Southern Copper Corp (SCCO) 2025 Q1 法說會逐字稿

Good morning, and welcome to Southern Copper Corporation's first-quarter 2025.

早安，歡迎收看南方銅業公司 2025 年第一季財報。

With us this morning, we have Southern Copper Corporation, Mr. Raul Jacob, Vice President, Finance, Treasurer and CFO, who will discuss the results of the first quarter of 2025, as well as answer any questions that you might have.

今天上午，我們邀請到了南方銅業公司的財務副總裁、財務主管兼首席財務官 Raul Jacob 先生，他將討論 2025 年第一季的業績，並回答大家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 US GAAP.

今天電話會議上討論的資訊可能包括有關公司業績和前景的前瞻性陳述，這些陳述受風險和不確定性的影響。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因新資訊、未來事件或其他原因而公開更新或修改任何前瞻性聲明的義務。所有結果均以美國公認會計準則 (US GAAP) 表示。

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

現在，我將電話轉給勞爾·雅各布先生。

Thank you very much, Gigi. Good morning, everyone, and welcome to Southern Copper's first-quarter 2025 results conference call. At today's conference, I'm accompanied by Mr. Oscar Gonzalez Rocha, CEO of Southern Copper and Board member; as well as Mr. Leonardo Contreras, who is also a 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，吉吉。大家早安，歡迎參加南方銅業 2025 年第一季業績電話會議。今天的發布會，陪同我的有南方銅業公司首席執行官兼董事會成員 Oscar Gonzalez Rocha 先生；以及同樣是董事會成員的 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看法，然後回顧南方銅業公司與生產、銷售、營運成本、財務表現、擴建項目和 ESG 相關的關鍵績效。此後，我們將開始提問環節。

Now, let us focus on the copper market. The London Metal Exchange copper price increased 11% from an average of $3.83 per pound in the first quarter of last year to $4.24 this past quarter. Based on current supply and demand dynamics, we estimate that the deficit at year-end will stand at about 300,000 metric tons. This is the market that we're expecting.

現在，讓我們關注銅市場。倫敦金屬交易所銅價上漲 11%，從去年第一季的平均每磅 3.83 美元上漲至本季的 4.24 美元。根據目前的供需動態，我們估計年底的缺口將達到約30萬公噸。這就是我們所期待的市場。

Regarding copper inventories worldwide, we estimate that they are currently covering about one week of global demand. Over the past quarter, the copper market registered a significant arbitrage difference between COMEX and LME prices. At its peak on March 26, the COMEX price was $0.73 per pound, or 17% above the London Metal Exchange price.

關於全球銅庫存，我們估計目前大約可以滿足全球一週的需求。過去一個季度，銅市場 COMEX 和 LME 價格之間存在顯著的套利差。3 月 26 日，COMEX 價格達到峰值，為每磅 0.73 美元，比倫敦金屬交易所價格高出 17%。

This huge difference and unusual reflected the strong possibility of a 25% tariff to be imposed on US copper imports. Although we maintained a very positive long-term outlook for copper, we believe an intense commercial war between the US and China will affect economic growth worldwide, consequently impacting copper demand.

這種巨大的差異和不尋常之處反映了對美國銅進口徵收25%關稅的可能性很高。儘管我們對銅的長期前景保持非常樂觀的態度，但我們認為美國和中國之間激烈的貿易戰將影響全球經濟成長，進而影響銅的需求。

Now, let's look at Southern Copper's production for the past quarter. Copper represented 78% of our sales in the first quarter of this year. Copper production remained stable at 240,226 tons for the first quarter of 2025. We registered positive results for Buenavista's SX-EW cathode production that increased by 24%, and Toquepala concentrate production that uptick by 2%. These good results were partially offset by a decrease in copper production at La Caridad due to a drop in ore grades and recovery.

現在，讓我們來看看南方銅業公司過去一個季度的產量。今年第一季度，銅占我們銷售額的78%。2025年第一季銅產量維持穩定，為240,226噸。我們記錄了 Buenavista 的 SX-EW 陰極產量增加了 24%，Toquepala 精礦產量增加了 2%，並取得了積極成果。由於礦石品位和回收率下降，La Caridad 的銅產量下降，部分抵消了這些良好的表現。

At this point, we expect to produce 968,200 tons of copper this year, 2025. This is 2,400 tons increase when compared to our plan of 965,000 tons. Molybdenum represented 10% of the company's sales value in the first quarter of this year and is currently our first by-product. Molybdenum prices averaged $20.43 per pound this quarter compared to $19.84 in the first quarter of 2024.

目前，我們預計今年（2025年）的銅產量將達到968,200噸。這比我們計劃的965,000噸增加了2,400噸。鉬占公司今年第一季銷售額的10%，目前是我們的第一大副產品。本季鉬價平均為每磅 20.43 美元，而 2024 年第一季為每磅 19.84 美元。

This represents an increase of 3%. Molybdenum production rose 9% in the first quarter of this year compared to the same period of 2024. This was mainly driven by an increase in production at the Toquepala, Caridad, and Buenavista mines, fueled by higher ore grades. These results were partially offset by lower production at the Cuajone operation.

這意味著增長了 3%。今年第一季鉬產量與2024年同期相比成長了9%。這主要是由於礦石品位提高推動了托克帕拉、卡里達和布埃納維斯塔礦山產量的增加。這些結果被 Cuajone 礦山的產量下降部分抵消。

In 2025, we expect to produce 27,400 tons of molybdenum. This is 5% above our initial plan. For silver, it represented 6% of our sales in the first quarter with an average price of $32.31 per ounce this past quarter. This represents an increase of 38% compared to the first quarter of 2024. Silver is currently our second by-product. Mine silver production increased 14% in the first quarter versus the same period of 2024. This was driven by better production at Buenavista, IMMSA, and Cuajone.

2025年，我們預計鉬產量為27,400噸。這比我們最初的計劃高出 5%。就白銀而言，它占我們第一季銷售額的 6%，上一季的平均價格為每盎司 32.31 美元。與 2024 年第一季相比，成長了 38%。目前，銀是我們的第二種副產品。與 2024 年同期相比，第一季礦山銀產量增加了 14%。這是由於 Buenavista、IMMSA 和 Cuajone 產量提高所致。

Refined silver production increased by 8% quarter over quarter, propelled by an increase in all our refineries. In 2025, we expect to comply with our plan to produce 23 million ounces of silver, an increase of 9% compared to 2024. For zinc, it represented 4% of our sales in the first quarter of this year with an average price of $1.29 per pound in the quarter. This represents a 16% increase compared to the first quarter of 2024 figure. Zinc is currently our third by-product.

受所有精煉廠產量增加的推動，精煉銀產量較上季成長 8%。2025年，我們預計將實現白銀產量2,300萬盎司的計劃，較2024年成長9%。就鋅而言，它占我們今年第一季銷售額的 4%，本季平均價格為每磅 1.29 美元。與 2024 年第一季的數據相比，這一數字成長了 16%。鋅目前是我們的第三種副產品。

Mined zinc production increased 49% when compared to the first quarter of 2024 and totaled 39,375 tons. This was mainly driven by a 161% increase in production at the new Buenavista zinc concentrator. Refined zinc production dropped 11% in the first quarter of this year vis-a-vis the same period of 2024.

