs.
In 2021, the Company signed social agreements with the Michiquillay and La Encañada communities. In addition, in October 2021, the Peruvian Ministry
of Energy and Mines approved the semi-detailed environmental impact study for the project. In the last quarter of 2022, the Company informed MINEM
that exploration activities had begun and that it initiated an in-depth assessment of existing mineral resources. In 2023, in accordance with the social
agreements with the Michiquillay and La Encañada communities, the Company has hired unskilled labor and is paying for the use of surface land. The
Company is supporting social programs in both communities. Additionally, the Company continues exploration activities on this project and as of December
31, 2024, had drilled 140,130 meters and obtained 45,762 core samples for chemical analysis. Diamond drilling will continue in 2025 to provide
information to update geological modeling and evaluate mineral resources. Geo-metallurgical, hydrological and hydrogeological studies are currently
underway; geotechnical studies for the project will begin shortly.
Social agreements with the Michiquillay and La Encañada communities represent an opportunity to improve quality of life for their residents through the
Company´s strong social programs, backed by a solid framework for technical work at the project level. The main commitments signed by the Company
regarding the social agreements are related to providing support for agricultural and livestock activities, financial support for local initiatives, and social
programs in favor of education, water management, waste disposal, and healthcare for vulnerable groups.
Corporate Social Responsibility:
The Company has a corporate social responsibility policy to maintain and promote the continuity of its mining operations while obtaining the best results.
The main objective of this policy is to integrate the Company´s operations with local communities in the areas of influence of its operations by creating
permanent positive relationships to develop

Table of Contents
163
optimum social conditions and promote sustainable development in the area. Accordingly, the Company has made the following commitments:
Tacna Region: In connection with the Toquepala concentrator expansion, the Company has committed to fund various social and infrastructure
improvement projects in Toquepala’s neighboring communities. The total amount committed for these purposes is S/445.0 million (approximately $118.0
million as of December 31, 2024). In relation to this commitment, the Company has completed the construction of a school with an investment of S/18.8
million (approximately $5.0 million as of December 31, 2024), and agricultural infrastructure projects and studies with an investment of S/112.0 million
(approximately $29.7 million as of December 31, 2024). Among the most important projects are the construction of the Cularjahuira dam for S/15.6 million
(approximately $4.1 million as of December 31, 2024) and the engineering study for the Callazas dam for S/2.6 million (approximately $0.7 million as of
December 31, 2024). Aditionally, the Company has committed S/60.4 million ($16.0 million as of December 31, 2024) to basic infrastructure projects,
including a drinking water project for S/9.6 million (approximately $2.5 million as of December 31, 2024), which was recently completed.
As the Toquepala expansion project was completed, the Company considers that these commitments constitute present obligations of the Company and
consequently has recorded a liability of $27.8 million in its consolidated financial statements as of December 31, 2024.
In addition, the Company has committed S/102.1 million (approximately $27.1 million as of December 31, 2024) for the construction of a high-achievement
school in the Tacna region under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance
payment of taxes.
Moquegua Region: In the Moquegua region, the Company participates in a “development roundtable” with local municipal authorities and community
representatives to discuss social needs to determine how the Company can contribute to sustainable development in the region. Although the development
roundtable is not currently meeting, during previous sessions it discussed the possibility of creating a Moquegua Region Development Fund, for which the
Company has offered a contribution of S/1,000 million (approximately $265.3 million as of December 31, 2024). While the final funding agreement has yet
to be signed, the Company has already committed to contributing S/251.5 million (approximately $66.7 million as of December 31, 2024) to different
projects, including S/108.4 million (approximately $28.8 million as of December 31, 2024) to fund an educational project for which S/106.7 million
(approximately $28.3 million as of December 31, 2024) has already been invested; this project already has approved resolutions from the provinces of Ilo
and Sánchez Cerro. Additionally, construction of the water treatment plant in Ilo continues, which entails a total investment of S/105.5 million
(approximately $28.0 million as of December 31, 2024). As of December 31, 2024, the project had advanced 51%. On the education front, S/18.2 million
(approximately $4.8 million as of December 31, 2024) has been executed to build three schools in Moquegua, all of which have been completed. Lastly,
S/7.0 million (approximately $1.9 million as of December 31, 2024) has been invested to develop agricultural infrastructure projects and S/12.4 million
(approximately $3.3 million as of December 31, 2024) has been invested to develop sidewalks in Pacocha and other efforts.
In addition, in the last three years, the Company has committed S/228 million (approximately $60.5 million as of December 31, 2024) to build four
infrastructure projects in the Moquegua region, has concluded pre-investment studies for basic sanitation for S/0.3 million (approximately $0.1 million as of
December 31, 2024), and has begun pre-investment studies for a road infrastructure project for S/3.6 million (approximately $1.0 million as of December
31, 2024), all of that under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment
of taxes.
Apurimac Region: The Company has committed S/83.8 million (approximately $22.2 million as of December 31, 2024) to build two educational
infrastructure projects under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment
of taxes.
Arequipa Region: The Company has committed S/109.5 million (approximately $29.0 million as of December 31, 2024) to build two educational
infrastructure projects and S/6.3 million (approximately $1.7 million as of December 31, 2024)

Table of Contents
164
to finance previous studies for infrastructure projects, under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these
amounts as an advance payment of taxes.
Cajamarca Region: The Company has committed S/0.7 million (approximately $0.2 million as of December 31, 2024) to finance the pre-investment studies
of a health project under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of
taxes.
Power purchase agreements:
●
Electroperu S.A.: In June 2014, the Company entered into a power purchase agreement for 120 megawatt (“MW”) with the state power company
Electroperu S.A., under which Electroperu S.A. began supplying energy for the Peruvian operations for twenty years starting on April 17, 2017.
●
Kallpa Generacion S.A. (“Kallpa”): In July 2014, the Company entered into a power purchase agreement for 120MW with Kallpa, an independent
Israeli owned power company, under which Kallpa will supply energy for the Peruvian operations for ten years starting on April 17, 2017 and ending
on April 30, 2027. In May 2016, the Company signed an additional power purchase agreement for a maximum of 80MW with Kallpa, under which
Kallpa began supplying energy for the Peruvian operations related to the Toquepala Expansion and other minor projects starting on May 1, 2017 and
ending on October 31, 2029.
Mexican operations
Power purchase agreements:
●
MGE: In 2012, the Company signed a power purchase agreement with MGE, an indirect subsidiary of Grupo Mexico, to supply power to some of the
Company’s Mexican operations through 2032. For further information, please see Note 18 “Related party transactions”.
●
Eolica el Retiro, S.A.P.I. de C.V.: In 2013, the Company signed a power purchase agreement with Eolica el Retiro, S.A.P.I de C.V. a windfarm energy
producer that is an indirect subsidiary of Grupo Mexico, to supply power to some of the Company’s Mexican operations. For further information,
please see Note 18 “Related party transactions”.
●
Parque Eolico de Fenicias, S. de R.L. de C.V.: On February 20, 2020, the Company signed a power purchase agreement with Parque Eolico de Fenicias,
S. de R.L. de C.V., an indirect subsidiary of Grupo Mexico, to supply 611,400 MWh of power per year to some of the Company´s Mexican operations
for 20 years. In the third quarter of 2024, Parque Eolico de Fenicias began supplying energy to the IMMSA unit. For further information, please see
Note 18 “Related party transactions”.
Corporate operations
Commitment for Capital projects:
As of December 31, 2024, the Company has committed approximately $236.2 million for the development of its capital investment projects.
Tax contingency matters:
Tax contingencies are provided for under ASC 740-10-50-15 Uncertain tax position (see Note 7 “Income taxes”).

Table of Contents
165
NOTE 14—STOCKHOLDERS’ EQUITY
Treasury Stock:
Activity in treasury stock in the years 2024 and 2023 was as follows (in millions):
    
2024
    
2023
Southern Copper common shares
Balance as of January 1,
$
2,766.6
$
2,766.9
Dividends paid in common stock
 
(428.9)
 
—
Used for corporate purposes
 
(0.4)
 
(0.3)
Balance as of December 31, 
 
2,337.3
 
2,766.6
Parent Company (Grupo Mexico) common shares
Balance as of January 1,
 
382.4
 
340.7
Other activity, including dividend, interest and foreign currency transaction effect
 
(19.0)
 
41.7
Balance as of December 31, 
 
363.4
 
382.4
Treasury stock balance as of December 31, 
$
2,700.7
$
3,149.0
Common Stock:
Dividends paid in common stock:
Stock dividend activity in 2024 was as follows:
Total
Effect in
Common stock
Average
Number of
Additional
Effect in
dividend
Market price
Shares Paid
Paid-in capital
Treasury Stock
Date of payment
per share
per share
as Dividends
($ in millions)
($ in millions)
May 23, 2024
 
0.0104
$
115.13  
8,039,992  
$
726.1  
$
199.5
August 26, 2024
 
0.0056
$
106.54  
4,374,118  
357.4  
108.5
November 21, 2024
 
0.0062
$
112.43  
4,869,926  
426.7  
120.9
Total
 
0.0222
 
17,284,036  
$
1,510.2
$
428.9
On December 31, 2024, and on December 31, 2023, 94,185,981 shares and 111,485,617 shares of SCC’s common stock were in Treasury, respectively.
These shares are used for the Director’s stock award plans and are available for general corporate purposes.
SCC share repurchase program:
In 2008, the BOD authorized a $500 million share repurchase program that has since been increased by the BOD and is currently authorized to $3 billion.
Pursuant to this program, the Company has purchased 119.5 million shares of common stock at a cost of $2.9 billion. These shares are available for general
corporate purposes. The Company may purchase additional shares of its common stock from time to time, based on market conditions and other factors.
This repurchase program has no expiration date and may be modified or discontinued at any time.
There has been no activity in the SCC share repurchase program since the third quarter of 2016. The NYSE closing price of SCC common shares as of
December 31, 2024 was $91.13 and the maximum number of shares that the Company could purchase at that price was 0.9 million.
Grupo Mexico’s direct and indirect ownership remains at 88.9% as of December 31, 2024.

Table of Contents
166
Directors’ Stock Award Plan:
The Company established a Director´s Stock Award Plan for certain non-employee directors. Southern Copper has reserved 600,000 shares of common
stock for the plan. Under this plan, participants are entitled to an award of 1,600 shares of common stock upon election to the Board of Directors and are
eligible to receive 1,600 additional shares of common stock per year thereafter. Commencing with the second quarter of 2021, Directors receive quarterly
awards of 400 shares, contingent upon attendance of each quarterly Board meeting. The fair value of the award is measured each year at the date of the
grant. On May 27, 2022, the Company’s stockholders approved a five-year extension of the Plan until January 27, 2028. The award is not subject to vesting
requirements.
For 2024 and 2023, the stock-based compensation expense associated with this plan totaled $0.4 million and $0.3 million, respectively.
The activity of this plan for the years ended December 31, 2024 and 2023 was as follows:
    
2024
    
2023
Total SCC shares reserved for the plan
 
600,000  
600,000
Total shares granted at January 1,
 
(428,800) 
(416,800)
Granted in the period
 
(15,600) 
(12,000)
Total shares granted at December 31, 
 
(444,400) 
(428,800)
Remaining shares reserved
 
155,600  
171,200
Parent Company common shares:
At December 31, 2024 and 2023, there were in treasury 61,972,864 and 67,793,020 of Grupo Mexico’s common shares, respectively.
Employee Stock Purchase Plan:
2015 Plan: In January 2015, the Company offered to eligible employees a new stock purchase plan through a trust that acquires series B shares of Grupo
Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The purchase price was established at 38.44
Mexican pesos (approximately $2.63) for the initial subscription, which expires in January 2023. Every two years employees will be able to acquire title to
50% of the shares paid in the previous two years. The employees will pay for shares purchased through monthly payroll deductions over the eight-year
period of the plan. At the end of the eight-year period, the Company will grant the participant a bonus of 1 share for every 10 shares purchased by the
employee. Any future subscription will be at the average market price at the date of acquisition or the grant date.
If Grupo Mexico pays dividends on shares during the eight-year period, the participants will be entitled to receive the dividend in cash for all shares that
have been fully purchased and paid as of the date that the dividend is paid. If the participant has only partially paid for shares, the entitled dividends will be
used to reduce the remaining liability owed for purchased shares.
In the case of voluntary or involuntary resignation/termination of the employee, the Company will pay to the employee the fair market sales price at the date
of resignation of the fully paid shares, net of costs and taxes. When the fair market sales value of the shares is higher than the purchase price, the Company
will apply a deduction over the amount to be paid to the employee based on a decreasing schedule specified in the plan.
In case of retirement or death of the employee, the Company will render the buyer or his legal beneficiary, the fair market sales value as of the date of
retirement or death of the shares effectively paid, net of costs and taxes.

Table of Contents
167
The stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022 and the unrecognized compensation expense under this plan
were as follows (in millions):
    
2024
    
2023
 
2022
Stock based compensation expense
$
—
$
0.2
$
0.6
Unrecognized compensation expense
$
—
$
—
$
0.2
The plan ended in January 2023.
The following table presents the stock award activity of this plan for the years ended December 31, 2024 and 2023:
    
    
Unit Weighted Average
Shares
Grant Date Fair Value
Outstanding shares at January 1, 2024
 
44,839
$
2.63
Granted
 
—
 
—
Exercised
 
(44,839)
$
2.63
Forfeited
 
—
 
—
Outstanding shares at December 31, 2024
 
—
$
—
Outstanding shares at January 1, 2023
 
845,895
$
2.63
Granted
 
—
 
—
Exercised
 
(801,056)
$
2.63
Forfeited
 
—
 
—
Outstanding shares at December 31, 2023
 
44,839
$
2.63
2018 Plan: In November 2018, the Company offered to eligible employees a new stock purchase plan (the "New Employee Stock Purchase Plan") through a
trust that acquires series B shares of Grupo Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The
purchase price was established at 37.89 Mexican pesos (approximately $1.86) for the initial subscription, which expires in October 2026. Every two years
employees will be able to acquire title to 50% of the shares paid in the previous two years. The employees will pay for shares purchased through monthly
payroll deductions over the eight-year period of the plan. At the end of the eight-year period, the Company will grant the participant a bonus of 1 share for
every 10 shares purchased by the employee. Any future subscription will be at the average market price at the date of acquisition or the grant date.
If Grupo Mexico pays dividends on shares during the eight-year period, the participants will be entitled to receive the dividend in cash for all shares that
have been fully purchased and paid as of the date that the dividend is paid. If the participant has only partially paid for shares, the entitled dividends will be
used to reduce the remaining liability owed for purchased shares.
In the case of voluntary or involuntary resignation/termination of the employee, the Company will pay to the employee the fair market sales price at the date
of resignation of the fully paid shares, net of costs and taxes. When the fair market sales value of the shares is higher than the purchase price, the Company
will apply a deduction over the amount to be paid to the employee based on a decreasing schedule specified in the plan.
In case of retirement or death of the employee, the Company will render the buyer or his legal beneficiary, the fair market sales value as of the date of
retirement or death of the shares effectively paid, net of costs and taxes.
The stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022 and the unrecognized compensation expense under this plan
were as follows (in millions):
    
2024
2023
2022
Stock based compensation expense
$
0.7  $
0.7  $
0.7
Unrecognized compensation expense
$
1.0  $
1.7  $
2.4

Table of Contents
168
The following table presents the stock award activity of this plan for the years ended December 31, 2024 and 2023:
Unit Weighted Average
    
Shares
    Grant Date Fair Value
Outstanding shares at January 1, 2024
 
1,962,936 $
1.86
Granted
 
—
—
Exercised
 
(61,847)$
1.86
Forfeited
 
—  
—
Outstanding shares at December 31, 2024
 
1,901,089 $
1.86
Outstanding shares at January 1, 2023
2,754,506 $
1.86
Granted
—
—
Exercised
(791,570)$
1.86
Forfeited
—  
—
Outstanding shares at December 31, 2023
 
1,962,936 $
1.86
Executive Stock Purchase Plan:
Grupo Mexico also offers a stock purchase plan for certain members of its executive management and the executive management of its subsidiaries and
certain affiliated companies. Under this plan, participants will receive incentive cash bonuses which are used to purchase shares of Grupo Mexico which are
deposited in a trust.
Non-controlling interest:
For all the years presented, in the consolidated statement of earnings the income attributable to non-controlling interest is based on the earnings of the
Company's Peruvian Branch.
The non-controlling interest of the Company’s Peruvian Branch is for investment shares. These shares were generated by legislation in place in Peru from
the 1970s through 1991; such legislation provided for the participation of mining workers in the profits of the enterprises for which they worked. This
participation was divided between equity and cash. The investment shares included in the non-controlling interest on the consolidated balance sheets reflect
outstanding equity distributions made to the Peruvian Branch’s employees.
In prior years, the Company acquired some Peruvian investment shares in exchange for newly issued common shares of the Company and through
purchases at market value. These acquisitions were accounted for as purchases of non-controlling interests. The excess paid over the carrying value was
assigned to intangible assets and is being amortized based on production. As a result of these acquisitions, the remaining investment shareholders hold a
0.71% interest in the Peruvian Branch and are entitled to a pro rata participation in the cash distributions made by the Peruvian Branch. The shares are
recorded as a non-controlling interest in the Company's financial statements.

Table of Contents
169
NOTE 15 – DERIVATIVE INSTRUMENTS:
From time to time, the Company uses derivative instruments to manage its cash flows exposure to changes in commodity prices. The Company does not
enter into derivative contracts unless it anticipates that the possibility exists that future activity will expose the Company’s future cash flows to deterioration.
Derivative contracts for commodities are entered into to manage the price risk associated with forecasted purchases of the commodities that the Company
uses in its manufacturing process.
Cash Flow Hedges of Natural Gas
In the third quarter of 2021, the Company acquired two derivative instruments that became effective in November 2021 and expired in March 2022. The
Company’s objective in using natural gas derivatives was to protect the stability of natural gas costs and manage exposure to natural gas price increases. The
Company assessed these derivative instruments as Cash Flow Hedges. As such, the effective portions of said hedges were recorded as earnings in the same
period or periods in which the hedged transaction affected earnings. The Company did not identify any ineffective portions of these derivatives. As of
December 31, 2024, the Company held no derivative instruments.
NOTE 16—FAIR VALUE MEASUREMENT:
Subtopic 820-10 of ASC “Fair value measurement and disclosures -Overall” establishes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities
(Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under Subtopic
820-10 are described below:
Level 1 -Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 -Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs. (i.e., quoted prices for similar assets or liabilities).
Level 3 -Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little
or no market activity).
The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable (other than accounts receivable associated
with provisionally priced sales) and accounts payable approximate fair value due to their short maturities. Consequently, such financial instruments are not
included in the following table that provides information about the carrying amounts and estimated fair values of other financial instruments that are not
measured at fair value in the consolidated balance sheet as of December 31, 2024 and December 31, 2023 (in millions):
At December 31, 2024
At December 31, 2023
    
Carrying Value
    
Fair Value
    
Carrying Value
    
Fair Value
Liabilities:
Current portion of long-term debt level 1
$
499.8
$
498.4
$
—
$
—
Long-term debt level 1
$
5,707.3
$
5,653.6
$
6,203.4
$
6,431.9
Long-term debt level 2
51.2
53.1
51.2
54.0
Total long-term debt
$
5,758.5
$
5,706.7
$
6,254.6
$
6,485.9
Long-term debt is carried at amortized cost and its estimated fair value is based on quoted market prices classified as Level 1 in the fair value hierarchy
except for the case of the Yankee bonds, which qualify as Level 2 in the fair value hierarchy as they are based on quoted priced in market that are not active.

