Southern Copper Corp (SCCO) 2024 Q1 法說會逐字稿

Good morning, and welcome to Southern Copper Corporation's First Quarter 2024 Results Conference Call. With us this morning, we have Southern Copper Corporation, Mr. Raul Jacob, Vice President of Finance, Treasurer and CFO, who will discuss the results of the company for the first quarter 2024 as well as answer any questions that you might have.

早安，歡迎參加南方銅業公司 2024 年第一季業績電話會議。今天上午，南方銅業公司財務副總裁、財務主管兼財務長 Raul Jacob 先生將與我們一起討論該公司 2024 年第一季的業績，並回答您可能提出的任何問題。

The information discussed on today's call may include forward-looking statements regarding the company's results and prospects, which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions to not place undue reliance on these forward-looking statements. Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All results are expressed in full U.S. GAAP.

今天的電話會議討論的資訊可能包括有關公司業績和前景的前瞻性陳述，這些陳述存在風險和不確定性。實際結果可能存在重大差異，公司警告不要過度依賴這些前瞻性陳述。南方銅業公司不承擔公開更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。所有結果均以完整的美國公認會計原則表示。

Now I will pass the call on to Mr. Raul Jacob.

現在我將把電話轉給勞爾·雅各布先生。

Thank you very much, Gigi. Good morning, everyone, and welcome to Southern Copper's First Quarter 2024 Results Conference Call. At today's conference, I'm joined by Mr. Oscar Gonzalez Rocha, CEO of Southern Copper and Board member; as well as Mr. Leonardo Contreras, who is also Board member. In today's call, we will begin with an update on our view of the copper market and then review Southern Copper's key results related to production, sales, operating cost, financial results, expansion projects and ESG. After this, we will open the session for questions.

非常感謝你，吉吉。大家早安，歡迎參加南方銅業 2024 年第一季業績電話會議。出席今天的會議的還有南方銅業公司執行長兼董事會成員 Oscar Gonzalez Rocha 先生；以及董事會成員 Leonardo Contreras 先生。在今天的電話會議中，我們將首先介紹我們對銅市場的最新看法，然後回顧南方銅業在生產、銷售、營運成本、財務表現、擴張項目和 ESG 方面的主要業績。之後，我們將開始提問環節。

Now let us focus on the copper market. The London Metal Exchange copper price decreased 5.4% from an average of $4.05 per pound in the first quarter of 2023 to $3.83 in the past quarter. At the end of last year, we were expecting a slight market surplus for 2024. However, after several producers announced reductions in copper production, concerns about a potential deficit displaced market optimism. At this time, we estimate that the copper supply will drop by about 1%. Previously, we were expecting a growth of 3.2% in supply, which has been reversed by this new forecast of a drop of 1% as I said.

現在讓我們關注銅市場。倫敦金屬交易所銅價從 2023 年第一季的平均每磅 4.05 美元下跌 5.4%，至上一季的每磅 3.83 美元。去年年底，我們預計 2024 年市場將出現小幅過剩。此時，我們預計銅供應量將下降1%左右。先前，我們預計供應量將成長 3.2%，但正如我所說，這項新預測已被扭轉為供應量下降 1%。

In addition to a significant downward revisions to global copper production projections for this year, we're currently seeing a strong market demand on the back of a resilient U.S. economy, and new demand from decarbonization technologies and artificial intelligence. Demand is expected to grow by about 2.5% this year. We believe these new factors as I say, decarbonization technologies, the resilience of the U.S. economy, will play a significant role in supporting long-term copper demand, sustaining attractive copper prices.

除了今年全球銅產量預測大幅下調外，我們目前還看到，在美國經濟復甦的背景下，市場需求強勁，脫碳技術和人工智慧也帶來了新的需求。預計今年需求將成長約2.5%。我們相信，正如我所說，脫碳技術、美國經濟的彈性等新因素將在支持長期銅需求、維持有吸引力的銅價方面發揮重要作用。

Now let's look at Southern Copper's production for the past quarter. Copper represented 78.6% of our sales in the first quarter of 2024. Copper production registered an increase of 7.6% in the first quarter in quarter-on-quarter terms to stand at 240,270 tons. Our quarterly production result reflects a 19% increase in production in Peru due to higher ore grade, mineral processing and recoveries and a 0.5x increase in production in Mexico mines. This includes 2,158 tons of copper from the new zinc concentrator at Buenavista mine. These positive results were partially offset by a decrease in SX-EW cathode production at Buenavista and Toquepala.

現在讓我們來看看南方銅業上一季的產量。 2024 年第一季度，銅占我們銷售額的 78.6%。我們的季度產量結果反映出，由於礦石品位提高、選礦率和回收率提高，秘魯的產量增加了 19%，而墨西哥礦場的產量增加了 0.5 倍。其中包括來自布埃納維斯塔礦新鋅選礦廠的 2,158 噸銅。這些積極成果被布埃納維斯塔和托克帕拉 SX-EW 陰極產量的下降部分抵消。

In the fourth quarter of 2023, we reported that our Buenavista operations have experienced difficulties with its water supply. After taking action this past quarter to cover order requirements for this facility, we believe we have ensured sufficient water supplies to operate our Buenavista mine as forecasted in our annual plan. For 2024, we're increasing our forecast of copper production to 948,800 tons of copper, an increase of 4.1% over the 2023 final print. Last year, we drove our Pilares project to full capacity and initiated ramp-up of the Buenavista zinc concentrate. For 2024, we expect these 2 projects to contribute with 43,800 tons of copper.

2023 年第四季度，我們報告稱，我們的布埃納維斯塔業務遇到了供水困難。在上個季度採取行動滿足該設施的訂單需求後，我們相信我們已經確保了年度計劃中預測的布埃納維斯塔礦運營所需的充足供水。對於 2024 年，我們將銅產量預測上調至 948,800 噸，比 2023 年最終產量增加 4.1%。去年，我們使 Pilares 專案達到滿載生產，並開始提高布埃納維斯塔鋅精礦的產量。到2024年，我們預計這兩個項目將貢獻43,800噸銅。

For molybdenum, it represented 10.5% of the company's sales value in the first quarter of this year and is currently our first by-product. Molybdenum prices averaged $19.84 per pound in the quarter compared to $32.04 in the first quarter of last year, which represents a decrease of 38%. Molybdenum production increased by 9.5% in the first quarter of 2024 compared to the same period of last year. This was mainly driven by higher production at the Peruvian operations and the Buenavista mine due to higher ore grades. These results were partially offset by lower production at La Caridad mine. In 2024, we expect to produce 26,100 tons of molybdenum, higher 2.4% than our plan.

