Southern Copper Corp (SCCO) 2026 Q3 法說會逐字稿

Good morning, and welcome to Southern Copper Corporation's third-quarter and nine months 2026 results conference call. With us this morning, we have Southern Copper Corporation's Mr. Raul Jacob, Vice President, Finance, Treasurer and CFO, who will discuss the results of the company for the third quarter and nine months 2026 as well as answer any questions that you might have.

早安，歡迎參加南方銅業公司（Southern Copper Corporation）2026年第三季及前九個月業績電話會議。今天上午與會者包括南方銅業公司財務副總裁、財務主管兼財務長 Raul Jacob 先生，他將說明公司2026年第三季及前九個月的業績，並回答各位可能提出的問題。

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.

今日電話會議所討論的資訊可能包含關於公司業績與前景的前瞻性陳述，該等陳述受風險與不確定性影響。實際結果可能與前瞻性陳述存在重大差異，公司提醒各位勿過度依賴此等前瞻性陳述。南方銅業公司不承擔公開更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。所有結果均依完整的美國一般公認會計原則（US GAAP）表達。

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

現在我將把電話交給 Raul Jacob 先生。

Thank you very much, Victor. Good morning, everyone, and welcome to Southern Copper's Third Quarter of 2026 Results Conference Call. At today's conference, I'm accompanied by Mr. Leonardo Contreras, CEO of Southern Copper and Board member. Let me say first that we're very pleased to report strong third quarter performance as we hit record highs for net sales, adjusted EBITDA and net income for the second consecutive quarter. Concurrently, our report will show that Tia Maria and El Pilar, which are under construction, are expected to add 156,000 tons of refined copper to our total production figure.

非常感謝你，Victor。各位早安，歡迎參加南方銅業2026年第三季業績電話會議。今天的會議中，我與南方銅業執行長兼董事會成員 Leonardo Contreras 先生一同出席。首先我要說，我們非常高興報告強勁的第三季表現：淨銷售額、調整後EBITDA與淨利在連續第二個季度創下歷史新高。同時，我們的報告也將顯示，正在建設中的 Tia Maria 與 El Pilar 預計將為我們的總產量新增156,000噸精煉銅。

At this print, we will widely surpass the annual production mark of 1 million tons. These outstanding achievements are driven by operating excellence and reflect our commitment to creating long-term value for our stakeholders in a context marked by sustained demand for copper and the other minerals we produce. Today, 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.

依此推算，我們將大幅超越年產100萬噸的產量里程碑。這些卓越成果來自卓越的營運表現，並反映我們在銅及其他我們所生產礦物需求持續強勁的背景下，致力於為利害關係人創造長期價值的承諾。今天我們將先更新對銅市場的看法，接著回顧南方銅業在產量、銷售、營運成本、財務結果、擴建專案與ESG等方面的關鍵成果。之後我們將開放問答。

For the copper market, the LME copper price increased 44% from an average of $4.24 per pound in the third quarter of 2025, up to $6.41 this past quarter. In the COMEX market, we saw a 34% increase with an average of $6.48 per pound this past quarter. Based on current supply and demand dynamics, we estimate now a slight copper market surplus for 2026. Copper inventories worldwide, the total combining stock in LME, COMEX, Shanghai and bonded warehouses, stood at 1,105,000 tons as of October 9 of this year. We estimate that this inventory can currently cover approximately 14 days of global demand.

就銅市場而言，LME銅價自2025年第三季平均每磅4.24美元，上漲44%至本季的6.41美元。在COMEX市場，我們看到上漲34%，本季平均每磅6.48美元。基於目前供需動態，我們現估計2026年銅市場將出現小幅供給過剩。截至今年10月9日，全球銅庫存（合計LME、COMEX、上海及保稅倉庫存）為1,105,000噸。我們估計目前該庫存約可支應全球需求約14天。

Now let's look at Southern Copper's production for the past quarter. Copper represented 74% of our sales in the third quarter of this year. Copper production registered a decrease of 1% compared to the third quarter of 2025 and stood at 232,396 tons in this past quarter. Our quarterly results reflects a 6% drop in production in Peru, which was driven by a decrease in production at both our Toquepala and Cuajone mines due to lower ore grades and recoveries. These were partially offset by an increase of 2.5% in production at our Mexican operations, which was mainly fueled by higher production at our Buenavista and IMMSA mines.

現在來看南方銅業上一季的產量。今年第三季，銅占我們銷售額的74%。本季銅產量較2025年第三季下降1%，為232,396噸。我們的季度結果反映秘魯產量下滑6%，主要因Toquepala與Cuajone兩座礦山礦石品位與回收率較低，導致產量下降。上述影響部分被墨西哥營運產量增加2.5%所抵銷，主要來自Buenavista與IMMSA礦山產量提升。

Our copper smelters and refineries increased their production by 18% and 16%, respectively, in the third quarter. On a year-to-date basis, copper production fell 2.9% in 2026 to stand at 693,602 tons. This evolution was mainly driven by a decrease in production at our Peruvian mines due to lower ore grades. Year-on-year, the company's smelting and refining facilities increased their production by 16% and 10%, respectively. For 2026, we expect to produce 918,000 tons of copper, an increase of 0.7% over our initial plan.

我們的銅冶煉廠與精煉廠在第三季的產量分別增加18%與16%。以年初至今計算，2026年銅產量下降2.9%，為693,602噸。此一變化主要由秘魯礦山因礦石品位較低而導致的產量下滑所致。年對年而言，公司冶煉與精煉設施的產量分別增加16%與10%。2026年，我們預期銅產量為918,000噸，較原始計畫增加0.7%。

Molybdenum represented 12% of our sales in the third quarter of 2026 and is our primary by-product. Molybdenum prices averaged $32.93 per pound in the quarter compared to $24.30 in the third quarter of last year. This represents an increase of 36% in price. Molybdenum production dropped 2% in the third quarter of this year compared to the same period of 2025. This was mainly driven by lower production at our La Caridad and Buenavista mines, which was largely offset by higher production prints at our Toquepala and Cuajone mines. In 2026, we expect to produce 29,000 tons of molybdenum, which is 12% above our initial plan.

