Southern Copper Corp (SCCO) 2025 Q3 法說會逐字稿

Good morning, and welcome to Southern Copper Corporation's third quarter and nine months 2025. 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 company for the third quarter and nine months 2025 as well as answer any questions that you may have.

早安，歡迎來到南方銅業公司2025年第三季及前九個月的業績報告。今天上午，我們邀請到了南方銅業公司財務副總裁兼財務主管勞爾·雅各布先生，他將與我們討論公司2025年第三季度和前九個月的業績，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 from the company cautions not to place undue reliance on these forward-looking statements. Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statements, 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，這些陳述存在風險和不確定性。實際結果可能與公司預期有重大差異，公司提醒消費者不要過度依賴這些前瞻性聲明。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。所有結果均依照美國通用會計準則 (US GAAP) 列示。

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

現在我將把電話轉給勞爾·雅各布先生。

Thank you very much, Carmen. Good morning, everyone, and welcome to Southern Copper's third 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.

非常感謝你，卡門。各位早安，歡迎參加南方銅業2025年第三季業績電話會議。今天陪同我參加會議的有南方銅業公司執行長兼董事會成員奧斯卡·岡薩雷斯·羅查先生，以及同樣是董事會成員的萊昂納多·孔特雷拉斯先生。

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 costs, financial results, expansion projects and ESG. After this, we will open the session for questions.

在今天的電話會議中，我們將首先更新我們對銅市場的看法，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 方面的關鍵成果。之後，我們將開放問答環節。

Our performance in the third quarter delivered new company records for net sales, adjusted EBITDA and net income. These milestones are a testament to the strength of our strategy, execution and commitment to sustainable growth. This strong performance was primarily driven by a rise in byproduct production and improved metal prices across all our products. Zinc production rose 46%, mainly on the back of significant production at our Buenavista zinc concentrator. Silver and molybdenum output grew 16% and 8%, respectively.

第三季度，我們的業績為該公司帶來了淨銷售額、調整後 EBITDA 和淨利潤的新紀錄。這些里程碑證明了我們策略的實力、執行力和對永續成長的承諾。這一強勁的業績主要得益於副產品產量的增加和所有產品金屬價格的上漲。鋅產量增加了 46%，主要得益於我們 Buenavista 鋅選礦廠的大幅增產。白銀和鉬的產量分別增加了16%和8%。

The combination of higher production volumes and better copper and by-product prices enabled us to achieve a cash cost of $0.42 per pound of copper in the third quarter of this year, one of the industry's lowest. We remain firmly committed to enhancing productivity and cost efficiency driven by a strategy anchored in discipline and focus on achieving our long-term goal to produce 1.6 million tons of copper at the lowest possible, most competitive cost per pound.

產量增加以及銅和副產品價格上漲，使得我們今年第三季的銅現金成本降至每磅 0.42 美元，成為業內最低的成本之一。我們將繼續堅定不移地致力於提高生產效率和成本效益，並透過以紀律和專注為基礎的策略來實現我們的長期目標，即以盡可能低的每磅成本生產 160 萬噸銅，並使其具有最具競爭力。

Looking into the copper market, the LME copper price increased 7% from an average of $4.17 per pound in the first quarter of 2024, up to $4.44 this past quarter. For the COMEX market, we saw a 14% increase. Based on current supply and demand dynamics, which include the negative production effects that we're seeing in Indonesia and Chile, we're currently estimating a copper market deficit of almost 400,000 tons.

從銅市場來看，倫敦金屬交易所 (LME) 銅價從 2024 年第一季的平均每磅 4.17 美元上漲了 7%，達到上一季的每磅 4.44 美元。COMEX市場上漲了14%。根據目前的供需動態，包括我們在印尼和智利看到的負面生產影響，我們目前估計銅市場缺口接近 40 萬噸。

Copper inventories worldwide, which is the sum of the London Metal Exchange, COMEX and Shanghai warehouses as well as other bonded warehouses, copper, this inventory -- the sum of these different inventory at the end of September were 609,000 tons.

全球銅庫存，即倫敦金屬交易所、COMEX和上海倉庫以及其他保稅倉庫的銅庫存總和，截至9月底，這些不同庫存的總和為60.9萬噸。

We estimate that this inventory currently covers approximately eight days of global demand. The recent US tariff policy changes have thus far had a limited impact on our results. As such, we're confident now that the long-term fundamentals of prices for copper and other metals will remain very positive.

我們估計，目前的庫存大約可以滿足全球八天的需求。近期美國關稅政策的變化迄今為止對我們的結果影響有限。因此，我們現在有信心，銅和其他金屬價格的長期基本面將保持非常積極。

Now let's look at Southern Copper's production for the past quarter. Copper represented 73% of our sales in the third quarter of this year. Copper production registered a decrease of 7% compared to the third quarter of 2024 and stood at 234,892 tons this past quarter. Our quarterly result reflects a 7% drop in production in Peru, which was triggered by a decrease in production at our Toquepala and Cuajone mines. Production at our Mexican operations fell 7% quarter-on-quarter, driven by a decrease in production in our Buenavista mine due to lower ore grades and by the fact that the new Buenavista concentrator was fully dedicated to maximizing zinc and silver production to leverage the favorable ore grades identified in an important segment of the mine. On a year-to-date basis, copper production fell 3% in 2025 to stand at 714,098 tons, mainly driven by a decrease in production at our Mexican and Peruvian operations due to lower ore grades.

現在我們來看看南方銅業公司上個季度的產量。今年第三季度，銅占我們銷售額的73%。與 2024 年第三季相比，銅產量下降了 7%，上季產量為 234,892 噸。我們的季度業績反映出秘魯的產量下降了 7%，這是由於我們的 Toquepala 和 Cuajone 礦的產量下降所致。由於布埃納維斯塔礦的礦石品位降低，導致產量下降，以及新的布埃納維斯塔選礦廠完全致力於最大限度地提高鋅和銀的產量，以利用該礦重要區域發現的有利礦石品位，我們墨西哥業務的產量環比下降了 7%。截至目前，2025 年銅產量下降 3%，至 714,098 噸，主要原因是由於礦石品位下降，導致我們在墨西哥和秘魯的業務產量減少。

For this year 2025, we expect to produce 960,000 tons of copper. This is slightly lower, less than 1% than the plan and a decrease of 2% over 2024's finance plan.

預計到 2025 年，我們將生產 96 萬噸銅。這比計劃略低，不到 1%，比 2024 年的財務計劃減少了 2%。

Molybdenum represented 13% of the company sales value in the third quarter of 2025 and is currently our first by-product. Molybdenum prices averaged $24.30 per pound in the quarter compared to $21.68 per pound in the third quarter of 2024. This represents an increase of 12%. Molybdenum production registered an increase of 8% in the third quarter of this year compared to the same period of 2024. This was mainly driven by higher production at our La Caridad and Toquepala mines, which were partially offset by lower production at our Buenavista and Cuajone operations. In 2025, we expect to produce 30,000 tons of molybdenum, which represents an increase of 4% over our 2024 production level.

2025 年第三季度，鉬占公司銷售額的 13%，目前是我們的第一大副產品。本季鉬價平均為每磅 24.30 美元，而 2024 年第三季鉬價為每磅 21.68 美元。這相當於成長了12%。今年第三季鉬產量比 2024 年同期成長了 8%。這主要是由於我們的 La Caridad 和 Toquepala 礦山產量增加所致，但 Buenavista 和 Cuajone 礦山產量下降部分抵消了這一增長。預計到 2025 年，鉬的產量將達到 3 萬噸，比 2024 年的產量增加 4%。

For silver, it represented 7% of our sales value in the third quarter of 2025 with an average price of $39.56 per ounce for the quarter. This reflected an increase of 34%. Silver is currently our second by-product. Mine silver production increased 16% in the third quarter of 2025 vis-a-vis the next -- the same quarter of 2024 after production growth in our Mexican operations, and this was partially offset by lower production in the Peruvian mine. Refined silver production increased 2% quarter-over-quarter. This evolution was mainly driven by higher production in our Ilo refinery, which was partially offset by a drop in production in La Caridad refinery.