就鉬而言，它占公司今年第一季銷售額的10.5%，目前是我們的第一個副產品。本季鉬平均價格為每磅 19.84 美元，而去年第一季的平均價格為每磅 32.04 美元，下降了 38%。 2024年第一季鉬產量年增9.5%。這主要是由於礦石品位較高而導致秘魯業務和布埃納維斯塔礦產量增加。這些結果被 La Caridad 礦產量下降部分抵消。 2024年，我們預計鉬產量為26,100噸，比計畫高2.4%。

For silver, it represented 4.3% of our sales value in the first quarter of 2024, with an average price of $23.35 per ounce in the quarter, which reflected an increase of 3.6%. Silver is currently our second by-product. Mined silver production increased 8.4% in the first quarter of 2024 versus the first quarter of 2023 after production rose at all our mines with the exception of Buenavista. Refined silver production fell by 1.6% quarter-over-quarter, which was mainly driven by a drop at the IMMSA and La Caridad refinery. In 2024, we expect to produce 20.5 million ounces of silver, an increase of 11.4% compared to 2023.

對於白銀來說，它佔 2024 年第一季我們銷售額的 4.3%，該季度平均價格為每盎司 23.35 美元，增長了 3.6%。白銀目前是我們的第二副產品。與 2023 年第一季相比，2024 年第一季礦產銀產量增加了 8.4%，除布埃納維斯塔外，我們所有礦場的產量均有所增加。精煉銀產量季減 1.6%，主要是 IMMSA 和 La Caridad 精煉廠產量下降所致。 2024年，我們預期白銀產量為2,050萬盎司，較2023年成長11.4%。

Zinc represented 2.7% of our sales value in the first quarter of 2024, with an average price of $1.11 per pound in the quarter. This is 22% lower than last year's first quarter's price for zinc. Zinc mined production increased 75% quarter-on-quarter and totaled 26,366 tons. This was mainly driven by the new Buenavista zinc concentrator production of 9,695 tons over the period and by an increase in production at the Santa Barbara, Charcas and San Martin mine of our IMMSA subsidiary.

2024 年第一季度，鋅占我們銷售額的 2.7%，該季度平均價格為每磅 1.11 美元。這比去年第一季的鋅價低 22%。鋅礦產量較上季增加75%，總計26,366噸。這主要是由於新布埃納維斯塔鋅選礦廠在此期間的產量為 9,695 噸，以及我們 IMMSA 子公司的聖塔芭芭拉、查卡斯和聖馬丁礦產量的增加。

Refined zinc production decreased by 15% in the first quarter of 2024 compared to the first quarter of 2023. For this year, we expect to produce 120,300 tons of zinc, which represents an increase of 84% over the 2023 production levels. This growth will be driven by the Buenavista zinc concentrator. We expect this facility to produce 54,500 tons of zinc in 2024 and an average of 90,200 tons of zinc and 20,000 tons of copper per year over the next 5 years.

與 2023 年第一季相比，2024 年第一季精煉鋅產量下降了 15%。這一增長將由布埃納維斯塔鋅選礦廠推動。我們預計該工廠到 2024 年將生產 54,500 噸鋅，並在未來 5 年平均每年生產 90,200 噸鋅和 20,000 噸銅。

Financial results. For the first quarter of 2024, sales were $2.6 billion, that is $194 million lower than sales for the first quarter of 2023 or 7% less. The copper sales volume increased by 2.8%, but value decreased 4.8%, driven by lower prices. Regarding our main by-products, despite an increase in our molybdenum sales volume of 8.4%, sales for molybdenum decreased by 9.3% due to lower prices. As I mentioned, prices dropped by 38% quarter-on-quarter. In the case of silver, sales dropped by 3.1% due to a decrease in volume. This drop was partially offset by better prices. Zinc sales dropped by 24% over the period due to lower prices and slightly lower volume.

財務業績。 2024 年第一季的銷售額為 26 億美元，比 2023 年第一季的銷售額減少 1.94 億美元，即減少 7%。由於價格下跌，銅銷量成長 2.8%，但價值下降 4.8%。就我們主要的副產品而言，儘管我們的鉬銷量成長了8.4%，但由於價格下跌，鉬銷量下降了9.3%。正如我所提到的，價格環比下降了 38%。就白銀而言，由於數量減少，銷售額下降了 3.1%。這一下降被更好的價格部分抵消。由於價格下跌和銷量略有下降，同期鋅銷量下降了 24%。

Operating costs. Our total operating cost and expenses decreased by $30 million or 2.1% when compared to the first quarter of 2023. The main cost reduction has been inventory, purchased copper, workers' participation, explosives and grinding media and other factors. These cost reductions were partially offset by higher repair material, diesel and fuel cost, labor and other costs. The first quarter of 2024 adjusted EBITDA was $1,417.7 million, which is 9.6% lower when compared to the $1,568 million registered in the first quarter of 2023. This was due to lower prices for copper and molybdenum. The adjusted EBITDA margin in the first quarter of this year was 54.5% versus 56.1% in the first quarter of 2023.

營運成本。與 2023 年第一季相比，我們的總營運成本和費用減少了 3,000 萬美元，即 2.1%。這些成本降低被較高的維修材料、柴油和燃料成本、勞動力和其他成本部分抵消。 2024 年第一季調整後 EBITDA 為 14.177 億美元，比 2023 年第一季的 15.68 億美元下降 9.6%。今年第一季調整後 EBITDA 利潤率為 54.5%，而 2023 年第一季為 56.1%。

Operating cash cost per pound of copper before by-product credits was $2.11 per pound in the first quarter of 2024. This is $0.12 below the $2.23 registered for the fourth quarter of 2023. This 5.3% decrease in operating cash cost was attributable to lower cost per pound from production, a decrease in treatment and refining costs and a drop in administrative expenses. All of this net of an uptick in the premiums. Southern Copper operating cash cost, including the benefit of by-product credits, was $1.07 per pound in the first quarter of this year. This cash cost was $0.18 lower than the cash cost of $1.25 for the fourth quarter of 2023.

2024 年第一季度，不計副產品抵扣的每磅銅營運現金成本為每磅 2.11 美元。減少了處理和精煉成本以及管理費用。所有這一切都扣除了保費的上漲。今年第一季度，南方銅業的營運現金成本（包括副產品信貸的收益）為每磅 1.07 美元。該現金成本比 2023 年第四季 1.25 美元的現金成本低 0.18 美元。

Regarding by-products, we had a total credit of $532 million or $1.04 per pound in the first quarter of 2024. These figures represent a 5.9% increase when compared with the credit of $491.5 million, which was an equivalent of $0.984 per pound in the fourth quarter. So we have better credits that increased our -- increased by 6% in absolute dollars, and on a per pound basis, it was $1.04 versus $0.984 in the fourth quarter of last year. Total credits have increased for molybdenum and silver, but decreased for zinc and sulfuric acid. Copper production volumes increased by 2.6% between the first quarter of this year and the fourth quarter of 2023. Regarding by-products, production volumes increased for zinc, as I said, 56%, and decreased for molybdenum and silver.