與 2024 年第一季相比，鋅礦產量增加了 49%，達到 39,375 噸。這主要是由於新建的布埃納維斯塔鋅濃縮廠產量增加了 161%。今年第一季精煉鋅產量與 2024 年同期相比下降了 11%。

For 2025, this year, we expect to produce 170,100 tons of zinc in line with our plan. This represents an increase of 31% over our 2024 production level. This growth will be driven by the production of our Buenavista zinc concentrator that will add 105,000 tons to our production. And this facility is certainly operating at full speed, and we are very pleased with the results that we're getting from this investment.

到2025年，我們預計今年將按照計畫生產170,100噸鋅。這比我們 2024 年的生產水準增加了 31%。這一增長將由我們的布埃納維斯塔鋅精礦廠的生產推動，該精礦廠將使我們的產量增加 105,000 噸。該設施目前正全速運轉，我們對這項投資所取得的成果非常滿意。

Moving to the financial results of the company. For net sales in the first quarter of this year, sales were $3 billion. This is $522 million above the sales registered in the first quarter of 2024, or a 20% increase. Copper sales rose 19% and volume by 4% in a scenario of better prices. Regarding our main by-products, we registered growth in sales of molybdenum by 10%, which rose on the back of higher prices and an uptick in volume.

轉向公司的財務表現。今年第一季的淨銷售額為30億美元。這比 2024 年第一季的銷售額高出 5.22 億美元，增幅為 20%。在價格上漲的情況下，銅的銷量成長了 19%，銷量成長了 4%。就我們主要的副產品而言，由於價格上漲和銷量增加，鉬的銷量增加了 10%。

We also had a significant increase in sales of zinc, 59%, which was fueled by better prices and bolstered by the rise in zinc volumes. Zinc sold volumes increased by 42%, mainly from Buenavista. Finally, silver sales increased 58% due to higher prices and a larger volume.

我們的鋅銷量也大幅成長了 59%，這得益於價格上漲和鋅銷量的增加。鋅銷量成長了 42%，主要來自布埃納維斯塔。最後，由於價格上漲和銷量增加，白銀銷量增加了 58%。

Our total operating cost and expenses increased $176 million, or 12% when compared to the first quarter of 2024. The main cost increments has been in inventory consumption, workers participation, repair materials, depreciation, exchange rate variance, and other materials such as tires, explosives, grinding media, et cetera. These cost increments were partially compensated by lower fuel and leachable materials costs.

與 2024 年第一季相比，我們的總營運成本和費用增加了 1.76 億美元，增幅為 12%。主要成本增量在於庫存消耗、工人參與、修理材料、折舊、匯率差異以及其他材料，如輪胎、炸藥、研磨介質等。這些成本的增加部分被燃料和可浸出材料成本的降低所抵消。

The first quarter of 2025 adjusted EBITDA was $1,746 million, which represented an increase of 23% over the $1,418 million registered in the first quarter of 2024. The adjusted EBITDA margin in the first quarter of this year was 56% versus 55% in the first quarter of 2024. The first quarter adjusted EBITDA was 16% over the $1,507 million registering the fourth quarter of 2024.

2025 年第一季調整後 EBITDA 為 17.46 億美元，比 2024 年第一季的 14.18 億美元成長 23%。今年第一季調整後的 EBITDA 利潤率為 56%，而 2024 年第一季為 55%。第一季調整後的 EBITDA 比 2024 年第四季的 15.07 億美元成長了 16%。

Cash cost. Operating cash cost per pound of copper before by-product credits was $2.05 per pound in the first quarter of this year. This was $0.27 lower than the value for the fourth quarter that was $2.32 per pound. This 12% drop in the operating cash cost was driven by both decreases in cost per pound from production cost, treatment, and refining charges, administrative expenses and by an increase in the premium.

現金成本。今年第一季度，扣除副產品抵扣前的每磅銅的營運現金成本為 2.05 美元。這比第四季的每磅 2.32 美元低 0.27 美元。營運現金成本下降 12% 是由於生產成本、處理和精煉費用、管理費用的每磅成本下降以及保費增加所致。

Southern Copper operating cash cost, including the benefit of by-product credits was $0.77 per pound in the first quarter of 2025. This cash cost was $0.19 lower than the cash cost of $0.96 as we had in the fourth quarter of 2024. This is a 21% reduction in cash cost.

2025 年第一季度，南方銅業公司的營運現金成本（包括副產品信貸收益）為每磅 0.77 美元。該現金成本比 2024 年第四季的 0.96 美元現金成本低 0.19 美元。現金成本減少了21%。

Regarding by-products, we had a total credit of $659 million, or $1.29 per pound in the first quarter of this year. These figures represent a 5% decrease when compared with the credit of $779 million, or $1.36 per pound in the last quarter of 2024. Total credit has increased for molybdenum and silver and decreased for zinc and sulfuric acid.

關於副產品，我們今年第一季的總信貸額為 6.59 億美元，即每磅 1.29 美元。與 2024 年最後一季的 7.79 億美元或每磅 1.36 美元的信貸額相比，這些數字下降了 5%。鉬和銀的總信貸增加，而鋅和硫酸的總信貸減少。

For net income, the first quarter of 2025 net income was $946 million, which represented an improvement of 29% compared to the $736 million registered in the first quarter of last year. The net income margin this past quarter was 30% versus 28% in the same period of 2024.

淨收入方面，2025 年第一季淨收入為 9.46 億美元，較去年第一季的 7.36 億美元成長 29%。本季的淨收入利潤率為 30%，而 2024 年同期為 28%。

Net income in the first quarter of 2025 was 19% versus the $794 million registered in the last quarter or the fourth quarter of 2024. Regarding cash from operations, cash flow from operating activities in the first quarter of 2025 was $721 million, which represented an increase of 9% versus a $6 million posted in the first quarter of 2024. This improvement was attributable to the strong cash generation at our operations, which was driven by higher sales and cost control efficiency.

2025 年第一季的淨收入為 19%，而上一季或 2024 年第四季的淨收入為 7.94 億美元。關於經營現金流，2025 年第一季的經營活動現金流為 7.21 億美元，比 2024 年第一季的 600 萬美元成長 9%。這項改善歸功於我們營運中強勁的現金產生，而這得益於更高的銷售額和成本控制效率。

For capital investments, our current capital program for this decade exceeds $15 billion and includes investments in projects in Mexico and Peru. Given that there is a description of our main capital projects in Southern Copper's press release, I'm going to focus on updating new developments for each.

對於資本投資，我們本十年的資本計畫超過 150 億美元，其中包括對墨西哥和秘魯計畫的投資。鑑於南方銅業公司的新聞稿中對我們的主要資本項目進行了描述，我將重點介紹每個項目的新進度。

In the case of the Mexican projects, Minera Mexico is planning to invest more than $600 million this year at both its open pit and underground mines. Half of this investment will be used to guarantee the viability of long-term operations by actively modernizing and updating assets. Remaining funds will target improvements in water usage and tailings management to ensure safety and efficiency of our operations. We will also invest in efforts to bolster optimization and growth.

就墨西哥項目而言，墨西哥礦業公司今年計劃在其露天礦和地下礦場投資超過 6 億美元。其中一半投資將用於積極實現資產現代化和更新，以確保長期營運的可行性。剩餘資金將用於改善用水和尾礦管理，以確保我們營運的安全和效率。我們還將投入精力來促進優化和成長。

For the El Arco project in Baja California, the company has moved on with detailed engineering, which is still underway for the concentrator as well as for the SX-EW plant, water salinization, logistics, infrastructure and power delivery.