白銀在 2025 年第三季占我們銷售額的 7%，該季度平均價格為每盎司 39.56 美元。這相當於成長了34%。銀目前是我們的第二大副產品。2025 年第三季礦山白銀產量較 2024 年同期成長 16%，這主要得益於墨西哥礦山產量的成長，但秘魯礦山產量下降部分抵消了這一增長。精煉白銀產量季增2%。這項變化主要得益於伊洛煉油廠產量的提高，但拉卡里達煉油廠產量的下降部分抵消了這一增長。

In 2025, we expect to produce 23 million ounces of silver, an increase of 10% compared to last year. Zinc represented 4% of our sales value in the third quarter of 2025 with an average price of $1.28 per pound in the quarter. This represents a 2% increase compared to the third quarter of 2024.

預計到 2025 年，白銀產量將達到 2,300 萬盎司，比去年增長 10%。2025 年第三季度，鋅占我們銷售額的 4%，該季度平均價格為每磅 1.28 美元。與 2024 年第三季相比，成長了 2%。

Zinc is currently our third by-product. Mine zinc production increased 46% quarter-on-quarter and totaled 45,482 tons. This was mainly driven by an increase in production at the Buenavista zinc of 108%. This Buenavista zinc concentrator has been processing high ore grade material that we found in a segment of the Buenavista mine that -- well, it was reviewed and decided on the base of the value that this additional production is contributing to this year's results.

鋅目前是我們的第三種副產品。礦山鋅產量較上季增加 46%，總計 45,482 噸。這主要是由於布埃納維斯塔鋅礦的產量增加了 108%。布埃納維斯塔鋅選礦廠一直在處理我們在布埃納維斯塔礦區的一個區域發現的高品位礦石——嗯，經過審查和決定，我們根據新增產量對今年業績的價值貢獻來做出決定。

For the year 2025, we expect to produce 174,700 tons of zinc, which represents an increase of 34% over our 2024 production level. This growth will be driven by the production of our Buenavista zinc concentrator, which I already mentioned is operating at full capacity dedicated to zinc production.

預計到 2025 年，我們將生產 174,700 噸鋅，比 2024 年的產量水準增加 34%。這一增長將由我們布埃納維斯塔鋅選礦廠的生產驅動，我已經提到過，該選礦廠目前滿載運轉，專門用於鋅的生產。

For the third quarter of this year, sales were $3.4 billion. This figure was $446 million or 15% above the third quarter of 2024 trend. The copper sales value increased (inaudible) volume dropped 4% in a scenario of better prices. The London Metal Exchange price increased 7% and the COMEX price increased 14%.

今年第三季度，銷售額為 34 億美元。這一數字比 2024 年第三季的趨勢高出 4.46 億美元，增幅達 15%。在價格上漲的情況下，銅的銷售額（聽不清楚）下降了 4%。倫敦金屬交易所價格上漲7%，COMEX價格上漲14%。

Regarding our main by-products, we registered an increase in sales of molybdenum by 46% due to growth in volume, volume of molybdenum sales increased 8% and better prices. Zinc sales increased 12% due to an uptick in volume of 7% and better prices for this material zinc. Finally, silver sales increased 65% due to higher volume, 22% and better prices for lubricant.

關於我們的主要副產品，由於銷量成長，鉬的銷量成長了 46%，鉬的銷量成長了 8%，價格也更好了。由於銷量成長 7% 以及鋅價格上漲，鋅的銷售額成長了 12%。最後，由於潤滑油銷量增加 22%，加上價格上漲，白銀銷量成長了 65%。

Our total operating costs and expenses were up to $128 million or 9% compared to third quarter of 2024. The main cost increments were in purchased copper concentrate, workers participation, labor, operations contractors and services, energy and sales. These cost increments were partially offset by a drop in inventory consumption and other factors.

與 2024 年第三季相比，我們的總營運成本和費用增加了 1.28 億美元，增幅達 9%。主要成本增加體現在採購銅精礦、工人參與、勞動力、營運承包商和服務、能源和銷售等方面。這些成本增加部分被庫存消耗下降和其他因素所抵消。

The third quarter of 2025 EBITDA -- adjusted EBITDA was $1,975 million. This represented an increase of 17% with regard to the 1,685 million registered in the third quarter of 2024. The adjusted EBITDA margin in the third quarter of this year stood at 59% versus 58% in the third quarter of 2024. Adjusted EBITDA year-to-date was $5,512 million. This is 13% than the mark for the nine months of 2024. The adjusted EBITDA margin in the nine months of this year stood at 58% versus 57% in the nine months of 2024.

2025 年第三季 EBITDA（調整後 EBITDA）為 19.75 億美元。與 2024 年第三季登記的 16.85 億相比，成長了 17%。今年第三季的調整後 EBITDA 利潤率為 59%，而 2024 年第三季的調整後 EBITDA 利潤率為 58%。截至目前，調整後 EBITDA 為 55.12 億美元。這比 2024 年前九個月的目標值高出 13%。今年前九個月的調整後 EBITDA 利潤率為 58%，而 2024 年前九個月的調整後 EBITDA 利潤率為 57%。

Operating cash cost per pound of copper before by-product credits was $2.23 per pound in the third quarter of 2025. This is $0.12 higher than the value for the second quarter of 2025, which was $2.11. This 5% increase in operating cash cost is a result of higher cost per pound from production cost, administrative expenses and lower premium and was offset by lower treatment and refining costs. Southern Copper's operating cash cost, including the benefit of by-product credits, was $0.42 per pound this past quarter. This cash cost was $0.21 lower or 34% lower than the cash cost of $0.63 that we had in the second quarter of 2025.

2025 年第三季度，在不計副產品抵免的情況下，每磅銅的營運現金成本為 2.23 美元。這比 2025 年第二季的數值高出 0.12 美元，當時的數值為 2.11 美元。營運現金成本增加 5% 是由於生產成本、管理費用和溢價降低導致每磅成本上升，但被加工和精煉成本的降低所抵消。南方銅業公司上一季的營運現金成本（包括副產品抵免收益）為每磅 0.42 美元。這筆現金成本比 2025 年第二季的現金成本 0.63 美元低 0.21 美元，降幅達 34%。

Regarding byproducts, we had a total credit of $895 million or $1.81 per pound in the third quarter of 2025. These figures represent a 22% increase in byproduct credits when we compare them to a credit of $756 million or $1.48 per pound in the second quarter of this year 2025. Total credits have increased for molybdenum in 23%, for silver 29%, and decreased a little bit for zinc 1%, and sulfuric acid, where we have lower volumes due to major maintenances at our smelter.

關於副產品，我們在 2025 年第三季共獲得 8.95 億美元的信貸，每磅 1.81 美元。與今年（2025 年）第二季 7.56 億美元或每磅 1.48 美元的信貸額相比，這些數字代表副產品信貸額增加了 22%。鉬的總信用額增加了 23%，銀增加了 29%，鋅略微減少了 1%，硫酸的銷量也減少了，這是因為我們冶煉廠進行了重大維護。

For net income, in the third quarter of this year, net income was $1,108 million, which represented a 23% increase over the $897 million registered in the third quarter of 2024. The net income margin in the third quarter of this year stood at 33% versus 31% in the same quarter of last year. These improvements were mainly driven by an increase in sales and cost containment activities. On a year-to-date basis, net income was 17% higher than in 2024 due to growth in net sales. The net income margin year-to-date stood at 32% versus 30% for the nine months of last year.