關於副產品，2024 年第一季我們的信貸總額為 5.32 億美元，即每磅 1.04 美元。 。因此，我們擁有更好的信貸，這使我們的絕對美元增加了 6%，每磅為 1.04 美元，而去年第四季為 0.984 美元。鉬和銀的總學分增加，但鋅和硫酸的學分減少。從今年第一季到 2023 年第四季度，銅產量增加了 2.6%。

Net income was $736 million or 9.5% lower when compared to the $813.2 million registered in the first quarter of 2023. Net income margin was -- in the first quarter of this year was 28.3% versus 29.1% in the first quarter of 2023. Cash flow from operating activities in the first quarter of 2024 was $659.9 million, which represented an increase of 22% over the $540.9 million posted in the fourth quarter of 2023. This improvement was attributable to strong cash generation at our operations, which was driven by higher sales and cost control efficiency. In the first quarter of this year, cash flow from operating activities was 44% lower than the $1,185 million reported in the first quarter of 2022. This decrease was attributable to $311 million increase in working capital, which was driven primarily by our Mexican operations.

淨利潤為 7.36 億美元，較 2023 年第一季的 8.132 億美元下降 9.5%。經營活動流量為6.599 億美元，比2023 年第四季的5.409 億美元增長了22%。效率。今年第一季度，經營活動產生的現金流量比2022 年第一季報告的11.85 億美元減少了44%。 。

Capital investments. Our current capital investment program for this decade exceeds $15 billion and includes investments in the Tia Maria, Los Chancas and Michiquillay projects in Peru and the Buenavista Zinc, Pilares, El Pilar and El Arco projects in Mexico. This capital forecast includes several infrastructure investments, including key investments to bolster the competitiveness of the El Arco project. In the first quarter of this year, we spent $214 million on capital investments, down 10% compared to the first quarter of last year, and 16% versus the figure in the fourth quarter of 2023.

資本投資。我們目前十年的資本投資計劃超過 150 億美元，包括對秘魯 Tia Maria、Los Chancas 和 Michiquillay 項目以及墨西哥 Buenavista Zinc、Pilares、El Pilar 和 El Arco 項目的投資。此資本預測包括多項基礎設施投資，其中包括增強 El Arco 專案競爭力的關鍵投資。今年第一季度，我們的資本投資支出為2.14億美元，比去年第一季下降10%，比2023年第四季下降16%。

Capital expenditure represented 29% of net income this quarter. Since there is a description of our main capital project in SCC's press release, I'm going to focus on updating new developments for each of them. For the Buenavista zinc concentrator, the capital budget for the project is $439 million, of which $383 million had been invested as of March 31 of this year. Concentrator operation began in the first quarter of 2024. We expect, as we mentioned already, to produce 54,500 tons of zinc and 11,900 tons of copper this year, and for the next 5 years, we expect to have an average production of 90,200 tons of zinc and 20,000 tons of copper per year coming from this new Buenavista zinc concentrator.

本季資本支出佔淨利的 29%。由於 SCC 的新聞稿中描述了我們的主要資本項目，因此我將重點放在每個項目的最新進展。對於布埃納維斯塔鋅選礦廠，該項目的資本預算為4.39億美元，其中截至今年3月31日已投資3.83億美元。選礦廠於 2024 年第一季開始營運。維斯塔鋅選礦廠每年生產鋅和20,000 噸銅。

For the Peruvian projects, in the case of Los Chancas in Apurimac, the company continues to engage in coordinated efforts with The Peruvian authorities to eradicate illegal mining activity. Once this process is completed, we will resume the environmental impact assessment and initiate hydrogeological as well as geotechnical studies. We will also conduct a diamond drilling campaign of 40,000 meters to gather additional information on the characteristics of the Los Chancas deposit.

對於秘魯項目，以阿普里馬克的 Los Chancas 為例，該公司繼續與秘魯當局協調努力，以消除非法採礦活動。一旦這個過程完成，我們將恢復環境影響評估並啟動水文地質和岩土工程研究。我們還將進行 40,000 公尺的鑽石鑽探活動，以收集有關 Los Chancas 礦床特徵的更多資訊。

For the Michiquillay project located in the Cajamarca region in Peru, as of March 31 of this year, we have drilled 80,000 meters on a total program of 110,000 meters and obtained 27,902 core samples for chemical analysis. Diamond drilling is underway, which will provide data for cross-section interpretation, geological modeling and resource evaluation. We expect to begin hydrogeological and geotechnical studies soon, and will also assess the results of metallurgical testing at the deposit. The company continues to work with the Michiquillay and La Encañada communities based on the guidelines of corresponding social agreements.

位於秘魯卡哈馬卡地區的Michiquillay項目，截至今年3月31日，已鑽探8萬米，總計畫11萬米，取得岩心樣本27,902份化學分析。鑽石鑽探正在進行中，將為剖面解釋、地質建模和資源評估提供數據。我們預計很快就會開始水文地質和岩土工程研究，並將評估礦床冶金測試的結果。該公司繼續根據相應社會協議的指導方針與 Michiquillay 和 La Encañada 社區合作。

For environmental, social and corporate governance or ESG, well, we're always -- we are very consistently reporting on ESG assessment conducted by rating agencies on our operations. For the third consecutive year, we were included in the S&P Global's Sustainability Yearbook. This means that thanks to our performance in this agency's Corporate Sustainability Assessment and evaluation, we're ranked among the top 15% of the best rated companies in sustainability in mining and metals. Regarding ESG Risk Ratings Report Evaluation by Sustainalytics, SCC reduced its risk level by improving its score within the medium risk category from 27.5 in 2023 to 23.4 in 2024.

對於環境、社會和公司治理或 ESG，我們始終如一地報告評級機構對我們營運的 ESG 評估。我們連續第三年被納入 S&P Global 永續發展年鑑。這意味著，由於我們在該機構的企業永續發展評估和評估中的表現，我們已躋身採礦和金屬永續發展最佳評級公司的前 15% 之列。根據Sustainalytics的ESG風險評級報告評估，SCC透過將中度風險類別的得分從2023年的27.5提高到2024年的23.4來降低風險水準。

For climate action, 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 consume in Peru in 2023 came from renewable sources. Measurements indicate that consumption of renewable electricity, energy -- electrical energy at SCC increased from 23% to 36% in 2023, which means that we have already hit our 2027 target to ensure that 25% of our electrical supply is derived from renewable sources. Over the same period, greenhouse gas emissions dropped by 7.5% in 2023 compared to 2022.