Table of Contents
170
Fair values of assets and liabilities measured at fair value on a recurring basis were calculated as of December 31, 2024 and 2023, as follows (in millions):
Fair Value at Measurement Date Using:
    
    
    
Significant
    
Fair Value
Quoted prices in
other
Significant
as of
active markets for
observable
unobservable
December 31, 
identical assets
inputs
inputs
Description
2024
(Level 1)
(Level 2)
(Level 3)
Assets:
Short term investment:
—Trading securities
$
245.2
$
245.2
$
—
$
—
—Available-for-sale debt securities:
Asset backed securities
 
—
—
—
—
Mortgage backed securities
 
0.1
—
0.1
—
Accounts receivable:
—Embedded derivatives—Not classified as hedges:
Provisionally priced sales:
Copper
 
589.5
 
589.5
—
—
Molybdenum
 
274.5
 
274.5
 
—
—
Total
$
1,109.3
$
1,109.2
$
0.1
$
—
Fair Value at Measurement Date Using:
    
    
    
Significant
    
Fair Value
Quoted prices in
other
Significant
as of
active markets for
observable
unobservable
December 31, 
identical assets
inputs
inputs
Description
2023
(Level 1)
(Level 2)
(Level 3)
Assets:
Short term investment:
—Trading securities
$
599.1
$
599.1
$
—
$
—
—Available-for-sale debt securities:
Asset backed securities
 
0.1
—
0.1
—
Mortgage backed securities
 
0.1
—
0.1
—
Accounts receivable:
—Embedded derivatives-Not classified as hedges:
Provisionally priced sales:
Copper
 
657.5
 
657.5
—
—
Molybdenum
 
264.9
 
264.9
 
—
—
Total
$
1,521.7
$
1,521.5
$
0.2
$
—
The Company’s short-term trading securities investments are classified as Level 1 because they are valued using quoted prices of the same securities as they
consist of bonds issued by public companies and publicly traded. The Company’s short-term available-for-sale investments are classified as Level 2 because
they are valued using quoted prices for similar investments.
The Company’s accounts receivables associated with provisionally priced copper sales are valued using quoted market prices based on the forward price on
the LME or on the COMEX. Such value is classified within Level 1 of the fair value hierarchy. Molybdenum prices are established by reference to the
publication Platt’s Metals Week and are considered Level 1 in the fair value hierarchy.
In addition, in the third quarter of 2021, the Company acquired two derivative instruments to protect natural gas costs from estimated price increases in the
winter season. These derivative instruments covered the period from November 2021 through March 2022. For further information please refer to Note 15
“Derivative instruments.”

Table of Contents
171
NOTE 17—CONCENTRATION OF RISK:
The Company operates five open-pit copper mines, three underground poly-metallic mines, two smelters and nine refineries in Peru and Mexico and
substantially all of its assets are located in these countries. No assurances can be made that any operations and assets of the Company that are subject to the
jurisdiction of the governments of Peru and Mexico will not be adversely affected by future actions of such governments. Much of the Company’s products
are exported from Peru and Mexico to customers principally in the United States, Europe, Asia and South America.
Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents, short-term
investments and trade accounts receivable. The Company invests or maintains available cash with various banks, principally in the United States, Canada,
Mexico, Europe and Peru, or in commercial papers of highly-rated companies. As part of its cash management process, the Company regularly monitors the
relative credit standing of these institutions. At December 31, 2024, SCC had invested its cash and cash equivalents and short-term investments as follows:
$ in
% of total
% in one institution
 
Country
    
million
    
cash (1)
    
of country     
of total cash
 
United States
$
2,494.4  
71.2 %  
15.0 %  
10.7 %
Canada
373.1
10.6 %  
100.0 %  
10.6 %  
Switzerland
353.0
10.1 %  
100.0 %  
10.1 %
Peru
 
20.5  
0.6 %  
46.8 %  
0.3 %
Mexico
 
262.4  
7.5 %  
61.1 %  
4.6 %
Total cash and short-term investment
$
3,503.4  
100.0 %  
(1) 98.1% of the Company’s cash is in U.S. dollars.
During the normal course of business, the Company provides credit to its customers. Although the receivables resulting from these transactions are not
collateralized, the Company has not experienced significant problems with the collection of receivables.
The Company’s largest customers as percentage of accounts receivable and total sales were as follows:
    
2024
    
2023
    
2022
 
Accounts receivable trade as of December 31, 
Five largest customers
 
33.4 %  
32.6 %  
34.2 %
Largest customer
 
12.1 %  
9.7 %  
10.4 %
Total sales in year
Five largest customers
 
23.5 %  
24.7 %  
25.7 %
Largest customer
 
7.9 %  
7.7 %  
6.8 %
NOTE 18—RELATED PARTY TRANSACTIONS:
The Company has entered into certain transactions in the ordinary course of business with parties that are controlling shareholders or their affiliates. These
transactions include the lease of office space, air and railroad transportation, construction services, energy supply, and other products and services related to
mining and refining. The Company lends and borrows funds among affiliates for acquisitions and other corporate purposes. These financial transactions
bear interest and are subject to review and approval by senior management, as are all related party transactions. Article Nine of the Amended and Restated
Certificate of Incorporation of the Company prohibits the Company from engaging in a Material Affiliate Transaction that was not the subject of prior
review by a committee of the Board of Directors with at least three members, each of whom is independent, and defines a Material Affiliate Transaction as a
transaction or series of related transactions between Grupo Mexico or one of its affiliates (other than the Company or its subsidiaries), on the one hand, and
the Company or one of its subsidiaries, on the other hand, that involves consideration of more than $10.0 million in the aggregate. It is the Company’s
policy that (i) a Material Affiliate Transaction not be entered into or

Table of Contents
172
continued without the review and approval by the Audit Committee or its subcommittee of related party transactions comprised of independent directors,(ii)
any potential related party transaction process with aggregate consideration between $8.0 million and $10.0 million be authorized by the General Counsel
and Chief Financial Officer of the Company and (iii) all related party transactions, including any Material Affiliate Transaction, be reported to the Audit
Committee of the Board of Directors or to its subcommittee of related party transactions.
Receivable and payable balances with related parties are shown below (in millions):
At December 31, 
2024
    
2023
Related parties receivable current:
Grupo Mexico and affiliates:
Asarco LLC
$
7.1
$
9.4
AMMINCO Apoyo Administrativo, S.A. de C.V. (“AMMINCO”)
(*)
(*)
Ferrocarril Mexicano, S.A. de C.V.
 
(*)
 
(*)
Mexico Generadora de Energia S. de R.L. ("MGE")
5.4
17.1
Mexico Compania Constructora S.A de C.V.
(*)
(*)
Related to the controlling group:
Empresarios Industriales de Mexico, S.A. de C.V.
0.9
0.6
Mexico Transportes Aereos, S.A. de C.V. ("Mextransport")
—
0.1
Operadora de Cinemas S.A. de C.V.
0.1
0.1
$
13.5
$
27.3
Related parties payable:
Grupo Mexico and affiliates:
AMMINCO
$
6.0
$
5.0
Asarco LLC
6.0
13.8
Eolica El Retiro, S.A.P.I. de C.V.
 
0.4
 
0.2
Ferrocarril Mexicano S.A. de C.V.
 
2.9
 
7.9
Grupo Mexico Servicios
4.3
2.7
MGE
15.9
50.3
Mexico Compania Constructora S.A de C.V.
8.0
9.5
Parque Eolico de Fenicias, S. de R.L. de C.V.
2.6
—
Grupo Mexico Servicios de Ingenieria, S.A. de C.V.
2.1
3.5
Related to the controlling group:
Boutique Bowling de Mexico S.A. de C.V.
 
0.5
 
0.3
Mexico Transportes Aereos S.A. de C.V. (“Mextransport”)
 
0.1
 
0.3
Operadora de Cinemas S.A. de C.V.
0.4
0.1
$
49.2
$
93.6
(*)   Less than $0.1 million.

Table of Contents
173
Purchase and sale activity:
Grupo Mexico and affiliates:
The following table summarizes the purchase and sale activities with Grupo Mexico and its affiliates in 2024, 2023 and 2022 (in millions):
    
2024
    
2023
    
2022
Purchase activity
Asarco LLC
$
4.7
$
30.4
$
66.3
AMMINCO
10.0
10.0
10.0
Controladora de Infraestructura Energetica S.A. de C.V
—
—
0.8
Eolica El Retiro, S.A.P.I. de C.V.
 
4.9
 
2.3
 
3.0
Ferrocarril Mexicano, S.A. de C.V.
 
48.4
 
53.0
 
42.9
Grupo Mexico Servicios
20.1
20.1
20.1
MGE
 
172.6
 
224.6
 
331.0
Mexico Compania Constructora S.A de C.V.
75.3
59.8
43.8
Parque Eolico de Fenicias, S. de R.L. de C.V.
12.4
—
—
Grupo Mexico Servicios de Ingenieria, S.A. de C.V.
18.8
18.0
16.7
Total purchases
$
367.2
$
418.2
$
534.6
Sales activity
Asarco LLC
$
38.0
$
39.6
$
48.0
AMMINCO
0.1
(*)
(*)
Ferrocarril Mexicano, S.A. de C.V.
 
(*)
 
—
 
—
MGE
35.8
66.3
165.0
Total sales
$
73.9
$
105.9
$
213.0
    (*)   Less than $0.1 million
Grupo Mexico, the parent and the majority indirect stockholder of the Company, and its affiliates provide various services to the Company. These services
are primarily related to accounting, legal, tax, financial, treasury, human resources, price risk assessment and hedging, purchasing, procurement and
logistics, sales and administrative and other support services. The Company pays AMMINCO and Grupo Mexico Servicios, both subsidiaries of Grupo
Mexico, for these services and expects to continue requiring these services in the future.
In 2024, 2023 and 2022, the Company donated $2.6 million, $4.3 million and $3.5 million, respectively, to Fundacion Grupo Mexico, A.C., an organization
dedicated to promote the social and economic development of the communities close to the Company’s Mexican operations.
The Company’s Mexican operations paid fees for freight services provided by Ferrocarril Mexicano, S.A de C.V., which is a subsidiary of Grupo Mexico.
Additionally, in 2022, the Company´s Mexican operations paid fees for specialized technical and environmental services to obtain the energy license for El
Arco project provided by Controladora de Infraestructura Energetica S.A. de C.V., a subsidiary of Infraestructura y Transportes Mexico S.A. de C.V., which
is a subsidiary of Grupo Mexico.
In addition, the Company´s Peruvian and Mexican operations paid fees for engineering services provided by Grupo Mexico Servicios de Ingenieria, S.A. de
C.V., and the Company’s Mexican operations paid fees for construction services provided by Mexico Compania Constructora S.A. de C.V. Both companies
are subsidiaries of Mexico Proyectos y Desarrollos, S.A. de C.V., which is a subsidiary of Grupo Mexico.
The Company’s Mexican operations purchased copper concentrates, starter sheets, cathodes, bars and a fixed asset from Asarco LLC and also paid fees for
tolling services. Additionally, the Company´s Mexican operations purchased power from MGE. Both companies are subsidiaries of Grupo Mexico.

Table of Contents
174
In 2012, the Company signed a power purchase agreement with MGE, whereby MGE will supply some of the Company’s Mexican operations with power
through 2032. MGE has two natural gas-fired combined cycle power generating units, with a net total capacity of 516.2 megawatts and has been supplying
power to the Company since December 2013. In 2024, MGE supplied 20.2% of its power output to third-party energy users; compared to 7.6% in 2023.
In 2014, Mexico Generadora de Energia Eolica, S. de R.L. de C.V, an indirect subsidiary of Grupo Mexico, located in Oaxaca, Mexico, acquired Eolica el
Retiro, a windfarm with 37 wind turbines. This company started operations in January 2014 and began to sell power to Industrial Minera Mexico, S.A. de
C.V. and subsidiaries (IMMSA) and other subsidiaries of Grupo Mexico in the third quarter of 2014. In 2024, Eolica el Retiro is supplied approximately
25.5% of its power output to IMMSA and Mexcobre; compared to 12% in 2023.
In 2020, the Company signed a power purchase agreement with Parque Eolico de Fenicias, S. de R.L. de C.V. (“Parque Eolico de Fenicias”), an indirect
subsidiary of Grupo Mexico, located in Nuevo Leon, Mexico. This contract commits to supply 611,400 MWh of power per year to some of the Company´s
Mexican operations for 20 years. This agreement started in the third quarter of 2024. In 2024, Parque Eolico de Fenicias supplied approximately 58.6% of
its power output to IMMSA.
The Company sold copper starter sheets, sulfuric acid and lime to Asarco LLC. The Company´s Mexican operations received fees for transportation and
administrative services that were provided to Asarco and also received fees for natural gas and services provided to MGE, a subsidiary of Grupo Mexico. In
addition, the Company´s Mexican operations received fees for rental services provided to AMMINCO.
Companies with relationships with the controlling group:
The following table summarizes the purchase and sales activities with other Larrea family companies in 2024, 2023 and 2022 (in millions):
    
2024
    
2023
    
2022
Purchase activity
Boutique Bowling de Mexico S.A. de C.V.
$
0.6
$
0.7
$
0.4
Mextransport
2.5
2.8
2.1
Operadora de Cinemas S.A. de C.V.
0.3
0.4
0.2
Total purchases
$
3.4
$
3.9
$
2.7
Sales activity
Boutique Bowling de Mexico S.A. de C.V.
$
0.1
$
0.1
$
0.1
Empresarios Industriales de Mexico, S.A. de C.V.
0.4
0.5
—
Mextransport
2.3
2.3
1.9
Operadora de Cinemas S.A. de C.V.
0.1
0.1
0.1
Total sales
$
2.9
$
3.0
$
2.1
The Larrea family controls a majority of the capital stock of Grupo Mexico, and has extensive interests in other businesses, including transportation, real
estate and entertainment. The Company engages in certain transactions in the ordinary course of business with other entities controlled by the Larrea family
relating to the lease of office space, air transportation and entertainment.
The Company’s Mexican operations paid fees for entertainment services provided by Boutique Bowling de Mexico, S.A de C.V. and Operadora de
Cinemas, S.A. de C.V. Both companies are controlled by the Larrea family. Mextransport provides aviation services to the Company’s Mexican operations.
This is a company controlled by the Larrea family.
In addition, the Company received fees for building rental and maintenance services provided to Boutique Bowling de Mexico, S.A de C.V. and Operadora
de Cinemas, S.A. de C.V. The Company´s Mexican operations received fees from Mextransport for reimbursement of maintenance expenses for rental
services and also received fees from Empresarios Industriales de Mexico S.A. de C.V. for security services.

Table of Contents
175
Equity Investment in Affiliate: The Company has a 44.2% participation in Compañia Minera Coimolache S.A. (“Coimolache”), which it accounts for on
the equity method. Coimolache owns Tantahuatay, a gold mine located in northern Peru.
In addition, the Company has a 30.0% participation in Apu Coropuna S.R.L. (“Apu Coropuna”), which it accounts for
on the equity method. Apu Coropuna is a company, which undertakes exploration activities in the Pucay prospect, located in Arequipa, Peru.
It is anticipated that in the future the Company will enter into similar transactions with these same parties.
NOTE 19—SEGMENT AND RELATED INFORMATION:
Company management views Southern Copper as having three reportable segments and manages it on the basis of these segments. The reportable segments
identified by the Company are: the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment
identified as the IMMSA unit.
The three reportable segments identified are groups of mines, each of which constitute an operating segment, with similar economic characteristics, type of
products, processes and support facilities, similar regulatory environments, similar employee bargaining contracts and similar currency risks. In addition,
each mine within the individual group earns revenues from similar type of customers for their products and services and each group incurs expenses
independently, including commercial transactions between groups.
Intersegment sales are based on arm’s length prices at the time of sale. These may not be reflective of actual prices realized by the Company due to various
factors, including additional processing, timing of sales to outside customers and transportation cost. Added to the segment data is information regarding the
Company’s sales. The segments identified by the Company are:
1.
Peruvian operations, which include the Toquepala and Cuajone mine complexes and the smelting and refining plants, including a precious metals plant,
industrial railroad and port facilities that service both mines. The Peruvian operations produce copper, with production of by-products of molybdenum,
silver and other material.
2.
Mexican open-pit operations, which include La Caridad-Pilares and Buenavista mine complexes and the smelting and refining plants, including a
precious metals plant and a copper rod plant and support facilities that service both mines. The Mexican open-pit operations produce copper and zinc,
with production of by-products of molybdenum, silver and other material.
3.
Mexican underground mining operations, which include five underground mines that produce zinc, copper, silver and gold, and a zinc refinery. This
group is identified as the IMMSA unit.
The Peruvian operations include two open-pit copper mines whose mineral output is transported by rail to Ilo, Peru where it is processed at the Company’s
Ilo smelter and refinery, without distinguishing between the products of the two mines. The resulting product, anodes and refined copper, are then shipped to
customers throughout the world. These shipments are recorded as revenue of the Company’s Peruvian mines.
The Mexican open-pit segment includes two copper mines whose mineral output is processed in the same smelter and refinery without distinguishing
between the products of the two mines. The resultant product, anodes and refined copper, are then shipped to customers throughout the world. These
shipments are recorded as revenues of the Company’s Mexican open-pit mines.
The Company has determined that it is necessary to classify the Peruvian operations as an operating segment that is separate from the Mexican open-pit
operations due to the very distinct regulatory and political environments in which they operate. The Company’s Chief Operating Decision Maker
(“CODM”) is the Chief Executive Officer. The Chief Executive Officer of the Company presides over the executive committee that also includes the Chief
Financial Officer,

Table of Contents
176
the Directors of each operating unit, and the heads of the supply chain, commercial, human resources, and investment projects departments. The CODM of
the Company must consider the operations in each country separately when analyzing results of the Company and making key decisions. The open-pit
mines in Peru must comply with stricter environmental rules and must deal with a political climate that has a very distinct vision of the mining industry than
that seen in Mexico. In addition, the collective bargaining agreement contracts are negotiated differently in each of the countries. These key differences
result in the Company taking varying decisions with regard to open-pit operations in the two countries.
The IMMSA segment includes five mines whose minerals are processed in the same refinery. Sales of product from this segment are recorded as revenues
of the Company’s IMMSA unit. While the Mexican underground mines are subject to a regulatory environment that is very similar to that applicable to
Mexican open-pit mines, the nature of the products and processes of the two Mexican operations vary considerably. These differences cause the Company’s
CODM to take a very different approach when analyzing results and making decisions regarding the two Mexican operations.
Financial information is regularly prepared for each of the three segments and the results of the Company’s operations are regularly reported to the CODM
on the segment basis. The CODM of the Company focuses on operating income and on total assets as measures of performance to evaluate different
segments and to make decisions to allocate resources to the reported segments. These are common measures in the mining industry. The significant expense
categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included in the
amounts shown.
Annually, the CODM of the Company reviews the operating results and submits the budgets for sales, costs, operating expenses, capital expenditures and
production for each segment to the Board of Directors for approval. The CODM of the Company evaluates the performance of each of the segments on a
regular basis by assessing the budget-to-actual and actual to prior period variances in production, net sales and operating income. Additionally, the CODM
of the Company reviews on a regular basis the execution of forecasted capital expenditures and the evolution of total asset amounts in each segment to make
decisions about operating and capital resource allocation for each segment.
Financial information relating to Company’s segments is as follows:
Year Ended December 31, 2024
(in millions)
    
    
Mexican
    
    
Corporate, other
    
Mexican
IMMSA 
Peruvian 
Segment
and
Open-pit
Unit
Operations
Total
eliminations
Consolidated
Net sales to external customers
$
6,305.1
$
523.6
$
4,604.6
$
11,433.4
$
—
$
11,433.4
Intersegment sales
 
11.9
180.5
 
—
 
192.4
 
(192.4)
 