今年第三季淨收入為 11.08 億美元，比 2024 年第三季的 8.97 億美元成長了 23%。今年第三季的淨利潤率為 33%，而去年同期為 31%。這些改進主要得益於銷售額的成長和成本控制措施。由於淨銷售額成長，今年迄今的淨收入比 2024 年成長了 17%。今年迄今的淨利潤率為 32%，而去年同期為 30%。

Cash from operations or -- cash flow from operating activities in the third quarter was $1,560 million, 8.4% above the figure in the third quarter of 2024. For the nine months of 2025, cash flow from operating activities stood at $3,258 million, which represented an increase of 6% over the $3,061 million posted in the nine months of 2024.

第三季經營活動產生的現金流量為 15.6 億美元，比 2024 年第三季成長 8.4%。2025 年前九個月，經營活動產生的現金流量為 32.58 億美元，比 2024 年前九個月的 30.61 億美元增加了 6%。

Capital investments. For the Peruvian projects, our investments in Peruvian projects that are being built or for which basic or detailed engineering is being conducted could surpass $10.3 billion in the next decade. 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 of them. In the case of the Tia Maria project in the Arequipa region in Peru, as of September 30 of this year, progress at Tia Maria stood at 23% and 2,109 new jobs have been generated. 809 of these jobs were filled with local advocates. To the fullest extent possible, we intend to fill the 3,500 jobs estimated to be required during the Tia Maria construction phase with workers from Islay province. In 2027, when we start operations of Tia Maria, the project will generate 764 direct jobs and 5,900 indirect jobs.

資本投資。對於秘魯項目，未來十年，我們在秘魯正在建造或正在進行基礎或詳細工程設計的項目中的投資可能超過 103 億美元。鑑於南方銅業公司的新聞稿中已經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最新進展。以秘魯阿雷基帕地區的蒂亞瑪麗亞計畫為例，截至今年9月30日，該計畫進展23%，創造了2,109個新的就業崗位，其中809個職位由當地倡議者擔任。我們計劃盡可能僱用來自艾萊省的工人來填補蒂亞瑪麗亞建設階段預計所需的 3,500 個工作機會。2027 年，蒂亞瑪麗亞計畫開始運作時，該計畫將創造 764 個直接就業機會和 5,900 個間接就業機會。

In the early construction phase, progress on access roads and platforms stands at 90%. We will advance this effort alongside work to set up a temporary camp, engaging in massive air work and roll out mine opening activities. Recently, on October 14 of this year, the company received authorization from the Ministry of Energy and Mine to begin exploitation activities on the Tia Maria project. This authorization is based on considerations outlined in the supporting technical report and the environmental certification approved for the project. Consequently, we will soon initiate pre-stripping activities in La Tabara and begin building main project components.

在建設初期階段，進場道路和平台的建設進度已達 90%。我們將推進這項工作，同時進行臨時營地建設、大規模空中作業和礦井開採活動。近日，該公司於今年 10 月 14 日獲得能源和礦業部的授權，開始在 Tia Maria 計畫上進行開採活動。此授權是基於支援性技術報告中概述的考慮因素以及為該專案批准的環境認證。因此，我們很快就會在拉塔巴拉啟動拆除前準備工作，並開始建造主要項目部件。

For the Los Chancas project in the Apurimac region of Peru, as of September 30 of this year, social and environmental management programs are underway in the communities directly influenced by the project, in accordance with the Framework Agreement signed between the Tiaparo Peasant Community and the Los Chancas Mining Project. Necessary actions are being undertaken to regain control of the project in response to the presence of illegal miner. This control is essential to us for continuing advancing the development of our Los Chancas project.

截至今年 9 月 30 日，在秘魯阿普里馬克地區的洛斯昌卡斯計畫中，根據蒂亞帕羅農民社區與洛斯昌卡斯礦業計畫簽署的框架協議，正在受該計畫直接影響的社區開展社會和環境管理計畫。針對非法採礦者的存在，正在採取必要措施重新控制該專案。這項控制對於我們繼續推進洛斯昌卡斯計畫的發展至關重要。

In the case of the Michiquillay project in the Cajamarca region of Peru, the geological information obtained from drilling programs has been used to develop the models required to estimate the deposit mineral resources. These models are currently being audited by a third party under the SEC's mining disclosure standards, S-K 1300. A conceptual study is underway to determine the best location for our conventional or filtered tailings storage facility.

以秘魯卡哈馬卡地區的米奇基萊計畫為例，鑽探計畫獲得的地質資訊已被用於開發估算礦床礦產資源所需的模型。目前，這些模型正在由第三方根據美國證券交易委員會的礦業資訊揭露標準 S-K 1300 進行審計。目前正在進行概念性研究，以確定我們常規或過濾尾礦儲存設施的最佳位置。

Hydrogeological and geotechnical studies are also being conducted. SEC has several projects in its Mexican pipeline that may boost organic growth if they are found to be of value for both stakeholders and the communities in which we operate. These projects are Angangueo, Chalchihuites, and the Empalme Smelter, which could bolster our position as a fully integrated copper producer. We're conducting talks with the current administration to continue rolling out SCC's Mexican investments for $10.2 billion. We have in Mexico also the El Arco in the Baja California state project. In this case, we have -- we're not reporting additional progress in these projects for now.

目前也正在進行水文地質和岩土工程研究。SEC 在墨西哥有幾個項目正在籌備中，如果這些項目被證明對利益相關者和我們運營所在社區都有價值，則可能會促進其有機增長。這些項目包括 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。我們正在與現任政府進行談判，以繼續推進SCC在墨西哥的102億美元投資項目。我們在墨西哥下加利福尼亞州也有埃爾阿科計畫。目前，我們暫不報告這些項目的最新進展。

Regarding environmental, social and corporate governance or ESG practices, our sustainability ratings are improving. In the Corporate Sustainability Assessment 2025, S&P Global increased SCC rating by 4 points over last year's print. This result positions the company among the leaders in the mining sector's performance ranking with a rating that is more than twice the industry's average. Some of SCC's disaggregated ratings were the highest reported for the sector. That is the case for transparency and reporting, environmental management, biodiversity, cybersecurity, labor practices, human rights and community relations.

在環境、社會和公司治理（ESG）實踐方面，我們的永續發展評級正在提高。在2025年企業永續發展評估中，標普全球將SCC評級比去年提高了4個百分點。這一結果使該公司躋身採礦業績效排名前列，其評級是行業平均水平的兩倍以上。SCC的部分細分評級是該行業中最高的。透明度和報告、環境管理、生物多樣性、網路安全、勞動實踐、人權和社區關係等領域都是如此。

Regarding greenhouse gas emissions at our operations, the electricity that our underground mines have received from the Fenicias wind farm has enabled us to curb greenhouse gas emissions by 180,000 tons of carbon thus far in 2025. This is equivalent to electricity supply needed to sustain 40,000 households in Mexico.

關於我們營運中的溫室氣體排放，我們地下礦井從 Fenicias 風電場獲得的電力使我們能夠在 2025 年迄今減少 18 萬噸碳排放。這相當於墨西哥 4 萬戶家庭所需的電力供應量。

We're recovering ecosystems in Mexico and Peru. So far in 2025, we have conducted advanced work to restore 67 hectares at our Buenavista recovery installations in Sonora, and about 10 hectares in the Ite wetlands in Peru. These efforts entail incorporating areas of the landscape that were previously impacted by our operations and providing important environmental services. Additionally, we're preparing stocks and services and are installing assisted irrigation systems on approximately 200 hectares in Sonora, which will be reforested in 2025.