對於下加利福尼亞州的 El Arco 項目，該公司已開始進行詳細工程設計，目前仍在進行選礦廠以及 SX-EW 工廠、水鹽化、物流、基礎設施和電力傳輸等工程。

SCC 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 and Chalchihuites and the Empalme Smelter, which could bolster our position as a fully integrated copper producer. For the Peruvian projects, in the case of the Tia Maria project, as of March of this year, the company has generated more than 628 jobs. Of those, 503 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 with workers from the Islay province.

SCC 在墨西哥的多個專案如果被發現對利害關係人和我們經營所在的社區都有價值，則可能會促進有機成長。這些項目是 Angangueo、Chalchihuites 和 Empalme 冶煉廠，它們可以鞏固我們作為完全一體化銅生產商的地位。在秘魯計畫中，以蒂亞瑪利亞計畫為例，截至今年3月，該公司已創造了628多個就業機會。其中，503個職位由本地申請人填補。我們計劃盡可能讓艾萊省的工人填補蒂亞瑪麗亞號建設階段預計所需的 3,500 個工作機會。

In 2027, when we start operations, the project will generate 764 direct jobs and about 5,900 indirect jobs. In the early construction phase, progress on access roads and platforms stands at 61%. We will advance these efforts alongside work to set up a temporary camp, engage in massive earthworks and rollout mine operating activities. To date, we have installed 59 kilometers of live fence to delimit the property. For the Los Chancas project in Apurimac, on February 4 of this year, the company acquired 3,125 hectares of surface land from the Tiaparo community.

2027年，當我們開始營運時，該計畫將創造764個直接就業機會和約5,900個間接就業機會。在前期建造階段，通道和平台的進度已達61%。我們將在推動這些工作的同時，建立臨時營地，進行大規模土方工程，進行礦場作業活動。到目前為止，我們已經安裝了 59 公里的圍欄來劃定該財產的邊界。對於阿普里馬克的 Los Chancas 項目，今年 2 月 4 日，該公司從 Tiaparo 社區收購了 3,125 公頃地表土地。

This was an important step in securing our stake in the Los Chancas project. Sadly, between March 12 and 14 of this year, a group of illegal miners attacked the project facilities and set fire to our camps in Mazopampa and Patahias, damaging both equipment and facilities. The company is coordinating with the authorities to remove the 75 illegal miners who are squatting our property so that the project development can continue.

這是確保我們在 Los Chancas 專案中的股份的重要一步。令人痛心的是，今年3月12日至14日，一群非法礦工襲擊了項目設施，並縱火焚燒了我們在馬佐潘帕和帕塔希亞斯的營地，損壞了設備和設施。該公司正在與當局協調，驅逐非法佔用我們土地的 75 名礦工，以確保專案開發能夠繼續進行。

For the Michiquillay project, as of March in the Cajamarca region of Peru, as of March 31 of this year, the total progress of the exploration project was 39%. We have drilled almost 146,000 meters and obtained 48,000 drill core samples for chemical analysis. Diamond drilling will continue, and we'll provide information to interpret mineralization in geological sections, develop geological models, evaluate mineral resources. Geo-metallurgical as well as hydrological and hydrogeological studies have been initiated.

就位於秘魯卡哈馬卡地區的Michiquillay專案而言，截至今年3月31日，該勘探專案總進度為39%。我們已經鑽探了近146,000米，並獲得了48,000個鑽孔岩心樣本進行化學分析。鑽石鑽探將繼續進行，我們將提供資訊來解釋地質剖面中的礦化作用，並開發地質模型，評估礦產資源。地質冶金以及水文和水文地質研究已經開始。

The geotechnical study for the project is scheduled to begin shortly. For environmental, social and corporate governance, ESG, we have in Peru 2 high-performance schools, named COAR, has been built by Southern Copper Corporation in the Tacna and Moquegua region of Peru. These were inaugurated by the President of the Republic of Peru and the Ministry of Education. A total of $60 million was invested through the works for taxes mechanism.

該項目的岩土工程研究預計很快就會開始。在環境、社會和公司治理 (ESG) 方面，我們在秘魯擁有兩所高績效學校，名為 COAR，由南方銅業公司在秘魯塔克納和莫克瓜地區建造。這些是由秘魯共和國總統和教育部揭幕的。透過工程換稅機制共投資了 6,000 萬美元。

The schools feature top-level services, which has been designed to maximize students' academic, artistic, and athletic activities. Every year, these COAR schools will allocate 600 outstanding students from vulnerable areas of Peru. As we -- this is a way to actively contribute to closing the educational gaps in the country or to build a new COAR in the Apurimac region is slated to begin soon.

學校提供頂級服務，旨在最大限度地提高學生的學術、藝術和體育活動。每年，這些COAR學校都會從秘魯脆弱地區選拔600名優秀學生。正如我們所說——這是一種積極促進縮小國家教育差距的方式，或者說，在阿普里馬克地區建立一個新的 COAR 的計劃即將開始。

Our social practices has been recognized again. This is the third consecutive year that we received the Exceptional Company award, which recognizes our commitment to Mexican communities. This distinction bestowed by the Business Coordinating Council, the Communications Council, and the Institute for Promotion of Quality applause our initiatives to drive regional economic and recreational development by developing the Tamosura and Pinacate urban park in the mining municipalities of Cananea and Nacozari in Sonora.

我們的社會實踐再次得到認可。這是我們連續第三年榮獲「傑出公司」獎，該獎項是對我們對墨西哥社區承諾的認可。這項由商業協調委員會、通訊委員會和品質促進研究所授予的殊榮，對我們透過在索諾拉州卡納內阿和納科扎里礦業城市開發塔莫蘇拉和皮納卡特城市公園來推動區域經濟和娛樂發展的舉措表示讚賞。

Every year, more than 50,000 users will benefit from the sports, recreational and cultural facilities developed by the company. We maintain our rating in the climate change and water security in the Carbon Disclosure Project better known as CDP in the evaluation that this agency have done. The CDP is the world's leading environmental disclosure platform.

每年將有超過5萬名用戶受惠於該公司開發的體育、娛樂和文化設施。在該機構所做的評估中，我們維持了在碳排放揭露計畫（CDP）中氣候變遷和水安全的評級。CDP是全球領先的環境資訊揭露平台。

We're part of more than 24,800 companies that last year voluntarily reported their environmental impacts to the CDP, representing nearly two-thirds of global market capitalization. SCC, as part of Grupo Mexico, ranked above the average for both the materials sector and the North America region in evaluations for both categories.

我們是去年自願向 CDP 報告其環境影響的 24,800 多家公司之一，這些公司佔全球市值的近三分之二。作為墨西哥集團的一部分，SCC 在材料行業和北美地區兩個類別的評估中均排名高於平均值。

Moving to 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 dividend. Accordingly, on April 10, Southern Copper Corporation announced a quarterly cash dividend of $0.70 per share of common stock and stock dividend of 0.0099 shares of common stock per share payable on May 19, 2025, to shareholders of record at the close of business on May 2, 2025. So this is basically the share dividend is 1 share for almost 100 shares of stock position. So with this, ladies and gentlemen, we end up our presentation today.

轉向股息。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、資本投資計畫和其他財務需求，以確定適當的季度股利。因此，南方銅業公司於 4 月 10 日宣布，向 2025 年 5 月 2 日營業結束時登記在冊的股東派發季度現金股息，每股普通股 0.70 美元，每股普通股 0.0099 股股票股息，將於 2025 年 5 月 19 日支付。因此，這基本上就是股票紅利，即每持有近 100 股股票可獲得 1 股紅利。女士們、先生們，我們今天的演講到此結束。

Thank you very much for joining us. And we would like to open the forum for questions now.