(0.0)
Cost of sales (exclusive of depreciation, amortization
and depletion)
 
2,447.5
 
479.1
 
2,111.4
 
5,038.0
 
(196.5)
 
4,841.4
Selling, general and administrative
 
70.9
 
12.4
 
38.1
 
121.4
 
9.1
 
130.5
Depreciation, amortization and depletion
 
405.8
 
72.9
 
329.5
 
808.2
 
37.7
 
845.9
Exploration
 
8.7
 
10.5
 
33.2
 
52.4
 
8.5
 
60.9
Operating income
$
3,384.1
$
129.2
$
2,092.5
$
5,605.8
$
(51.1)
5,554.7
Less:
Interest, net
 
(202.7)
Other income (expense)
 
5.5
Income before income taxes
$
5,357.4
Capital investment
$
621.9
$
122.6
$
271.2
$
1,015.8
$
11.5
$
1,027.3
Property and mine development, net
$
4,735.4
$
801.0
$
3,759.7
$
9,296.1
$
587.2
$
9,883.3
Total assets
$
8,605.1
$
1,204.5
$
5,278.3
$
15,087.9
$
3,625.6
$
18,713.5

Table of Contents
177
Year Ended December 31, 2023
(in millions)
    
    
Mexican
    
    
Corporate, other
    
Mexican
IMMSA 
Peruvian 
Segment
and
Open-pit
Unit
Operations
Total
eliminations
Consolidated
Net sales to external customers
$
5,562.3
$
479.2
$
3,854.3
$
9,895.8
$
—
$
9,895.8
Intersegment sales
 
—
151.6
 
—
 
151.6
 
(151.6)
 
—
Cost of sales (exclusive of depreciation, amortization
and depletion)
 
2,325.1
 
545.6
 
1,974.7
 
4,845.4
 
(157.7)
 
4,687.7
Selling, general and administrative
 
70.1
 
10.4
 
38.4
 
118.9
 
8.3
 
127.2
Depreciation, amortization and depletion
 
386.1
 
70.4
 
338.7
 
795.2
 
38.4
 
833.6
Exploration
 
6.2
 
8.6
 
29.1
 
43.9
 
11.1
 
55.0
Operating income
$
2,774.8
$
(4.2)
$
1,473.4
$
4,244.0
$
(51.7)
4,192.3
Less:
Interest, net
 
(240.1)
Other income (expense)
 
3.6
Income before income taxes
$
3,955.8
Capital investment
$
521.8
$
147.7
$
322.7
$
992.2
$
16.4
$
1,008.6
Property and mine development, net
$
4,590.1
$
751.0
$
3,624.2
$
8,965.3
$
817.6
$
9,782.9
Total assets
$
8,695.6
$
1,166.1
$
4,635.5
$
14,497.2
$
2,228.1
$
16,725.3
Year Ended December 31, 2022
(in millions)
    
    
Mexican
    
    
Corporate, other
    
Mexican
IMMSA 
Peruvian 
Segment
and
Open-pit
Unit
Operations
Total
eliminations
Consolidated
Net sales to external customers
$
5,610.9
$
528.5
$
3,908.5
$
10,047.9
$
—
$
10,047.9
Intersegment sales
161.7
138.0
 
—
 
299.7
 
(299.7)
 
—
Cost of sales (exclusive of depreciation, amortization
and depletion)
 
2,371.9
 
532.8
 
2,061.3
 
4,966.0
 
(316.9)
 
4,649.1
Selling, general and administrative
 
65.9
 
10.2
 
39.2
 
115.3
 
9.7
 
125.0
Depreciation, amortization and depletion
 
377.0
 
57.6
 
321.7
 
756.3
 
40.0
 
796.3
Exploration
3.1
 
5.4
 
18.5
 
27.0
 
14.7
 
41.7
Operating income
$
2,954.7
$
60.6
$
1,467.8
$
4,483.1
$
(47.3)
4,435.8
Less:
Interest, net
 
(305.1)
Other income (expense)
 
117.1
Income before income taxes
$
4,247.8
Capital investment
$
422.7
$
161.8
$
355.0
$
939.5
$
9.0
$
948.5
Property and mine development, net
$
4,512.6
$
678.5
$
3,659.3
$
8,850.4
$
746.2
$
9,596.6
Total assets
$
8,835.9
$
1,100.7
$
4,870.8
$
14,807.4
$
2,470.0
$
17,277.4

Table of Contents
178
The following table presents information regarding the opening and closing balances of receivables by reporting segment of the Company for the two years
ended December 31, 2024 (in millions):
Mexican
    
Mexican
    
IMMSA
    
Peruvian
    
Segment
Corporate &
    
Open-Pit
Unit
Operations
Total
Elimination
Consolidated
As of December 31, 2024:
 
   
   
   
  
   
  
Trade receivables
$
623.0
$
59.7
$
506.9
$
1,189.6
$
—
$
1,189.6
Related parties, current
 
39.7
 
25.1
 
1.3
 
66.2
 
(52.7)
 
13.5
As of December 31, 2023:
 
  
 
  
 
  
 
  
 
  
 
  
Trade receivables
$
556.3
$
49.1
$
535.7
$
1,141.1
$
—
$
1,141.1
Related parties, current
25.7
 
0.9
 
0.8
 
27.4
 
(0.1)
27.3
SALES VALUE PER SEGMENT:
The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three years ended
December 31, 2024 (in millions):
Year Ended December 31, 2024
    
Mexican
Mexican
    
IMMSA 
    
Peruvian
Segment
    
Corporate, Other &
    
Total
(in millions)
Open-pit
Unit
Operations
Total
Eliminations
Consolidated
Copper
$
4,981.1
$
127.7
$
3,726.2
$
8,835.1
$
(81.4)
$
8,753.7
Molybdenum
 
674.5
 
—
 
571.9
 
1,246.4
 
—
 
1,246.4
Zinc
 
137.3
 
306.2
 
—
 
443.6
 
(8.7)
 
434.9
Silver
 
342.6
 
191.2
 
151.1
 
684.9
 
(96.9)
 
588.0
Other
 
181.5
 
78.9
 
155.4
 
415.8
 
(5.4)
 
410.4
Total
$
6,317.0
$
704.1
$
4,604.6
$
11,625.8
$
(192.4)
$
11,433.4
Year Ended December 31, 2023
    
Mexican
Mexican
    
IMMSA 
    
Peruvian
Segment
    
Corporate, Other &
    
Total
(in millions)
Open-pit
Unit
Operations
Total
Eliminations
Consolidated
Copper
$
4,442.2
$
89.1
$
3,129.1
$
7,660.4
$
(69.3)
$
7,591.1
Molybdenum
 
689.4
 
—
 
440.3
 
1,129.7
 
—
 
1,129.7
Zinc
 
—
 
300.9
 
—
 
300.9
 
0.5
 
301.4
Silver
 
233.7
 
158.3
 
100.2
 
492.2
 
(74.6)
 
417.6
Other
 
197.0
 
82.5
 
184.7
 
464.2
 
(8.2)
 
456.0
Total
$
5,562.3
$
630.8
$
3,854.3
$
10,047.4
$
(151.6)
$
9,895.8
Year Ended December 31, 2022
    
Mexican
Mexican
    
IMMSA 
    
Peruvian
Segment
    
Corporate, Other &
    
Total
(in millions)
Open-pit
Unit
Operations
Total
Eliminations
Consolidated
Copper
$
4,579.2
$
83.6
$
3,096.0
$
7,758.8
$
(220.0)
$
7,538.8
Molybdenum
 
705.3
 
—
 
487.4
 
1,192.7
 
—
 
1,192.7
Zinc
 
—
 
373.8
 
—
 
373.8
 
0.4
 
374.2
Silver
 
241.9
 
133.8
 
95.3
 
471.0
 
(68.4)
 
402.6
Other
 
246.3
 
75.3
 
229.8
 
551.4
 
(11.7)
 
539.7
Total
$
5,772.6
$
666.5
$
3,908.5
$
10,347.6
$
(299.7)
$
10,047.9

Table of Contents
179
NET SALES AND GEOGRAPHICAL INFORMATION:
The geographic breakdown of the Company’s sales for the three years ended December 31, 2024, is attributed to countries based on location of customer,
and is summarized as follows (in millions):
Year Ended December 31, 2024
Mexican 
Mexican 
IMMSA
Peruvian 
Segment
Corporate & 
    
Open-Pit
    
Unit
    
Operations
Total
    
Elimination
    
Consolidated
The Americas:
Mexico
$
2,481.5
$
503.0
$
33.9
$
3,018.4
$
(163.5)
$
2,854.9
United States
 
1,129.9
 
2.4
 
339.1
 
1,471.4
 
—
 
1,471.4
Peru
 
—
 
28.6
 
661.6
 
690.2
 
(28.9)
 
661.4
Brazil
 
—
 
39.4
 
474.1
 
513.5
 
—
 
513.5
Chile
 
—
 
—
 
452.3
 
452.3
 
—
 
452.3
Other American countries
 
43.1
 
—
 
27.1
 
70.2
 
—
 
70.2
Europe:
 
 
 
 
 
 
Switzerland
 
735.2
 
92.5
 
613.0
 
1,440.7
 
—
 
1,440.7
Italy
 
—
 
24.9
 
344.2
 
369.0
 
—
 
369.0
Spain
 
461.0
 
—
 
88.1
 
549.1
 
—
 
549.1
Other European countries
 
163.9
 
10.4
 
552.0
 
726.3
 
—
 
726.3
Asia:
 
 
 
 
 
 
China
921.8
3.5
257.8
1,183.1
—
1,183.1
Singapore
 
104.4
 
(0.6)
 
151.9
 
255.7
 
—
 
255.7
Japan
 
185.1
 
—
 
541.1
 
726.2
 
—
 
726.2
Other Asian countries
 
91.1
 
—
 
68.6
 
159.7
 
—
 
159.7
Total
$
6,317.0
$
704.1
$
4,604.6
$
11,625.8
$
(192.4)
$
11,433.4
Year Ended December 31, 2023
Mexican
Mexican
IMMSA
Peruvian
Segment
Corporate &
    
Open-Pit
    
Unit
    
Operations
Total
    
Elimination
    
Consolidated
The Americas:
Mexico
$
2,329.3
$
475.3
$
—
$
2,804.6
$
(133.5)
$
2,671.1
United States
 
1,086.6
 
18.3
 
515.4
 
1,620.3
 
—
1,620.3
Peru
 
—
 
18.4
 
394.6
 
413.0
 
(18.1)
394.9
Brazil
 
—
 
34.5
 
355.8
 
390.3
 
—
390.3
Chile
 
(8.4)
 
—
 
407.9
 
399.5
 
—
399.5
Other American countries
 
39.3
 
0.5
 
20.7
 
60.5
 
—
60.5
Europe:
 
 
 
 
Switzerland
520.2
 
29.8
 
535.4
 
1,085.4
 
—
1,085.4
Italy
1.1
 
18.9
 
394.4
 
414.4
 
—
414.4
Spain
397.0
 
—
 
75.9
 
472.9
 
—
472.9
Other European countries
163.5
 
24.4
 
219.8
 
407.7
 
—
407.7
Asia:
 
 
 
 
China
631.7
2
115.2
749.2
—
749.2
Singapore
155.5
 
8.1
 
200.7
 
364.3
 
—
364.3
Japan
160.3
 
—
 
508.0
 
668.3
 
—
668.3
Other Asian countries
86.2
 
0.3
 
110.5
 
197.0
 
—
197.0
Total
$
5,562.3
$
630.8
$
3,854.3
$
10,047.4
$
(151.6)
$
9,895.8

Table of Contents
180
Year Ended December 31, 2022
Mexican
Mexican
IMMSA
Peruvian
Segment
Corporate &
    
Open-Pit
    
Unit
    
Operations
    
Total
Elimination
    
Consolidated
The Americas:
Mexico
$
1,962.0
$
464.7
$
—
$
2,426.7
$
(138.0)
$
2,288.7
United States
 
1,486.2
 
54.0
 
370.2
 
1,910.4
 
—
1,910.4
Peru
 
162.2
 
—
 
614.5
 
776.7
 
(161.7)
615.0
Brazil
 
—
 
41.3
 
410.7
 
452.0
 
—
452.0
Chile
 
19.9
 
—
 
424.6
 
444.5
 
—
444.5
Other American countries
 
35.4
 
2.6
 
27.7
 
65.7
 
—
65.7
Europe:
 
 
 
 
Switzerland
693.7
 
44.6
 
739.5
 
1,477.8
 
—
1,477.8
Italy
2.1
 
19.3
 
240.0
 
261.4
 
—
261.4
Spain
420.7
 
—
 
37.5
 
458.2
 
—
458.2
Other European countries
124.3
 
31.1
 
207.4
 
362.8
 
—
362.8
Asia:
 
 
 
 
China
517.6
—
54.9
572.5
—
572.5
Singapore
103.9
 
8.4
 
176.1
 
288.4
 
—
288.4
Japan
88.0
 
—
 
528.2
 
616.2
 
—
616.2
Other Asian countries
156.6
 
0.5
 
77.2
 
234.3
 
—
234.3
Total
$
5,772.6
$
666.5
$
3,908.5
$
10,347.6
$
(299.7)
$
10,047.9
PROVISIONAL SALES PRICE:
At December 31, 2024, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the year-
end market price per pound. These sales are subject to final pricing based on the average monthly copper prices on the London Metal Exchange (“LME”) or
New York Commodities Exchange (“COMEX”) and Dealer Oxide molybdenum prices in the future month of settlement.
Following are the provisionally priced copper and molybdenum sales outstanding at December 31, 2024:
    
Sales volume     
Priced at
    
(million lbs.)
(per pound)
Month of settlement
Copper
149.0
3.96
January through April 2025
Molybdenum
13.0
21.08
January through April 2025
Provisional sales price adjustments included in accounts receivable and net sales were as follows at December, 31 (in millions):
At December 31, 
    
2024
    
2023
Copper
$
(27.5)
$
17.8
Molybdenum
 
(14.1)
 
18.2
Total
$
(41.6)
$
36.0
Management believes that the final pricing of these sales will not have a material effect on the Company’s financial position or results of operations.
LONG-TERM SALES CONTRACTS:
The following are the significant outstanding long-term contracts:
In 2022, a three-year copper cathodes sales agreement was signed with Mitsui, with shipments beginning in 2023. Mitsui and the Company will negotiate
market terms and conditions for annual contracts no later than November 30 of the year prior to shipment. The contract considers the following annual
volumes of copper cathodes; 48,000 tonnes for each of

Table of Contents
181
the years from 2023 through 2025. Failure to reach an agreement on market terms would cancel the annual contract but not the long-term agreement. Under
the terms of the agreement all shipments would be to Asia and no exclusivity rights for Mitsui or commissions are included. This contract may be renewed
for additional years, upon the agreement of both parties.
Under the terms of a sales contract with Molymet Group (Molibdenos y Metales, S.A., Complejo Industrial Molynor S.A. and Molymet Belgium N.V),
SPCC Peru Branch is required to supply approximately 70% of the molybdenum concentrates production from 2023 through 2025. The sale price of the
molybdenum concentrate is based on the average of the High and Low “Daily Dealer Oxide” as published in “Platt’s Metals Daily”. The roasting charge
deduction is agreed based on international market terms.
Under the terms of a sales contract with Molymex, S.A. de C.V., Operadora de Minas de Nacozari, S.A. de C.V. and Operadora de Minas e Instalaciones
Mineras, S.A. de C. V. are required to supply at least 80% of their molybdenum concentrates production from 2024 through 2026. The sale price of the
molybdenum concentrate is based on the average of the High and Low “Daily Dealer Oxide” as published in “Platt’s Metals Daily.” The roasting charge
deduction is negotiated based on international market terms.
In 2024, a two-year sulfuric acid sales agreement was signed between SPCC Peru Branch and Marcobre, with shipments scheduled to begin in 2025.
Marcobre and the Company will negotiate market terms and conditions for annual contracts no later than the last day of October of the year prior to
shipment. The contract considers annual volumes that could make Marcobre the Company’s most important customer for sulfuric acid. This contract may be
renewed for additional years, upon agreement by both parties.
NOTE 20—SUBSEQUENT EVENTS:
Dividends:
On January 23, 2025, the Board of Directors authorized a quarterly cash dividend of $0.70 per share of common stock and a stock dividend of 0.0073 shares
of common stock per share of common stock, paid on February 27, 2025, for shareholders of record at the close of business on February 11, 2025.
In lieu of fractional shares, cash was distributed to each shareholder who would otherwise have been entitled to receive a fractional share, based on a share
price of $95.86, which is the average of the high and low share price on January 23, 2025.
New Minera Mexico S.A. de C.V. Notes:
On February 5, 2025, SCC’s subsidiary Minera Mexico S.A. de C.V. issued $1.0 billion of fixed-rate senior unsecured notes with a discount of $6.2 million,
which will be amortized over the term of the related debt. This debt was issued in one tranche, due in 2032 at an annual interest rate of 5.625%. Interest on
the notes will be paid semi-annually in arrears. The Company intends to use the net proceeds from this offering to finance Minera Mexico’s capital
expenditures and for general corporate purposes. The notes will constitute general unsecured obligations for Minera Mexico.
The Company capitalized the costs associated with the issuance of this facility, which will be included in the amortized cost of the long-term debt in the
consolidated balance sheet.
In February 2025, Moody’s investors service assigned Baa1 as debt rating on the new notes issued. Also in February 2025, Fitch and Standard & Poor’s
ratings services assigned its ‘BBB+’, as debt rating on the new notes issued.

Table of Contents
182
Los Chancas Project:
As part of the Company's ongoing efforts to expand its mining operations and secure the necessary resources for future growth, on February 4, 2025, the
Company entered into an agreement to purchase 3,125 hectares of land in the Apurimac region of Peru for the development of the Los Chancas project.
Labor matters – Peruvian operations:
In February 2025, the Company signed a three-year extension of the collective bargaining agreement with the only Peruvian union for which an agreement
was pending. The Company made a signing payment to each worker of the union, totaling approximately $6.3 million.