鉬在2026年第三季占我們銷售額的12%，是我們最主要的副產品。本季鉬價平均每磅32.93美元，相較去年第三季每磅24.30美元。這代表價格上漲36%。今年第三季鉬產量較2025年同期下降2%。主要原因是La Caridad與Buenavista礦山產量較低，但Toquepala與Cuajone礦山產量較高在很大程度上抵銷了影響。2026年，我們預期鉬產量為29,000噸，較原始計畫高出12%。

Silver represented 7% of the company sales in the third quarter of this year. Silver prices averaged $62.80 per ounce in the quarter compared to $39.56 per ounce in the third quarter of 2025. This represents an increase of 59%. Silver is currently our second most important by-product. Mined silver production decreased 2% in the third quarter of this year versus the same period in 2025, driven primarily by a drop in production at our open pit operations. These results were partially offset by an increase in production at our IMMSA mine. Refined silver production decreased 6% quarter-over-quarter, fueled mainly by a drop in production at the La Caridad and Ilo refineries. For 2026, we expect to comply with our plan to produce 24 million ounces of silver.

白銀在今年第三季占公司銷售額的7%。本季白銀價格平均每盎司62.80美元，相較2025年第三季每盎司39.56美元。這代表上漲59%。白銀目前是我們第二重要的副產品。今年第三季礦產白銀產量較2025年同期下降2%，主要因露天礦營運產量下滑所致。上述結果部分被IMMSA礦山產量增加所抵銷。精煉白銀產量較上一季下降6%，主要因La Caridad與Ilo精煉廠產量下滑所致。2026年，我們預期將依計畫生產2,400萬盎司白銀。

For zinc, it represented 4% of our sales value in the third quarter of 2026 with an average price of $1.74 per pound in the quarter, which represents a 36% increase compared to the third quarter of last year. Zinc is currently our third by-product. Zinc mine production decreased 8% quarter-on-quarter and totaled 41,880 tons. This was mainly due to a drop in production at Buenavista, Charcas and San Martin operations. These results were partially offset by higher production at our Santa Barbara operation. Refined zinc production decreased 6% in the third quarter vis-a-vis the third quarter of 2025. For this year, we expect to produce 163,400 tons of zinc, 1% below our initial plan.

就鋅而言，2026年第三季其占我們銷售價值的4%，本季平均價格為每磅1.74美元，較去年第三季上漲36%。鋅目前是我們第三大副產品。鋅礦產量較上一季下降8%，合計41,880噸。主要原因是Buenavista、Charcas與San Martin營運產量下滑。上述結果部分被Santa Barbara營運產量提升所抵銷。精煉鋅產量較2025年第三季下降6%。今年我們預期鋅產量為163,400噸，較原始計畫低1%。

Looking into our financial results for the third quarter of 2026, sales were $4.7 billion, which is $1.3 billion above the sales print in the third quarter of 2025 or a 39% increase. Copper sales increased 41%, while volume decreased 0.4% in a scenario of better prices. As we mentioned, the London Metal Exchange price increased 44%, and the COMEX 34%. Regarding our main by-products, sales of molybdenum were up 31% due to better prices, which were partially offset by a decrease in volume. For zinc sales, they also increased by 36%, fueled by better prices and better volume.

就2026年第三季財務結果而言，銷售額為47億美元，較2025年第三季的銷售表現高出13億美元，或增加39%。在價格較佳的情境下，銅銷售額增加41%，而銷量下降0.4%。如前所述，倫敦金屬交易所（LME）價格上漲44%，COMEX上漲34%。就主要副產品而言，鉬的銷售額因價格較佳而上升31%，但部分被銷量下降所抵銷。鋅的銷售額亦增加36%，主要受惠於更佳的價格與更佳的銷量。

Lastly, silver sales also rose this quarter, riding the wave of better prices, whose impact was partially offset by a decrease in volume. Our total operating costs and expenses increased by $223 million or 17% when compared to the figure in the third quarter of last year. The main cost increments were in diesel and fuel, workers' participation, inventory consumption, depreciation, power and labor costs. These cost increments were partially offset by translation difference of $22 million plus an exchange rate variance that favor our cost in local currencies.

最後，本季白銀銷售亦隨著價格走強而上升，但其影響部分被銷量下降所抵銷。與去年第三季相比，我們的營運成本與費用總額增加2.23億美元，增幅17%。成本增加的主要項目包括柴油與燃料、員工參與（分紅/獎酬）、存貨耗用、折舊、電力以及人工成本。上述成本增幅部分被2,200萬美元的換算差額，以及有利於我們以當地貨幣計價成本的匯率差異所抵銷。

Our third quarter adjusted EBITDA hit a record high of $3 billion, which represented an increase of 54% with regard to the $2 billion registered in the third quarter of 2025. The adjusted EBITDA margin in the third quarter of this year stood at 65% versus 59% in the same period of 2025. Adjusted EBITDA for the nine months of this year was $1.8 billion, which is 56% higher than the print for last year. The adjusted EBITDA margin in the nine months of 2026 stood at 65% versus 58% in the same period of last year.

我們第三季調整後EBITDA創下30億美元的歷史新高，較2025年第三季認列的20億美元增加54%。本年度第三季調整後EBITDA利潤率為65%，相較2025年同期為59%。本年度前九個月調整後EBITDA為18億美元，較去年數據高出56%。2026年前九個月調整後EBITDA利潤率為65%，相較去年同期為58%。

Cash cost. Operating cash cost per pound of copper net of by-product revenue credits was $0.09 in the third quarter of 2026, which represented a decrease of 77% compared to $0.52 reported in the third quarter of 2025. This result was mainly driven by an increase in by-product revenue credits of 31%, which rose on the back of better price.