非常感謝您加入我們。現在我們想開放論壇來回答問題。

(Operator Instructions) Alejandro Demichelis, Jefferies.

（操作員指示） Alejandro Demichelis，Jefferies。

Two questions, if I may, please. The first one is, as you mentioned, we have seen an improvement in your cash cost this quarter. How we should think about cash costs evolving in the rest of the year? That's the first question. And then the second question is on the dividend that you just kind of mentioned, we have seen an increase in the proportion of the share dividend.

請問我有兩個問題。第一個是，正如您所說，我們看到本季度您的現金成本有所改善。我們該如何看待今年剩餘時間現金成本的變化？這是第一個問題。第二個問題是關於您剛才提到的股息，我們看到股票股息的比例增加。

So first, why was that? Or what was the thinking behind that? And how we should think about that proportion of shares on the dividend side?

那首先，為什麼會這樣呢？還是這背後的想法是什麼？那我們該如何看待股利方面的股份比例呢？

Well, we are relatively prudent regarding the management of cash flow for the company. We -- as you know, we don't want to hoard cash. But at the same time, we have to fund our operations properly. In the case of the past quarter, we have some -- well, the first quarter of the year, we usually have to pay -- do a final payment of taxes to the tax authorities in both Mexico and Peru.

嗯，我們對公司現金流的管理是比較謹慎的。正如你們所知，我們不想囤積現金。但同時，我們必須為我們的營運提供適當的資金。就上個季度而言，我們通常必須在一年的第一季向墨西哥和秘魯的稅務機關繳納最後一筆稅金。

And when you have a year where prices or production, as it has been the case, are better than -- excuse me, please -- as I would say, when you have a year where -- so when we have a year where results are better than the prior one, usually, you have to do a much higher payment for -- at the closing of the year -- of the prior year for taxes and some other benefits for the workforce such as the profit sharing.

如果某一年的價格或產量比以往更好，請原諒，就像我想說的，如果某一年的結果比前一年更好，通常，你必須在年底支付比前一年高得多的稅款和其他一些員工福利，比如利潤分享。

Last year, in particular, we have to pay on top of all the taxes that we pay through the year 2024, a final closing payment of $711 million in taxes that was for 2024. That made our cash from operations relatively smaller than what may be expected given the prices and production profile of the company. And besides this, we have to pay also two specific taxes in both Mexico and Peru that are due in the first quarter.

特別是去年，除了到 2024 年為止繳納的所有稅款之外，我們還必須繳納 2024 年最後一筆 7.11 億美元的稅款。這使得我們的經營現金流量相對少於根據公司價格和生產狀況所預期的水平。除此之外，我們還必須在墨西哥和秘魯繳納第一季到期的兩項特定稅。

And all of this has, as I say, affected a little bit our cash position in the first -- cash flow generation in the first quarter, but we believe that, that is -- this will be -- will not be the case in the rest of the year, particularly in the second quarter because usually, the Mexican taxes are paid in the second quarter of the year and this time for just the calendar that we had for these payments, we had an induced payment in the first quarter for the Mexican operations.

正如我所說，所有這些都對我們第一季的現金狀況產生了一些影響——現金流產生，但我們相信，今年剩餘時間的情況不會如此，特別是第二季度，因為通常情況下，墨西哥稅是在第二季度繳納的，而這次，根據我們為這些付款制定的日程表，我們在第一季度為墨西哥業務支付了一筆誘導付款。

Going back to your first question, cash costs for the rest of the year. Well, it depends on how are we seeing the market prices. We're doing a little bit better than our initial plan. And I expect this to be the case through the year. So if we have the same prices that we're seeing for our by-products, my expectation is that we ended the year in this range of $0.75 to $0.80 per pound of copper as a cash cost for 2025.

回到您的第一個問題，今年剩餘時間的現金成本。嗯，這取決於我們如何看待市場價格。我們做得比最初的計劃好一點。我預計今年的情況將一直如此。因此，如果我們的副產品價格保持不變，我預計到 2025 年，銅的現金成本將在每磅 0.75 美元至 0.80 美元之間。

David Fang, China International Capital Corp.

方大偉，中國國際金融股份有限公司

So my first question is regarding your CapEx. So we can see that your CapEx increased a lot both year-over-year and quarter-over-quarter during the last quarter. So how much does Tia Maria's construction are currently in this CapEx. And besides Tia Maria, is there any increment from other projects? That's my first question. I'll come back with my second one.

所以我的第一個問題是關於您的資本支出。因此，我們可以看到，上個季度您的資本支出年比和季比都有大幅增加。那麼，Tia Maria 的建設目前在資本支出中佔多少比例？除了 Tia Maria 之外，還有其他項目增加嗎？這是我的第一個問題。我會帶著我的第二個回來。

Okay. For Tia Maria specifically, we expect to spend a little bit less than $200 million this year, 2025. And next year, 2026, we will be spending about $980 million. And in 2027, $460 million. That's basically for Tia Maria.

好的。具體來說，對於 Tia Maria，我們預計今年（2025 年）的支出將略低於 2 億美元。明年，也就是 2026 年，我們將花費約 9.8 億美元。到 2027 年，這一數字將達到 4.6 億美元。這基本上是為 Tia Maria 準備的。

In the case of the other projects, well, Michiquillay and Los Chancas, we'll start spending more money as we move on from the exploration part of the development of the project towards the construction. And that is being reflected in our capital for the next few years.

對於其他項目，例如 Michiquillay 和 Los Chancas，隨著我們從專案開發的勘探部分轉向建設階段，我們將開始投入更多資金。這將在未來幾年反映在我們的資本上。

I'll give you the number of our forecast at this point for CapEx. It's for this year, $1.5 billion; for next year, 2026, will be $2.3 billion; 2027, $2.7 billion; 2028, $2.7 billion. And about that until we start finishing our projects, that should be by about 2031, 2030.

我會給你我們目前對資本支出的預測數字。今年是15億美元；明年，也就是 2026 年，將達到 23 億美元； 2027 年，27 億美元； 2028年，27億美元。在我們開始完成專案之前，應該是在 2031 年或 2030 年左右。

That's really helpful. And my second question is we know that the treatment and refining charges or TC/RC has been inactive for a long time in the spot market. So I just wonder how much flexibility do you have at this moment for you to sell more copper concentrate instead of refined copper based on the current market conditions and the long-term contracts you have?

這真的很有幫助。我的第二個問題是，我們知道現貨市場上的處理和精煉費用或 TC/RC 已經長期處於不活躍狀態。所以我想知道，根據目前的市場狀況和你們簽訂的長期合同，你們現在有多大的靈活性來銷售更多的銅精礦而不是精煉銅？

Well, we want to -- well, the first thing is that we have to comply with our contracts and our contracts are a little bit north of 70% based on refined copper or further processed materials such as rod and copper concentrates. Well, when you produce refined copper, you not only have the copper itself, but also have precious metals that sometimes are not recognized when you sell copper concentrates, and you have some other some other materials. So the [main one] of the by-products of a smelter, for instance, is sulfuric acid.