在氣候行動方面，2024 年第一季度，我們從秘魯一家電力供應商那裡獲得了清潔能源證書。這樣，到 2023 年，秘魯消耗的所有電能都來自再生能源。測量結果表明，2023 年 SCC 的可再生電力消耗量從 23% 增加到 36%，這意味著我們已經實現了 2027 年確保 25% 的電力供應來自再生能源的目標。同期，2023年溫室氣體排放量較2022年下降7.5%。

For climate governance, recently, a briefing from Chapter Zero, home of the Climate Governance Initiative, was held for the directors and management of Southern Copper Corporation to inform them about the risks and opportunities associated with climate change. This initiative, developed in collaboration with the World Economic Forum, aims to support non-executive directors and chairs in integrating climate action into their business strategy.

在氣候治理方面，最近，氣候治理倡議組織「零章」為南方銅業公司的董事和管理層舉行了情況介紹會，向他們介紹了與氣候變遷相關的風險和機會。該倡議是與世界經濟論壇合作制定的，旨在支持非執行董事和主席將氣候行動納入其業務策略。

For the second consecutive year, we received the Exceptional Company award in Mexico, presented by the Business Coordinating Council, the Communication Council and the Institute for the Promotion of Quality. On this occasion, the success of our Educational Center model was recognized after outstanding results were reported for mathematics and Spanish and English languages, which are above the national and regional average for the cohort of 2,000 students from the 4 basic level schools sponsored by the company in Mexico under a voluntary initiative to benefit our employees.

我們連續第二年榮獲墨西哥商業協調委員會、通訊委員會和品質促進研究所頒發的「傑出公司獎」。這次，我們教育中心模式的成功得到了認可，因為我們在數學、西班牙語和英語方面取得了出色的成績，高於公司資助的 4 所基礎學校的 2,000 名學生的全國和地區平均水平在墨西哥，根據一項旨在使我們的員工受益的自願倡議。

In Peru, we inaugurated the High Performance School or COAR. COAR is the acronym in Spanish. The Peruvian -- this was in Tacna, the Peruvian region where our Toquepala mine operates. This campus houses 300 outstanding students for the state educational system. Many of these students come from the most vulnerable areas of the region. The COAR facilities will allow them to continue their studies in state-of-the-art classrooms, laboratories, libraries, residences and sport areas, thanks to an investment of $26 million through the work for taxes modality.

在秘魯，我們開設了高績效學校（COAR）。 COAR是西班牙語的縮寫。秘魯－這是在我們的托克帕拉礦中運作的秘魯地區塔克納。該校園為國家教育系統容納了 300 名優秀學生。這些學生中有許多來自該地區最脆弱的地區。透過稅收工作方式投資 2,600 萬美元，COAR 設施將使他們能夠在最先進的教室、實驗室、圖書館、住宅和運動區繼續學習。

Dividend announcement. Regarding dividends, as you know, it is the company policy to review our cash position, expected cash flow generation from operations, capital investment plans and other financial needs at each Board meeting to determine the appropriate quarterly dividends. Accordingly, Southern Copper Corporation announced last Friday that its Board of Directors has approved a quarterly stock dividend of 0.0104 shares of common stock per share payable on May 23, 2024, to shareholders of record at the close of business on May 8 of this year.

股息公告。關於股息，如您所知，公司政策是在每次董事會會議上審查我們的現金狀況、預期營運現金流、資本投資計劃和其他財務需求，以確定適當的季度股息。因此，南方銅業公司上週五宣布，其董事會已批准於 2024 年 5 月 23 日向今年 5 月 8 日收盤時在冊的股東支付每股 0.0104 股普通股的季度股票股息。

In lieu of fractional shares, cash will be distributed to each shareholder who will otherwise have been entitled to receive a fractional share based on a share price of $115.13, which is the average of the high and low share price on April 18, 2024. Shareholders will not be required to take any action to receive the stock dividends. After the payment date, shareholders' book entry accounts will be credited with additional shares that represent the stock dividend. When shares are held in a brokerage account in the name of a broker, the additional shares will be distributed to the broker on the shareholder's behalf. The stock dividend is administered by Computershare, the company's transfer agent.

現金將代替零碎股份分配給每位股東，否則他們將有權根據 115.13 美元的股價（2024 年 4 月 18 日最高和最低股價的平均值）獲得零碎股份。支付日之後，代表股票股利的額外股份將記入股東的帳簿帳戶。當股票以經紀人的名義持有在經紀帳戶時，額外的股票將代表股東分配給經紀人。股票股利由本公司的轉讓代理 Computershare 管理。

Ladies and gentlemen, with these comments, we end our presentation today. Thank you very much for joining us, and we will like now to open the forum for questions.

女士們、先生們，我們以這些評論來結束今天的演講。非常感謝您加入我們，我們現在將開放論壇供您提問。

(Operator Instructions) Our first question comes from the line of Carlos De Alba from MS.

（操作員說明）我們的第一個問題來自 MS 的 Carlos De Alba。

So if I may ask -- I have three questions. One is what drove the decision, the Board decision, to change the dividend from cash to all shares? In all the time I've been covering the stock -- the company, I think only one time that I can remember, the company pay dividends in shares. And at that time, it was partial cash and partial shares. And so yes, any color would be very interesting to understand this deviation from the norm.

所以，如果我可以問的話——我有三個問題。一是什麼推動了董事會決定將股利從現金改為所有股票？在我一直關注股票——公司的所有時間裡，我想我只記得一次，公司以股票形式支付股息。而且當時是部分現金和部分股份。所以，是的，任何顏色對於理解這種與標準的偏差都會非常有趣。

My second question has to do with the appetite for Southern Copper to potentially pursue M&A by a company in the sector as opposed to develop the projects, which, while certainly the portfolio is attractive, they are probably many years away potentially, with the exception of Tia Maria, to be developed.

我的第二個問題與南方銅業公司是否有興趣透過該行業的一家公司進行併購，而不是開發項目，雖然投資組合肯定很有吸引力，但它們可能還需要很多年的時間，除了蒂亞瑪麗亞，待開發。

And lastly, the cost performance was really good in the quarter. Congratulations on that. I wanted to understand how do you see the trend in cost before by-products, before the benefit of by-products, in the coming quarters? And if you can share the new guidance or how you see the average cost for the year before by-products again?