現金成本。2026年第三季，扣除副產品收入抵減後，每磅銅的營運現金成本為0.09美元，較2025年第三季報告的0.52美元下降77%。此結果主要受副產品收入抵減增加31%所帶動，而該增長來自較佳的價格。

Operating cash cost per pound of copper before by-product credits was $2.46 per pound this past quarter. This is $0.23 higher than the value for the third quarter of 2025. This 10% increase in operating cash cost before credits was the result of an increase in cost per pound from production costs and for administrative expenses, which was partially offset by an increase in the premium and treatment and refining benefits that the company has been collecting.

本季在未扣除副產品抵減前，每磅銅的營運現金成本為2.46美元。此數值較2025年第三季高出0.23美元。未扣除抵減前的營運現金成本增加10%，係因生產成本與管理費用導致的每磅成本上升所致，但部分被公司所收取的溢價以及冶煉與精煉收益（TC/RC等）增加所抵銷。

Regarding by-products, we had a total credit of $1.2 billion or $2.36 per pound in the third quarter of 2026. These figures represent a 31% increase compared to a credit of $900 million or $1.81 per pound in the third quarter of 2025. Total credits increased for molybdenum, zinc, silver and sulfuric acid. For the nine months of 2026, the operating cash cost per pound net of by-product credits was $0.01. This represents a decrease of 98% compared to the $0.61 reported for the nine months of 2025. For the year, cash cost decrease was driven by an increase in by-product credits of 54%. This is for the year-to-date figure of -- for cash costs.

就副產品而言，2026年第三季我們的抵減總額為12億美元，或每磅2.36美元。相較2025年第三季9億美元、或每磅1.81美元的抵減，以上數據增加31%。鉬、鋅、白銀與硫酸的抵減總額均有所增加。2026年前九個月，扣除副產品抵減後每磅的營運現金成本為0.01美元，較2025年前九個月報告的0.61美元下降98%。就全年而言，現金成本下降主要由副產品抵減增加54%所驅動。以上為截至目前（年初至今）的現金成本數據。

The third quarter of 2026 net income hit a record high of $1.8 billion, which is up 63% versus the $1.1 billion registered for the third quarter of 2025. This was mainly due to higher net sales. Net income margin in the third quarter of this year stood at 38% versus 33% for the same quarter of 2025. On a year-to-date basis, net income was 67% higher than in 2025 due to growth in net sales. Net income margin for the nine months stood at 38% versus 32% in 2025.

2026年第三季淨利創下18億美元的歷史新高，較2025年第三季認列的11億美元增加63%。這主要是由於淨銷售額提高。本年度第三季淨利率為38%，相較2025年同季為33%。以年初至今計，因淨銷售成長，淨利較2025年高出67%。前九個月淨利率為38%，相較2025年為32%。

Cash flow from operating activities in the third quarter of this year was $2.2 billion, 43% above the figure in the third quarter of 2025. This improvement was mainly attributable to strong cash generation at our operations, which was driven by higher sales. For the nine months of this year, cash flow from operating activities stood at $5.9 billion, which represented an increase of 81% over the $3.3 billion posted in the nine months of 2025.

本年度第三季營業活動現金流量為22億美元，較2025年第三季高出43%。此改善主要歸因於我們營運據點強勁的現金創造能力，而其動能來自較高的銷售。本年度前九個月營業活動現金流量為59億美元，較2025年前九個月的33億美元增加81%。

Capital investments. Our current capital investment program for this decade exceeds [$21 billion] and includes investments in projects in Peru and Mexico. 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.

資本投資。我們本十年的現行資本投資計畫超過[210億美元]，並包含對秘魯與墨西哥專案的投資。鑑於Southern Copper的新聞稿已描述我們主要資本專案，我將著重更新各專案的最新進展。

For the Peruvian projects, I'll begin with Tia Maria. Tia Maria is expected to produce 120,000 tons of SX-EW copper cathodes per annum in the early years of operations. Operations are scheduled to begin in the first half of 2028. As of September 30 of this year, the company has invested $884 million in project execution and committed $1.1 billion to cover diverse activities, acquisitions and related contracts. Large-scale earthworks have concluded, and 18.9 million metric tons of material has been transferred to the La Tapada stripping deposit. Most work orders for the project's primary equipment have been issued. Purchase orders for the leaching process have been placed to secure the main equipment, which will be outfitted with cutting-edge technology as well as secondary equipment and materials.

就秘魯專案而言，我先從Tia Maria開始。Tia Maria預期在營運初期每年可生產120,000噸SX-EW（溶劑萃取-電積）銅陰極。營運預計於2028年上半年開始。截至本年9月30日，公司已在專案執行上投資8.84億美元，並承諾投入11億美元以涵蓋各項活動、採購及相關合約。大規模土方工程已完成，並已將1,890萬公噸材料移運至La Tapada剝採堆置場。專案主要設備的大部分工作訂單已發出。為確保主要設備，已下達浸出流程的採購訂單；該等設備將配備尖端技術，並包含次要設備與材料。

On the energy supply front, work is advancing at the main electrical substations and the 220-kilovolt transmission line in its final stage of construction. In parallel, large-scale earthworks to develop dry and wet areas have been completed. At the project's main installations, civil work is advancing alongside efforts to assemble metal structures and the main components of the crushing equipment for the primary, secondary and tertiary crushing circuits in the dry area. In the wet area, work to build the solvent extraction and electrodeposition facilities, among others, is progressing.

在能源供應方面，主要變電站以及220千伏輸電線路的工程正推進至施工最後階段。同時，用於開發乾區與濕區的大規模土方工程已完成。在專案主要設施處，土建工程持續推進，並同步進行金屬結構組裝，以及乾區一次、二次與三次破碎迴路之破碎設備主要組件的組裝作業。在濕區，包含溶劑萃取與電積設施等的建置工作正持續進行。

As of September of this year, the Tia Maria project was 50% complete. Additionally, 6,817 new jobs have been created, 1,181 of them were filled by local applicants. To the extent possible, the company intends to cover the estimated 7,000 jobs that will be created during Tia Maria's construction phase with workers from the Islay province.