嗯，我們想要——嗯，首先我們必須遵守我們的合同，我們的合同基於精煉銅或進一步加工的材料（如銅棒和銅精礦），比例略高於 70%。嗯，當你生產精煉銅時，你不僅擁有銅本身，而且還擁有在銷售銅精礦時有時不被認可的貴金屬，以及一些其他材料。例如，冶煉廠的副產品中，主要的副產品是硫酸。

So when you do all the arithmetic, even though the terms of TCs/RCs are very favorable now for concentrate producers, the smelters, at least in our case, are very competitive. And we believe that we're doing more or less a very small difference between selling concentrates or selling refined copper.

因此，當你進行所有的計算時，儘管現在 TC/RC 的條款對精礦生產商非常有利，但冶煉廠，至少在我們的情況下，是非常有競爭力的。我們認為，我們在銷售精礦和銷售精煉銅之間所做的差異或多或少很小。

So in that regard, we are we're okay with what we do. And as I say, our main point this year is complying with the contracts that we have signed and to deliver copper to our industrial customer base as well as some other customers that we have in the case of Southern Copper.

因此從這個方面來說，我們對自己的做法感到滿意。正如我所說，我們今年的重點是遵守我們簽署的合同，並向我們的工業客戶群以及南方銅業公司等一些其他客戶提供銅。

Timna Tanners, Wolfe Research.

坦納斯（Timna Tanners），沃爾夫研究公司（Wolfe Research）。

I wanted to ask a few questions about the Mexican pipeline. You mentioned a few projects, Chalchihuites and another one I just Googled. So I just wanted to understand how imminent they might be, how incremental. There looks like there is some decent information about the opportunity there online, but I'd like to hear it from you.

我想問幾個有關墨西哥管道的問題。您提到了幾個項目，Chalchihuites 和另一個我剛剛在 Google 上搜尋的項目。所以我只是想了解它們有多迫在眉睫，以及它們有多漸進。網路上似乎有一些關於這個機會的不錯的信息，但我希望從您那裡聽到。

And then can you remind us of your exposure to the CME as well? We keep getting questions about that.

然後您能否也提醒我們一下您對 CME 的了解？我們不斷收到有關此問題的問題。

Timna, could you -- so sorry, that I couldn't get your first question well.

Timna，您能－很抱歉，我沒能很好地回答您的第一個問題。

Sure. So just trying to understand, you mentioned in the press release and in the remarks that you're looking into some new opportunities to expand the pipeline in Mexico. I might butcher this, but Chalchihuites and another one that you detailed, again, hard to pronounce. So wondering if you could provide some further detail about how imminent they might be, what mined products you're looking at, what timeframe?

當然。所以只是想了解一下，您在新聞稿和評論中提到，您正在尋找一些新的機會來擴大墨西哥的管道。我可能會把這個搞砸，但是 Chalchihuites 和你詳述的另一個，又很難發音。所以想知道您是否可以提供一些關於它們可能有多緊迫、您正在關注哪些礦產產品以及時間範圍的進一步細節？

Okay. In the case of -- well, we have the other project that has been mentioned, Angangueo. It's an underground project that we were looking in the Michoacán state. It has copper, silver, zinc, and lead as materials, and it's very attractive. So we are looking into it.

好的。在這種情況下——嗯，我們還有另一個提到的項目，Angangueo。這是我們在米卻肯州研究的地下計畫。其材質有銅、銀、鋅、鉛等，非常有吸引力。所以我們正在調查此事。

We are still on the initial steps of this project. The other one is Chalchihuites. That's probably the one that had some difficulties for pronunciation. This is in the Zacatecas region and it's in the exploration phase, but they are very interesting. And besides this, we're considering the construction of a new smelter in Empalme, in the region of the northern part of Mexico.

我們仍處於該專案的初始階段。另一個是 Chalchihuites。這可能是發音有些困難的一個。這是位於薩卡特卡斯地區，目前處於勘探階段，但它們非常有趣。除此之外，我們也正在考慮在墨西哥北部地區的艾姆帕爾姆建造一座新的冶煉廠。

And this is something that we will review and entertain as a possible investment. But at this point, I think that this is not the best time to build a smelter. But whenever conditions are the proper ones, the company will consider to move on with this.

我們將對此進行審查，並將其視為一項可能的投資。但目前，我認為這不是建造冶煉廠的最佳時機。但只要條件合適，公司就會考慮繼續這樣做。

Okay. So in terms of timeline, would we think about tacking them on your existing project pipeline? Or is it something that could be more imminent? And again, with --

好的。那麼就時間表而言，我們是否會考慮將它們添加到您現有的專案流程中？還是這是更緊迫的事情？再次，--

It is not that imminent. As we move on with the projects, we will report on them and we'll add them to our list of projects at the Mexican operations when it is proper.

事情還沒有那麼迫在眉睫。隨著專案的推進，我們將對它們進行報告，並在適當的時候將它們添加到墨西哥業務的專案清單中。

Okay. Helpful. And then about the CME exposure, if you could remind us on that as well.

好的。很有幫助。然後關於 CME 曝光，如果您也可以提醒我們這一點的話。

What do you mean by CME?

CME 是什麼意思？

The COMEX versus the LME exposure.

COMEX 與 LME 的風險敞口。

Okay. Okay. COMEX. Okay. Well, we do have some of our contracts based on COMEX. There is still a spread. Now it's much lower than the one that I mentioned. It's about less than 10% now, about 7% if you look at the prices yesterday. And we are, well, basically dealing with this as we deal with some other issues at the commercial side of the business.

好的。好的。紐約商品交易所。好的。嗯，我們確實有一些基於 COMEX 的合約。仍然存在價差。現在比我提到的要低得多。現在大約不到 10%，如果以昨天的價格來看，大約是 7%。我們基本上是在處理這個問題，就像我們在處理商業方面的一些其他問題一樣。

Okay. And then one last one, if I could, please. You commented broadly on a trade war and the negative impact on global demand for copper. But any thoughts about Mexico possibly getting excluded in early negotiation of USMCA? Or any insights have you been in dialogue with the Mexican government? Just wanted your thoughts there.

好的。如果可以的話，我再問最後一個問題。您對貿易戰及其對全球銅需求的負面影響進行了廣泛的評論。但是，您認為墨西哥可能會被排除在 USMCA 的早期談判之外嗎？或者您在與墨西哥政府對話時有什麼見解？只是想聽聽你的想法。

Actually, not much to report. At this point, we have no duties, tariffs applied to the Mexican nor the Peruvian operations for copper. And this is, in my view, a very positive action from the US, because it's -- the US, it's significantly short of copper. So putting tariffs on imported copper wouldn't make the country production move on with just with the tariffs.

事實上，沒有什麼好報告的。目前，我們對墨西哥和秘魯的銅業務不徵收任何關稅。在我看來，這是美國的非常積極的舉措，因為美國的銅嚴重短缺。因此，對進口銅徵收關稅並不能使該國的生產僅靠關稅就能繼續進行。

And basically, it will increase the cost for the end consumers of the products that are manufactured with copper and reduce the company -- the country competitiveness in several industries. So to me, it's a wise decision that the US government has not put any tariffs on copper so far.

基本上，這將增加最終消費者使用銅製造的產品的成本，並降低公司——即國家在多個行業的競爭力。因此對我來說，美國政府迄今為止沒有對銅徵收任何關稅是一個明智的決定。

John Tumazos, John Tumazos Very Independent Research, LLC.