最後，本季的性價比非常好。對此表示祝賀。我想了解您如何看待未來幾季不計副產品、不計副產品效益的成本趨勢？您可以分享新的指導意見，或者您如何看待副產品之前一年的平均成本？

Thank you very much for your questions, Carlos. I'm going to address them now. Well, the change in the dividend, it's because we do have a resource, which are the shares that the company has been buying as part of the buyback program. And given the cash position of the company and the view on the price and how to respond to a sensible, say, dividend yield, given the cash -- the price of the shares, it was considered to pay this dividend that if you do the arithmetic using -- as I referenced, the price that we indicated of $115.34 (sic) [$115.13], I believe, for the price that we used as a reference, is about $1.20 per share.

非常感謝你的提問，卡洛斯。我現在要對他們講話。嗯，股息的變化，是因為我們確實有一種資源，即公司作為回購計劃的一部分而購買的股票。考慮到公司的現金狀況、對價格的看法以及如何應對合理的股息收益率，考慮到現金——股票的價格，如果你這樣做，就被認為支付股息正如我所提到的，我們指出的價格為115.34 美元（原文如此）[115.13 美元]，我相信，對於我們用作參考的價格，約為每股1.20 美元。

The cash generation of the company at the point of the Board meeting was not able without putting in compromise some expenditures for the future, and that's why the Board decided to use this resource and let the shareholders decide if they want to keep the shares or monetize them by selling them in the market.

在董事會會議召開時，如果不犧牲一些未來的支出，公司就無法產生現金，這就是為什麼董事會決定使用這一資源，讓股東決定是否要保留股份或貨幣化他們通過在市場上出售它們。

Regarding your second concern on the appetite for potential M&A. Basically -- well, we do see -- we do follow what is happening worldwide within M&A opportunities. As you know, we are significantly focused in our organic growth. We're following our projects. We're happy to report on the Pilares well-being in the last year. This year, it's part of our operation, and we're doing also some good work for the zinc concentrator ramping up.

關於您對潛在併購興趣的第二個擔憂。基本上——嗯，我們確實看到——我們確實關注全球範圍內併購機會中正在發生的事情。如您所知，我們非常注重有機成長。我們正在關注我們的項目。我們很高興地報告皮拉雷斯去年的福祉。今年，這是我們營運的一部分，我們也為鋅選礦廠的產能提升做了一些出色的工作。

So those are the project that has been finished lately. And well, the zinc concentrator is in its way up to be in a new operation as well. But generally speaking, what we're doing is we're following what is happening in the market. If we see a good opportunity, for us as management will be appropriate to do some recommendation to our Board, and we're seeing different circumstances. But so far, nothing has been taking our interest specifically.

這些是最近完成的項目。而且，鋅選礦廠也即將投入新的營運。但總的來說，我們正在做的是關注市場正在發生的事情。如果我們看到一個好的機會，對我們來說，作為管理層，將適當地向我們的董事會提出一些建議，而且我們看到了不同的情況。但到目前為止，還沒有什麼特別引起我們的興趣。

And regarding the cost before by-products, keep in mind that producing the by-product has a cost. So the new zinc concentrator divided -- cost divided by the pounds of copper that -- all the pounds of copper that we produce, it's charging us a little bit our cash cost before credits. Obviously, the credits are much, much higher than the cost of this facility on a per pound basis as well. Where -- I believe that we are seeing prices, the cash cost, in the range of what it is now. I think that we are not seeing inflation, for instance, affecting our cash cost now. A little bit may come from higher [silver] prices if they keep where they are now, but that's basically it.

關於副產品之前的成本，請記住生產副產品是有成本的。因此，新的鋅選礦廠除以成本除以我們生產的所有銅磅數，它會向我們收取一點信用前的現金成本。顯然，以每磅計算，積分也比該設施的成本高得多。我相信我們所看到的價格、現金成本處於目前的範圍內。例如，我認為我們現在沒有看到通貨膨脹影響我們的現金成本。如果銀價保持現在的水平，可能會帶來一點上漲，但基本上就是這樣。

So my view will be that we should maintain our cash cost before credits at this level. After credits, if you add the new production from the Buenavista concentrator, obviously, we will have much higher credits and we reported something of that, even though we had not as good prices as we have in the other quarters. So that's basically it.

因此，我的觀點是，我們應該將扣除信用前的現金成本維持在這個水準。扣除積分後，如果您添加布埃納維斯塔選礦廠的新產量，顯然，我們將獲得更高的積分，並且我們報告了其中的一些內容，儘管我們的價格不如其他季度的好。基本上就是這樣。

If I may, just on the first question on the dividend. Maybe I just wanted to understand a little bit more, because the company has very strong balance sheet. It finished the year 2023 with $1.8 billion in cash and marketable securities. It generated cash in the first quarter, another $100-and-some million. So what changed?

可以的話，請談談關於股息的第一個問題。也許我只是想多了解一點，因為該公司的資產負債表非常強勁。截至 2023 年，該公司擁有 18 億美元的現金和有價證券。第一季它又產生了 100 多萬美元的現金。那麼是什麼改變了呢？

Are you planning on -- maybe do you see Tia Maria being approved soon or any other project starting relatively in the near future? Or maybe an opportunity to acquire an asset that will require cash, and before you decided to use the shares? Because you could have also potentially canceled the shares and increased the EBITDA per share and therefore make stock look cheaper.

您是否計劃 - 也許您會看到 Tia Maria 很快就獲得批准，或者任何其他項目在不久的將來啟動？或者也許是在您決定使用股票之前獲得需要現金的資產的機會？因為您也可能取消股票並增加每股 EBITDA，從而使股票看起來更便宜。

Well, if you see our cash from operating activities in the first quarter was $660 million in round numbers. That is a reference that we look at in order to see how much is the capacity of paying a cash dividend coming from our operations. As I mentioned, we had a change in operating assets and liabilities of about $311 million. This, we believe, is going to be a onetime issue. And -- but generally speaking, it was a mix of maintaining a conservative position regarding cash.

好吧，如果你看到我們第一季經營活動產生的現金為 6.6 億美元。這是我們查看的參考，以了解我們的業務支付現金股利的能力有多大。正如我所提到的，我們的營運資產和負債發生了約 3.11 億美元的變化。我們相信，這將是一個一次性問題。但總的來說，這是在現金方面保持保守立場的綜合結果。

If we see some positive developments in Tia Maria as we're seeing that we're moving forward now, we'll certainly require more and more cash. So this is one of the reasons. The other ones are all related to having a conservative position regarding our cash position. it's more like being been prudent at this point instead of paying a dividend that will create -- may create some problems for the future.