截至本年9月，Tia Maria專案完成度為50%。此外，已創造6,817個新工作機會，其中1,181個由當地應徵者填補。在可行範圍內，公司擬以Islay省的勞工來承擔Tia Maria建設階段預計新增的7,000個職缺。

For Los Chancas, this is a project also in Peru at the Apurimac region that is expected to produce 130,000 tons of copper and 7,500 tons of molybdenum annually. The capital investment is estimated at $2.6 billion, and we expect to begin operations by 2031.

至於Los Chancas，這也是位於秘魯Apurimac地區的專案，預期每年可生產130,000噸銅及7,500噸鉬。資本投資估計為26億美元，並預期於2031年前後開始營運。

For the project update, social and environmental management programs are currently being implemented in the communities within the project's direct area of influence in accordance with the Framework Agreement signed for the Development of the Tiaparo Peasant Community and the Los Chancas Mining Project. In addition, measures are being taken to regain control of the project area, which has been threatened by illegal miners. Regaining control is essential if we are to continue developing our Los Chancas project.

就專案更新而言，目前正依據為Tíaparo農民社區發展及Los Chancas礦業專案所簽署的框架協議，在專案直接影響範圍內的社區推動社會與環境管理計畫。此外，亦正採取措施以重新取得對專案區域的控制權；該區域已受到非法礦工的威脅。若要持續推進Los Chancas專案的開發，重新取得控制權至關重要。

For the Michiquillay project in Cajamarca, Peru, this is a project that we expect to -- in which we expect to produce 225,000 tons of copper per year with by-products of molybdenum, gold and silver. The mine life is estimated at 25 years, and we estimate to invest approximately $2.5 billion to begin production expected by 2032.

就秘魯卡哈馬卡（Cajamarca）的 Michiquillay 專案而言，這是一個我們預期將——我們預期每年可生產 225,000 噸銅，並伴生鉬、金與銀等副產品的專案。礦山壽命估計為 25 年，我們估計將投資約 25 億美元，以在預計於 2032 年開始生產。

The deposit's Mineral Resource Estimation and Classification report has been developed with geological information obtained from drilling programs and geological models. These reports and studies are complying with SEC's S-K 1300 mining disclosure standards. A conceptual study is underway to determine where a conventional and/or filtered tailings storage facility should be located. Hydrological, hydrogeological, and geotechnical studies are also being conducted.

該礦床的礦產資源量估算與分類報告，係以鑽探計畫取得的地質資訊及地質模型所編製。這些報告與研究均符合美國證券交易委員會（SEC）S-K 1300 採礦揭露標準。目前正進行概念性研究，以決定傳統及／或濾餅式尾礦貯存設施應設置的位置。同時也在進行水文、地下水文及岩土工程研究。

We're adding an expansion of the Cuajone operation to our pipeline of projects in Peru. This is to maintain or potentially increase production levels for the Cuajone operation. And for this, the company is evaluating an expansion from the current milling capacity of 90,000 tons per day to 120,000 tons per day. This is a 33% increase in milling capacity.

我們正把秘魯 Cuajone 營運的擴建案納入我們的專案管線。此舉旨在維持或可能提高 Cuajone 營運的產量水準。為此，公司正在評估將目前每日 90,000 噸的磨礦處理能力擴增至每日 120,000 噸。這相當於磨礦處理能力提升 33%。

The expansion will require additional mining equipment and a new production line at the Cuajone concentrator. Current estimates point to a capital cost of $680 million to produce an average of 55,000 tons of copper and 1,400 tons of molybdenum per year. As part of a thoughtful review on the matter, studies are underway to determine the viability of expanding the Cuajone operation to 150,000 tons of milling capacity per day.

此擴建將需要額外的採礦設備，並在 Cuajone 選礦廠新增一條生產線。目前估算顯示，資本成本約為 6.8 億美元，可使年均產量達到 55,000 噸銅及 1,400 噸鉬。作為審慎評估的一部分，相關研究正在進行中，以判定將 Cuajone 營運擴增至每日 150,000 噸磨礦處理能力的可行性。

Focusing on our Mexican projects, Southern Copper 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 Empalme Smelter. They are expected to bolster our position as a fully integrated copper producer. We're engaged in talks with the current administration to continue rolling out SCC's Mexican investments for about $10.2 billion.

聚焦我們在墨西哥的專案，Southern Copper 在墨西哥的專案管線中有數個專案；若被證實對利害關係人及我們營運所在地社區皆具價值，將可推動內生成長。這些專案包括 Angangueo、Chalchihuites 以及 Empalme 冶煉廠。預期將強化我們作為一家具備完整垂直整合的銅生產商之地位。我們正與現任政府進行溝通，以持續推動 SCC 在墨西哥約 102 億美元的投資。

El Pilar, which is located in the Sonora state of Mexico, is a project that -- it's about 45 kilometers from Cananea and Buenavista mine -- from the Cananea town and the Buenavista mine. Its copper oxide mineralization contains estimated proven and probable reserves of 317 million tons of ore with an average copper grade of 0.25% and a life of mine of 18 years.

El Pilar 位於墨西哥索諾拉州（Sonora），該專案——距離卡納內亞（Cananea）城鎮及 Buenavista 礦約 45 公里。其氧化銅礦化帶包含估計已證實及概略可採儲量 3.17 億噸礦石，平均銅品位 0.25%，礦山壽命為 18 年。

El Pilar will operate as an open pit mine with annual production of 36,000 tons of copper cathodes, utilizing cost-efficient and environmentally friendly SX-EW or Solvent Extraction and Electrowinning technology. With an investment of $551 million, this project will employ a direct workforce of 450 people during the construction phase and 300 during the operational phase.