我們正在墨西哥和秘魯恢復生態系統。截至 2025 年，我們已在索諾拉州布埃納維斯塔的修復設施中進行了 67 公頃的修復工作，並在秘魯伊特濕地進行了約 10 公頃的修復工作。這些努力包括將以前受我們營運影響的景觀區域納入其中，並提供重要的環境服務。此外，我們正在準備庫存和服務，並在索諾拉州約 200 公頃的土地上安裝輔助灌溉系統，這些土地將於 2025 年重新造林。

In the case of the Tia Maria project, through the work for taxes mechanism, we're financing modernization and upgrades at an emblematic secondary school in the district of Cocachacra, which will serve 400 students and also using this work for taxes mechanism, we're working on the construction of the Biomedical Sciences Laboratory at the University of San Agustin in Arequipa, which will be used by about a little bit more than 3,000 students and researchers.

以蒂亞·瑪麗亞計畫為例，我們透過以工代賑機制，為科卡查克拉區一所標誌性中學的現代化改造和升級提供資金，該校將服務 400 名學生；同時，我們也利用這一以工代賑機制，在阿雷基帕的聖奧古斯丁大學建設生物醫學科學實驗室，該實驗室將供 3000 多名學生和研究人員使用。

During its tour of Sonora in 2025, Dr. Vagon Health train sponsored by Grupo Mexico imparted more than 20,000 free consultations in eight municipalities, marking an all-time high in Dr. Vagon's history. Over its nine previous visits to the region, more than 59,000 medical consultations and 70,000 prescriptions were provided at no cost. With these results, Dr. Vagon has become one of the most important traveling health projects in Sonora, Mexico.

2025 年，由墨西哥集團贊助的 Dr. Vagon 健康列車在索諾拉州巡迴演出期間，在八個城市提供了超過 20,000 次免費諮詢，創下了 Dr. Vagon 歷史上的最高紀錄。此前九次訪問該地區期間，共免費提供了超過 59,000 次醫療諮詢和 70,000 張處方。憑藉這些成果，Vagon 博士已成為墨西哥索諾拉州最重要的流動醫療計畫之一。

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 dividend. Accordingly, on October 23 of this year, Southern Copper Corporation announced a quarterly cash dividend of $0.90 per share of common stock and a stock dividend of 0.0085 shares of common stock per share. This is payable -- this will be payable on November 28, 2025, to shareholders of record at the close of business on November 12 of this year.

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、預期經營現金流、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，今年 10 月 23 日，南方銅業公司宣布派發每股普通股 0.90 美元的季度現金股利和每股 0.0085 股普通股的股票股利。這筆款項將於 2025 年 11 月 28 日支付給截至今年 11 月 12 日營業結束時登記在冊的股東。

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

女士們、先生們，今天的演講到此結束。非常感謝您的參與。現在我們想開放提問環節。

(Operator Instructions) Carlos de Alba, Morgan Stanley.

（操作員指示）Carlos de Alba，摩根士丹利。

What is the expectations in terms of cash cost before byproducts in the fourth quarter and maybe in 2026?

預計第四季以及 2026 年（不計副產品）的現金成本是多少？

For the fourth quarter, Carlos, we will very likely decrease our cash cost because we will be having a partial recovery of production, particularly at the Peruvian operations, we believe that production will improve in the fourth quarter. So we are operating at about $2.23, if I recall it well. And we're expecting to have in the range of $2.15 to $2.20 in the fourth quarter.

卡洛斯，第四季度我們很可能會降低現金成本，因為我們的生產將部分恢復，尤其是在秘魯的業務，我們相信第四季度的生產將會改善。如果我沒記錯的話，我們目前的營運成本大約是 2.23 美元。我們預計第四季每股收益將在 2.15 美元至 2.20 美元之間。

Okay. And how much of -- how much purchases of third-party concentrate or cathodes did the company do in the third quarter? And if you could comment on any expectations for the fourth quarter?

好的。該公司第三季採購了多少第三方濃縮物或陰極材料？您對第四季有什麼預期嗎？

Yes. These acquisitions were for the Mexican operations. It was to fill up some of our facilities at the IMMSA mines. We don't -- we will very likely maintain buying some copper -- some materials from third parties in Mexico because of the way that they blend with our own materials. So that was the main driver of these acquisitions.

是的。這些收購都是為了墨西哥的業務。這是為了填滿我們在IMMSA礦區的一些設施。我們不會——我們很可能會繼續從墨西哥的第三方購買一些銅——一些材料，因為它們與我們自己的材料混合得很好。這就是這些收購的主要驅動因素。

But you're buying concentrate, you didn't buy cathodes even if the Ilo smelter was down.

但你買的是濃縮液，即使伊洛冶煉廠停產，你也沒買陰極。

No, no. We just -- we sold more copper concentrate for the Peruvian operations because of the maintenance that the Ilo smelter and refinery had. We didn't acquire any copper cathodes, Carlos.

不，不。由於伊洛冶煉廠和精煉廠的維護，我們向秘魯的業務銷售了更多銅精礦。卡洛斯，我們沒有獲得任何銅陰極。

Okay. Good. And if I may, just one more. We regularly see headlines in Mexico about the government engaging with Southern Copper on discussions to try to remediate what they believe or some people believe are still pending actions by the company after the spill in Sonora. Can you maybe give us some comments as to what is the company's perspective on these negotiations and what impact -- initiatives and the potential financial impact those may have in the company?

好的。好的。如果可以的話，再問一個問題。我們經常在墨西哥看到新聞頭條，報道政府與南方銅業公司進行磋商，試圖彌補他們認為（或有些人認為）該公司在索諾拉州洩漏事件後仍未採取的行動。您能否就公司對這些談判的看法以及相關舉措和潛在財務影響發表一些評論？

Well, we have -- we are having these conversations now, and we are basically -- well, for us, this is a matter that was solved already. However, there are always good possibility of making progress in government talks for other objectives that the company may have. So there's not much to report at this point, Carlos, on this.

嗯，我們現在正在進行這些對話，而且基本上——嗯，對我們來說，這個問題已經解決了。然而，在與政府的談判中，公司仍有可能實現其他目標，並取得進展。卡洛斯，目前關於這件事沒有什麼可報告的。

Timna Tanners, Wells Fargo.

蒂姆娜·坦納斯，富國銀行。

I wanted to ask with regard to silver, I realize you don't move your volumes on a dime, but the guidance seems to imply a quarter-over-quarter drop into Q4, and I wanted to make sure I understood that. But given the strong price of silver, is there anything you can do to try to produce a bit more in the next medium term?

我想問一下關於白銀的問題，我知道你們的銷量不會立竿見影，但你們的指引似乎暗示第四季度銷量將環比下降，我想確認一下我的理解是否正確。但鑑於白銀價格堅挺，您能否採取一些措施，爭取在下一個中期內提高白銀產量？

Thank you for your question, Timna. This is what we have been doing through 2025. We have the new concentrator in Buenavista, which is a concentrator that has the capacity of producing copper and zinc. In other years, last year, for instance, 2024, we did bundles of copper production as well as zinc production.

謝謝你的提問，提姆娜。這就是我們一直到2025年都在做的事。我們在布埃納維斯塔新建了一座選礦廠，該選礦廠能夠生產銅和鋅。在其他年份，例如去年（2024 年），我們進行了大量的銅生產以及鋅生產。

But looking at the areas that we were getting into in 2025 and the zinc content, the zinc ore that we were finding in this part of the Buenavista mine, we decided to not produce copper with this new concentrator of Buenavista in this year, but zinc. And the reason for that is that the zinc content is much higher. That's why we are producing a significant much important amount of zinc than last year. And obviously, the copper that we produced with this facility last year that was in the north of 12,000 tons was not produced in the same facility in 2025. So that explains why we are not producing as much copper as in 2024.