如果我們看到蒂亞瑪麗亞取得一些積極的進展，就像我們現在正在前進一樣，我們肯定會需要越來越多的現金。所以這是原因之一。其他的都與我們對現金部位持保守態度有關。這更像是在這一點上保持謹慎，而不是支付可能會給未來帶來一些問題的股息。

Our next question comes from the line of Alejandro Demichelis from Jefferies.

我們的下一個問題來自 Jefferies 的 Alejandro Demichelis。

Actually, just to follow up on the dividend question, Raul. So if I understood correctly, you said that you're using the shares you have in treasury. So should we think that the dividend in stock will only be limited to those shares that you have in treasury? Or can we assume that you could actually expand the share count that you have? That's the first question.

實際上，只是為了跟進股利問題，勞爾。因此，如果我理解正確的話，您說您正在使用庫存中的股票。那麼我們是否應該認為股票股利僅限於您在庫存中持有的股票？或者我們可以假設您實際上可以擴大您擁有的股票數量嗎？這是第一個問題。

And then the second question is you mentioned some progress in Tia Maria. Can you give us a little bit more of a flavor of how you're seeing that process going?

第二個問題是你提到了蒂亞瑪麗亞的一些進展。您能否向我們介紹一下您對此過程的進展？

Yes. Let me start by the last question. We are seeing -- first thing is that the recent change in executive branch authorities related to mining and energy as well as finance as well as environmental affairs has been very positive for the project. The new ministers are working with the company to improve the conditions for the project to start, and that is a very positive result in our view.

是的。讓我從最後一個問題開始。我們看到——首先，最近與採礦、能源、金融以及環境事務有關的行政部門權力的變化對該項目非常積極。新部長正在與公司合作改善專案啟動條件，我們認為這是一個非常正面的結果。

We also acknowledge that -- well, we have been doing social work in the Tambo Valley and the Islay province, and I think that we're seeing a better social environment, generally speaking, for the project. And this is basically the result of many years of consistent work. When we had the last stop at the Tia Maria project a few years ago, we didn't stop making progress on the social front, and that is something that we're seeing it's making a project advance a positive news for now.

我們也承認，我們一直在坦博谷和艾雷島省開展社會工作，我認為總的來說，我們正在為該計畫看到更好的社會環境。這基本上是多年堅持工作的成果。幾年前，當我們在蒂亞瑪麗亞計畫的最後一站時，我們並沒有停止在社會方面取得的進展，這就是我們所看到的，它使計畫的進展目前成為一個積極的消息。

Regarding the dividends, well, we have these shares in treasury. This dividend will consume about 8 million shares of the treasury that we -- the ones that we have in treasury. And that's basically it for now. We are not considering nor what you are saying -- neither what you're saying on using all the shares in treasury or something like that, we are not considering that, and we are not also considering any shares issuance for the future.

關於股息，我們有這些庫存股票。這筆股息將消耗我們庫存中約 800 萬股。現在基本上就是這樣。我們沒有考慮你所說的話——也沒有考慮你所說的使用所有庫存股票或類似的事情，我們沒有考慮這一點，我們也沒有考慮未來發行任何股票。

So for now, it is what it is. As was mentioned before, in the first questions that we had from Carlos De Alba, we pay -- a few years ago, in the fourth quarter of 2011, a dividend was paid using the shares that we had at that time. And we -- by doing this, we transfer to the shareholders the decision of monetizing those shares or keeping them, considering the very good outlook that the company has for the future.

所以目前來說，就是這樣。正如之前提到的，在卡洛斯·德阿爾巴向我們提出的第一個問題中，我們支付了——幾年前，即 2011 年第四季度，我們使用我們當時擁有的股票支付了股息。考慮到公司未來的良好前景，透過這樣做，我們將把這些股票貨幣化或保留這些股票的決定權轉移給股東。

And just to follow up on Tia Maria. Can you give us some time line? Do you have any time line on the process?

只是為了跟進蒂亞·瑪麗亞。你能給我們一些時間表嗎？你對這個過程有什麼時間安排嗎？

No time line. No time line. We're doing progress. We'll report to the market, to investors community, as we move on a quarterly basis, but we don't want to set a time line at this point.

沒有時間軸。沒有時間軸。我們正在取得進展。我們將按季度向市場和投資者群體報告，但我們目前不想設定時間表。

Our next question comes from the line of Jon Brandt from HSBC.

我們的下一個問題來自匯豐銀行的 Jon Brandt。

Just wondering, would you -- I mean we've see Codelco talk about maybe taking on some partners to increase production...

只是想知道，你會嗎——我的意思是我們已經看到 Codelco 談論可能會與一些合作夥伴合作以增加產量...

Could you -- Jon, please, could you get a little bit closer? I can't talk to you well.

你能－喬恩，拜託，你能靠近一點嗎？我沒辦法跟你好好說話。

Is that better?

那個更好嗎？

Much better.

好多了。

Okay. We've seen Codelco talk about maybe partnering with some other miners to help increase their production. I'm wondering, you have a really great pipeline of greenfield projects. Is that something that you would consider? Would you partner with another miner? I mean, would that help you pull forward some of the production? Or is there something else you can do to increase the speed of your greenfield projects? I guess that's the first question.

好的。我們看到 Codelco 談論可能與其他一些礦商合作以幫助提高產量。我想知道，你們有很多很棒的綠地專案。這是你會考慮的事情嗎？您會與其他礦工合作嗎？我的意思是，這會幫助你推進一些製作嗎？或者您還可以採取其他措施來提高綠地專案的速度嗎？我想這是第一個問題。

And then just on Tia Maria, I mean, I think I noticed in your slide, you were talking about a 2027 start-up. When does that assume that you start construction activities? I mean is it a 2-year construction activity before you would see first production? If you could sort of talk about that, that would be great.

然後就 Tia Maria 而言，我想我在你的幻燈片中註意到，你在談論 2027 年的新創公司。假設您什麼時候開始施工活動？我的意思是，在您看到首次生產之前，這是一個為期兩年的建設活動嗎？如果您能談論這一點，那就太好了。

Yes. Well, yes, it will be 2-year construction process at this point. This is our estimated time line for construction. We don't know when this is going to be the case to report. But whenever it happens, we'll certainly let you all know. And to your first question, considering a partnering or a partnership with another miner. No, for now, we are not considering that. The company, it's developing these projects as a full-on operations as it is the case with our current operations in general.

是的。嗯，是的，目前這將是兩年的建設過程。這是我們預計的施工時間。我們不知道什麼時候會報告這種情況。但無論什麼時候發生，我們一定會讓大家知道。對於你的第一個問題，考慮與其他礦工合作或建立夥伴關係。不，目前我們還沒有考慮這一點。該公司正在將這些項目作為全面運作來開發，就像我們目前營運的整體情況一樣。

Okay. And just sorry, one follow-up. So just to clarify your answers on the stock dividend. Should we expect next quarter to go back to a cash dividend? Is that how we should interpret your answers?