El Pilar 將以露天礦方式營運，年產 36,000 噸陰極銅，採用具成本效益且環境友善的 SX-EW（溶劑萃取與電積）技術。在 5.51 億美元投資下，該專案於建設階段將直接僱用 450 人，營運階段將僱用 300 人。

El Pilar, it's a new copper project that has obtained the necessary environmental permits. Early site preparation began in September of this year to develop energy lines and build on-site construction offices. Contracts and studies related to the substation and transmission line are in the works. Basic engineering contracts for the access road, railway spur, substations and power lines have been signed. The EPCM bidding process for the SX-EW plant is underway and expected to culminate before year-end. Project construction will commence in the first quarter of 2027 and production is expected to begin in the second half of 2029.

El Pilar 是一個已取得必要環境許可的新銅專案。今年 9 月已開始早期場址整備，以建置能源線路並興建現場施工辦公室。與變電站及輸電線相關的合約與研究正在進行中。通往道路、鐵路支線、變電站及電力線路的基本工程合約已簽署。SX-EW 工廠的 EPCM 招標程序正在進行中，預計於年底前完成。專案建設將於 2027 年第一季啟動，預期於 2029 年下半年開始生產。

Focusing on environmental, social and corporate governance, or ESG practices. We are glad to report that our sustainability ratings continue to improve. In its Corporate Sustainability Assessment 2026, S&P Global increased Southern Copper's rating by 2 points over last year's print. The company ranks among the top 3 performers in the mining sector with a rating double -- a rating that doubles that of the industry standard. Some of SCC's individual ratings were top of class for the sector. That is the case for transparency of reporting, materiality, risk management, business ethics, energy, biodiversity and community relations.

接著聚焦於環境、社會與公司治理（ESG）實務。我們很高興報告，我們的永續評等持續改善。在 S&P Global 的《2026 年企業永續評估》中，S&P Global 將 Southern Copper 的評等較去年提高 2 分。公司在採礦業中名列前三大表現者之一，其評等為——其評等為產業標準的兩倍。SCC 的部分個別評等在該產業中屬同級最佳。包括資訊揭露透明度、重大性、風險管理、商業倫理、能源、生物多樣性以及社區關係等。

On top of what I just mentioned, four operations in Sonora, these are the lime plant, the La Caridad mine, the Minera Mexico's copper smelter and refinery. These four operations were awarded with the Silver Helmet by the Mexican Mining Chamber or CAMIMEX for their safety and accident prevention metrics. This is the first time that 4 operations in Sonora is awarded simultaneously, which attests to our teams' commitment to strengthen preventive practices, safety controls and worker protection.

除我剛才提到的之外，索諾拉州的四個營運據點——石灰廠、La Caridad 礦、Minera Mexico 的銅冶煉廠與精煉廠。這四個營運據點因其安全與事故預防指標，獲墨西哥礦業商會（CAMIMEX）頒發「銀盔獎」（Silver Helmet）。這是索諾拉州 4 個營運據點首次同時獲獎，證明我們團隊致力於強化預防性作法、安全管控與勞工保護。

In the Michiquillay operation in Peru, as part of our commitment to promote the stakeholders' active participation in new project development, the Participative Environmental Committee for the Michiquillay project in Peru completed its third verification of environmental performance in 2026. Community leaders and representatives of public and private entities sit on this committee, which has the technical capabilities to collect soil, water and air samples and interpret results. Their participation in project development strengthens actions and measures to prevent or manage impacts on the environment and communities.

在秘魯 Michiquillay 營運方面，作為我們致力於促進利害關係人積極參與新專案開發的一部分，秘魯 Michiquillay 專案的參與式環境委員會於 2026 年完成第三次環境績效查核。社區領袖以及公私部門機構代表皆為該委員會成員；該委員會具備採集土壤、水與空氣樣本並解讀結果的技術能力。他們參與專案開發，有助於強化預防或管理對環境與社區影響的行動與措施。

For the past 14 years, our program Forjando Futuro, Forging Futures, has been developing capacities and providing access to local job opportunities in the areas of influence of our operations in Peru and Mexico. Currently, 17% of the jobs on the Tia Maria project are held by locals who access these opportunities through our on-site offices or in coordination with local contractors.

過去 14 年來，我們的「Forjando Futuro（Forging Futures，打造未來）」計畫持續培育能力，並在我們於秘魯與墨西哥營運的影響範圍內，提供在地就業機會的管道。目前，Tia Maria 專案中有 17% 的職位由當地居民擔任；他們透過我們的現場辦公室或與在地承包商協作取得這些機會。

Under this program, Forging Futures, we have awarded 700 scholarships to young people to obtain certifications to operate heavy equipment or engage in welding and topography. These efforts strengthen participants' technical competencies and broaden capacities to successfully insert in the job market.

在「Forging Futures」計畫下，我們已提供 700 份獎學金，協助年輕人取得重型設備操作、焊接及測量等相關證照。這些努力強化參與者的技術能力，並擴大其成功進入就業市場的能量。

Changing subject, we're going into dividends. And 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.

換個話題，我們來談股利。如各位所知，公司政策是在每次董事會會議上檢視我們的現金部位、營運預期現金流量創造、資本投資計畫及其他財務需求，以決定適當的季度股利。

Accordingly, on October 15, Southern Copper Corporation announced a quarterly cash dividend of $1.30 per share of common stock and a stock dividend of 0.0106 shares of common stock per share. This is payable on November 19 of this year to shareholders of record at the close of business on November 3, 2026.

因此，Southern Copper Corporation 於 10 月 15 日宣布每股普通股 1.30 美元的季度現金股利，以及每股配發 0.0106 股普通股的股票股利。該股利將於今年 11 月 19 日支付給截至 2026 年 11 月 3 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. And now we would like to open the forum for questions.

各位女士、先生，以上為我們今天簡報的結語。非常感謝各位與會。現在我們想開放提問。

(Operator Instructions)

（接線員指示）

Carlos De Alba, Morgan Stanley.