Table of Contents
183
OTHER COMPANY INFORMATION:
ANNUAL MEETING
The annual stockholders meeting of Southern Copper Corporation will be held on Friday, May 23, 2025, at 9:00 am, Mexico City time. This year’s meeting
will be held via a live audio webcast.
TRANSFER AGENT, REGISTRAR AND STOCKHOLDERS’ SERVICES
Computershare
480 Washington Boulevard
Jersey City, NJ 07310-1900
Phone: (866) 230-0172
DIVIDEND REINVESTMENT PROGRAM
SCC stockholders can have their dividends automatically reinvested in SCC common shares. SCC pays all administrative and brokerage fees. This plan is
administered by Computershare. For more information, contact Computershare at (866) 230-0172.
STOCK EXCHANGE LISTING
The principal markets for SCC’s common stock are the NYSE and the Lima Stock Exchange (BVL). SCC’s common stock symbol is SCCO on both the
NYSE and the Lima Stock Exchange.
OTHER SECURITIES
The Branch in Peru has issued, in accordance with Peruvian Law, “investment shares” (formerly named labor shares) that are quoted on the Lima Stock
Exchange under symbols SPCCPI1 and SPCCPI2. Transfer Agent, registrar and stockholders services are provided by Credicorp Capital, Avenida EI Derby
055, Torre 4, Piso 10, Santiago de Surco, Cod postal 15039, Peru.
Telephone (51-1) 416-3333, Extensions 32478 and 32441.
OTHER CORPORATE INFORMATION
For other information on the Company or to obtain, free of charge, additional copies of the Annual Report on Form 10-K, contact the Investor Relations
Department at:
7310 North 16th St, Suite 135 Phoenix, AZ 85020, USA
Telephone: (602) 264-1375
SOUTHERN COPPER CORPORATION
USA
7310 North 16th St, Suite 135
Phoenix, AZ 85020, USA
Phone: (602) 264-1375
Fax: (602) 264-1397
Mexico
Campos Eliseos 400
Colonia Lomas de Chapultepec
Delegacion Miguel Hidalgo

Table of Contents
184
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
Cod postal 15038—PERU
Phone: (511) 512-0440 Ext 6-3181
Fax: (511) 512-0492
Website: www.southerncoppercorp.com
Email address: southerncopper@southernperu.com.pe

Table of Contents
185
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANT ON ACCOUNTING AND FINANCIAL DISCLOSURE
Not applicable.
ITEM 9A. CONTROLS AND PROCEDURES
As of December 31, 2024, the Company conducted an evaluation under the supervision and with the participation of the Company’s disclosure committee
and the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness and the design and operation of the
Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e). Based on that evaluation, the Chief Executive
Officer and the Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are effective as of December 31, 2024, to
ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is:
1.
Recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and
2.
Accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to
allow timely decisions regarding required disclosure.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the
Securities Exchange Act of 1934, as amended) that occurred during the fourth quarter ended December 31, 2024 that have materially affected, or are
reasonably likely to materially affect, the Company’s internal controls over financial reporting,
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rules 13a-
15(f) and 15d-15(f)) for the Company.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness for future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with policies or procedures may deteriorate.
Under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, the
Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control—
Integrated Framework (2013) issued by the Committee of Sponsoring Organization of the Treadway Commission. Based on the evaluation made under this
framework, management concluded that as of December 31, 2024 such internal control over financial reporting is effective.
Our internal control over financial reporting as of December 31, 2024 has been audited by Galaz, Yamazaki, Ruiz Urquiza, S.C. member of Deloitte Touche
Tohmatsu Limited, an independent registered public accounting firm, as stated in their report which is provided below.

Table of Contents
186
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of Southern Copper Corporation
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Southern Copper Corporation and subsidiaries (the “Company”) as of December 31, 2024,
based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of
December 31, 2024, based on the criteria established in Internal Control—Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated
financial statements and financial statement schedule as of and for the year ended December 31, 2024, of the Company and our report dated March 3, 2025,
expressed an unqualified opinion on those consolidated financial statements and financial statement schedule.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting, included in the accompanying “Management’s Report on Internal Control over Financial Reporting” appearing in
Item 9A. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public
accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
the effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Table of Contents
187
Galaz, Yamazaki, Ruiz Urquiza, S.C.
Member of Deloitte Touche Tohmatsu Limited
/s/ Galaz, Yamazaki, Ruiz Urquiza, S.C.
Mexico City, Mexico
March 3, 2025
ITEM 9B. OTHER INFORMATION
None.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
Not applicable.

Table of Contents
188
PART III
ITEM 10, 11, 12, 13 AND 14
INFORMATION ABOUT OUR EXECUTIVE OFFICERS
Set forth below are the executive officers of the Company, their ages as of February 6, 2025 and their positions.
Name
    
Age
    
Position
German Larrea Mota‑Velasco
 
71
 Chairman of the Board and Director
Oscar Gonzalez Rocha
 
86
 President, Chief Executive Officer and Director
Raul Jacob Ruisanchez
 
66
 Vice President, Finance, Treasurer and Chief Financial Officer
Julian Jorge Lazalde Psihas
 
56
 Secretary
Andres Carlos Ferrero Ghislieri
 
56
 General Counsel
Lina Vingerhoets Vilca
 
63
 Comptroller
Edgard Corrales Aguilar
 
69
 Vice President, Exploration
Raul Vaca Castro
 
65
 General Auditor
German Larrea Mota-Velasco has been our Chairman of the Board of Directors since December 1999 and was Chief Executive Officer from
December 1999 to October 2004. He has been Chairman of the Board of Directors, President and Chief Executive Officer of Grupo Mexico, S.A.B. de C.V.
(“Grupo Mexico”) (holding) since 1994. Mr. Larrea has been Chairman of the Board of Directors and Chief Executive Officer of Grupo Ferroviario
Mexicano S.A. de C.V (railroad company) since 1997. Mr. Larrea was previously Executive Vice Chairman of Grupo Mexico and has been a member of the
Board of Directors since 1981. He is also Chairman of the Board of Directors and Chief Executive Officer of Empresarios Industriales de Mexico, S.A. de
C.V. (“EIM”) (holding) and Fondo Inmobiliario (real estate company), since 1992.
Mr. Larrea presides over every Board meeting and since 1999 has been contributing to the Company his education, leadership skills, industry knowledge,
strategic vision, informed judgement and over 20 year of business experience, especially in the mining sector. As Chairman and Executive Officer of Grupo
Mexico, of Grupo Ferroviario Mexicano, S.A. de C.V. and of EIM, a holding company engaged in a variety of businesses, including mining, construction,
railways, real estate, and drilling. Mr. Larrea brings a wealth of cross-industry business experience to the Company, offering a unique and valuable
perspective across multiple sectors.
Oscar Gonzalez Rocha has served as our President since December 1999 and our President and Chief Executive Officer since October 21, 2004. He has
been our Director since November 1999. Mr. Gonzalez Rocha has been the President and Chief Executive Officer of Americas Mining Corporation since
November 1, 2014 and the Chief Executive Officer and a Director of Asarco LLC (integrated U.S. copper producer), an affiliate of the Company, since
August 2010. Previously, he was our President and General Director and Chief Operating Officer from December 1999 to October 20, 2004. He has been a
Director of Grupo Mexico since 2002. He was General Director of Mexicana de Cobre, S.A. de C.V. from 1986 to 1999 and of Buenavista del Cobre S.A.
de C.V. (formerly Mexicana de Cananea, S.A. de C.V.) from 1990 to 1999. He was an alternate Director of Grupo Mexico from 1988 to April 2002.
Mr. Gonzalez Rocha is a civil engineer with a degree from the Autonomous National University of Mexico (“UNAM”) in Mexico City, Mexico.
Mr. Gonzalez Rocha has been recognized as Copper man of the year 2015 and was inducted into the American Mining Hall of Fame in December 2016 in
Tucson, Arizona and into the Mexican Mining Hall of Fame in October 2017 in Guadalajara, Mexico.
Raul Jacob Ruisanchez has served as our Vice President, Finance and Chief Financial Officer since April 18, 2013. He was appointed Treasurer of the
Company on April 28, 2016. He was our Comptroller from October 27, 2011 to April 18, 2013. He has held various positions focused primarily on financial
planning, treasury, corporate finance, investor relations and project evaluation with the Company since 1992. In September 2011, he was appointed Director
of Controller and Finance of the Company’s Peruvian Branch and Vice President and Chief Financial Officer of Southern Peru Limited, one of our
subsidiaries. In 2021, Mr. Jacob was ranked by Institutional Investor as the top Chief Financial Officer in the Latin America mining industry and from 2014
to 2020, he was ranked four times among the top three CFOs in Latin America. Mr. Jacob was President of the Peruvian National Mining, Oil and Energy
Association from January 2021 to January 2023 and is currently a member of the Board of Directors and Executive Committee of this

Table of Contents
189
Association. Mr. Jacob is a member of the Consulting Board of the MBA program of the Universidad del Pacifico in Lima, Peru. He was President of the
Strategic Studies Center of IPAE, an entrepreneurial association from February 2007 to March 2010. From 2004 to 2006, he was the President of the
Finance Affairs Committee of the American Chamber of Commerce of Peru. Mr. Jacob holds an economics degree from Universidad del Pacifico in Lima,
Peru, a Master’s Degree from the University of Texas in Austin, Texas, a Degree in International Business Management from the Stockholm School of
Economics in Stockholm, Sweden and a Senior Manager Degree from the Instituto de Empresa Business School (IE) in Madrid, Spain.
Julian Jorge Lazalde Psihas, our Secretary, has been a Director, Executive Vice President and General Counsel of Asarco LLC since December 2009.
Since October 2015 he is also General Counsel of Americas Mining Corporation, both subsidiaries of Grupo Mexico, S.A.B. de C.V., the parent company of
the Company. Mr. Lazalde was General Counsel of Asarco Inc., the predecessor of Asarco LLC, from September 2006 until December 2009. Mr. Lazalde
holds a law degree from the Autonomous Institute of Mexico, known as ITAM, and has degrees from the Panamerican University in two special areas, tax
law and commercial law.
Andres Carlos Ferrero Ghislieri, our General Counsel, has been a member of the Legal Department of our Peruvian Branch since December 1995. He was
appointed Legal Manager of the Peruvian Branch and General Counsel of the Company in 2016. Previously he served as the Superintendent of Legal
Affairs of the Peruvian Branch from March 2008 to June 2016. From February to October 1995, he served as a Technical Advisor to the World Bank’s
Energy and Mines Technical Assistance Loan Project (EMTAL) assigned to the National Society of Mining, Energy and Petroleum. He has also worked as a
mining law consultant for the South African Government from May to October 2001. He is currently a member of the Board of Directors of Compañía
Minera Los Tolmos, S.A. and Secretary of the Board of Directors of Ocoña Hydro, S.A., both subsidiaries of the Company. He is also a member of the 
Board of Directors of Inversiones Tulipan, S. A., an affiliate of the Company and member of the Board of Directors of Asociación de Empresas Promotoras 
del Mercado de Capitales (Procapitales), a non-profit organization. He holds a law degree from the University of Lima, Peru and a Master of Law or LLM 
degree in Resources Law and Policy from Dundee University, in Dundee, Scotland, in the  United Kingdom.
Lina Vingerhoets Vilca, our Comptroller, has been the Assistant Comptroller of the Company since April 2015 and Controller of the Peruvian Branch of
the Company since July 2015. Ms. Vingerhoets has worked for the Company’s Peruvian Branch in various capacities since 1991. From 2013 to 2015, she
was in charge of Internal Control. From 2006 to 2015, she was in charge of Accounting Quality and SEC reporting. In addition, she has held other positions
in Financial Planning, Finance and Accounting with the Company’s Peruvian Branch. Ms. Vingerhoets is a Peruvian certified public accountant and holds
Accounting and MBA degrees from the Universidad del Pacifico, in Lima, Peru.
Edgard Corrales Aguilar has served as Vice President, Exploration since July 18, 2013. Mr. Corrales has been working with the Peruvian Branch of SCC
since 1983 in various positions, including as senior geologist of the Toquepala mine, head of the geology department of the Cuajone mine and manager of
the exploration department of the Peruvian Branch of SCC. Currently he is Exploration Director of the Peruvian Branch of SCC and general manager of
SCC’s Branch in Chile. Mr. Corrales has a degree in geology and engineering from the Universidad Nacional San Agustin, Arequipa, Peru and has followed
specialized studies at the Catholic University of Caracas, Venezuela and the MacKay School of Mines at the University of Reno, Nevada. He has also
completed extensive studies in management at various universities in Peru.
Raul Vaca Castro was elected as General Auditor, effective July 18, 2019. He has 37 years of experience with Grupo Mexico. Mr. Vaca Castro has been
Director of Internal Audit of SCC since 2018. Previously, he was Director of Internal Audit of the infrastructure division of Grupo Mexico, as well as
Deputy Director of Internal Control for the mining division of Grupo México. He was also comptroller of Minera Mexico Internacional and before this, he
held several positions in different companies of Grupo Mexico. Mr. Vaca holds a Bachelor’s degree in Accounting from the Universidad Nacional
Autónoma de Mexico (UNAM). He holds an MBA from the Universidad del Valle de México, with a specialization in finance, having earned an honorable
mention award, when receiving his diplomas in finance and taxes. Mr. Vaca is also an active member of the Colegio de Contadores Públicos de Mexico and
the Institute of Internal Auditors of Mexico. He is also President of the Technical Commission of Internal Audit of the Colegio de Contadores Públicos de
Mexico. He is a professor at the Facultad de Contaduria y Administracion of Universidad Nacional Autónoma de Mexico (UNAM).

Table of Contents
190
Disclosure of Insider Trading Policies and Procedures
In compliance with Item 408(b)(1) of Regulation S-K, we have adopted a comprehensive insider trading policy and procedures designed to prevent insider
trading and protect the interests of our shareholders and the integrity of our markets. The Company’s “Securities Law Compliance Policy” governs the
handling of material non-public information and the purchase, sale, and other dispositions of SCC’s securities, which applies to directors, officers,
employees, and other covered individuals. We believe that our Policy is reasonably designed to promote compliance with insider trading laws, rules and
regulations, and listing standards applicable to the Company.
A copy of the Securities Law Compliance Policy is filed as Exhibit 19.1 to this Annual Report. The additional disclosure requirements specified by Part III,
Items 10, 11, 12, 13 and 14 will be included in our definitive proxy statement for the 2025 Annual Meeting of Stockholders, to be filed with the SEC prior
to April 30, 2025, pursuant to Regulation 14A of the 1934 Securities Exchange Act, as amended, or will be provided by amendment to this Form 10-K, also
to be filed no later than April 30, 2025.
The information contained in such definitive proxy statement is incorporated herein by reference, excluding the information under the caption
“Compensation Committee Report,” which shall not be deemed filed.
PART IV.
ITEM 15. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULE.
The following documents are filed as part of this report:
1.
Financial Statements
The following financial statements of Southern Copper Corporation and its subsidiaries are included at the indicated pages of the document as stated below:
Form 10-K
Pages
Report of Independent Registered Public Accounting Firm (PCAOB ID 1153)
126 - 127
Consolidated statements of earnings for the years ended December 31, 2024, 2023 and 2022
128
Consolidated statements of comprehensive income for the years ended December 31, 2024, 2023 and 2022
129
Consolidated balance sheets at December 31, 2024 and 2023
130
Consolidated statements of cash flows for the years ended December 31, 2024, 2023 and 2022
131
Consolidated statements of changes in equity for the years ended December 31, 2024, 2023 and 2022
132
Notes to the consolidated financial statements
133 - 182
2.
Exhibits:
3.1
(a) Amended and Restated Certificate of Incorporation, filed on October 11, 2005.
(b) Certificate of Amendment of Amended and Restated Certificate of Incorporation dated May 2, 2006.
(c) Certificate of Amendment of Amended and Restated Certificate of Incorporation dated May 28, 2008.
3.2
By-Laws, as last amended on January 27, 2022.
4.1
(a) Indenture governing $600 million 7.500% Notes due 2035, by and among Southern Copper Corporation, The Bank of New York and
The Bank of New York (Luxembourg) S.A.
(b) Indenture governing $400 million 7.500% Notes due 2035, by and among Southern Copper Corporation, The Bank of New York, and
The Bank of New York (Luxembourg) S.A.
4.2
Form of 6.375% Note (included in Exhibit 4.1).
4.3
Form of New 7.500% Note (included in Exhibit 4.2(a)).
4.4
Form of New 7.500% Note (included in Exhibit 4.2(b)).
4.5
Indenture, dated as of April 16, 2010, between Southern Copper Corporation and Wells Fargo Bank, National Association, as trustee,
pursuant to which $1.1 billion of 6.750% Notes due 2040 were issued.

Table of Contents
191
4.6
Second Supplemental Indenture, dated as of April 16, 2010, between Southern Copper Corporation and Wells Fargo Bank, National
Association, as trustee, pursuant to which the 6.750% Notes due 2040 were issued.
4.7
Form of 6.750% Notes due 2040.
4.8
Fourth Supplemental Indenture, dated as of November 8, 2012, between Southern Copper Corporation and Wells Fargo Bank, National
Association, as trustee, pursuant to which the 5.250% Notes due 2042 were issued.
4.9
Form of 5.250% Notes due 2042.
4.10
Fifth Supplemental Indenture dated as of April 23, 2015, between Southern Copper Corporation and Wells Fargo Bank, National
Association, as trustee, pursuant to which the 3.875% Notes due 2025 were issued.
4.11
Sixth Supplemental Indenture, dated as of April 23, 2015, between Southern Copper Corporation and Wells Fargo Bank, National
Association, as trustee, pursuant to which the 5.875% Notes due 2045 were issued.
4.12
Form of 3.875% Notes due 2025.
4.13
Form of 5.875% Notes due 2045.
4.14
Description of the Company’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.
10.1
Directors’ Stock Award Plan of the Company, as amended through January 27, 2028.
10.2
Agreement and Plan of Merger, dated as of October 21, 2004, by and among Southern Copper Corporation, SCC Merger Sub, Inc.,
Americas Sales Company, Inc., Americas Mining Corporation and Minera Mexico S.A. de C.V.
10.3
Tax Agreement entered into by the Company and Americas Mining Corporation, effective as of February 20, 2017.
14.0
Code of Business Conduct and Ethics adopted by the Board of Directors on May 8, 2003 and amended on October 20, 2023.
19.1
Securities Law Compliance Policy.
21.1
Subsidiaries of the Company.
23.1
Consent of Registered Public Accounting Firm (Galaz, Yamazaki, Ruiz Urquiza, S.C., Member of Deloitte Touche Tohmatsu, Limited)
(PCAOB ID 1153).
23.2
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the Cuajone Mine.
23.3
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the Toquepala Mine.
23.4
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the Tia Maria Project.
23.5
Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Los Chancas Project.
23.6
Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Michiquillay Project.
23.7
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for Buenavista del Cobre.
23.8
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for La Caridad and Pilares.
23.9
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the El Pilar Project.
23.10
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the El Arco Project.
23.11
Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Charcas Mine.
23.12
Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Santa Barbara Mine.
23.13
Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the San Martin Mine.
31.1
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Table of Contents
192
31.2
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C., Section 1350. This document is being furnished in
accordance with SEC Release No. 33-8328.
32.2
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C., Section 1350. This document is being furnished in
accordance with SEC Release No. 33-8328.
96.1
Technical Report Summary of Mineral Reserves and Mineral Resources for the Cuajone Mine.
96.2
Technical Report Summary of Mineral Reserves and Mineral Resources for the Toquepala Mine.
96.3
Technical Report Summary of Mineral Reserves and Mineral Resources for the Tia Maria Project.
96.4
Technical Report Summary of Mineral Resources for the Los Chancas Project.
96.5
Technical Report Summary of Mineral Resources for the Michiquillay Project.
96.6
Technical Report Summary of Mineral Reserves and Mineral Resources for Buenavista del Cobre.
96.7
Technical Report Summary of Mineral Reserves and Mineral Resources for La Caridad and Pilares.
96.8
Technical Report Summary of Mineral Reserves and Mineral Resources for the El Pilar Project.
96.9
Technical Report Summary of Mineral Reserves and Mineral Resources for the El Arco Project.
96.10
Technical Report Summary of Mineral Resources for the Charcas Mine.
96.11
Technical Report Summary of Mineral Resources for the Santa Barbara Mine.
96.12
Technical Report Summary of Mineral Resources for the San Martin Mine.
97
SCC Policy for the Recovery of Erroneous Compensation, effective as of November 30, 2023.
101.INS
XBRL Instance Document (submitted electronically with this report). The instance document does not appear in the Interactive Data File
because its XBRL tags are embedded within the Inline XBRL document.
101.SCH
XBRL Taxonomy Extension Schema Document (submitted electronically with this report).
101.CAL
XBRL Taxonomy Calculation Linkbase Document (submitted electronically with this report).
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document (submitted electronically with this report).
101.LAB
XBRL Taxonomy Label Linkbase Document (submitted electronically with this report).
101.PRE
XBRL Taxonomy Presentation Linkbase Document (submitted electronically with this report).
104
Cover page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
The exhibit listed as 10.1 is the management contract or compensatory plan or arrangement required to be filed pursuant to Item 15(b) of Form 10-K.
Attached as Exhibit 101 to this report are the following documents formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) the
Consolidated Statements of Earnings for the years ended December 31, 2024, 2023 and 2022; (ii) the Consolidated Statements of Comprehensive Income
for the years ended December 31, 2024, 2023 and 2022; (iii) the Consolidated Balance Sheets at December 31, 2024 and 2023; (iv) the Consolidated
Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022; (v) the Consolidated Statements of changes in equity for the years ended
December 31, 2024, 2023 and 2022, and (vi) the Notes to Consolidated Financial Statements tagged in detail. Users of this data are advised pursuant to
Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or
12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to
liability under these sections.