約翰·圖馬佐斯，約翰·圖馬佐斯非常獨立研究有限責任公司。

Congratulations on the good results, Raul. Some other large mining companies have had a lot of cost escalation. First Quantum and Newmont, for example, had 10%, 15% unit cost, sequential escalations. Newmont had a $2,000 gold cost in Argentina, for example. Could you explain in a little more detail the ability of Southern Copper to hold the cash cost at $0.77? How your suppliers don't hold you up and get price hikes? Or just how you're able to keep costs under control so uniquely and superbly?

恭喜你取得好成績，勞爾。其他一些大型礦業公司的成本也大幅上漲。例如，First Quantum 和 Newmont 的單位成本分別連續上漲 10%、15%。例如，紐蒙特在阿根廷的黃金成本為 2,000 美元。您能否更詳細地解釋南方銅業公司將現金成本維持在 0.77 美元的能力？您的供應商如何不耽誤您的進度並提高您的價格？或者您如何能夠如此獨特且出色地控製成本？

Well, thank you very much for your comment, John. Well, in reality, what we do is it's a part of the company DNA to be very extremely cautious about costs, operating cost. And the other point which is very important is that we continue investment -- our continued investment in maintaining our facilities in very good shape. I think that, in general, we do negotiate and have a very good relationship with our vendors. And at the same time, we are focusing on increasing our production, maintaining our cost in line.

好吧，非常感謝你的評論，約翰。嗯，實際上，我們所做的是，對成本、營運成本極為謹慎，這是公司 DNA 的一部分。另一點非常重要的一點是，我們將繼續投資——我們將繼續投資以保持我們的設施處於良好狀態。我認為，總的來說，我們確實與供應商進行了談判，並且保持著非常好的關係。同時，我們正致力於提高產量，並保持成本穩定。

And particularly, in this year, we're seeing the positive effect of the important investment that we did in the last three years in Buenavista by building a new concentrator that it's giving the company excellent results. The cash cost of this facility is extremely low per pound of zinc. And we are seeing that as a major contribution of value this year.

特別是今年，我們看到了過去三年在布埃納維斯塔進行的重要投資的積極效果，我們建造了一個新的濃縮廠，為公司帶來了優異的業績。該設施每磅鋅的現金成本極低。我們認為這是今年的重大價值貢獻。

Besides that, the company had a very good year last year in production, and we have -- we are maintaining our production level this year, which is excellent for us. So I think that this combination of being well focused on keeping our production on track, increasing it as much as we can, obviously, without jeopardizing the long-term situation of the company, as well as having strategic alliances and development of opportunity together with our suppliers. It's some of the reasons why the company is maintaining a very competitive cash cost and very likely the lowest of companies of this size in the copper space.

除此之外，公司去年的生產情況非常好，今年我們也維持了生產水平，這對我們來說非常好。因此，我認為，我們應集中精力保持生產正常進行，盡可能地提高產量，但顯然不能危及公司的長期發展，還要與供應商建立戰略聯盟，共同開發機會。這就是為什麼該公司能夠保持極具競爭力的現金成本，並且很可能是銅領域同等規模公司中現金成本最低的公司。

Myles Allsop, UBS.

瑞銀集團的邁爾斯·奧爾索普。

Just a few quick questions. Maybe on the production guidance you've talked to 2025. Could you give us a sense whether you'd be able to maintain production in 2026 and 2027 as well? Or are you expecting a bit of a dip to come through? That's the first question.

只是幾個簡單的問題。也許您談到的生產指導是 2025 年。您能否告訴我們您是否能夠在 2026 年和 2027 年保持產量？或者您預計會出現一些下滑？這是第一個問題。

Okay. We will have an adjustment in production for next year. At this point, we want to maintain our production level where it is. But eventually, we may reduce a little bit our profile next year for copper. After that, you will see the impact of our new projects, particularly in 2027, Tia Maria, and we are expecting it to move towards over 1 million tons for production in 2028 and on.

好的。明年我們會對生產做出調整。目前，我們希望維持現有的生產水準。但最終，我們明年可能會稍微降低對銅的投入。此後，您將看到我們新項目的影響，特別是 2027 年的 Tia Maria 項目，我們預計 2028 年及以後其產量將超過 100 萬噸。

We will be increasing our production from a little bit north of 1 million tons in 2028 up to 1 million and 80,000 tons by 2030.

我們的產量將從 2028 年的 100 萬噸略增至 2030 年的 108 萬噸。

Okay. Maybe just on Tia Maria as well. When do you expect -- I know you normally issue bonds ahead of the big CapEx. Is the delay in the financing for Tia Maria a reflection of the project or the market? And should we expect some of that step-up in CapEx to be pushed out? Or is it imminent, should we say?

好的。或許也只是在蒂亞瑪利亞 (Tia Maria) 上。您預計什麼時候——我知道您通常會在大型資本支出之前發行債券。Tia Maria 融資延遲是專案原因還是市場原因？我們是否應該預期部分資本支出的增加會被延後？或者我們應該說，它即將來臨？

No. We will move on with Tia Maria. Let me put it differently. We have no concerns on the Tia Maria construction in terms of the project viability. We believe that the project is moving forward on a very nice way.

不。我們將繼續與 Tia Maria 合作。讓我換個說法。就專案可行性而言，我們對 Tia Maria 建設沒有任何擔憂。我們相信該項目正在以非常好的方式向前推進。

We are very happy to how the community is working with the company at several instances to develop the project as fast as we can. I will say that we are considering moving forward with some financing for the project, but we believe that the markets have to be more stable and reflect better the qualities that the company -- credit that the company has for going to finance the project. So for now, I would say that to your question, it's more the market than specifically the project.

我們非常高興看到社區多次與公司合作，以盡快開發該專案。我想說的是，我們正在考慮為該專案提供一些融資，但我們認為市場必須更加穩定，更好地反映公司的品質——公司為該專案提供融資的信譽。因此就目前而言，對於你的問題，我想說，這更多的是市場問題，而不是具體的專案問題。

That makes sense. And has there been any protest over the last quarter at Tia Maria? Or has the project now been more widely kind of accepted by the local communities?

這很有道理。蒂亞瑪利亞上個季度有發生過任何抗議嗎？或者該項目現在是否已經被當地社區更廣泛地接受？

Quite clearly, it's the second option. The project has been very widely approved and supported by the locals. There is always a small group of people that is against it. That's part of human nature. About 40 persons that demonstrate against the project in an area where 52,000 people live. So you may imagine that this is not getting any traction at all.

很顯然，這是第二個選擇。該計畫得到了當地民眾的廣泛認可和支持。總有一小部分人反對它。這是人性的一部分。約有 40 人在 52,000 人居住的地區舉行示威，反對該計畫。因此，您可能會想像這根本不會產生任何影響。

Okay. That's encouraging. Maybe on the projects, El Pilar, it's not mentioned at all in the release. Is that reflecting a change in heart with that project? Or is it still bubbling along in the background?

好的。這令人鼓舞。也許在 El Pilar 項目上，新聞稿中根本沒有提及。這是否反映了人們對該項目的看法發生了變化？或者它仍然在背景中沸騰？

No, we're doing some work. We haven't reported it because there is no update that has changed vis-a-vis what we have been reporting. El Pilar, we're looking into ways to improve the recovery of the project. That is something that we're focusing in. And we believe that we should have some information to report through the year.

不，我們正在做一些工作。我們沒有報告此事，因為與我們報告的情況相比，沒有任何更新發生變化。El Pilar，我們正在研究改善專案恢復的方法。這是我們關注的重點。我們相信，我們應該有一些資訊可以全年報告。

But for now, in this press release, we didn't believe it was necessary to include it because it had no significant changes since the last time.