Carlos De Alba，摩根士丹利。

Good morning, everyone. My first question is just on Tia Maria, maybe a little bit more color with what seems to be a little bit of a delay from the fourth quarter of 2027 to the first quarter or the first half of 2028. If you can provide a little bit more color as to what prompted that decision? And if you could expect maybe a potential increase in CapEx. I noticed that it's still $1.8 billion, but typically, when there are delays, more often than not, it comes with a higher CapEx associated with that. So I wanted to get your color. That was my first question. I'll ask the one next.

各位早安。我的第一個問題是關於 Tia Maria，想請你們就看起來從 2027 年第四季延後到 2028 年第一季或上半年這件事，提供更多說明。能否多談一些促成這項決定的原因？以及是否可能出現資本支出（CapEx）增加。我注意到目前仍是 18 億美元，但通常一旦延遲，往往會伴隨更高的 CapEx。所以想聽聽你們的看法。這是我的第一個問題。下一個我待會再問。

Okay. On the expected start-up of Tia Maria, we have found that it will take a little bit longer for us to assemble doing the mechanical assembly of all the equipment as well as some works related to engineering on the project. I think that's why we -- when we review the expected time line, we pass it from the fourth quarter of this year to the first half of 2027.

好的。關於 Tia Maria 預期投產時間，我們發現要完成所有設備的機械組裝，以及與專案工程相關的一些工作，會需要更長的時間。我想這就是為什麼我們在檢視預期時程後，把時間從今年第四季調整到 2027 年上半年。

On potential CapEx increase, we are not reporting on any changes on that. We will mention this issue and address it in the call that we have in January, not only for Tia Maria, but in general, for our production forecast as well as our CapEx for this next year and on.

至於 CapEx 可能增加，我們目前沒有對此回報任何變動。我們會在一月的電話會議中提到並說明這個議題，不僅是 Tia Maria，也會更廣泛地涵蓋我們的產量預測以及明年及之後的 CapEx。

Thank you. And if I may ask, what is your production -- maybe not guidance, but the range of where you see production for copper, moly, maybe silver in next year as well as cash cost before by-products maybe in the fourth quarter or 2026 or the full 2026 and also the early indication for next year?

謝謝。如果我可以再問，關於你們明年的產量——也許不是指引，但大概的區間——銅、鉬，可能還有白銀；以及扣除副產品前的現金成本，無論是 2026 年第四季或 2026 全年，還有對明年的初步看法？

Okay. On production for next year, it should be expected to be now for this year, about a little bit less than 920,000 tons. And for next year, we'll provide an update when we finish our -- we're doing currently a thoughtful review on all our mining plans. And on the base of that, we will issue a much more firmer forecast at the beginning of 2027 in our January call.

好的。關於明年的產量，今年目前預期大概會略低於 92 萬噸。至於明年，我們會在完成相關更新後提供說明——我們目前正在對所有採礦計畫進行審慎檢視。在此基礎上，我們會在 2027 年初、也就是一月的電話會議上，發布更為明確的預測。

For cash cost, well, as you know, this is one of the hardest things to forecast because you not only have whatever happens with cost of production of copper and copper production and also what goes on regarding by-products. But let's say that we should be about to where we are now or a little bit better cash cost-wise for next year.

至於現金成本，如你所知，這是最難預測的項目之一，因為不僅取決於銅的生產成本與銅產量，也取決於副產品的情況。但我們認為，明年的現金成本大致會與目前相當，或在現金成本方面略有改善。

So okay. So slightly flat to or a slightly stable plus maybe slightly better next year. And the fourth quarter, do you think will remain also relatively stable versus what you reported in the third quarter of 2026?

好的。所以明年大致持平或相對穩定，可能略有改善。那第四季你們認為也會相對穩定，和你們在 2026 年第三季所回報的水準相比？

I'm sorry, I couldn't get what you said, Carlos.

抱歉，Carlos，我沒有聽清楚你說的內容。

Yeah. On the fourth quarter -- sorry, on the fourth quarter 2026 cost before by-products, would you expect them to remain also stable versus the third quarter?

好的。關於第四季——抱歉，關於 2026 年第四季扣除副產品前的成本，你們是否預期也會相對穩定，與第三季相比？

We don't see any that may distort the cost or treatment. We see some possibilities of a cash cost reduction before any credits, but that's contingent of getting our production goals, which we're focusing on that as well as our -- well, by-products credits that, as you well know, are strongly influenced by prices in before by-products.

我們沒有看到任何可能扭曲成本或處理費用的因素。我們看到在尚未計入任何抵減（credits）之前，現金成本有一些下降的可能性，但這取決於我們能否達成產量目標；我們也正專注於此，另外還有——如你所知——副產品抵減會受到價格的強烈影響，而你問的是扣除副產品前的成本。

Okay, thank you.

好的，謝謝。

You're welcome.

不客氣。

Matheus Moreira, Bradesco BBI.

Matheus Moreira，Bradesco BBI。

Hi, good morning. Thank you for taking my questions. Two quick questions on my side. First, on capital allocation. I mean, cash obviously continues to build at a very fast pace. And even with CapEx expected to reach $2.5 billion in 2027, we would expect cash accumulation to continue at this strong pace, right? So I'm just wondering how is management thinking about the potential for increased shareholder distributions for you? That's my first question.

嗨，早安。謝謝讓我提問。我這邊有兩個簡短問題。第一個是關於資本配置。顯然現金仍以非常快的速度累積。即使預期 2027 年 CapEx 將達到 25 億美元，我們仍預期現金會以這樣的強勁速度持續累積，對吧？所以我想了解管理層如何看待提高股東分配的可能性？這是我的第一個問題。

And then my second question is a broader question on CapEx. We've seen several major projects revise their CapEx estimates higher in the recent months amid broader inflationary pressures. I know half -- roughly half of Tia Maria's CapEx has already been deployed. But how do you see risks of revising the remaining CapEx higher? And how should we think about potential inflationary pressures across your other growth projects? Those are my two questions. Thank you.