Table of Contents
193
3.    Schedule II
Valuation and Qualifying Accounts and Reserves (in millions):
Additions
    
Balance at
    
Charged to     
    
    
beginning of
costs and
Deduction/
Balance at
period
expenses
Additions
Application
end of period
Reserve deducted in balance sheet to which applicable:
Accounts Receivable:
2024
 
$
8.7
—
—
(0.1) 
$
8.6
2023
 
$
8.8
0.1
—
(0.2) 
$
8.7
2022
 
$
8.7
0.1
—
—  
$
8.8
Notes issued under par:
2024
 
$
61.3
2.3
—
—  
$
59.0
2023
 
$
63.4
2.1
—
—  
$
61.3
2022
 
$
65.6  
2.2  
—  
—  
$
63.4
Valuation allowance:
2024
$
2,301.7
238.8
—  
—
$
2,540.5
2023
$
2,053.7
248.0
—  
—
$
2,301.7
2022
$
1,820.0
233.7
—  
—
$
2,053.7

Table of Contents
194
Supplemental Information
Southern Copper Corporation
Exhibit Index
Sequential
Exhibit
Number
    
Document Description
    
Page
Number
3.1
(a) Amended and Restated Certificate of Incorporation, filed on October 11, 2005. (Filed as Exhibit 3.1 to the Company’s
Quarterly Report on Form 10-Q for the third quarter of 2005 and incorporated herein by reference).
(b) Certificate of Amendment of Amended and Restated Certificate of Incorporation dated May 2, 2006. (Filed as
Exhibit 3.1 to Registration Statement on Form S-4, File No. 333-135170, filed on June 20, 2006 and incorporated herein by
reference).
(c) Certificate of Amendment of Amended and Restated Certificate of Incorporation dated May 28, 2008. (Filed as
Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the second quarter of 2008 and incorporated herein by
reference).
3.2
By-Laws, as last amended on January 27, 2022. (Filed as Exhibit 3.2 to the Company’s Form 8-K filed on January 31, 2022
and incorporated herein by reference).
4.1
(a) Indenture governing $600 million 7.500% Notes due 2035, by and among Southern Copper Corporation, The Bank of
New York and The Bank of New York (Luxembourg) S.A. (Filed as Exhibit 4.2 to the Company’s Current Report on
Form 8-K filed on August 1, 2005 and incorporated herein by reference).
(b) Indenture governing $400 million 7.500% Notes due 2035, by and among Southern Copper Corporation, The Bank of
New York, and The Bank of New York (Luxembourg) S.A. (Filed as Exhibit 4.2 to the Company’s Current Report on
Form 8-K filed on August 1, 2005 and incorporated herein by reference).
4.2
Form of 6.375% Note (Filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on August 1, 2005 and
incorporated herein by reference).
4.3
Form of New 7.500% Note (included in Exhibit 4.1(a)).
4.4
Form of New 7.500% Note (included in Exhibit 4.1(b))
4.5
Indenture, dated as of April 16, 2010, between Southern Copper Corporation and Wells Fargo Bank, National Association,
as trustee, pursuant to which $1.1 billion of 6.750% Notes due 2040 were issued. (Filed as Exhibit 4.1 to the Company’s
Current Report on Form 8-K filed on April 19, 2010 and incorporated herein by reference).
4.6
Second Supplemental Indenture, dated as of April 16, 2010, between Southern Copper Corporation and Wells Fargo Bank,
National Association, as trustee, pursuant to which the 6.750% Notes due 2040 were issued. (Filed as an Exhibit to the
Company’s Current Report on Form 8-K filed on April 19, 2010 and incorporated herein by reference).
4.7
Form of 6.750% Notes due 2040. (Filed as an Exhibit to the Company’s Current Report on Form 8-K filed on April 19, 2010
and incorporated herein by reference).
4.8
Fourth Supplemental Indenture, dated as of November 8, 2012, between Southern Copper Corporation and Wells Fargo
Bank, National Association, as trustee, pursuant to which the 5.250% Notes due 2042 were issued. (Filed as an Exhibit to
the Company’s Current Report on Form 8-K filed on November 9, 2012 and incorporated herein by reference).
4.9
Form of 5.250% Notes due 2042. (Filed as an Exhibit to the Company’s Current Report on Form 8-K filed on November 9,
2012 and incorporated herein by reference).
4.10
Fifth Supplemental Indenture dated as of April 23, 2015, between Southern Copper Corporation and Wells Fargo Bank,
National Association, as trustee, pursuant to which the 3.875% Notes due 2025 were issued. (Filed as an Exhibit to the
Company’s Current Report on Form 8-K filed on April 24, 2015 and incorporated herein by reference).
4.11
Sixth Supplemental Indenture, dated as of April 23, 2015, between Southern Copper Corporation and Wells Fargo Bank,
National Association, as trustee, pursuant to which the 5.875% Notes due 2045 were issued. (Filed as an Exhibit to the
Company’s Current Report on Form 8-K filed on April 24, 2015 and incorporated herein by reference).

Table of Contents
195
4.12
Form of 3.875% Notes due 2025. (Filed as Exhibit A to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on
April 24, 2015 and incorporated herein by reference).
4.13
Form of 5.875% Notes due 2045. (Filed as Exhibit A to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on
April 24, 2015 and incorporated herein by reference).
4.14
Description of the Company’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as
amended (Filed herewith).
10.1
Directors’ Stock Award Plan of the Company, as amended through January 27, 2028. (Filed as an exhibit to the Company’s
Report on Form S-8 filed on January 27, 2023 and incorporated herein by reference). The plan expired by its terms on
January 28, 2023. A 5-year extension of the plan was approved by the Company’s stockholders at the 2022 Annual Meeting
of Stockholders.
10.2
Agreement and Plan of Merger, dated as of October 21, 2004, by and among Southern Copper Corporation, SCC Merger
Sub, Inc., Americas Sales Company, Inc., Americas Mining Corporation and Minera Mexico S.A. de C.V. (Filed as an
Exhibit to Current Report on Form 8-K filed on October 22, 2004 and incorporated herein by reference).
10.3
Tax Agreement entered into by the Company and Americas Mining Corporation, effective as of February 20, 2017. (Filed as
Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the first quarter of 2017 and incorporated herein by
reference).
14.0
Code of Business Conduct and Ethics adopted by the Board of Directors on May 8, 2003 and amended on October 20,2023.
(Filed as Exhibit 14.1 to the Company’s Report on Form 8-K filed October 25,2023 and incorporated herein by reference).
19.1
Securities Law Compliance Policy (Filed herewith).
21.1
Subsidiaries of the Company (Filed herewith).
23.1
Consent of Registered Public Accounting Firm (Galaz, Yamazaki, Ruiz Urquiza, S.C.—Member of Deloitte Touche
Tohmatsu, Limited) (PCAOB ID 1153) (Filed herewith).
23.2
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the Cuajone
Mine (Filed herewith).
23.3
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the Toquepala
Mine (Filed herewith).
23.4
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the Tia Maria
Project (Filed herewith).
23.5
Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Los Chancas Project (Filed
herewith).
23.6
Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Michiquillay Project (Filed
herewith).
23.7
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for Buenavista del
Cobre (Filed herewith).
23.8
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for La Caridad
and Pilares (Filed herewith).
23.9
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the El Pilar
Project (Filed herewith).
23.10
Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the El Arco
Project (Filed herewith).
23.11
Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Charcas Mine (Filed herewith).
23.12
Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Santa Barbara Mine (Filed
herewith).
23.13
Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the San Martin Mine (Filed
herewith).
31.1
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith).
31.2
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith).
32.1
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C., section 1350. This document is being
furnished in accordance with SEC Release No. 33-8238.

Table of Contents
196
32.2
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C., section 1350. This document is being
furnished in accordance with SEC Release No. 33-8238.
96.1
Technical Report Summary of Mineral Reserves and Mineral Resources for the Cuajone Mine (Filed herewith).
96.2
Technical Report Summary of Mineral Reserves and Mineral Resources for the Toquepala Mine (Filed herewith).
96.3
Technical Report Summary of Mineral Reserves and Mineral Resources for the Tia Maria Project (Filed as an Exhibit to the
Company’s Report on Form 10-K/A filed on March 7, 2022 and incorporated herein by reference).
96.4
Technical Report Summary of Mineral Resources for the Los Chancas Project (Filed as an Exhibit to the Company’s Report
on Form 10-K/A filed on March 7, 2022 and incorporated herein by reference).
96.5
Technical Report Summary of Mineral Resources for the Michiquillay Project (Filed as an Exhibit to the Company’s Report
on Form 10-K/A filed on March 7, 2022 and incorporated herein by reference).
96.6
Technical Report Summary of Mineral Reserves and Mineral Resources for Buenavista del Cobre (Filed herewith).
96.7
Technical Report Summary of Mineral Reserves and Mineral Resources for La Caridad and Pilares (Filed herewith).
96.8
Technical Report Summary of Mineral Reserves and Mineral Resources for the El Pilar Project (Filed as an Exhibit to the
Company’s Report on Form 10-K/A filed on March 7, 2022 and incorporated herein by reference).
96.9
Technical Report Summary of Mineral Reserves and Mineral Resources for the El Arco Project (Filed as an Exhibit to the
Company’s Report on Form 10-K/A filed on March 7, 2022 and incorporated herein by reference).
96.10
Technical Report Summary of Mineral Resources for the Charcas Mine (Filed herewith).
96.11
Technical Report Summary of Mineral Resources for the Santa Barbara Mine (Filed herewith).
96.12
Technical Report Summary of Mineral Resources for the San Martin Mine (Filed as an Exhibit to the Company’s report on
Form 10-K filed on February 29, 2024 and incorporated herein by reference).
97
SCC Policy for the Recovery of Erroneous Compensation, effective as of November 30, 2023 (Filed as Exhibit 97 to the
Company's Annual Report on Form 10-K filed on February 29, 2024, and incorporated herein by reference).
101.INS
XBRL Instance Document (submitted electronically with this report). The instance document does not appear in the
Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH
XBRL Taxonomy Extension Schema Document (submitted electronically with this report).
101.CAL
XBRL Taxonomy Calculation Linkbase Document (submitted electronically with this report).
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document (submitted electronically with this report).
101.LAB
XBRL Taxonomy Label Linkbase Document (submitted electronically with this report).
101.PRE
XBRL Taxonomy Presentation Linkbase Document (submitted electronically with this report).
104
Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
The exhibit listed as 10.1 is the management contract or compensatory plan or arrangement required to be filed pursuant to Item 15(b) of Form 10-K.
Attached as Exhibit 101 to this report are the following documents formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) the
Consolidated Statements of Earnings for the years ended December 31, 2024, 2023 and 2022; (ii) the Consolidated Statements of Comprehensive Income
for the years ended December 31, 2024, 2023 and 2022; (iii) the Consolidated Balance Sheets at December 31, 2024 and 2023; (iv) the Consolidated
Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022; (v) the Consolidated Statements of changes in equity for the years ended
December 31, 2024, 2023 and 2022, and (vi) the Notes to Consolidated Financial Statements tagged in detail. Users of this data are advised pursuant to
Rule 406T of Regulation S-T that this interactive data file is deemed not

Table of Contents
197
filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of
section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

Table of Contents
198
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report on
Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.
SOUTHERN COPPER CORPORATION
(Registrant)
By:
/s/ OSCAR GONZALEZ ROCHA
Oscar Gonzalez Rocha
President and Chief Executive Officer
Date: March 3, 2025
Pursuant to requirements of the Securities Exchange Act of 1934, this Report on Form 10-K has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates indicated.
/s/ GERMAN LARREA MOTA-VELASCO
Chairman of the Board, and Director
German Larrea Mota-Velasco
/s/ OSCAR GONZALEZ ROCHA
President, Chief Executive Officer and Director
Oscar Gonzalez Rocha
/s/ RAUL JACOB RUISANCHEZ
Vice President, Finance, Treasurer and Chief Financial Officer (Principal
Financial Officer)
Raul Jacob Ruisanchez
/s/ LINA A. VINGERHOETS VILCA
Comptroller (Principal Accounting Officer)
Lina A. Vingerhoets Vilca
DIRECTORS
s/ GERMAN LARREA MOTA-VELASCO
/s/ OSCAR GONZALEZ ROCHA
German Larrea Mota-Velasco
Oscar Gonzalez Rocha
/s/ LEONARDO CONTRERAS LERDO DE TEJADA
/s/ VICENTE ARIZTEGUI ANDREVE
Leonardo Contreras Lerdo de Tejada
Vicente Ariztegui Andreve
/s/ CARLOS RUIZ SACRISTAN
/s/ L. MIGUEL PALOMINO BONILLA
Carlos Ruiz Sacristan
L. Miguel Palomino Bonilla
/s/ JAVIER ARRIGUNAGA GOMEZ DEL CAMPO
/s/ ENRIQUE CASTILLO SANCHEZ MEJORADA
Javier Arrigunaga Gomez del Campo
Enrique Castillo Sanchez Mejorada
/s/ JOSE PEDRO VALENZUELA RIONDA
Jose Pedro Valenzuela Rionda
Date: March 3, 2025

Exhibit 4.14
DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
Southern Copper Corporation only has shares of Common Stock registered under Section 12 of the Securities Exchange Act of 1934, as
amended.
Description of Common Stock
The description of our Common Stock is incorporated by reference from the description of Common Stock of the Company as set forth in
Registration Statement No. 333-203237 on Form S-3 effective April 3, 2015.  Said description is a summary and does not purport to be 
complete. It is subject to and qualified in its entirety by reference to our Amended and Restated Certificate of Incorporation, as amended 
and our Amended Bylaws, each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this 
Exhibit 4.14 is a part. We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the Delaware 
General Corporation Law.  

Exhibit 19.1
Securities Law Compliance Policy
This document (the “Policy”) contains Southern Copper Corporation’s (“SCC” or the "Company") policy concerning (1) the handling of material nonpublic information
relating to SCC and its subsidiaries or other companies with which SCC deals and (2) the trading of stock and other securities of SCC and other companies with which SCC
deals.
1.
Prohibition on Insider  Trading.
Except as provided in Section 5 hereto, no board member, officer, employees, or agent may purchase or sell securities of SCC or of any other company with
which SCC deals while aware of material nonpublic information concerning SCC or the other companies with which SCC deals, until at least one full trading
day after the information has been made public.
(a) Board members, Officers, Employees, and Agents.
This Policy is applicable to all board members, officers, employees, and agents of SCC and its subsidiaries.  In addition, the Policy also applies to your spouse, first
degree relatives and other persons who share your household, your economic dependents, and any person or entity you control.  SCC will consider any transaction
made by you or made by any of the persons mentioned in this paragraph under your instructions, as transactions made by you.
(b) Material, Nonpublic Information.
Information shall be considered material when (1) a reasonable investor would consider it important in the decision of whether to buy, sell, or hold the security or (2)
a reasonable investor considers the information as significant to alter general perception of the issuer in the market.
Information shall be considered nonpublic before it has been made available to the public, that is when it is published in such manner as to provide broad,
nonexclusive distribution of the information to the public during a period of time long enough to reflect a change in the price of the security.  Examples of public
disclosure include filing information with the SEC or issuing a press release.
Examples of material, nonpublic information might include information related to:  upcoming earnings or losses, negotiation of mergers or acquisitions, significant
sales of assets, changes in the dividend policies, declaration of stock splits, offering of additional securities, changes in management, introduction of significant new
products and gains or losses of substantial customers or supplies, among other.  Positive or negative information may be considered as material information.
(c) Other Companies.
The Policy prohibits trading SCC's securities whenever you are aware of material, nonpublic information regarding SCC. It also prohibits you from trading with
securities of any other company whenever you have material nonpublic information of such company and you obtained such material nonpublic information from
your duties in SCC.  For example, you may be involved in a transaction where SCC is buying a substantial amount of stock in another company.  Even though the
amount of the transaction may be immaterial to SCC, it may be material to the other company.  The Policy prohibits you from trading in the securities of the other
company while aware of this information, as long as it remains nonpublic.
(d) Securities.
The Policy prohibits certain transactions with securities of SCC or other companies.  Any material nonpublic information that you obtain will impose a prohibition to
trade SCC equity securities. However, such material nonpublic information shall also impose a prohibition to trade SCC’s debt securities or the debt securities of
other companies that SCC deals with.
(e) Purchase and Sale.
The Policy prohibits trading with SCC's securities while you are aware of material, nonpublic information.  The Policy also includes any arrangements by means of
which your financial position would change in accordance with changes in the price of the securities.  For example, trading of securities can include a purchase of
standardized put or call options, the writing of put or call options, selling stock short, buying or selling convertible securities, or merely engaging in a private
agreement where the value of the agreement varies in relation to the price of the underlying security.