但考慮到我們在 2025 年將要進入的區域以及鋅含量，以及我們在 Buenavista 礦區這一部分發現的鋅礦石，我們決定今年不利用 Buenavista 的這座新選礦廠生產銅，而是生產鋅。原因在於其鋅含量高得多。這就是為什麼我們今年的鋅產量比去年大幅增加的原因。顯然，我們去年用這個工廠生產的銅超過 12,000 噸，而 2025 年這個工廠的銅產量並沒有達到這個水準。所以這就解釋了為什麼我們現在的銅產量沒有達到 2024 年的水準。

Now as I mentioned before, we're very close to less than 1% of getting all the copper that we did -- that we forecasted in our plan now. We're hopefully making the plan and the plan when we announced it last year, had a reduction in copper production of about 2%. Obviously, if we see opportunities to improve this, we will certainly try to do it. But that's so far what we're considering for this year, Timna.

正如我之前提到的，我們現在距離我們計劃中預測的銅產量只差不到 1%。我們希望能夠按計劃進行，而我們去年宣布的這項計劃，旨在將銅產量減少約 2%。顯然，如果我們發現有機會改進這一點，我們一定會努力去做。但蒂姆娜，這就是我們今年目前考慮的方案。

Okay. My question was more about silver just because of the strength of that market. But if you could comment on silver. And then my second question was more about any updated thoughts on M&A given some additional M&A in the space? Are you still preferring your organic projects? Or given some delays there, would you start to look at maybe buy versus build?

好的。我的問題更多是關於白銀的，因為白銀市場表現強勁。但如果你能談談白銀的話。我的第二個問題是，鑑於該領域近期出現了一些併購交易，您對併購有何最新看法？你仍然更喜歡你的有機項目嗎？或者考慮到一些延誤，你會開始考慮購買還是自建嗎？

Okay. On the silver, Timna, we're producing more silver this year, not less than last year. And we made -- we already update our silver production forecast. This is a 23 million ounces, which will be 10% more than last year than 2024.

好的。提姆納，關於白銀，我們今年的白銀產量不比去年少，反而更多。我們已經更新了白銀產量預測。這將達到 2,300 萬盎司，比去年和 2024 年成長 10%。

Coming to your question on M&A. Well, no, we're basically focusing on organic growth. These projects that we're undertaking are excellent projects. The economics of them are much more better than what we see outside the company. Obviously, if there is a good opportunity, we will certainly review it and make a recommendation to our Board. But so far, this is what we're considering now.

現在來回答你關於併購的問題。不，我們主要關注的是自然成長。我們正在進行的這些專案都是非常優秀的專案。它們的經濟效益遠比我們在公司外部看到的情況好得多。顯然，如果出現好的機會，我們一定會進行評估，並向董事會提出建議。但就目前而言，這就是我們正在考慮的。

Alejandro Demichelis, Jefferies.

Alejandro Demichelis，傑富瑞集團。

A couple of questions, if I may. Raul, could you give us some kind of indications of how you're seeing 2026 in terms of volumes, CapEx and so on? That's the first question. And then the second question is, obviously, we have seen the change in government recently in Peru. We have seen some protests and the state of emergency. So have you seen any kind of impact on the areas in which you are producing or in the ports in the South where you're kind of exporting from?

可以嗎？我想問幾個問題。勞爾，你能否就銷售量、資本支出等方面，給我們一些關於2026年前景的預測？這是第一個問題。第二個問題很顯然是，我們最近已經看到了秘魯政府的更迭。我們看到了一些抗議活動和緊急狀態。那麼，您是否看到您的生產地區或您出口產品的南方港口受到任何影響？

Okay. Let me go to your last question first. We are seeing no political -- no impact on our operations coming from the political situation in Peru. I'd just like to mention that the current President has an approval of 45% regarding the last poll. And I think that the protests that you mentioned has -- I believe there are diminishing as we have seen and particularly at the southern part of the country where we have our operations, where our projects are in the center of Peru in Apurimac, they are okay. We have a legal mining issue over there that we have -- that we're working with the authorities to fix.

好的。我先回答你最後一個問題。我們沒有看到秘魯的政治局勢對我們的營運產生任何政治影響。我只想提一下，根據最近一次民調，現任總統的支持率是45%。我認為你提到的抗議活動正在減少，正如我們所看到的，尤其是在我們開展業務的秘魯南部地區，我們的計畫位於秘魯中部的阿普里馬克，那裡的情況還不錯。我們在那裡遇到了一個採礦方面的法律問題——我們正在與相關部門合作解決這個問題。

And the northern part, we will have Michiquillay where with no issues regarding social unrest. And in the Tia Maria project, we are moving forward with the construction, as I reported before. Looking into 2026, we are still looking into what we expect for next year. We, at this point, have a forecast that is under review to produce about 911,000 tons of copper next year. We expect to review this and hopefully improve it a little bit more. But that's our current forecast for copper next year.

北部地區，我們將有米奇基萊，那裡不會出現社會動盪問題。正如我之前報道的那樣，蒂亞瑪麗亞計畫正在推進建設。展望2026年，我們仍在研究明年的預期情況。目前，我們正在審查一項預測，預計明年銅產量約為 911,000 噸。我們計劃對此進行審查，並希望能夠進一步改進。但這是我們目前對明年銅價的預測。

Cash costs, well, obviously, depending on contingent of the byproduct prices, it's hard to say. But let's say that it's in the range of where we are now in terms of the year-to-date cash cost or better if prices hold as they has been the case in the past quarter. On CapEx, we have -- we do have -- we're getting into the construction of Tia Maria next year. This would require -- Tia Maria alone would require about $866 million of CapEx. And consequently, we have -- we are expecting a much higher CapEx in the range of $2 billion for next year.

現金成本嘛，顯然取決於副產品價格的波動，很難說。但假設它與我們目前年初至今的現金成本水平相當，或者如果價格像上個季度那樣保持穩定，那就更好了。關於資本支出，我們已經——確實——我們明年將開始蒂亞瑪麗亞的建設。這將需要——僅蒂亞瑪麗亞酒莊就需要約 8.66 億美元的資本支出。因此，我們預計明年的資本支出將大幅增加，達到 20 億美元左右。

Myles Allsop, UBS.

Myles Allsop，瑞銀集團。

Maybe with Tia Maria, could you just give us a sense, you've got the authorization to start exploitation now. Do you have all the permits that you need to push ahead with the project? And when do you think we'll get to completion of the project and the ramp-up phase?

或許蒂亞瑪麗亞，你能給我們一點感覺嗎？你現在已經獲得授權可以開始剝削了。你是否已獲得推進該專案所需的所有許可證？你認為我們什麼時候才能完成專案並進入產能爬坡階段？

Sure. The straight answer to your question is yes. There are some -- for initiating the construction and developing mining activities, we have all the permits. Once you are finishing the construction, you need to get a final permit from the authorities to begin operations, but that's kind of more routine type of a permit.

當然。你的問題的直接答案是肯定的。有一些——啟動建設和開展採礦活動所需的所有許可證，我們都有。施工完成後，你需要從相關部門獲得最終許可證才能開始運營，但這是一種比較常規的許可證。

Now we are expecting to have the ramping up of the project through 2027. Hopefully, it will be at the half of 2027 when we will be able to initiate the initial testing of the equipment and the ramping up. We do operate very similar plants than the one that we want to build in Tia Maria in some other locations in both Mexico and Peru. So hopefully, we will do a good ramping up in terms of timeline for it. But that's something that we will be reporting as we move on with the project.