但目前，我們認為沒有必要在這份新聞稿中將其納入，因為自上次發布以來它沒有發生重大變化。

Okay. That makes sense. Maybe one very last question on the projects, Los Chancas, have you bought all the land that you need to buy? And when -- how long is a piece of string? I mean, with these illegal miners, it seems every quarter, there's a challenge still to remove them.

好的。這很有道理。關於這些項目，也許還有最後一個問題，Los Chancas，你們買了所有需要購買的土地嗎？那麼什麼時候──一條繩子有多長？我的意思是，對於這些非法礦工來說，似乎每個季度，清除他們都是一個巨大的挑戰。

Yes, is there any meaningful progress? Or when can we expect kind of drilling to restart that?

是的，有什麼有意義的進展嗎？或者我們什麼時候可以期待鑽探重新開始？

With the acquisition that we mentioned in the press release, we are -- basically have acquired pretty much almost all the land that we need, a very high percentage of what we need.

透過我們在新聞稿中提到的收購，我們基本上已經獲得了我們所需的幾乎所有土地，占我們所需的土地的很大一部分。

In the case of the removing of the illegal miners, we are working with the authorities, and we are developing our own plans to move on and retire these people from where they are operating. We're seeing very positive actions by the national government on this matter. So we believe that we could see some progress through the year and we initiate the work that we have to move on with.

在驅逐非法礦工方面，我們正在與當局合作，並制定自己的計劃，將這些人從他們的採礦地轉移並退休。我們看到國家政府在這個問題上採取了非常積極的行動。因此，我們相信，我們今年將取得一些進展，並且我們將啟動必須繼續進行的工作。

We believe that if we were -- we solve this problem, we will probably in 1 year, 1.5 years, we'll be finishing the environmental as well as permitting part of the project, and that could open up the construction of Los Chancas. Hopefully, a little bit better than we're expecting now, but that's more a desire than the actual forecast that we have.

我們相信，如果我們解決了這個問題，我們大概可以在一年或一年半的時間內完成該專案的環境和許可部分，然後就可以開始 Los Chancas 的建設了。希望比我們現在預期的要好一點，但這更多的是一種願望，而不是我們的實際預測。

Juraj Domic, LarrainVial.

尤拉吉·多米奇、拉瑞恩·維亞爾。

Just a single one from our side. Just to have your comments in how have been demand so far in the second quarter. Have you seen any variability or weakness in any of the markets?

我們這邊只有一個。只是想聽聽您對第二季迄今為止的需求情況的看法。您是否發現任何市場出現波動或疲軟？

I'm so sorry, Juraj, could you repeat it because I couldn't get -- are you referring to a specific market or the copper market? Please, could you --

非常抱歉，Juraj，您能再說一次嗎，因為我沒聽懂——您指的是特定市場還是銅市場？請問你能--

No, not any specific markets. Just an overall view would be perfect.

不，沒有任何特定市場。只要有一個整體看法就完美了。

Overall, we are positive in general on the copper future. We believe that the fact that we have -- what we're seeing is a replacement of demand coming from infrastructure, mainly from Asia towards new energy technologies, artificial intelligence that are kicking in at a very strong speed. And the very positive news of that for us is that, generally speaking, for instance, if you consider a plant for solar energy, the tons of copper per megawatt of installed capacity is much higher than the traditional ways to generate such as hydro or gas combustion or some other carbon coal power.

整體而言，我們對銅的期貨持樂觀態度。我們相信，我們所看到的事實是，對基礎設施的需求（主要來自亞洲）正在被新能源技術、人工智慧等技術以非常強勁的速度取代。對我們來說非常積極的消息是，一般來說，例如，如果你考慮一個太陽能發電廠，那麼每兆瓦裝置容量所需的銅噸數要比傳統的發電方式（如水力發電、燃氣發電或其他一些碳煤發電）高得多。

So in that regard, we're seeing a very positive development. Eolic, for instance, overseas requires a much more copper per ton of installed capacity of generation. For instance, it may be 10 tons of copper per megawatt of installed capacity in an off-land or an in-sea eolic plant. And when you -- the option to that is maybe two or three with a gas burn facility for power generation. So it's -- the outlook in that regard is very positive.

因此，在這方面，我們看到了非常積極的發展。例如，Eolic 在海外每安裝一噸發電設備所需的銅就多得多。例如，陸上或離岸風力發電廠每安裝一兆瓦容量可能需要10噸銅。而當您 — — 選項可能是兩到三個有瓦斯燃燒設施的發電設施。所以，這方面的前景非常樂觀。

Besides that, we have the new developments of artificial intelligence that are requiring significant amounts not only for copper, but some other materials such as zinc and silver. These three materials are being produced for us. So we see good support for our prices in the next few years. The only one concern that we have is that when you have the two major economies in a commercial world, well, it's a concern. That may slow down the economic growth and indirectly affecting the copper demand. But that will be a short-lived impact, if any.

除此之外，人工智慧的新發展不僅需要大量的銅，還需要大量的其他材料，如鋅和銀。我們正在為我們製作這三種材料。因此，我們預計未來幾年我們的價格將獲得良好的支撐。我們唯一擔心的是，當商業世界中存在兩大經濟體時，這確實是一個問題。這可能會減緩經濟成長並間接影響銅需求。但即便有影響，也只是短暫的。

Camilla Barder, Bradesco BBI.

卡米拉·巴德（Camilla Barder），Bradesco BBI。

I have two questions here. The first one, you mentioned you see [indiscernible] to copper production in 2026. I'm just -- I was just wondering if copper prices remain at a low level, could you consider perhaps altering your production plans and go into areas of lower grades to increase production next year? That's my first question. And the second question, just a follow-up on costs.

我這裡有兩個問題。第一個問題，您提到您預計 2026 年銅產量將達到 [音訊不清晰]。我只是——我只是想知道，如果銅價保持在低位，您是否可以考慮改變生產計劃並進入低品位地區以提高明年的產量？這是我的第一個問題。第二個問題是關於成本的後續問題。

You mentioned cost after by-products in the range of $0.70, $0.80 for this year. Can you comment please on the expectations of cash cost before by-products for 2025?

您提到，今年除去副產品後的成本在 0.70 美元至 0.80 美元之間。您能否評論一下 2025 年副產品前的現金成本預期？

I think I mentioned already that we're expecting copper cash cost to be at about $0.75 to $0.80 per pound through this year. Hopefully, with better by-product prices, we may be a little bit better off than that, but that's our current expectation. And for copper prices, generally speaking, we don't move our long-term production plans due to copper price changes. We're doing our plants using a much lower copper price. We're very conservative in that regard.

我想我已經提到過，我們預計今年銅現金成本約為每磅 0.75 至 0.80 美元。希望隨著副產品價格的提高，我們的情況可能會好一點，但這是我們目前的期望。對於銅價，一般來說，我們不會因為銅價的變化而改變我們的長期生產計劃。我們工廠的銅價要低得多。在這方面我們非常保守。

Our plants are prepared using a long-term price of $3.30. That is a very conservative price nowadays. And for us, it will be more like if we can maintain our production next year, that will be excellent. But so far, the plant calls for a small reduction in our production that is currently under review.

我們的植物是按照 3.30 美元的長期價格準備的。如今這是一個非常保守的價格。對我們來說，如果我們明年能夠維持產量，那就太好了。但到目前為止，工廠要求我們稍微減少產量，目前正在審查中。

Okay. Can you hear me?