(f)
One Full Trading Day.
One full trading day following public disclosure has occurred when, once public disclosure of information has made, a full session of the markets where the
securities are being traded has been completed.  For example, suppose you are aware that SCC is considering a stock repurchase program that is nonpublic.  You are
prohibited from trading SCC’s stock until one full trading day after release of the announcement to the public.  If the announcement is made on a Tuesday at 8:00
am, EST, before the opening of the NYSE, you can begin trading on SCC's securities on the following Wednesday morning, because a full session of the market was
completed on Tuesday.  If the announcement were not made until a Tuesday at 11:00 am, EST, you would not be able to trade until after a full session is completed
on Wednesday, that is, on the opening of trading on Thursday, after one full trading day as elapsed.
(g) Margin Loans.
Trading with securities can violate the Policy whether in public markets or in private transactions.  In addition, you should be aware that the sale of securities in
execution of a guaranty is not exempt from the Policy.  Accordingly, you should take into consideration this Policy when making a margin loan in a brokerage
account that includes SCC securities.  Under a margin arrangement, the broker may be entitled to sell your shares without your consent when the value of your
securities falls below the broker’s margin requirements.  Such sales, regardless they were not requested by you, are considered for your benefit and may be subject to
liability under the insider trading rules.  Similar cautions should apply to any bank or other loans where you give your SCC securities as collateral.
(h) Hedging.
Certain forms of hedging or monetization transactions (such as zero-cost collars) are complex transactions that can present unique insider trading risks. Therefore,
the Company strongly discourages board members, officers, employees, and agents covered by this Policy from engaging in such transactions. Any such person
wishing to enter into such an arrangement must first pre-clear the proposed transaction with the General Counsel, Secretary or Assistant Secretary of SCC, and it is
strongly recommended that such person consult with his or her broker/financial advisor and tax advisor. Any request for pre-clearance of a hedging or similar
arrangement must be submitted to the General Counsel, Secretary or Assistant Secretary of SCC at least two weeks prior to the proposed execution of documents
evidencing the proposed transaction and must set forth a justification for the proposed transaction.
(i)
Additional Restrictions and Requirements.
A.
Trading in "puts" and "calls" (publicly traded options to sell or buy stock) and engaging in short sales are often perceived as involving insider trading.
Therefore, SCC strongly discourages employees from such trading with respect to SCC securities.
B.
In addition, to avoid even the appearance of impropriety in transactions in SCC stock, company officers and certain other designated employees must refrain
entirely from trading in puts and calls in, and engaging in short sales of, SCC stock.
The General Counsel, Secretary or Assistant Secretary of SCC will designate and notify those employees who are subject to these additional restrictions.
2.
Prohibition on Unauthorized Disclosure of Material Nonpublic Information.
Any board member, officer, employee, or agent may not disclose material nonpublic information regarding SCC or any company with which SCC deals to anyone
outside SCC unless authorized to do so.  Authorized disclosure to persons not subject to the Policy may require such person receiving the information, and not subject to
the Policy, to agree not to disclose such information or trade with securities until the information is publicly disclosed.
(a) Tipping.
You can be held responsible not only for your own insider trading, but also for the trading performed by anyone you disclosed material nonpublic information to.
 Even when those to whom you disclosed such information do not trade while aware of the information, you are responsible for the trading of those persons who
received material, nonpublic information indirectly from you if you are the ultimate source of their information.  Since any recommendation made by you to
purchase, sell, or hold SCC’s or another company’s securities could be interpreted as being based on material nonpublic information, you must exercise caution in
making any such recommendations.
(b) Authorization to Disclose Material Nonpublic Information.
SCC authorizes only certain employees and agents of SCC to make disclosures of material, nonpublic information.  Unless you are authorized to do so by the Chief
Executive Officer, the Chief Operating Officer,

or the General Counsel, Secretary or Assistant Secretary of SCC, you should refrain from discussing material nonpublic information with anyone not subject to the
Policy.  You should also consider any consequences of disclosing material nonpublic information to persons subject to the Policy.  If the information is disclosed,
you can cause these individuals to be prohibited from trading SCC’s securities until the information is publicly disclosed.  Accordingly, you should restrict the
dissemination of material nonpublic information to those board members, officers, employees and agents who must be informed of the material nonpublic
information in order to pursue SCC’s interests.
(c) SEC Rules on Fair Disclosure (Regulation FD).
The SEC has enacted rules prohibiting selective disclosure of information.  In summary, Regulation FD requires that whenever the Company, or a person acting on
behalf of the Company, discloses material nonpublic information to certain specified persons (including brokers, dealers, analysts and security holders), then the
Company must disseminate the information to the public.  Violations of this regulation can result in SEC enforcement actions, resulting in injunctions and severe
monetary penalties.  Regulation FD applies largely to a limited group of senior executives and Investor Relations personnel who regularly communicate with
securities market professionals and shareholders.  No other SCC employees are authorized to communicate with securities market professionals or shareholders.
(d) Non-Disclosure Agreements.
Those involved in transactions, projects or negotiations with third parties outside of SCC that require the disclosure of material nonpublic information should have
the third parties execute a non-disclosure agreement.  The non-disclosure agreement prohibits the recipient of the information from disclosing the information to
others and prohibits the recipient from trading on the information.
(e) Penalties for Non-Compliance.
i.
Under federal securities laws, individuals who engage in insider trading or tipping can be liable for substantial criminal and civil penalties, including
imprisonment for up to 20 years, criminal fines of up to $5 million and civil penalties of up to three times the profits gained or losses avoided.
ii.
The Company, as employer, could also be liable for civil fines of up to the greater of (i) three times the profit gained or loss avoided and (ii) $1.275 million, and
criminal fines of up to $25 million, as a consequence of an employee’s insider trading or tipping, and individual controlling persons (directors, officers and
supervisory personnel) could also be liable for the civil penalties as a result of such transactions.
iii. Failure to comply with this Policy may also subject employees to Company-imposed sanctions, including dismissal for cause, whether or not the failure to
comply with this Policy results in a violation of law.
3.
Blackout Periods.
The following persons may not trade with SCC’s securities or enter into a 10b5-1 trading plan during the following blackout periods:

for board members, executive officers and employees designated by the General Counsel, Secretary or Assistant Secretary of SCC (except for Permitted
Transactions), during the period beginning on the fifteenth day of the last calendar month of each fiscal quarter and ending at the close of trading on the first full
trading day following the release of financial results;

for those identified in the announcement or otherwise (except for Permitted Transactions as possibly modified by the announcement), during any period when SCC
has announced a blackout period with respect to a transaction or other event; and,

for board members and executive officers, to the extent and during the periods required by Section 306 of the Sarbanes-Oxley Act of 2002 and its implementing
regulations.  This section refers to the prohibition against insider trade during pension fund blackouts.
The General Counsel, Secretary or Assistant Secretary of SCC may suspend a blackout period at any time he determines that the reason for the blackout
period no longer exists.
(a) Pre-Earnings Blackouts.
Because of the particular sensitivity of trading by those who have access to SCC’s financial information as SCC’s financial statements are being prepared, all board
members, executive officers, and employees designated by the General Counsel, Secretary or Assistant Secretary are subject to blackout on trading during

the period leading up to the release of quarterly financial statements.  Those subject to this blackout are SCC’s board members and executive officers and those
employees designated by the General Counsel, Secretary or Assistant Secretary of SCC.
If you are a designated employee subject to this section, you are still subject to Section 1 (which prohibits transactions at any time when you are aware of material,
nonpublic information) during periods outside the blackout period.  For example, you are not necessarily free to trade in the second month of each quarter simply
because it is not during a blackout period.  You must also make sure that you are not prohibited from trading under the Policy.
(b) Transactional Blackouts.
SCC reserves the right to impose a trading blackout from time to time on specified groups of its directors, officers, employees, or agents when, in the judgment of
SCC’s General Counsel, Secretary or Assistant Secretary, a blackout is warranted.  Though these blackouts generally will arise because SCC is involved in a highly-
sensitive transaction, they may be declared for any reason.  If the General Counsel, Secretary or Assistant Secretary declares a blackout to which you are subject, a
member of the legal department will notify you when the blackout begins and when it ends.
(c) Entering into 10b5-1 Trading Plans.
During a blackout period, not only are you prohibited from trading, but you are also prohibited from entering into a 10b5-1 trading plan as described in Section 5
below.
(d) Questions Regarding Trading Blackouts.
For questions regarding trading blackouts please contact SCC’s General Counsel or the Secretary of the Company.
4.
Requirement for Board members and Executive Officers to Obtain Pre-Clearance and to Provide Notice of Transactions.
All board members and executive officers are subject to the SEC’s insider trading rules and before trading with SCC’s securities or entering into a 10b5-1
trading plan, they must receive clearance from the General Counsel, Secretary or Assistant Secretary of SCC.  These board members and executive officers
must notify the General Counsel, Secretary or Assistant Secretary as soon as practicable after the transaction of the date, amount, price, and the nature of the
transaction.  Board members and executive officers may not receive clearance or provide immediate notice when the transaction is a Permitted Transaction,
unless the Permitted Transaction is subject to the two business day deadline or other accelerated reporting deadlines under the SEC’s insider trading rules. No
other employees are required to receive clearance before the execution of their securities transactions.
(a) Clearance.
Only board members and executive officers are required to preclear their securities transactions with the General Counsel, Secretary or Assistant Secretary of SCC.
 No other employees need to preclear their trading activities.  The General Counsel, Secretary or Assistant Secretary will be available to answer any questions on the
application of the Policy, but the ultimate responsibility for the securities trading lies within you.
(b) Notification.
Because the securities laws require board members and executive officers to report certain transactions to the SEC within two business days following the date of
the transaction, the Policy requires board members and executive officers to preclear transactions involving SCC’s securities and to promptly report to the General
Counsel, Secretary or Assistant Secretary, the details of the transaction before the close of business on the day after the execution of the transaction.  Please send pre-
clearance requests and the details of all transactions to the General Counsel, the Secretary or the Assistant Secretary of the Company.  This allows time for SCC to
prepare and file the required reports within the SEC’s two business day deadline.
Permitted Transactions (discussed in Section 5 below) are generally not subject to this requirement, but Permitted Transaction that are subject to the SEC’s two
business day or other accelerated reporting deadline are also subject to the pre-clearance and notification requirements described above.
(c) Margin Loans.
Although not prohibited, board members and executive officers should understand the potential complications caused when SCC stock is used as collateral. SCC
stock could be subject to a forced sale upon a decline in the market price.  Sales made by a lender in these margin loans can be complicated to manage and can lead
to violations of the preclearance, notification requirements of the Policy and the two business

day reporting deadline under Section 16 of the Exchange Law.  Also, see the discussion in Section 1(g) of this Policy regarding insider trading implications
associated with margin loans.
(d) Sale of Shares during a Company-Sponsored Share Repurchase Program.
During any time while SCC is purchasing its own shares on the open market under an announced share repurchase program, executive officers and directors should
refrain from selling shares of SCC.
(e) Hedging and Additional Restrictions.
See the discussion in Section 1(h) and (i) of this Policy regarding insider trading implications associated with hedging transactions, puts, calls, and short sales.
5.
Permitted Transactions.
Permitted Transactions include the following:

transferring shares to an entity that does not involve a change in the beneficial ownership of the shares, for example, to an inter vivos trust of which you are the sole
beneficiary during your lifetime;

execution of a transaction pursuant to a contract, instruction, or plan described in Exchange Act Rule 10b5-1 (c)(1)(i)(A) (called a “Trading Plan”) but only if, with
respect to directors and executive officers, the contract, instruction, or plan requires the broker or other counterparty to notify the General Counsel, Secretary or
Assistant Secretary of SCC immediately upon execution of a transaction pursuant to the plan;

acquisition of shares in the Directors’ Stock Award Plan;

acquisition or disposition of stock in a stock split, stock dividend, or other transaction affecting all stockholders equally; or

any other transaction designated by the Board of Directors or any committee thereof or senior management, with reference to the Policy, as a Permitted Transaction.
(a) 10b5-1 Trading Plans.
A Trading Plan under Rule 10b5-1 is a binding, written contract that specifies the price, amount, and date when the securities must be purchased or sold in the future,
or provides a formula or mechanism for determining the amount of securities to be purchased or sold and the price at which and the date on which the securities were
to be purchased or sold. In any case, the Trading Plan should not permit you to exercise any subsequent influence over how, when, or whether to effect purchases or
sales. A Trading Plan can only be established when you do not possess material nonpublic information.  Therefore, designated employees cannot enter into these
plans during quarterly pre-earnings blackouts.  The rules regarding Trading Plans are complex and you must comply with them completely.  You should consult with
your legal advisor before entering into a Trading Plan.
Prior to the establishment of a Trading Plan, each board member and executive officer must receive clearance from the General Counsel, Secretary or Assistant
Secretary of SCC.  SCC reserves the right to withhold clearance of any Trading Plan that the General Counsel, Secretary or Assistant Secretary, determines is not
consistent with the rules regarding such plans.  Please send proposed Trading Plans to the General Counsel, the Secretary or the Assistant Secretary of the Company.
If a trade was made under a Trading Plan which was executed when you were not aware of material nonpublic information, then you shall have an affirmative
defense against any SEC claim for insider trading.
If you enter into a Trading Plan, such Trading Plan should be structured in a manner that it avoids trading in a short period before known announcements, such as
financial results.  Transactions executed in accordance with a properly formulated Trading Plan are exempt from the insider trading rules, the trades however may
nonetheless occur close in time before SCC announces material news. In this case the public and the media might not be aware of the nuances of trading pursuant to
a Trading Plan and this could result in negative publicity for you and SCC if the SEC or the NYSE were to investigate your trading activities.
Finally, if you are a board member or an executive officer, Trading Plans require special attention.  In the Trading Plan you can specify conditions that can trigger
purchases or sales of securities; however you may not be aware that a transaction has taken place and you may not be able to comply with the SEC’s requirement
that you report your transactions to the SEC within two business days after their execution.  A transaction executed according to a Trading Plan is not a Permitted
Transaction unless the Trading Plan requires your broker to notify SCC’s General Counsel, Secretary or Assistant Secretary before the close of business on the day
after the execution of the transaction.  This notification can be made to the General Counsel, the Secretary or the Assistant Secretary of the Company.

(b) Pre-Disclosure of Undisclosed Material, Nonpublic Information.
You may not enter into any transaction, including transactions listed above as Permitted under the Policy, unless you have disclosed any material nonpublic
information that you are aware of and that SCC is not aware of to SCC’s Chief Executive Officer, Chief Operation Officer or General Counsel, Secretary or Assistant
Secretary.  If you are a member of senior management, the information must be disclosed to the Chief Executive Officer, Chief Operation Officer or General
Counsel, Secretary or Assistant Secretary, and if you are the Chief Executive Officer, Chief Operation Officer or General Counsel, Secretary or Assistant Secretary,
or a Board member, you must disclose the information to SCC’s Board before any transaction listed above qualifies as a Permitted Transaction.  This ensures that
SCC is fully aware of any material information affecting any security before you execute the transaction.
6.
Administration of Policy.
(a) Administration by General Counsel, Secretary or Assistant Secretary.
The day-to-day administration of the Policy is carried out by the General Counsel, Secretary or Assistant Secretary of SCC. If you have any questions concerning the
interpretation of the Policy, you should direct your questions to the General Counsel, the Secretary or the Assistant Secretary of the Company.
(b) Hardship Exemptions.
Those subject to the blackout periods set forth in Section 3 may request a hardship exemption from the blackout if they are not otherwise prohibited from trading
under Section 1.  Hardship exceptions are not granted frequently and only in exceptional circumstances.
(c) Confidentiality of Policy Decisions.
Employees should keep certain information concerning the operation of the Policy in strict confidence, since the knowledge of certain decisions made according to
the Policy could constitute material, nonpublic information.  For example, if you become subject to a special blackout described in Section 3, you should keep that
fact confidential.
(d) Amendment of the Policy.
SCC reserves the right to amend and interpret the Policy from time to time.
7.
Rules for Officers, Directors and more than 10% owners of Common Stock of SOUTHERN COPPER CORPORATION (SCC).
(a) Responsibilities of Section 16 Insiders.
Directors, executive officers and any person who is, directly or indirectly, beneficial owner of more than 10% of any class of equity security registered under Section
12 of the Exchange Act (as defined below) (the "Section 16 Insiders") are subject to the reporting and short-swing profits recapture provisions of Section 16 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).  Directors and certain executive officers must file a Form 144 in connection with any sale by
such insiders of securities of the Company and upon the occurrence of the conditions specified in Section 144 of the Securities Act of 1933, as amended (the
“Securities Act”).
The application of these rules to a variety of transactions is particularly complex and in many circumstances counter-intuitive.  Accordingly, it is strongly suggested
for Section 16 Insiders to read carefully this Policy and obtain counsel from the General Counsel, the Secretary or the Assistant Secretary of SCC prior to the
engagement in any transaction contemplated herein involving any equity securities of the Company (the “Common Stock”), including “derivative securities” (any
security the value of which is derived from SCC Common Stock).
1.
Section 16.
Section 16 provides that any profit obtained within any period of less than six months by Section 16 Insiders in a "short-swing" trade or in any sale and purchase
of the Company's equity securities shall be recoverable by the Company. Likewise it imposes certain additional limitations on Section 16 Insiders with respect to
trading on Company's securities, unless an appropriate exemption for the transaction(s) is available.
Section 16(c) of the Exchange Act prohibits short sales of a company's equity securities by a Section 16 Insider.  Specifically, the statute prohibits a Section 16
Insider from directly or indirectly selling a company's security if such Section 16 Insider or his principal (i) does not own the security sold or (ii) owns the
security and does not tender it within 20 days from the consummation of such sale or does not

tender it by mail or another delivery channel within five days following the consummation of the sale. Notwithstanding the above, pursuant to Section 16(c) no
person shall be deemed to have violated this subsection 16(c) if he proves that despite good faith such person was unable to make such tender or mail delivery
within the timeframe specified above, or that to do so would have resulted in undue inconvenience or expense.
Based on this policy, Section 16 Insiders who necessarily possess certain corporate information which is not available to the public or to investors, should under
no circumstance be permitted to profit from short-term transactions in equity securities of the Company. Any "profit" obtained from trading activities may be
matched in favor of the Company, even if the “profit” is not materialized by an economic benefit.
Reporting Requirements.
Section 16 (a) requires Section 16 Insiders to file reports with the Securities and Exchange Commission (“SEC”), the New York Stock Exchange (“NYSE”) and
any other exchange upon which the Common Stock is listed, concerning their beneficial ownership of equity securities of the Company and any changes in such
beneficial ownership.  The ownership reports must be filed by the Section 16 Insiders as follows: (a) within 10 days from the day on which the person first
becomes a Section 16 Insider, such Section 16 Insider shall file an Initial Statement of Beneficial Ownership on Form 3 of the Exchange Act; (b) no later than
10:00 p.m. on the second business day following the day on which a transaction affecting the Section 16 Insider's beneficial ownership of the Company's
Common Stock occurred, such Section 16 Insider shall file a Statement of Changes in Beneficial Ownership on Form 4 of the Exchange Act, unless the
transaction is exempt from reporting or eligible for deferred reporting; and (c) within 45 days after the close of the Company's fiscal year the Section 16 Insider
shall file an Annual Statement of Beneficial Ownership on Form 5 of the Exchange Act covering those transactions that are exempt from Section 16(b) short-
swing profit liability, but that are nevertheless reportable under Section 16(a). The total holdings (or at least a best estimate thereof) must be reported, any
reportable exempt transactions that were not previously reported on Form 4 and late filings of transactions that should have been reported but were not reported
in a timely manner, so it is important to keep accurate records of all transactions. Filing of a Form 5 is not necessary if all transactions and holdings were
previously reported on a Form 4.
Officers and directors (but not owners of more than 10% of the Company's securities) who engaged in transactions before the effective date of a registration
statement must report them if such transaction took place within six months after the effective date that gives rise to a Form 4 filing obligation. The same six-
month reporting requirement is applied to persons ceasing to be a director or officer and thus a Section 16 Insider of the Company.
The legal department of the Company will assist in preparing, signing and filing appropriate Section 16(a) reports on behalf of the Section 16 Insiders. However,
Section 16 Insiders are requested to contact the Company’s legal department promptly regarding any transactions involving securities of the Company, and to
promptly review any draft reports on Forms 3, 4 or 5 that are prepared on behalf of such Section 16 Insider.  Under SEC rules, Section 16 Insiders are
responsible for the filing and accuracy of their Section 16(a) reports (Forms 3, 4 and 5) and any filing issue which arises from Section 16(a) reports has to be
disclosed in the Company’s annual proxy statements.
Beginning on June 30, 2003, these reports (i.e., Forms 3, 4 and 5) must be filed with the SEC electronically through its EDGAR database.
Typical transactions on SCC Common Stock by directors will be affected by the rules as follows:
1.
Directors’ Stock Award Plan.  Pursuant to Rule 16b-3, the acquisition of Common Stock pursuant to the Directors’ Stock Award Plan will be exempt from
Section 16(b) but must be reported to the SEC on Form 4 within two business days of the transaction.  Shares of Common Stock acquired pursuant to the
Directors’ Stock Award Plan will not have to be held for six months in order to qualify for the exemption.  Any sale of such shares, however, could result in
short-swing liability if the sale occurs within six months before or after a non-exempt acquisition.  Additionally, any sale of such securities must be made in
compliance with the requirements of Rule 144.  See below under “Rule 144.”
Additionally, because a six-month holding period is no longer required to avoid Section 16(b) liability, for federal income tax purposes you will realize
income with respect to an award under the Directors’ Stock Award Plan at the time of grant, based on the grant-date value of the shares.  You