好的。抱歉，還有一個後續。所以只是為了澄清你對股票股利的答案。我們是否應該期望下個季度恢復現金股利？我們應該這樣解釋你的答案嗎？

As I say when I report on the dividend announcement, each Board meeting, the Board discuss the company cash position, the outlook on the market, any payments that we have to do for projects or debt, et cetera. And on that basis, a dividend is declared. How the Board is going to evaluate this in the next Board meeting, I can't advance anything on that.

正如我在報告股息公告時所說，每次董事會會議上，董事會都會討論公司現金狀況、市場前景、我們必須為項目或債務支付的任何款項等。並在此基礎上宣布股利。董事會將如何在下次董事會上對此進行評估，我無法就此提出任何建議。

Our next question comes from the line of Timna Tanners from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Timna Tanners。

Happy Friday. So I wanted to probe a little bit more the Buenavista situation. Last quarter, you told us you did not -- not yet been granted the permit and were still moving water via truck. I know you said you covered your needs, but can you give us an update on the supply situation there and any progress toward the permit?

星期五快樂。所以我想多探討一下布埃納維斯塔的情況。上個季度，你們告訴我們你們沒有——尚未獲得許可證，並且仍在透過卡車運水。我知道您說過您滿足了您的需求，但是您能否向我們介紹一下那裡的供應情況的最新情況以及獲得許可證的任何進展？

Certainly, Timna. Glad to hear from you. Well, yes, we are -- as you mentioned, we're covering a portion of the water that is required by Buenavista with truck fleet. We're operating that so far this year, and we're -- as we are indicating in the press release, we're covering our water needs for now, and with some excess capacity. So we are comfortable with what we have as water supply. That's basically it.

當然，提姆納。很高興收到你的來信。嗯，是的，正如您所提到的，我們正在用卡車車隊運送布埃納維斯塔所需的部分水。今年到目前為止，我們正在運營這一項目，正如我們在新聞稿中指出的那樣，我們目前正在滿足我們的用水需求，但產能有些過剩。因此，我們對現有的供水感到滿意。基本上就是這樣。

On the permit status, we do have the permit to operate the wells. We are using the wells to get the water, but we don't have a permit for building a pipeline that will bring the water from the wells to the facilities. That's why we're using the water trucks at this point. No news on when are we going to get the permits.

就許可證狀況而言，我們確實擁有經營這些油井的許可證。我們正在使用水井取水，但我們沒有建造將水從水井輸送到設施的管道的許可證。這就是我們此時使用灑水車的原因。沒有消息說我們什麼時候能拿到許可證。

Got it. And you anticipated my next question. Okay. And then as we go through with your new guidance for copper, silver and moly and zinc, just looking at the copper side, your guidance implies kind of a little drop off from first quarter run levels -- run rate in the copper, it implies a big step-up in run rate for silver. Just trying to understand a little bit more of the nuances of what drives the little slowdown in moly, a slowdown in copper, and uptick on silver. I think we understand zinc pretty well, but just trying to understand the other items.

知道了。你預料到了我的下一個問題。好的。然後，當我們審查您對銅、銀、鉬和鋅的新指導時，僅關注銅方面，您的指導意味著較第一季的運行水平略有下降——銅的運行率，這意味著白銀運行率大幅提升。只是想更了解推動鉬價格小幅放緩、銅價格放緩和白銀上漲的細微差別。我認為我們對鋅非常了解，但只是想了解其他項目。

Well, actually, on the copper side, we are much more optimistic than -- let me put it differently. We're relatively conservative in our production goal for the year. Hopefully, we'll be better than what we're, at this point, estimating. But that's where we are now. That's our current plans. And so hopefully, we will improve a little bit our final mark for copper.

嗯，實際上，在銅方面，我們比——讓我換句話說要樂觀得多。我們對今年的生產目標相對保守。希望我們會比我們目前的估計更好。但這就是我們現在的處境。這就是我們目前的計劃。因此，希望我們能夠稍微提高銅的最終分數。

In the case of molybdenum, we have been producing more molybdenum than this past quarter and more than the first quarter of last year. The problem here are the prices for molybdenum which are much lower than what we had last year. As I mentioned, we have the 38% drop in price for this quarter vis-a-vis the first one of last year.

就鉬而言，我們的鉬產量比上個季度和去年第一季都多。這裡的問題是鉬的價格比去年低很多。正如我所提到的，本季的價格比去年第一季下降了 38%。

Okay. And then on silver, did you have a comment on why that was trending much better than the first quarter run rate?

好的。那麼關於白銀，您對為什麼白銀的趨勢比第一季的運行率好得多有什麼評論嗎？

Sure. It's -- we are getting more silver from our current operating facilities. The new concentrator has also some silver content in the production that we're getting, so that plus better production at our operations is the driver for higher silver production.

當然。我們從目前的營運設施中獲得了更多的白銀。新選礦廠在我們獲得的產品中也含有一些銀含量，因此加上我們營運中更好的生產是更高白銀產量的驅動力。

Our next question comes from the line of Alfonso Salazar from Scotiabank.

我們的下一個問題來自豐業銀行的阿方索·薩拉查。

Let me please rephrase a couple of questions from my colleagues. The first one is, because this stock dividend is a one-off, for the next quarter, the Board of Directors will not be considering the possibility of paying a stock dividend again. So is this correct?

請容許我重新表達同事們提出的幾個問題。第一個是，由於本次股利是一次性的，下一季董事會不會考慮再次發放股利的可能性。那麼這是正確的嗎？

It's up to them. It's up to them. I can't comment on what they are going to decide on the next Board meeting.

這取決於他們。這取決於他們。我無法評論他們將在下次董事會上做出什麼決定。

Okay. But in principle, it will be a one-offs?

好的。但原則上，這將是一次性的？

In principle, it will be a what?

原則上，它將是什麼？

A one-off, the payment of a stock dividend.

一次性支付股票股息。

They approved a stock dividend this quarter. We don't have, at this point, any idea of what they are going to propose on the next one.

他們批准了本季的股票股利。目前，我們還不知道他們將在下一項提案中提出什麼建議。

Can you remind us how many stocks do you have at the treasury after this payment?

您能提醒我們這筆款項後您的庫房還有多少股票嗎？

Well, before the payments, we had 111 million shares. 111 million. And the share payout is about 8 million, so after this, we will have 103 million. The exact number will be 103,442,000 shares of treasury shares after this dividend payment.