第二個問題是更廣泛的 CapEx 問題。近幾個月在整體通膨壓力下，我們看到多個大型專案上修其 CapEx 估算。我知道 Tia Maria 的 CapEx 大約有一半——約略一半——已經投入。但你們如何看待剩餘 CapEx 上修的風險？以及我們應如何看待你們其他成長專案面臨的通膨壓力？以上是我的兩個問題。謝謝。

Well, on the -- well, on potential inflationary impact, we are looking. On potential inflationary pressures, we'll make -- we're currently reviewing our CapEx. We will be giving some color on this when we report the end of the year as well as the look forward for 2027. I'm so sorry, there is one microphone that is open. So regarding inflation, we're looking into our projects, current budgets, see if they have to accommodate any variances for next year.

嗯，關於——嗯，潛在的通膨影響，我們正在觀察。就潛在通膨壓力而言，我們會——我們目前正在檢視我們的 CapEx。我們會在年終報告以及對 2027 年展望時，提供一些說明。很抱歉，有一支麥克風是開著的。因此關於通膨，我們正在檢視各專案與目前預算，看看明年是否需要納入任何差異調整。

So far, we have not reported anything specific on this. Well, and regarding dividends, as you know, it is always contingent of a Board decision. The company has been giving dividends in cash as well as in stock that was acquired at $26 per share that are being handed back to our shareholders, considering the current position of the company, which I think is very favorable in that regard.

到目前為止，我們尚未就此回報任何具體內容。至於股利，如你所知，這一向取決於董事會的決議。公司一直以現金以及以每股 26 美元買回的股票來發放股利，並將其返還給股東；考量公司目前的狀況，我認為在這方面是非常有利的。

Okay, that's fair for you. Thank you.

好的，這樣可以。謝謝。

You're welcome.

不客氣。

Emerson Vieira, Goldman Sachs.

Emerson Vieira，高盛。

Hi, everyone. Good morning. So two quick questions here. The first one is on Cuajone. Just trying to understand when you guys expect to submit the project to Board approval and when we could see effectively the incremental copper production coming online? And also, I mean, what needs to happen for you guys to take a decision on the expansion to further 100,000 to 200,000 tons per day capacity? So that's the first one.

各位好。早安。我這邊有兩個簡短問題。第一個是關於 Cuajone。想了解你們預計何時把該專案提交董事會核准，以及我們何時能實際看到新增的銅產量上線？另外，我是說，要達成你們對擴產至每日 10 萬到 20 萬噸產能的決策，還需要發生哪些事情？這是第一個問題。

And just on cash costs, specifically before by-products, right? It seems like energy costs in Mexico have been rising, right, due to natural gas. So I just want to understand if the cost pressure that we saw this quarter is structural indeed. And if you guys see, I don't know, any levers to potentially offset those impacts, right? Thank you.

另外關於現金成本，特別是扣除副產品前的部分。看起來墨西哥的能源成本一直在上升，對吧，主要是因為天然氣。所以我想了解，我們本季看到的成本壓力是否確實是結構性的。以及你們是否看到任何槓桿可以用來抵銷這些影響？謝謝。

Okay. On the Cuajone expansion, we have to finish the technical studies that are very well advanced. That's why the Board has authorized us to mention it in our press release as something that it's very likely to go on, even though we don't have the final go for the project, we are very close to getting it. So I would say that it's going to be a very, very interesting investment for us.

好的。關於 Cuajone 擴建案，我們必須完成技術研究，而這些研究目前已經進展得非常成熟。因此，董事會已授權我們在新聞稿中提及此案，作為極有可能推進的事項；儘管我們尚未取得該專案的最終核准，但距離取得已非常接近。所以我會說，這將會是對我們而言非常、非常有吸引力的一項投資。

In the case of cash cost, we're seeing different impacts on materials. In the case of gas, we're importing it for the Mexican operations from the Texas basin, the Permian Basin. And that is, being a product of oil, gas has had some very competitive cost that has helped us in our cost for gas consumption at the Mexican operations. We don't see a problem with that. We think that the market will have a reasonable supply at a good cost for the company for the Mexican operations.

就現金成本而言，我們看到材料面有不同的影響。以天然氣為例，我們在墨西哥的營運是從德州盆地（Permian Basin，二疊紀盆地）進口天然氣。而由於天然氣屬於石油相關產品，天然氣成本一直相當具競爭力，這也有助於降低我們墨西哥營運的天然氣消耗成本。我們不認為這會有問題。我們認為市場將能以對公司有利的成本，為墨西哥營運提供合理的供應。

Besides this, on the by-products, being as sulfuric acid producers, we have been consuming our own sulfuric acid at very competitive cost, which is the one that we have for production. And a portion of our production, particularly at the Peruvian operations, it's been sold at the South American market, which has a very competitive price for the spot price as well as for contracts on this.

此外，就副產品而言，作為硫酸生產商，我們一直以非常具競爭力的成本使用自產硫酸，也就是我們自身生產的硫酸。而我們的部分產量，特別是在秘魯的營運，已銷往南美市場；無論是現貨價格或相關合約價格，在該市場都相當具競爭力。

So I've already covered a little bit our view on the cash cost. And hopefully, we will have it maintaining its current level or improving slightly, I would say, regarding to where we are.

所以我已經稍微說明了我們對現金成本的看法。也希望它能維持在目前水準，或是相較於目前的位置略有改善。

Thank you. Right. Just one more on Tia Maria, please. So just confirming the company does not expect CapEx to increase, I mean, to above the $1 billion that is remaining, right? Despite of this, let's say, one, two quarter delay. And just on Tia Maria, again, I mean, the deceleration in physical progress that you saw this quarter, you mentioned it was driven by longer times in assembly of the mechanical equipment. So that was a one-off and then physical progress should then accelerate in the next quarters. Does this make sense?