may no longer elect, therefore, to be taxed based on the value of the shares six months following the date of the award.
2.
Dividend Reinvestment Plan (the “DRP”).  The periodic acquisition of Common Stock through the reinvestment of dividends pursuant to the Company’s
DRP continues to be exempt from Section 16(b), but separate reporting of such transactions is no longer required.  Instead, total holdings must be reported
on the next required Form 4 or Form 5.  Optional cash purchases of Common Stock through the DRP, however, are not exempt and must be reported
currently on a Form 4.  Sales of Common Stock received through the DRP are non-exempt transactions and must be reported on Form 4.
3.
Domestic Relations Orders.  Transfers of Common Stock pursuant to domestic relations orders are now exempt from both the short-swing liability
provisions of Section 16(b) and the reporting requirements of Section 16(a).
(b) RULE 10b-5.
Under Rule 10b-5 of the Exchange Act it is unlawful for insiders to trade with company securities on the basis of material nonpublic information that has not been
disclosed to the public or disclose such material nonpublic information to an unauthorized person who uses it for trading purposes. An "insider" for the purposes of
this prohibition, includes corporate officers and directors and may also include any person (e.g., a non-officer employee) who, because of his or her special
relationship with the company, learns of undisclosed, "inside" or nonpublic information that would be material to an investment decision with respect to the
Company's securities. "Material nonpublic information" is subject to many interpretations. Generally, however, the term should be considered to include any
information, public knowledge of which would be substantially likely to have an effect on the market for the Company's securities.
In 2000 the SEC adopted Rule 10b5-1 which created a presumption that a purchase or sale of securities was made on the basis of material nonpublic information if
the person making the purchase or sale was aware of the material nonpublic information when making the trade. SEC Rule 10b5-1 gives an affirmative defense that
permits persons to trade in certain circumstances where it is presumed that material nonpublic information was material to the trading decision. Such affirmative
defense allows trading on a security at the same time the relevant person is aware of material nonpublic information if, before becoming aware of the information,
the insider had entered into a binding contract to purchase or sell the securities, instructed another person to purchase or sell the securities for the insider's account or
adopted a written plan for trading securities.
The use of material nonpublic information in the trade of equity securities of the Company is unlawful and the person using such nonpublic material information can
be subject to civil suits, injunction proceedings, civil suit for treble damages instituted by the SEC, or to criminal liability in the event of willful violation.  The strict
liability imposed by Section 16(b) of the Exchange Act for short-swing trading profits is different from and in addition to any liability that may be imposed under
Rule 10b-5.
(c) RULE 144.
Section 16 Insiders should be aware that certain provisions of the Securities Act could impose restrictions on the trading of securities of the Company.  Other persons
subject to Rule 144 are: any relative or spouse of the seller who lives in the same household as the seller; any trust or estate in which the seller or members of the
seller’s family sharing his household are trustees, executors or 10% beneficiaries; any corporation, partnership and/or other entity in which the seller or his family
owns a 10% interest; persons holding shares received as compensation for underwriting a public offering, if certain conditions are met.
The Securities Act provides that if any person engages in the sale of a non-exempt security to any other person, such sale must be registered unless an exception is
applicable. Rule 144 provides a "safe harbour" under certain circumstances for the resale of securities.
If the amount of securities to be sold in reliance upon Rule 144 during any three-month period exceeds 5,000 securities or has an aggregate sale price in excess of
$50,000, a notice of the proposed sale must be filed with the SEC on Form 144 via EDGAR and the person filing such notice must have a bona fide intention to sell
the securities referred to therein within a reasonable time after the filing of such notice. A copy of the notice must also be sent to the principal exchange on which the
securities are traded (this reporting requirement is fulfilled by filing Form 144 with the SEC via EDGAR).
Pursuant to Rule 144, any such sale must be made in an “unsolicited broker’s transaction” (which includes the ordinary execution of an order to sell).  The brokerage
firm used by the seller will have established procedures for compliance with Rule 144.  The SEC has recently published new rules on the sale

requirements for resales of securities to permit resales through riskless principal transactions.  A riskless principal transaction is a transaction in which a broker or
dealer, (1) after having received a customer’s order to buy a security, purchases the security as principal in the market to satisfy the order to buy or (2) after having
received a customer’s order to sell a security, sells the security as principal to the market to satisfy the order to sell.
Section 16 Insiders may request the legal department of the Company to act on their behalf for the filing of Forms 144. In such case, the Section 16 Insider should
inform the General Counsel, the Secretary or the Assistant Secretary of SCC and grant a power of attorney in favor of such legal department.
If the Section 16 Insider has granted a power of attorney, and subsequently informs the General Counsel, the Secretary or the Assistant Secretary of SCC that he or
she intends to sell more than 5,000 securities or securities with a value above $50,000, and gives the name of the broker, then the legal department of the Company
will assist such Section 16 Insider to comply with the Form 144 filing procedures.  The filing of a Form 144 indicating intent to sell is followed and reported by the
financial press in the same way that Form 4 filings are reported.
The Company encourages Section 16 Insiders to read the trading policy recommendations made by the New York Stock Exchange.  A copy of these
recommendations is enclosed as Appendix 1.
Remember, it is your ultimate responsibility to comply with the Policy and applicable laws and regulations.  You should use your best judgment and seek counsel
from General Counsel, the Secretary of SCC, or your legal and financial advisors, as needed.
Distributed:
March 17, 2023
This Document is the Southern Copper Corporation (SCC) Securities Law Compliance Policy, as Approved by the SCC Board:
April 23, 2009

Exhibit 21.1
SOUTHERN COPPER CORPORATION
Subsidiaries
(More than 50% ownership)
Percentage of voting
Securities owned or
Name of Company
    
other bases of control
PARENT:
Americas Mining Corporation (Delaware)
Registrant:
Southern Copper Corporation (Delaware)
Americas Sales Company, Inc.(Delaware)
100.00 
Minera Mexico, S.A. de C.V. (Mexico)
99.96 
Buenavista del Cobre, S.A de C.V. (Mexico)
100.00 
Mexicana de Cobre, S.A. de C.V. (Mexico)
98.18
Operadora de Minas e Instalaciones Mineras, S.A. de C.V.(Mexico)
100.00 
Metalurgica de Cobre, S.A. de C.V. (Mexico)
98.18 
Not included in this listing are subsidiaries, which would not constitute a significant subsidiary.

Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Post-Effective Amendment No.4 to Registration Statement No. 333-150982 on Form S-8, of our reports dated March 3, 2025,
relating to the financial statements of Southern Copper Corporation (the “Company”), and the effectiveness of the Company´s internal control over financial reporting,
appearing in this Annual Report on Form 10-K for the year ended December 31, 2024.
Galaz, Yamazaki, Ruiz Urquiza, S.C.
Member of Deloitte Touche Tohmatsu Limited
/s/ Galaz, Yamazaki, Ruiz Urquiza, S.C.
Mexico City, Mexico
March 3, 2025

Exhibit 23.2
Wood Group USA, Inc.
A third-party firm comprising mining experts
Wood Group USA, Inc.
17325 Park Row Houston
Texas 77084
USA
CONSENT OF WOOD GROUP USA, INC
Wood Group USA, Inc. (Wood) hereby states that it is a third-party firm comprising mining experts, including
geologists and engineers, and is the firm responsible for authoring chapters 1.1-1.19, 1.20.1, 1.20.2, 1,20.5 1.21.1, 1.21.2, 1.22, 1.23, 2-
6, 7.1, 7.2, 8-12, 13.1, 13.4-13.6, 14, 15.1-15.4, 15.7-15.9, 16-21, 22.1-22.16, 22.17.1, 22.17.2, 22.17.5, 22.18.1, 22.18.2, 22.19, 23.1-
23.5, 23.8, 23.9, 24, 25 of the technical report summary, titled “S-K 1300 Technical Report Summary on the Cuajone Operations,
Moquegua Department, Peru” current as at December 31, 2024, as signed by Wood (the “Technical Report Summary”).
Furthermore, Wood consents to:
(a) the filing and use of the Technical Report Summary by Southern Copper Corporation (”the
“Company”) as an exhibit to and reference in the Company’s annual report on Form 10-K for the
year ended December 31, 2024 (the “10-K”);
(b) the use of and reference to Wood’s name, including Wood’s status as a third-party firm comprising
mining experts, including geologists and engineers (as described in Subpart 1300 of Regulation
S-K promulgated by the U.S. Securities and Exchange Commission (“Subpart 1300”)), in
connection with the 10-K and the Technical Report Summary;
(c) the use of information derived, summarized, quoted or referenced from the Technical Report
Summary, or portions thereof, that was prepared by Wood, that is included or incorporated by reference in the 10-K; and
(d) the incorporation by reference in the Company’s Registration Statement on Form S-3 (Registration
No. 333-203237) and Registration Statement on Form S-8 (Registration No. 333-150982) of the
above items as included in the 10-K.
Dated 27 of February, 2025.
Signed on behalf of Wood Group USA, Inc.
                           /s/ Greg Gosson
________________________________________________
 Greg Gosson
Technical Director, Geology & Compliance
Authorized signor of Wood Group USA, Inc.

Geosyntec Consultants International, Inc.
A third-party firm comprising mining experts
Geosyntec Consultants International, Inc.
777 Yamato Road, Suite 600
Boca Raton, Florida 33431
USA
CONSENT OF GEOSYNTEC CONSULTANTS INTERNATIONAL, INC
Geosyntec Consultants International, Inc. (Geosyntec) hereby states that it is a third-party firm comprising mining experts, including
geologists and engineers, and is the firm responsible for authoring chapters  1.20.3; 1.20.4; 1.12.3; 1.23; 2.3; 2.4; 7.3; 7.4; 13.2; 13.3;
15.5; 15.6; 15.10; 22.17.3; 22.17.4; 22.18.3; 23.7;
23.8; 23.10; 24; 25.4; and 25.5 of the technical report summary, titled “S-K 1300 Technical Report Summary on the Cuajone Operations,
Moquegua Department, Peru” current as at December 31, 2024, as signed by Geosyntec (the “Technical Report Summary”).
Furthermore, Geosyntec consents to:
(e) the filing and use of the Technical Report Summary by Southern Copper Corporation (”the
“Company”) as an exhibit to and reference in the Company’s annual report on Form 10-K for the
year ended December 31, 2024 (the “10-K”);
(f)
the use of and reference to Geosyntec’s name, including Geosyntec’s status as a third-party firm comprising mining experts,
including geologists and engineers (as described in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and
Exchange Commission (“Subpart 1300”)), in connection with the 10-K and the Technical Report Summary;
(g) the use of information derived, summarized, quoted or referenced from the Technical Report
Summary, or portions thereof, that was prepared by Geosyntec, that is included or incorporated by reference in the 10-K; and
(h) the incorporation by reference in the Company’s Registration Statement on Form S-3 (Registration
No. 333-203237) and Registration Statement on Form S-8 (Registration No. 333-150982) of the
above items as included in the 10-K.
Dated 27 of February 2025.
Signed on behalf of Geosyntec Consultants International, Inc.
                           /s/ Marlaina Auger
________________________________________________
 Marlaina Auger
Vice President
Authorized signor of Geosyntec Consultants International, Inc.

Exhibit 23.3
Wood Group USA, Inc.
A third-party firm comprising mining experts
Wood Group USA, Inc.
17325 Park Row Houston
Texas 77084
USA
CONSENT OF WOOD GROUP USA, INC
Wood Group USA, Inc. (Wood) hereby states that it is a third-party firm comprising mining experts, including geologists and engineers,
and is the firm responsible for authoring chapters 1.1-1.18, 1.19.1, 1.19.2, 1.19.5, 1.20, 1.21, 1.22, 2-6, 7.1, 7.2, 8-12, 13.1, 13.4-13.6,
14, 15.1-15.4, 15.7-15.9, 16-21, 22.1-22.15, 22.16.1, 22.16.2, 22.17, 22.18, 23.1-23.5, 23.8, 23.9, 24, 25 of the technical report
summary, titled “S-K 1300 Technical Report Summary Toquepala Operations, Tacna Department, Peru” current as at December 31,
2024, as signed by Wood (the “Technical Report Summary”).
Furthermore, Wood consents to:
(a) the filing and use of the Technical Report Summary by Southern Copper Corporation (”the “Company”) as an exhibit to and
reference in the Company’s annual report on Form 10-K for the year ended December 31, 2024 (the “10-K”);
(b) the use of and reference to Wood’s name, including Wood’s status as a third-party firm comprising mining experts, including
geologists and engineers (as described in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange
Commission (“Subpart 1300”)), in connection with the 10-K and the Technical Report Summary;
(c) the use of information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that
was prepared by Wood, that is included or incorporated by reference in the 10-K; and
(d) the incorporation by reference in the Company’s Registration Statement on Form S-3 (Registration No. 333-203237) and
Registration Statement on Form S-8 (Registration No. 333-150982) of the above items as included in the 10-K.
Dated this 27 of February, 2025.
Signed on behalf of Wood Group USA, Inc.
                           /s/ Greg Gosson
________________________________________________
Greg Gosson
Technical Director, Geology & Compliance
and authorized signor of Wood Group USA, Inc.

Geosyntec Consultants International, Inc.
A third-party firm comprising mining experts
Geosyntec Consultants International, Inc.
777 Yamato Road, Suite 600
Boca Raton, Florida 33431
USA
CONSENT OF GEOSYNTEC CONSULTANTS INTERNATIONAL, INC
Geosyntec Consultants International, Inc. (Geosyntec) hereby states that it is a third-party firm comprising mining experts, including
geologists and engineers, and is the firm responsible for authoring chapters 1.19.3; 1.19.4; 1.22; 2.3; 2.4; 7.3; 7.4; 13.2; 13.3; 15.5; 15.6;
15.10; 22.16.3; 22.16.4; 22.18; 23.6; 23.7;
23.9; 24; 25.4; and 25.5 of the technical report summary, titled “S-K 1300 Technical Report Summary on the Toquepala Operations,
Tacna Department, Peru” current as at December 31, 2024, as signed by Geosyntec (the “Technical Report Summary”).
Furthermore, Geosyntec consents to:
(e) the filing and use of the Technical Report Summary by Southern Copper Corporation (”the “Company”) as an exhibit to and
reference in the Company’s annual report on Form 10-K for the year ended December 31, 2024 (the “10-K”);
(f)
the use of and reference to Geosyntec’s name, including Geosyntec’s status as a third-party firm comprising mining experts,
including geologists and engineers (as described in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and
Exchange Commission (“Subpart 1300”)), in connection with the 10-K and the Technical Report Summary;
(g) the use of information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that
was prepared by Geosyntec, that is included or incorporated by reference in the 10-K; and
(h) the incorporation by reference in the Company’s Registration Statement on Form S-3 (Registration No. 333-203237) and
Registration Statement on Form S-8 (Registration No. 333-150982) of the above items as included in the 10-K.
Dated this 27 of February, 2025.
Signed on behalf of Geosyntec Consultants International, Inc.
                           /s/ Marlaina Auger
________________________________________________
Marlaina Auger
Vice President
Authorized signor of Geosyntec Consultants International, Inc.

Exhibit 23.4
Wood.
February 27, 2025
CONSENT OF WOOD GROUP USA, INC.
Re: Form 10-K of Southern Copper Corporation (“the Company”)
Wood Group USA, Inc. (“Wood”) in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form
10-K”) consents to:
a)
The incorporation by reference by the Company of the technical report titled “Tia Maria Project, Peru, Technical Report Summary (the
“Technical Report Summary”), current as of December 31, 2021 and dated February 28, 2022, that was prepared in accordance with Subpart
1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, as an exhibit to and referenced in the Form 10-K;
b)
the incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3 (Registration No.
333-203237) and Registration Statements on Form S-8 (Registration No. 333-150982) (collectively, the “Registration Statements”);
c)
the use of and references to Wood’s name including Wood’s status as a third-party firm comprising mining experts as defined by Subpart
1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission in connection with the Form 10-K, the Registration
Statements and the Technical Report Summary, and
d)
the use of any extracts from or a summary of the Technical Report Summary in the Form 10-K and incorporated by reference in the
Registration Statements and the use of any information derived, summarized, quoted, or referenced from the Technical Report Summary, or
portions thereof, that was prepared by us, that we supervised the preparation of, and /or that was reviewed and approved by us, that is
included or incorporated by reference in the Form 10-K and the Registration Statements.
Wood is responsible for authoring, and this consent pertains to, the Technical Report Summary. Wood certifies that it has read the Form 10-K and that
it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.
Signed on behalf of Wood Group USA, Inc.
_            /s/ Greg Gosson______________
By: Greg Gosson
Title: Technical Director, Geology & Compliance and authorized signor
for Wood Group USA, Inc.

Exhibit 23.5
Wood.
February 27, 2025
CONSENT OF WOOD GROUP USA, INC.
Re: Form 10-K of Southern Copper Corporation (“the Company”)
Wood Group USA, Inc. (“Wood”) in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form
10-K”) consents to:
a)
The incorporation by reference by the Company of the technical report titled “Los Chancas Project, Peru, Technical Report Summary (the
“Technical Report Summary”), current as of December 31, 2021 and dated February 28, 2022, that was prepared in accordance with Subpart
1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, as an exhibit to and referenced in the Form 10-K;
b)
the incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3 (Registration No.
333-203237) and Registration Statements on Form S-8 (Registration No. 333-150982) (collectively, the “Registration Statements”);
c)
the use of and references to Wood’s name including Wood’s status as an expert or third-party firm comprising mining experts as defined by
Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission in connection with the Form 10-K, the
Registration Statements and the Technical Report Summary, and
d)
the use of any extracts from or a summary of the Technical Report Summary in the Form 10-K and incorporated by reference in the
Registration Statements and the use of any information derived, summarized, quoted, or referenced from the Technical Report Summary, or
portions thereof, that was prepared by us, that we supervised the preparation of, and /or that was reviewed and approved by us, that is
included or incorporated by reference in the Form 10-K and the Registration Statements.
Wood is responsible for authoring, and this consent pertains to, the Technical Report Summary. Wood certifies that it has read the Form 10-K and that
it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.
Signed on behalf of Wood Group USA, Inc.
____    /s/ Greg Gosson_______________
By: Greg Gosson
       Title: Technical Director, Geology & Compliance and authorized signor 
        for Wood Group
USA, Inc.

Exhibit 23.6
Wood.
February 27, 2025
CONSENT OF WOOD GROUP USA, INC.
Re: Form 10-K of Southern Copper Corporation (“the Company”)
Wood Group USA, Inc. (“Wood”) in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form
10-K”) consents to:
a)
The incorporation by reference by the Company of the technical report titled “Michiquillay Project, Peru, Technical Report Summary (the
“Technical Report Summary”), current as of December 31, 2021 and dated February 28, 2022, that was prepared in accordance with Subpart
1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, as an exhibit to and referenced in the Form 10-K;
b)
the incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3 (Registration No.
333-203237) and Registration Statements on Form S-8 (Registration No. 333-150982) (collectively, the “Registration Statements”);
c)
the use of and references to Wood’s name including Wood’s status as a third-party firm comprising mining experts as defined by Subpart
1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission in connection with the Form 10-K, the Registration
Statements and the Technical Report Summary, and
d)
the use of any extracts from or a summary of the Technical Report Summary in the Form 10-K and incorporated by reference in the
Registration Statements and the use of any information derived, summarized, quoted, or referenced from the Technical Report Summary, or
portions thereof, that was prepared by us, that we supervised the preparation of, and/or that was reviewed and approved by us, that is included
or incorporated by reference in the Form 10-K and the Registration Statements.
Wood is responsible for authoring, and this consent pertains to, the Technical Report Summary. Wood certifies that it has read the Form 10-K and that
it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.
Signed on behalf of Wood Group USA, Inc.
___     _/s/ Greg Gosson________________
By: Greg Gosson
Title: Technical Director, Geology & Compliance and authorized signor 
               of Wood Group USA, Inc.

Exhibit 23.7
Ronald Turner MAusIMM (CP Geo.)
WSP Mining S.A.
Magdalena 181, Piso 3, Las Condes, Santiago, Chile    
CONSENT OF QUALIFIED PERSON
I, Ronald Turner, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary, titled
‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: Buenavista del Cobre’ with an effective date of December 31,
2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Santiago, Chile, this 26th day of February, 2025
/s/ Ronald Turner MAusIMM
________________________________________________
Ronald Turner MAusIMM No. 302538, (CP Geo.)