好的。你聽得到我嗎？

Yes, we do.

是的，我們有。

On the cash cost, my question was actually on costs before by-products.

關於現金成本，我的問題實際上是副產品之前的成本。

Okay. Okay. Okay. That one has decreased. And keep in mind that we are adding to that cost, the total cost of operation, the cost of the new zinc concentrator, which was not included two years ago.

好的。好的。好的。那個已經減少了。請記住，我們正在將總營運成本和新鋅濃縮廠的成本添加到該成本中，而這筆成本在兩年前是不包括在內的。

So our cash cost has decreased on a per pound basis given the productivity that the company has. And I think it's important to share this point. The concentrator that we have built for Buenavista has made us to process zinc only this year. But we could do a mix between zinc and copper production in the Buenavista facilities, that we are not doing now because we have found that there is much more value in focusing only on zinc this year and in a few more than specifically copper on this specific facility.

因此，考慮到公司的生產力，我們每磅的現金成本已經下降。我認為分享這一點很重要。我們為布埃納維斯塔建造的選礦廠僅讓我們今年就能處理鋅。但是，我們可以在布埃納維斯塔的工廠中混合生產鋅和銅，但我們現在沒有這樣做，因為我們發現，今年只關注鋅的價值遠遠大於在這個特定工廠中專注於生產其他幾種產品的價值。

So that has decreased the production that we may get from the Buenavista facility for about 2,000 tons that we had last year, and we are not having that volume this year. So that there is always possibilities of improving production. But in this case, we did review the process and concluded that it was better to focus on zinc-only production with the Buenavista zinc facility than doing the mix between zinc and copper because by changing the processes from one metal to the other one, we spent some time that has generated less value if we were only focusing on zinc and that's what we're doing in this year and probably a couple of more.

因此，這導致我們從布埃納維斯塔工廠獲得的產量比去年減少了約 2,000 噸，而今年的產量也沒有達到這個水準。這樣就始終存在著提高生產的可能性。但在這種情況下，我們確實審查了流程並得出結論，最好專注於布埃納維斯塔鋅工廠的鋅生產，而不是混合生產鋅和銅，因為通過從一種金屬轉變為另一種金屬，我們花了一些時間，如果我們只關注鋅，那麼產生的價值就會減少，這就是我們今年正在做的事情，可能還會有幾年。

Timna Tanners, Wolfe Research.

坦納斯（Timna Tanners），沃爾夫研究公司（Wolfe Research）。

I just wanted to follow up on my last question and fully appreciate that we haven't seen tariffs on copper exported to the US yet. But the market is obviously pricing and some chance of that happening. And it would be great to hear what Southern Copper's response could be to a 25% tariff on imports. How could Southern Copper react to that?

我只是想繼續我最後一個問題，並且完全理解我們還沒有看到對出口到美國的銅徵收關稅。但市場顯然正在定價，並且有發生這種情況的可能性。我很想知道南方銅業公司對 25% 進口關稅的反應。南方銅業對此有何反應？

We believe that if we have a tariff as the one that you mentioned, it will have -- it will make us to reassign some of the production that we have to some other markets. By doing that, we will very likely have decreased significantly the impact that this may have to the company.

我們相信，如果我們有您所提到的那種關稅，它將會迫使我們將部分生產重新分配到其他市場。透過這樣做，我們很可能會大大減少此事對公司造成的影響。

At this point, we prefer to wait and see what's the end of this situation. As I mentioned, we are seeing -- we are pleased to see that the US government has recognized the important role of copper as some material to be imported with zero duties and hopefully, that will be the case in the long term.

此時，我們寧願等待，看看這種情況會如何結束。正如我所提到的，我們看到——我們很高興地看到美國政府已經認識到銅作為零關稅進口材料的重要作用，並希望這種情況能夠長期持續下去。

Emerson Verrier, Goldman Sachs.

艾默生·維裡爾，高盛。

So I got two questions. The first one is on the COMEX LME price arbitrage. So I understand that the company might have been benefiting from this exposure to COMEX sales. So a few questions on this matter. What percentage of your contracts are spot?

所以我有兩個問題。第一個是關於COMEX LME價格套利。因此，我理解該公司可能因接觸 COMEX 銷售而受益。關於此事我有幾個問題。你們的合約中有多少比例是現貨？

And what is the average duration for the remaining ones? And just a follow-up on this COMEX LME price arbitrage. For how long do you guys think you can benefit from this. I mean US customers do not want to double pay the tariff and non-US customers would eventually switch to LME. That's what we think. So are you guys seeing clients in COMEX contracts already asking for renegotiation or early cancellation? Those are my questions.

其餘的平均持續時間是多少？這只是 COMEX LME 價格套利的後續報導。你們認為自己能從中受益多久？我的意思是美國客戶不想支付雙倍關稅，而非美國客戶最終會轉向倫敦金屬交易所。我們就是這麼想的。那麼，你們是否看到 COMEX 合約的客戶已經要求重新談判或提前取消？這些都是我的問題。

Well, we are -- generally speaking, we are not commenting on this. It has where -- our commercial team is talking with our customers on this matter. I'm so sorry, [ Emerson ], but I have no comments to your question.

嗯，一般來說，我們不會對此發表評論。我們的商業團隊正在與客戶討論此事。非常抱歉，[埃默森]，但我對你的問題沒有任何評論。

No worries at all. Can I just follow up on another point then. We saw by late March some news regarding projects from local communities in Peru, Antapaccay region. So you guys have any update on the situation, how this is being addressed? And for Tia Maria specifically, do you guys already have local agreements? How do you see this relationship evolving in Tia Maria's region, please?

完全不用擔心。那我可以跟進另一點嗎？到三月底，我們看到了一些有關秘魯安塔帕卡伊地區當地社區計畫的新聞。那你們對情況有什麼最新了解嗎？這個問題是如何解決的？具體來說，對於 Tia Maria，你們已經達成了當地協議嗎？請問您如何看待蒂亞瑪麗亞地區的這種關係的發展？

What we're seeing in the case of Tia Maria is that the population of the area is much more focusing on seeing the opportunities and the advantages that the project is bringing them than protesting against Tia Maria. I mentioned before that the number of protestors is relatively small vis-a-vis the 52,000 population of the Islay province.

在蒂亞瑪麗亞計畫案例中，我們看到，該地區的居民更關注該計畫為他們帶來的機會和優勢，而不是抗議蒂亞瑪麗亞計畫。我之前提到過，相對於艾萊省 52,000 名人口而言，抗議者的數量相對較少。

And we believe that, and we hope that this environment prevails through the construction phase. So far, we are not seeing any significant -- we don't have any significant concerns regarding the protest in Tia Maria.

我們相信這一點，並且希望這種環境能貫穿整個建設階段。到目前為止，我們還沒有看到任何重大的——我們對蒂亞瑪麗亞的抗議活動沒有任何重大的擔憂。

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

謝謝。現在，我想將會議交還給 Raul Jacob 作結束語。

Thank you very much, Gigi. With this, we conclude our conference of Southern Copper's first-quarter 2025 Results. We certainly appreciate your participation and hope to have you back with us when we report the second quarter of this year results. Thank you very much for being with us today, and have a nice day.

非常感謝，吉吉。至此，我們結束了南方銅業 2025 年第一季業績會議。我們非常感謝您的參與，並希望在我們報告今年第二季業績時您能再次加入我們。非常感謝您今天與我們在一起，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。