好吧，在付款之前，我們有 1.11 億股。 1.11億。股票派發大約是800萬，所以在此之後，我們將有1.03億。本次股利支付後，具體數量為103,442,000股庫存股。

That's good. Excellent. The other question that I have is can you remind us your copper production profile for the coming years? And let us know what is your projection for Tia Maria or other projects?

那挺好的。出色的。我的另一個問題是您能否提醒我們您未來幾年的銅生產概況？請告訴我們您對 Tia Maria 或其他專案的計劃是什麼？

Yes. Okay. Hold on a second, please. For this year, as I said, it's going to be 948,800 tons. Next year, 2025, 920,000; 2026, 940,000; 2027, [1,005,100]; and '28, 1,020,000.

是的。好的。請稍等。正如我所說，今年的產量將為 948,800 噸。明年，2025年，92萬； 2026年，94萬； 2027，[1,005,100]；和'28，1,020,000。

And from that, I assume that there is some production coming from Tia Maria by 2027?

由此看來，我認為到 2027 年 Tia Maria 會有一些作品？

Yes. Tia Maria is included in the forecast for '27.

是的。蒂亞瑪麗亞 (Tia Maria) 已包含在 27 年的預測中。

Our next question comes from the line of John Tumazos from John Tumazos Very Independent Research LLC.

我們的下一個問題來自 John Tumazos Very Independent Research LLC 的 John Tumazos。

Raul, is it possible that maybe we're a little spoiled with these long delays in the very big projects moving forward, which permitted large dividends bigger than 50% payout? And now that Tia Maria may advance and the other projects in Peru are advancing, the dividend payout needs to be less than 50% rather than over 50% in cash. It's better not to gain weight, and it's better not to accumulate debt, because both of them are hard to reduce once you accumulate.

勞爾，我們是否可能因為大型專案的長期拖延而被寵壞了，這些專案允許支付超過 50% 的巨額股息？而現在Tia Maria可能會推進，而秘魯的其他項目也在推進，股息支付需要低於50%，而不是超過50%以現金支付。體重最好不要增加，債務最好不要積累，因為兩者一旦積累就很難減少。

Well, I agree on the weight comment on that, John. But I think that the company -- what we have seen and we have shown is that we are conservative and prudent in the use of our cash. We don't want to, for instance, take debt to pay a dividend. I think that, that is not in our DNA. But in certain circumstances, for instance, when we anticipate that our future EBITDA will be higher because we're moving forward with a new project or getting some operations on a better shape, then it is reasonable to have some additional debt.

好吧，我同意對此的體重評論，約翰。但我認為，我們所看到和表現出的公司在使用現金方面是保守和謹慎的。例如，我們不想藉債來支付股息。我認為，這不存在於我們的 DNA 中。但在某些情況下，例如，當我們預計未來的 EBITDA 會更高，因為我們正在推進一個新項目或使一些業務處於更好的狀態，那麼承擔一些額外的債務是合理的。

As we have been paying all the maturities in our bonds in the last 5 years. I think that as we are doing this, we may consider going to the bond market or to the capital markets at certain point in time. Right now, we're not having any concrete plans for that. This is something that we evaluate on a consistent basis. As you may imagine, interest rates are not what they used to be, and the company took advantage of that.

因為我們在過去 5 年裡一直支付債券的所有到期日。我覺得我們在做這個事情的時候，可能會考慮到某個時間點去債券市場或資本市場。目前，我們還沒有任何具體計劃。這是我們一貫評估的事情。正如你可能想像的那樣，利率已經不再像以前那樣了，而該公司利用了這一點。

If you look at our debt profile, the average interest rate that we're paying is significantly lower than what a company of -- such as ours may get in the next few years or if we go out to the market now. So being prudent is one of the reasons why the company has been considering this dividend in this quarter, and we believe that this prudent view will hold for the next few years. And that's what the -- what we as management are thinking about the use of debt and dividend payments.

如果你看看我們的債務狀況，我們支付的平均利率明顯低於像我們這樣的公司在未來幾年或如果我們現在進入市場可能獲得的利率。因此，謹慎是公司在本季考慮派發股息的原因之一，我們相信這種謹慎的觀點將在未來幾年保持不變。這就是我們作為管理層正在考慮的債務和股息支付的使用。

Our next question comes from the line of Regina Carrillo from GBM.

我們的下一個問題來自 GBM 的 Regina Carrillo。

I saw in the presentation that you mentioned investments in the...

我在演講中看到您提到了對...的投資

Regina, please get a little bit closer to microphone.

雷吉娜，請靠近麥克風一點。

Is this better?

這是否更好？

Much better. Thank you.

好多了。謝謝。

Perfect. I saw in the presentation that you mentioned investments in the Ilo and the Empalme, and I just wanted to get an update on what you're seeing there.

完美的。我在演示中看到您提到了對 Ilo 和 Empalme 的投資，我只是想了解您在那裡看到的最新情況。

Yes. We do have some plans for growing in the refining business as well as the mining business. For that, we have a plan for building a new smelter in Mexico, which at this point is considered to be in the Empalme in Mexico, [this on] our state. And for the Peruvian facilities, we do have also plans for new smelter and refinery in the Ilo area, nearby our current facilities for smelting and refining.

是的。我們確實有一些發展煉油業務和採礦業務的計劃。為此，我們計劃在墨西哥建造一座新的冶煉廠，目前該冶煉廠被認為位於墨西哥的恩帕爾梅（Empalme），[這在]我們的州。對於秘魯工廠，我們也計劃在伊洛地區新建冶煉廠和精煉廠，靠近我們現有的冶煉和精煉設施。

We're seeing that sales, direct sales, to the industrial complexes in both Mexico and Peru will absorb this new material whenever we move on with these projects. At this point, as you know, we are considering them for later on this decade, and we will be updating on any progress on these investments as we move on over time and the projects mature later on in time as well.

我們看到，每當我們繼續進行這些項目時，對墨西哥和秘魯工業園區的銷售、直接銷售都會吸收這種新材料。如您所知，目前我們正在考慮在本十年稍後進行這些投資，隨著時間的推移以及專案的成熟，我們將及時更新這些投資的任何進展。

At this time, I would now like to turn the conference back over to Mr. Raul Jacob for closing remarks.

現在，我想將會議轉回由勞爾·雅各布先生致閉幕詞。

Thank you very much, Gigi. And well with this, we conclude our conference call for Southern Copper's first quarter of 2024 results. We certainly appreciate your participation and hope to have you back with us when we report the second quarter results. Thank you very much for being with us today, and have a nice day.

非常感謝你，吉吉。至此，我們結束了南方銅業 2024 年第一季業績電話會議。我們當然感謝您的參與，並希望在我們報告第二季度業績時您能回到我們身邊。非常感謝您今天和我們在一起，祝您有愉快的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。