Ibrahim Karajeh, P.Eng.
WSP Canada Inc.
6925 Century Avenue, Suite #600
Missisauga, Ontario, L5N 7K2 Canada  
CONSENT OF QUALIFIED PERSON
I, Ibrahim Karajeh, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary,
titled ‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: Buenavista del Cobre’ with an effective date of
December 31, 2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Missisauga, Ontario, this 26th of February, 2025
/s/ Ibrahim Karajeh
________________________________________________
Ibrahim Karajeh, Professional Engineers Ontario (Registration No. 100050232)

Dawn Garcia, CPG
Stantec
3133 W Frye Rd Suite 300, Chandler, AZ 85226
CONSENT OF QUALIFIED PERSON
I, Dawn Garcia, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary, titled
‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: Buenavista del Cobre’ with an effective date of December 31,
2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Chandler, Arizona, this 26th of February, 2025
/s/ Dawn Garcia
________________________________________________
Dawn Garcia, CPG Certified Professional Geologist (American Institute of Professional Geologists, CPG-08313) (P.G., Arizona, License
No. 26034)

Jesus Romero, P.E. (Arizona)
WSP USA Inc.
177 N Church Avenue, Suite 1105, Tucson, AZ 85701    
CONSENT OF QUALIFIED PERSON
I, Jesus Romero, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary, titled
‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: Buenavista del Cobre’ with an effective date of December 31,
2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended
December 31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration
No. 333-150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Tucson, Arizona, this 26th of February, 2025
/s/ Jesus Romero
________________________________________________
Jesus Romero, P.E. (Registered Professional Engineer - Arizona, U.S. [Registration No. 42771])

Michael Pegnam, P.E., (Arizona)
WSP USA Inc.
177 N. Church Avenue, Suite 1105, Tucson, AZ 85701    
CONSENT OF QUALIFIED PERSON
I, Michael Pegnam, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary,
titled ‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: Buenavista del Cobre’ with an effective date of
December 31, 2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Tucson, Arizona, this 26th of February, 2025
/s/ Michael Pegnam
________________________________________________
Michael Pegnam, Registered Professional Engineer - Arizona, U.S. (Registration No. 33800)

Eugenio Iasillo, P.E. (Arizona)
Process Engineering LLC
1676 W Aristides Street, Tucson, Arizona 85704  
CONSENT OF QUALIFIED PERSON
I, Eugenio Iasillo, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary, titled
‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: Buenavista del Cobre’ with an effective date of December 31,
2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Tucson, Arizona, this 26th of February, 2025
/s/ Eugenio Iasillo
________________________________________________
Eugenio Iasillo, Registered Professional Engineer - Arizona, U.S. (Arizona Certificate/Registration No.
28209)

Matthew P. Oommen
WSP USA, Inc.
701 Emerson Road, Suite 250, Creve Coeur, MO 63141
CONSENT OF QUALIFIED PERSON
I, Matthew Oommen, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary,
titled ‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: Buenavista del Cobre’ with an effective date of
December 31, 2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(e) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(f)
The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(g) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(h) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at St. Louis, Missouri, this 26th of February, 2025
/s/ Matthew Oommen
________________________________________________
Matthew Oommen, SME Registered Member (No. 04023651)

Exhibit 23.8
Ronald Turner MAusIMM (CP Geo.)
WSP Mining S.A.
Magdalena 181, Piso 3, Las Condes, Santiago, Chile    
CONSENT OF QUALIFIED PERSON
I, Ronald Turner, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary, titled
‘SEC S-K 1300 TRS Technical Report Summary Southern Copper Corporation: La Caridad and Pilares’ with an effective date of
December 31, 2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Santiago, Chile, this 26th of February, 2025.
/s/ Ronald Turner MAusIMM
________________________________________________
Ronald Turner MAusIMM No. 302538, (CP Geo.)

Ibrahim Karajeh, P.Eng.
WSP Canada Inc.
6925 Century Avenue, Suite #600
Mississauga, Ontario, L5N 7K2 Canada
CONSENT OF QUALIFIED PERSON
I, Ibrahim Karajeh, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary,
titled ‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: La Caridad and Pilares’ with an effective date of
December 31, 2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Mississauga, Ontario, this 26th of February, 2025
/s/ Ibrahim Karajeh
________________________________________________
Ibrahim Karajeh, Professional Engineers Ontario (Registration No. 100050232)

Dawn Garcia, CPG
Stantec
3133 W Frye Rd Suite 300, Chandler, AZ 85226
CONSENT OF QUALIFIED PERSON
I, Dawn Garcia, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary, titled
‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: La Caridad and Pilares’ with an effective date of December
31, 2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Chandler, Arizona, this 26th of February, 2025
/s/ Dawn Garcia
________________________________________________
Dawn Garcia, CPG
Certified Professional Geologist (American Institute of Professional Geologists, CPG-08313)
(P.G., Arizona, License No. 26034)

Jorge Castillo, P.E. (Colorado)
WSP USA Inc.
7245 Alaska Drive, Lakewood, Colorado 80226    
CONSENT OF QUALIFIED PERSON
I, Jorge Castillo, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary, titled
‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: La Caridad and Pilares’ with an effective date of December
31, 2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
a)
I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
b)
The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
c)
I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
d)
I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Lakewood, Colorado, this 26th of February, 2025
/s/ Jorge Castillo
________________________________________________
Jorge Castillo, Registered Professional Engineer - Colorado, U.S. (Colorado Registration No. 0054466).

Michael Pegnam, P.E., (Arizona)
WSP USA Inc.
177 N Church Avenue, Suite 1105, Tucson, AZ 85701    
CONSENT OF QUALIFIED PERSON
I, Michael Pegnam, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary,
titled ‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: La Caridad and Pilares’ with an effective date of
December 31, 2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Tucson, Arizona, this 26th of February, 2025
/s/ Michael Pegnam
________________________________________________
Michael Pegnam, Registered Professional Engineer - Arizona, U.S. (Registration No. 33800)

Eugenio Iasillo, P.E. (Arizona)
Process Engineering LLC
1676 W Aristides Street, Tucson, Arizona 85704  
CONSENT OF QUALIFIED PERSON
I, Eugenio Iasillo, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary, titled
‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: La Caridad and Pilares’ with an effective date of December
31, 2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Tucson, Arizona, this 26th of February, 2025
/s/ Eugenio Iasillo
________________________________________________
Eugenio Iasillo, Registered Professional Engineer - Arizona, U.S. (Arizona Certificate/Registration No.
28209)

Matthew P. Oommen
WSP USA, Inc.
701 Emerson Road, Suite 250, Creve Coeur, MO 63141  
CONSENT OF QUALIFIED PERSON
I, Matthew Oommen, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary,
titled ‘SEC S-K 1300 Technical Report Summary Southern Copper Corporation: La Caridad and Pilares’ with an effective date of
December 31, 2024, as signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(e) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(f)
The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(g) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(h) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at St. Louis, Missouri, this 26th of February, 2025
/s/ Matthew Oommen
________________________________________________
Matthew Oommen, SME Registered Member (No. 04023651)

Exhbit 23.9
Danny Tolmer, P.Eng. (British Columbia)
Snowden Optiro
Suite 310 – 221 W Esplanade
North Vancouver, BC, V7M 3J3
CONSENT OF QUALIFIED PERSON
I, Danny Tolmer, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary, titled
‘El Pilar Project S-K 1300 Technical Report Summary – Feasibility Study’ with an effective date of December 31, 2021, as signed and
certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Vancouver, BC, this 26th day of February, 2025
/s/ Danny Tolmer
________________________________________________
Danny Tolmer, P.Eng. (British Columbia, No. 33590 EGBC Certificate)

Michael Pegnam, P.E., (Arizona)
WSP USA Inc.
177 N Church Avenue, Suite 1105, Tucson, AZ 85701    
CONSENT OF QUALIFIED PERSON
I, Michael Pegnam, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary,
titled ‘titled ‘El Pilar Project S-K 1300 Technical Report Summary – Feasibility Study’ with an effective date of December 31, 2021, as
signed and certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Tucson, Arizona, this 26th day of February, 2025
/s/ Michael Pegnam
________________________________________________
Michael Pegnam, Registered Professional Engineer - Arizona, U.S. (Registration No. 33800)

Ronald Turner MAusIMM (CP Geo.)
WSP Mining S.A.
Magdalena 181, Piso 3, Las Condes, Santiago, Chile  
CONSENT OF QUALIFIED PERSON
I, Ronald Turner, state that I am responsible for preparing or supervising the preparation of part(s) of the technical report summary, titled
‘El Pilar Project S-K 1300 Technical Report Summary – Feasibility Study’ with an effective date of December 31, 2021, as signed and
certified by me (the “Technical Report Summary”).
Furthermore, I state that:
(a) I consent to the public filing of the Technical Report Summary by Southern Copper Corporation (”the “Company”);
(b) The Technical Report Summary was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S.
Securities and Exchange Commission and supports the Company’s annual report on Form 10-K for the year ended December
31, 2024 (the “10-K”);
(c) I consent to the use of my name, or any quotation from or summarization in the 10-K of the parts of the Technical Report
Summary for which I am responsible, to the filing of the Technical Report Summary as an exhibit to the 10-K, and to the
incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982) (collectively, the “Registration Statements”); and
(d) I confirm that I have read the portions of the 10-K relating to the parts of the Technical Report Summary for which I am
responsible, and that such portions of the 10-K fairly and accurately reflect such information.
Dated at Santiago, Chile, this 26th day of February, 2025
/s/ Ronald Turner MAusIMM
________________________________________________
Ronald Turner MAusIMM No. 302538, (CP Geo.)

Exhibit 23.10
Wood.
February 27, 2025
CONSENT OF WOOD GROUP USA, INC.
Re: Form 10-K of Southern Copper Corporation (“the Company”)
Wood Group USA, Inc. (“Wood”) in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form
10-K”) consents to:
a)
The incorporation by reference by the Company of the technical report titled “El Arco Project, Mexico, Technical Report Summary (the
“Technical Report Summary”), current as of December 31, 2021 and dated February 28, 2022, that was prepared in accordance with Subpart
1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, as an exhibit to and referenced in the Form 10-K;
b)
the incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3 (Registration No.
333-203237) and Registration Statements on Form S-8 (Registration No. 333 150982) (collectively, the “Registration Statements”);
c)
the use of and references to Wood’s name including Wood’s status as an expert or third-party firm comprising mining experts as defined by
Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission in connection with the Form 10-K, the
Registration Statements and the Technical Report Summary, and
d)
the use of any extracts from or a summary of the Technical Report Summary in the Form 10-K and incorporated by reference in the
Registration Statements and the use of any information derived, summarized, quoted, or referenced from the Technical Report Summary, or
portions thereof, that was prepared by us, that we supervised the preparation of, and/or that was reviewed and approved by us, that is included
or incorporated by reference in the Form 10-K and the Registration Statements.
Wood is responsible for authoring, and this consent pertains to, the Technical Report Summary. Wood certifies that it has read the Form 10-K and that
it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.
Signed on behalf of Wood Group USA, Inc.
___     _/s/ Greg Gosson________________
By: Greg Gosson
Title: Technical Director, Geology & Compliance and authorized signor
              for Wood Group USA, Inc.

Dear Mr. Rocha,
In connection with the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and any amendments thereto (collectively
the, “Form 10-K”) to be filed by Southern Copper Corporation (the “Company”) with the U.S. Securities and Exchange Commission (“SEC”),
SRK Consulting (U.S.), Inc. (“SRK”), hereby consents to:
(1) the filing and/or incorporation by reference by the Company and use of the Technical Report Summary titled “SEC Technical Report
Summary Initial Assessment on Mineral Resources Charcas Mine San Luis Potosí, México” with an effective date of December 31,
2024, and a report date of February 19, 2025 (the “Technical Report Summary”), that was prepared in accordance with Subpart
1300 of Regulation S-K promulgated by the SEC, as an exhibit to and referenced in the Form 10-K;
(2) the use of and references to SRK’s name as a “qualified person” (as defined in Subpart 1300 of Regulation S-K promulgated by the
SEC), in connection with the Form 10-K and any such Technical Report Summary;
(3) the use of any quotation from, or summarization of, the particular section or sections of the Technical Report Summary in the Form
10-K, to the extent it was prepared by SRK, that SRK supervised its preparation of and/or that was reviewed and approved by SRK,
that is included or incorporated by reference to the Form 10-K; and
(4) to the incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982).
SRK is responsible for authoring the Technical Report. SRK certifies that it has read the Form 10- K and that it fairly and accurately
represents the information in the Technical Report Summary for which it is responsible.
Dated at Denver, Colorado this 24th February 2025.
/S/ Ben Parsons___________________________
Ben Parsons, Practice Leader/Principal Consultant
SRK Consulting (U.S.), Inc.
SRK Consulting (U.S.), Inc.
999 17th Street, Suite 400
Denver, CO 80202
United States
+1 303 985 1333 office
+1 303 985 9947 fax
denver@srk.com
www.srk.com
Exhibit 23.11
February 24, 2025
Southern Copper Corporation
7310 North 16th Street, Suite 135
Phoenix, Arizona 85020
USA
Attention:
Oscar Gonzalez Rocha
President and Chief Executive Officer
Subject
Consent Letter – Charcas Technical Report Summary

Dear Mr. Rocha,
In connection with the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and any amendments thereto (collectively
the, “Form 10-K”) to be filed by Southern Copper Corporation (the “Company”) with the U.S. Securities and Exchange Commission (“SEC”),
SRK Consulting (U.S.), Inc. (“SRK”), hereby consents to:
(1) the filing and/or incorporation by reference by the Company and use of the Technical Report Summary titled “SEC Technical Report
Summary Initial Assessment on Mineral Resources Santa Bárbara Chihuahua, México” with an effective date of December 31,
2024, and a report date of February 19, 2025 (the “Technical Report Summary”) that was prepared in accordance with Subpart
1300 of Regulation S-K promulgated by the SEC, as an exhibit to and referenced in the Form 10-K;
(2) the use of and references to SRK’s name as a “qualified person” (as defined in Subpart 1300 of Regulation S-K promulgated by the
SEC), in connection with the Form 10-K and any such Technical Report Summary;
(3) the use of any quotation from, or summarization of, the particular section or sections of the Technical Report Summary in the Form
10-K, to the extent it was prepared by SRK, that SRK supervised its preparation of and/or that was reviewed and approved by SRK,
that is included or incorporated by reference to the Form 10-K; and
(4) to the incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982).
SRK is responsible for authoring the Technical Report. SRK certifies that it has read the Form 10- K and that it fairly and accurately
represents the information in the Technical Report Summary for which it is responsible.
Dated at Denver, Colorado this 24th of February 2025
/S/ Ben Parsons___________________________                                                              
Ben Parsons, Practice Leader/Principal Consultant
SRK Consulting (U.S.), Inc.
SRK Consulting (U.S.), Inc.
999 17th Street, Suite 400
Denver, CO 80202
United States
+1 303 985 1333 office
+1 303 985 9947 fax
denver@srk.com
www.srk.com
Exhibit 23.12
February 24, 2025
Southern Copper Corporation
7310 North 16th Street, Suite 135
Phoenix, Arizona 85020
USA
Attention:
Oscar Gonzalez Rocha
President and Chief Executive Officer
Subject
Consent Letter – Santa Bárbara Technical Report Summary

SRK Consulting (U.S.), Inc.
999 17th Street, Suite 400
Denver, CO 80202
United States
+1 303 985 1333 office
+1 303 985 9947 fax
denver@srk.com
www.srk.com
Exhibit 23.13
February 24, 2025
Southern Copper Corporation
7310 North 16th Street, Suite 135
Phoenix, Arizona 85020
USA
Attention:
Oscar Gonzalez Rocha
President and Chief Executive Officer
Subject
Consent Letter – San Martín Technical Report Summary
Dear Mr. Rocha,
In connection
with the Annual
Report on Form
10-K for the
fiscal year
ended
December 31,
2024 and any
amendments
thereto
(collectively the,
“Form 10-K”) to
be filed by
Southern
Copper
Corporation (the
“Company”) with
the U.S.
Securities and
Exchange
Commission
(“SEC”), SRK
Consulting
(U.S.), Inc.
(“SRK”), hereby
consents to:
(1) the filing and/or incorporation by reference by the Company and use of the Technical Report Summary titled “SEC Technical Report
Summary Initial Assessment on Mineral Resources San Martín Zacatecas, México” with an effective date of December 31, 2023,
and a report date of February 5, 2024 (the “Technical Report Summary”) that was prepared in accordance with Subpart 1300 of
Regulation S-K promulgated by the SEC, as an exhibit to and referenced in the Form 10-K;
(2) the use of and references to SRK’s name as a “qualified person” (as defined in Subpart 1300 of Regulation S-K promulgated by the
SEC), in connection with the Form 10-K and any such Technical Report Summary;
(3) the use of any quotation from, or summarization of, the particular section or sections of the Technical Report Summary in the Form
10-K, to the extent it was prepared by SRK, that SRK supervised its preparation of and/or that was reviewed and approved by SRK,
that is included or incorporated by reference to the Form 10-K; and
(4) to the incorporation by reference of the Technical Report Summary into the Company’s Registration Statement on Form S-3
(Registration No. 333-203237) and Registration Statements on Form S-8 and any amendments thereto (Registration No. 333-
150982).
SRK is responsible for authoring the Technical Report. SRK certifies that it has read the Form 10- K and that it fairly and accurately
represents the information in the Technical Report Summary for which it is responsible.
Dated at Denver, Colorado this 24th of February 2025.
/S/ Ben Parsons___________________________
Ben Parsons, Practice Leader/Principal Consultant
SRK Consulting (U.S.), Inc.

Exhibit 31.1
CERTIFICATION PURSUANT TO
Section 302 of the Sarbanes-Oxley Act of 2002
I, Oscar Gonzalez Rocha certify that:
1.
I have reviewed this report on Form 10-K of Southern Copper Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15 (e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting.
March 3, 2025
/s/ OSCAR GONZALEZ ROCHA
Oscar Gonzalez Rocha
President and Chief Executive Officer

Exhibit 31.2
CERTIFICATION PURSUANT TO
Section 302 of the Sarbanes-Oxley Act of 2002
I, Raul Jacob, certify that:
1.
I have reviewed this report on Form 10-K of Southern Copper Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15 (e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting.
March 3, 2025
/s/ RAUL JACOB
Raul Jacob
Vice President, Finance, Treasurer and
Chief Financial Officer

Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of Southern Copper Corporation (the “Company”) on Form 10-K for the period ending December 31, 2024 as filed with the
Securities and Exchange Commission on the date hereof (the “Report”), I, Oscar Gonzalez Rocha, President and Chief Executive Officer of the Company, certify pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ OSCAR GONZALEZ ROCHA
Oscar Gonzalez Rocha
President and Chief Executive Officer
March 3, 2025
A signed original of this written statement required by section 906 has been provided to Southern Copper Corporation and will be retained by Southern Copper
Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of Southern Copper Corporation (the “Company”) on Form 10-K for the period ending December 31, 2024 as filed with the
Securities and Exchange Commission on the date hereof (the “Report”), I, Raul Jacob, Vice President, Finance, Treasurer and Chief Financial Officer of the Company, certify
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ RAUL JACOB
Raul Jacob
Vice President, Finance, Treasurer and
Chief Financial Officer
March 3, 2025
A signed original of this written statement required by section 906 has been provided to Southern Copper Corporation and will be retained by Southern Copper
Corporation and furnished to the Securities and Exchange Commission or its staff upon request.