現在我們預計該專案將在 2027 年逐步推進。希望到 2027 年年中，我們能夠開始對設備進行初步測試並逐步擴大生產規模。我們在墨西哥和秘魯的其他一些地方也經營著與我們想在蒂亞瑪麗亞建造的工廠非常相似的工廠。所以希望我們能在時間安排上取得好進展。但我們會隨著專案的推進，對此事進行報告。

Okay. And in terms of the financing, I know in the past, you've done bonds to link to the kind of project, kind of CapEx. Is it still the intention that you'd finance it along those routes?

好的。至於融資方面，我知道過去你們發行過債券來支持這類項目，這類資本支出。你們是否仍打算透過這些途徑進行融資？

It's something that we look as we move on. Obviously, as interest rates are decreasing, we are seeing this as a more positive thing, but we're still evaluating if we want to follow that route for issuing one bond, et cetera, or doing some other using our own CapEx -- our own cash position. But I think it's going to be more likely than not that we will go to the debt market at a certain point in time to finance our Tia Maria project.

這是我們繼續前進時需要考慮的事情。顯然，隨著利率下降，我們認為這是一個更積極的事情，但我們仍在評估是否要透過發行債券等方式來發行債券，或使用我們自己的資本支出（我們自己的現金狀況）來做一些其他的事情。但我認為，在某個時候，我們很可能會進入債務市場為我們的蒂亞瑪麗亞專案融資。

Okay. And then maybe just as it's more of an organic kind of growth pathway that you're looking at. When we look at the next projects, Los Chancas and El Arco's, which one do you think will be ready to FID first? And what needs to happen with each of them to get there? Or is it a different project that we should -- as it comes forward next after Tia Maria.

好的。或許你所看到的，是一種更自然、更有機的成長路徑。當我們展望下一個項目，在洛斯錢卡斯和埃爾阿科時，您認為哪個項目會率先做出最終投資決定？為了實現這一目標，他們每個人需要做些什麼？或者，我們應該關注的是另一個項目——在蒂亞瑪麗亞之後，它將是下一個推出的項目。

Well, the timeline that we have is that Los Chancas should be the next project in terms of execution. Michiquillay is also in line for that. The results of Michiquillay has been very, very interesting, very good, actually. We have -- we are quite encouraged to move on with it, but we still need to do some work that has been already done for Los Chancas. In the case of El Arco, it's also scheduled to move on entering in the next decade. And hopefully, we will be able to do that as well.

嗯，根據我們的時間表，Los Chancas 應該是下一個執行專案。米奇基萊也位列其中。Michiquillay 的結果非常非常有趣，實際上非常好。我們——我們很受鼓舞，可以繼續推進這項工作，但我們仍然需要做一些洛斯·錢卡斯已經完成的工作。就 El Arco 而言，它也計劃在未來十年內搬遷。希望我們也能做到這一點。

So assuming that the Los Chancas is the next project, how (inaudible) the illegal miners of the land would you be in a position to actually FID a project. Is it still two years after getting the illegal miners? Or can that be brought forward?

假設洛斯昌卡斯是下一個項目，那麼（聽不清楚）這片土地上的非法採礦者將如何能夠真正對該項目做出最終投資決定？距離抓獲非法礦工已經過去兩年了嗎？或可以提前提出嗎？

It could be speed up a little bit. In this, we have to talk with the Peruvian authorities to see when are they taking some actions on regarding the legal mining activities that we're seeing there. We're working with the communities because we believe that this could also be solved with -- if the communities look into the matter and talk with the authorities on this issue as well.

速度還可以再加快一點。為此，我們需要與秘魯當局進行溝通，看看他們何時會對我們在那裡看到的合法採礦活動採取一些行動。我們正在與社區合作，因為我們相信，如果社區也調查此事並與當局就此問題進行溝通，這個問題也可以解決。

Alfonso Salazar, Scotiabank.

阿方索·薩拉查，加拿大豐業銀行。

I have two questions. And first of all, sorry to put you on the spot, but a moment ago, you said that you are focusing on organic growth, but we see that on the capital allocation front that you already are increasing -- you have been increasing your cash position quite fast. It's now at $4.5 billion. And if you continue with the hybrid dividends and given the cash generation that you are having today, this will continue to pile up. So I just want to understand how to reconcile these two things, especially what is the rationale behind having so much cash and increasing your cash position at this time?

我有兩個問題。首先，很抱歉打斷您，但剛才您說您專注於內生成長，但我們看到在資本配置方面，您已經在增加——您的現金儲備增長得相當快。目前已達45億美元。如果你們繼續實行混合分紅，並且考慮到你們目前的現金流狀況，這筆錢將會繼續累積。所以我想弄清楚如何調和這兩件事，特別是此時持有這麼多現金並增加現金儲備的理由是什麼？

The second question is regarding Tia Maria. And it's great to see that the project is moving ahead, but I think it's about to start a critical moment with elections in Peru and potential protest and noise against Tia Maria once again. So just wondering what is the action plan? What are you doing to deal with such situation in case it comes?

第二個問題與蒂婭·瑪麗亞有關。很高興看到這個項目正在推進，但我認為隨著秘魯大選以及可能再次出現針對蒂亞瑪麗亞的抗議和喧囂，它即將迎來一個關鍵時刻。所以我想知道行動計劃是什麼？如果這種情況真的發生，你打算如何應對？

Okay. Regarding your comment on the company's cash position, well, we are not having at this point, the debt that was required to finance, say, Tia Maria, and that is why we are having a slightly higher than the usual cash, plus the fact that prices are really contributing to that. But that's mainly what we're -- currently, we're having a comfortable cash position for keep paying the dividends that the Board has approved as well as taking care of the projects that we have.

好的。關於您提到的公司現金狀況，嗯，目前我們沒有像以前那樣為了給 Tia Maria 等品牌融資而背負的債務，這就是為什麼我們的現金比平時略高，再加上價格上漲也對此有所貢獻。但主要情況就是這樣——目前，我們擁有充足的現金儲備，可以繼續支付董事會批准的股息，並完成我們正在進行的項目。

Now regarding potential social or political impact in the Tia Maria area, well, yes, that is always a possibility. But so far, we're not seeing anything like that. So we do have some plans. We are -- we have been working with both the people in the area as well as the authorities, particularly the majors of the Islay province where Tia Maria is located. And so far, what we're seeing is a calm environment that is very favorable for the project. Now obviously, we are continuously monitoring the social circumstances. And -- but at this point, we don't see any -- we don't have a concern regarding the impact of the political campaign in the area.

至於蒂亞瑪麗亞地區可能產生的社會或政治影響，嗯，是的，這始終是一種可能性。但到目前為止，我們還沒有看到類似的情況。所以我們確實有一些計劃。我們一直在與當地民眾以及相關部門合作，特別是與蒂亞瑪麗亞所在的艾雷省的市長們合作。到目前為止，我們看到的是一個平靜的環境，這對專案來說非常有利。很顯然，我們會持續關注社會情勢。但就目前而言，我們沒有看到任何影響——我們並不擔心該地區的政治競選活動會產生影響。

Tingshuai Feng, CICC.

馮挺帥，中金公司。

This is David. Congratulations on the strong results. My first question is about LPR. We know that on your slides, LPR is still expected to start production in 2028. While the project is not mentioned in the latest quarterly press release. So I'm just wondering, can we have any updates on the project development progress at LPR? I'll come back with my second one.

這是大衛。恭喜你們取得優異成績。我的第一個問題是關於車牌辨識（LPR）的。我們知道，根據你們的幻燈片，LPR 預計仍將於 2028 年開始生產。雖然最新季度新聞稿中沒有提及該項目。所以我想問一下，LPR專案開發進度有什麼最新情況嗎？我會帶著我的第二份回來。

Okay. Thank you for your question, David. No, we have not much to report on it. We are looking into the recovery that leaching part of the project has. And so far, we have no major progress on this at this point. So that's why we haven't mentioned it in our press release.

好的。謝謝你的提問，大衛。不，我們對此沒有什麼可報告的。我們正在研究該專案浸出部分的回收情況。到目前為止，我們在這方面還沒有取得重大進展。所以這就是為什麼我們在新聞稿中沒有提及此事的原因。

Understood. And my second question is just a follow-up on Los Chancas. We noticed that recently there is some discussion about extending the reinforce scheme by five more years. So just want from your perspective, any further extension of the scheme will have any impact on your development plan at Los Chancas, especially when you're dealing with the illegal miners.

明白了。我的第二個問題只是 Los Chancas 的後續問題。我們注意到，最近有人在討論將加固計劃再延長五年。所以我想從你的角度來看，該計劃的任何進一步擴展是否會對你在洛斯昌卡斯的開發計劃產生任何影響，尤其是當你處理非法採礦者問題時。

Well, at this point, we have no people with this specific permit that you mentioned inside the premises of the project. So for us, it's a nonissue at this point. What you just said regarding this rainfall permit is something that has to be reviewed by Congress. We believe that Congress are realizing what we're seeing, which is that most of the population in Peru does not like to have illegal mining activities in general. That has been strongly shown in polls and different other -- different -- by some other different ways. So our view is that there should not be any extension of this type of permits.

嗯，目前，我們專案場地內還沒有持有您提到的那種特定許可證的人員。所以對我們來說，目前這不是問題。您剛才提到的關於降雨許可的問題，需要國會審查。我們相信國會正在意識到我們所看到的，那就是秘魯的大多數民眾普遍不喜歡非法採礦活動。民意調查和其他一些不同的方式都強烈表明了這一點。因此，我們認為不應該延長此類許可證的期限。

Matheus Moreira, Bradesco BBI.

馬修斯·莫雷拉，布拉德斯科 BBI。

Matheus, do you have a question? Okay. Let's move on. He may connect later.

馬修斯，你有什麼問題嗎？好的。我們繼續吧。他可能稍後會連線。

Jon Brandt, HSBC.

Jon Brandt，匯豐銀行。

Just two quick ones for me. I know this is a Board decision. But on the dividend, can you -- has the Board given you any rationale for why they're continuing the stock dividend? I mean the cash dividend is at $0.90, is pretty good. So I guess I just don't see the rationale for stock dividend. So I'm hoping you can sort of help me understand that.

我只需要回答兩個問題。我知道這是董事會的決定。但關於股息，董事會有沒有給出任何繼續派發股票股息的理由？我的意思是，現金股利是每股0.90美元，相當不錯。所以我覺得股票分紅的理由並不充分。所以，我希望你能幫我理解。

And then the second question is just on hedging. If you've given any thought to potentially hedging, even if not copper, maybe some of the byproducts like silver and molybdenum, which have done well, particularly as you're going into a CapEx phase next year with Tia Maria and then even after that, I would suspect if you're going to start on Los Chancas, et cetera, that the CapEx will remain quite high. So I guess I'm wondering if there's any discussion about maybe locking in some of these higher metal prices.

第二個問題是關於避險的。如果您考慮過對沖風險，即使不是對沖銅，也許可以考慮一些表現良好的副產品，例如銀和鉬，特別是考慮到您明年將進入蒂亞瑪麗亞項目的資本支出階段，而且即便在那之後，如果您要啟動洛斯錢卡斯等項目，我懷疑資本支出仍將保持在相當高的水平。所以我想知道是否有人討論過鎖定這些較高的金屬價格。

Okay. Let me focus on your last question first. We have not had any specific discussions on hedging, copper hedgings or byproduct hedging at this point. In the past, when we did the Toquepala expansion, we did hedge using a zero-cost collar. That was, I believe, a good idea because allow us to protect the copper -- the revenues from copper at that time when we were undertaking a major project.

好的。讓我先集中回答你最後一個問題。目前我們還沒有就避險、銅避險或副產品避險或副產品避險進行任何具體討論。過去，當我們進行 Toquepala 擴張時，我們使用零成本領式選擇權進行避險。我認為這是一個好主意，因為它可以保護銅礦——在我們當時進行重大專案時，銅礦帶來的收入。

On the rationale for the stock dividend, as you well mentioned, it's a Board decision. Well, we couldn't -- we wouldn't be able to pay the dividends that we have been paying without using a portion of the shares. So $0.90 in cash is what the company can pay out. But if we want to provide the stockholders with more liquidity, it has to be using the shares that were acquired in -- before 2016 at a much, much lower price. So that's what we -- what the Board has been considering and deciding.

關於股票分紅的理由，正如您所提到的，這是董事會的決定。嗯，我們做不到——如果我們不使用一部分股份，我們就無法支付我們一直以來支付的股息。所以，該公司最多只能付0.90美元現金。但如果我們想為股東提供更多流動性，就必須使用在 2016 年之前以更低的價格收購的股票。這就是我們——董事會一直在考慮和決定的事情。

Okay. Is it -- can you tell us how many shares are left? And should we assume that the stock dividend will continue until those shares are depleted?

好的。請問—您能告訴我們還剩下多少股嗎？我們是否應該假設股票分紅會持續到這些股票全部售罄為止？

We have about 65 million at this point, before paying the dividend, it's 72 million shares that we have in treasury.

目前我們約有 6,500 萬股，在支付股息之前，我們還有 7,200 萬股庫存股。

Grant Sporre, Bloomberg Intelligence.

Grant Sporre，彭博資訊。

The question is really around about your sort of medium-term copper guidance. And I'm looking at your -- the chart that you put out after the second quarter results, which has 2027 going up by about 50,000 tons and then '28, by another 70,000 tons. Can you -- I know those are constantly under review, but if we assume that that's roughly in line with what you're still expecting, can you sort of guide us through the dynamics on how that works? Is it -- are you assuming a ramp-up for Tia Maria and then El Pilar and that offset some of the grade decline in your existing operations? Or how do we go about thinking about that?

問題其實是關於您對銅價中期走勢的預測。我正在看你——你在第二季業績公佈後發布的圖表，圖表顯示 2027 年產量將增加約 5 萬噸，而 2028 年產量將再增加 7 萬噸。我知道這些都在不斷審查中，但如果我們假設這與您目前的預期大致一致，您能否大致指導我們了解其中的運作機制？您是否假設蒂亞瑪麗亞礦區和埃爾皮拉爾礦區的產能提升能夠抵消現有礦區部分礦石品位下降的影響？或者我們該如何思考這個問題呢？

Yes, Grant. Whole in effect is -- we have -- we're assuming for 2027, the ramping up of Tia Maria -- Okay, our production will increase as we get in operation, our major projects. In the case of Tia Maria, it will kick in with production in 2027. Later on in time, but it will be more in the 1930s (sic – 2030), we will have Los Chancas and Michiquillay. But in the meantime, we're expecting to have El Pilar getting in 2028, and El Arco in 2029 -- '28, '29.

是的，格蘭特。總的來說——我們已經——我們假設到 2027 年，Tia Maria 的產量將會提升——好的，隨著我們主要項目的投產，我們的產量將會增加。蒂亞瑪麗亞 (Tia Maria) 將於 2027 年開始投產。後來，大概在 20 世紀 30 年代（原文如此，應為 2030 年），我們將擁有 Los Chancas 和 Michiquillay。但同時，我們預計 El Pilar 將於 2028 年投入使用，El Arco 將於 2029 年投入使用——'28, '29。

Now having said that, on the existing operations, we have for the long term, some ore decay that -- and we're considering some actions to contain the impact -- the full impact of that. Basically, in the case of Cuajone, we have -- we're expecting a reduction in ore grades starting next year. And for that, we will take some action as such expanding our Cuajone concentrator once again in order to fill up that material. That has not been approved by the Board, but it is something that we're looking as a possibility. We also have some other actions regarding different operations, and that's how we should comply or maintain our production level and increase it as we go towards 2030.

話雖如此，就現有作業而言，從長遠來看，有些礦石會衰敗——我們正在考慮採取一些措施來控制其影響——其全部影響。基本上，就 Cuajone 礦而言，我們預計從明年開始礦石品位將會下降。為此，我們將採取一些措施，例如再次擴建我們的 Cuajone 選礦廠，以便填滿這些材料。雖然尚未獲得董事會批准，但我們正在考慮這種可能性。我們還有一些關於不同營運的其他措施，這就是我們應該如何遵守或維持我們的生產水平，並在邁向 2030 年的過程中提高生產水平的方式。

Okay. So if I can just sort of clarify. So if we take your existing operations in a sort of a do-nothing scenario where you don't try and mitigate the impact of ore degradation or ore grade decline, your existing operations would probably decline sort of about 2%, 3% and you're hoping to offset that through various actions. And then the rest of your projects are all growth on top of that. That would be, I'm guessing your ideal scenario. Is that the --

好的。所以，我可以稍微解釋一下嗎？因此，如果我們假設您目前的營運處於一種「什麼都不做」的情景下，即您不嘗試減輕礦石劣化或礦石品位下降的影響，那麼您目前的營運可能會下降大約 2% 到 3%，而您希望透過各種措施來抵消這種下降。然後，你剩下的所有項目都是在此基礎上實現的成長。我猜那應該是你的理想情況。那是嗎？--

That is current. What we're considering is basically on the existing operations, taking actions in order to maintain the production level or reduce as much as we can the decay due to ore reduction. I mentioned the Cuajone situation as an example. And besides this, we have new projects kicking in, which will provide new production and help us to maintain our production level and increase it up to 1.6 million tons by, say, mid-2030s.

這是目前的情況。我們正在考慮的主要是在現有營運的基礎上，採取措施來維持生產水平，或盡可能減少因礦石減少而造成的損耗。我以庫阿霍內事件為例進行了說明。除此之外，我們還有一些新項目正在啟動，這些項目將提供新的生產能力，幫助我們維持目前的生產水平，並計劃在 2030 年代中期將其提高到 160 萬噸。

Marcio Farid, Goldman Sachs.

馬爾西奧·法里德，高盛集團。

A quick follow-up on the two projects that you mentioned. Tia Maria, you're talking about potentially ramping up in the first half of '27. And a follow-up to the earlier question as well. It seems like in order for you to recover part of the loss in '27, you would need some significant volumes from Tia Maria, right, which I think is embedded in the guidance today. Can you remind us how confident you are -- you can get to Tia Maria at nearly 100,000 tons production by '27, considering the current schedule?

關於您提到的兩個項目，我有個後續跟進。蒂亞瑪麗亞，你指的是2027年上半年可能會加速成長。還有一點是對之前問題的後續。看來，為了彌補 2027 年的部分損失，你需要蒂亞瑪麗亞酒莊實現相當大的銷量，對吧？我認為這已經體現在今天的業績指引中了。您能否提醒我們您有多大的信心——按照目前的進度，到 2027 年，蒂亞瑪麗亞酒廠的產量可以達到近 10 萬噸？

And then secondly, Cuajone, I think it's -- I think we've talked about it before potentially adding another concentrator at Cuajone as well. What's the sort of timeline? When can you expect that decision to be discussed? Or being made by the Board, that would be great. And lastly, sorry, how does -- if there is any change to potential '26, '27 or '28 guidance, how should we think about costs in the context of lower fixed cost dilution as well?

其次，關於 Cuajone，我認為——我認為我們之前也討論過，可能會在 Cuajone 再增加一台製氧機。大致上的時間安排是怎樣的？您預計何時會討論這項決定？如果是由董事會制定，那就太好了。最後，不好意思，如果 2026 年、2027 年或 2028 年的業績指引有任何變化，我們應該如何在固定成本稀釋降低的背景下考慮成本問題？

Okay. Thank you for your question, Marcio. In the case of Tia Maria, we are expecting to initiate production in 2027. As a general comment, we're still looking in our plans for the next few years. I mentioned already that we are expecting to have more production over 911,000 tons for next year. Hopefully, we will improve that when we do our report in January. And same thing applies to our guidance for the next few years. I think that we will provide a more detailed and clear situation in our January report.

好的。謝謝你的提問，馬爾西奧。就 Tia Maria 而言，我們預計將於 2027 年開始生產。總的來說，我們仍在研究未來幾年的計劃。我之前已經提到過，我們預計明年的產量將超過 91.1 萬噸。希望我們在1月的報告中能夠改善這一點。同樣的道理也適用於我們未來幾年的指導方針。我認為我們將在1月的報告中提供更詳細、更清晰的情況說明。

Coming to your other questions, the Cuajone expansion, we're still working on what to do. It is not a new concentrator. It's going to be a new line in the existing concentrator that may have a much lower cost than a new concentrator.

關於你提出的其他問題，即 Cuajone 的擴張，我們仍在研究該怎麼做。它不是一款新型製氧機。這將是在現有製氧機中新增一條生產線，其成本可能比購買一台新的製氧機低得多。

Just to give you an idea, we're thinking about of something between $600 million and $700 million for that project, and it will provide about 40,000 tons of copper. But as I said, this is not Board approved. So we're still working on having a solid case to present to the Board. When could be this approved? Well, let's say that we finish the work and present some guidance to the Board next year, then we could have an initial approval. And when we have all the permits and everything, then we could be able to go for a final and kind of construction approval to the Board. For -- I think I already answered your questions unless you have some other comment, Marcio.

給你一個概念，我們正在考慮為該項目投入 6 億至 7 億美元，它將提供約 4 萬噸銅。但正如我所說，這尚未獲得董事會批准。所以，我們仍在努力準備一份充分的理由提交給董事會。這項提案何時能夠獲得批准？假設我們明年完成這項工作並向董事會提交一些指導意見，那麼我們就可以獲得初步批准。當我們拿到所有許可證等所有手續後，就可以向委員會申請最終的施工批准。我想我已經回答了你的問題，除非你還有其他補充，馬爾西奧。

Thank you so much. And this concludes our Q&A session for today. Thank you, everyone, and I will pass it back to Raul Jacob for any final comments.

太感謝了。今天的問答環節到此結束。謝謝大家，我把這個問題轉回給勞爾·雅各布，請他發表最後的評論。

Thank you very much, Carmen. With this, we conclude our conference call for Southern Copper's first quarter of 2025. We certainly appreciate your participation and hope to have you back with us when we report the fourth quarter and full 2025 results. This will be in January -- in our January call. Thank you very much for being with us today, and have a nice day.

非常感謝你，卡門。至此，我們關於南方銅業2025年第一季的電話會議結束。我們非常感謝您的參與，並希望在公佈第四季度和 2025 年全年業績時，您能再次與我們一起參與。這將在1月進行—在我們1月的電話會議上。非常感謝您今天能來，祝您有美好的一天。

Thank you so much. And this concludes our conference for today. You may now disconnect. Everyone, have a great day.

太感謝了。今天的會議到此結束。您現在可以斷開連線了。祝大家今天過得愉快。