謝謝。好的。再請教一個關於 Tia Maria 的問題。所以確認一下，公司不預期資本支出（CapEx）會增加，也就是不會高於剩餘的 10 億美元，對嗎？即使因此出現例如一到兩季的延遲。另外再回到 Tia Maria，我的意思是，你們提到本季看到的實體進度放緩，是因為機械設備組裝所需時間較長所致。所以那是一次性的因素，接下來幾季實體進度應該會加速。這樣理解對嗎？

Thank you. On CapEx, we're going -- we're currently reviewing all of them. So I'm not making a specific comment on that. I couldn't get the second point of your concern, Emerson.

謝謝。關於資本支出（CapEx），我們正在——目前正在檢視所有項目。所以我不會就此做出具體評論。Emerson，我沒有聽清楚你第二點的疑慮。

Myles Allsop, UBS.

UBS 的 Myles Allsop。

Great, thank you. Just a couple of questions. On the Cuajone expansion, if you go large to 150,000 tons per day, should we assume the CapEx is broadly the $1.4 billion, twice the $680 million if you put one mine in? That's the first question.

很好，謝謝。我有兩個問題。關於 Cuajone 擴建，如果擴大到每日 150,000 噸，我們是否可以假設資本支出大致是 14 億美元，也就是如果只做一個礦坑的 6.8 億美元的兩倍？這是第一個問題。

On this, we're not making any comments. When we have -- when we finish the studies that are being conducted for 150,000 tons of daily milling capacity, we'll report to the market on the estimated CapEx that it has.

關於這點，我們不做任何評論。當我們——當我們完成針對每日 150,000 噸磨礦產能所進行的研究後，我們會向市場報告其預估的資本支出（CapEx）。

Okay. But it would be a decision early next year is what you're suggesting, either to 120,000 or 150,000?

了解。但你們的意思是，明年初會做出決定，要選 120,000 或 150,000，對嗎？

Yes. The company -- currently, we see a much more firmer possibility for going into 120,000 tons. However, we are looking into 150,000 tons of milling capacity since we had some of the estimated restrictions that it had has been removed, and that is something that allow us to consider this as a possibility. So once we realize that this is feasible, we decided to go ahead with the technical studies for 150,000 to see if we can confirm this as an option. And if so, we will present it to the Board for an approval. But for now, the most likely scenario is 120,000.

是的。公司——目前我們看到推進到 120,000 噸的可能性更為明確。不過，我們也在評估 150,000 噸的磨礦產能，因為先前一些預估的限制已被排除，這使我們得以將其納入可能選項。因此，一旦我們確認其具可行性，我們就決定展開 150,000 的技術研究，看看能否將其確認為一個選項。若確認可行，我們將提交董事會核准。但就目前而言，最可能的情境是 120,000。

Okay, that's very helpful. With Los Chancas, how -- I mean, when do you hope to get the illegal miners off? And if we -- if you are successful getting them off, what's the pathway to FID there?

好的，這很有幫助。關於 Los Chancas——我的意思是，你們希望何時能把非法礦工清出場？如果——如果你們成功把他們清出場，那邊走向最終投資決策（FID）的路徑是什麼？

Well, we have a little bit north of 200 illegal miners. We have been in talks with the Peruvian authorities to solve this. They shouldn't be in our concession. Once they are removed from the concession, we believe that we can move on with the environmental impact assessment and some other works that we have to do on a quick pace. And if so, that's why we are expecting Los Chancas to go ahead with production by 2032. Sorry, let me correct what I just said, it's 2032.

嗯，我們有略多於 200 名非法礦工。我們一直在與秘魯當局溝通以解決此事。他們不應該在我們的特許權區內。一旦他們被移出特許權區，我們相信就能快速推進環境影響評估以及其他必須進行的工作。因此，我們才預期 Los Chancas 可在 2032 年開始投產。抱歉，讓我更正我剛才說的，是 2032 年。

Okay. Thank you.

好的，謝謝。

Sorry. Let me correct what I just said. It's 2031.

抱歉。讓我更正我剛才說的。是 2031 年。

'31, okay.

2031，好的。

David Feng, CICC.

中金公司（CICC）的 David Feng。

Oh, hi, good morning, all and team.

喔，嗨，各位早安，團隊早安。

Just a quick follow-up question on Los Chancas and illegal mining. We have noticed that the Peruvian government has recently submitted a new proposal to the Congress on a new scheme to replace the original REINFO system. So how do you see the potential implications for this move to address the illegal mining problem around the Los Chancas? Are you seeing any positive signs on the ground that could help the project forward?

我想就 Los Chancas 與非法採礦再追問一個問題。我們注意到秘魯政府近期已向國會提交一項新提案，提出以新的機制取代原本的 REINFO 系統。那麼你們如何看待此舉在解決 Los Chancas 周邊非法採礦問題上的潛在影響？你們在現場是否看到任何正面跡象，有助於推動該專案向前？

In this case, we have a group of people doing mining activities in a concession and a land that is company property. So for this specific case, they have to go out of our concession and our property. In the case of what you just mentioned this new proposal given by the government is one initiative of the mining and -- energy and mining minister, which we certainly think is a pace -- is a step in the right direction for the country because we cannot maintain the current situation where you have an operating certificate that is not complying with the proper production, labor and environmental practices for artisan mining.

在這個案例中，有一群人在公司所有的特許權區與土地上進行採礦活動。因此，就這個特定案例而言，他們必須離開我們的特許權區與我們的土地。至於你剛提到的政府新提案，這是能源與礦業部長的一項倡議；我們確實認為，這對國家而言是朝正確方向邁進的一步，因為我們無法維持現況——也就是有人持有營運證明，但並未遵循手工／小規模採礦在產量、勞工與環境方面的適當作業規範。

So that has to be fixed, and we hope that the law is discussed at Congress and we get a good tool for the development of artisan mining in Peru. But in the specific case of Los Chancas, they have to leave the premises that they are currently using. And with that, the company will go on with the project.

所以這必須被修正，我們希望該法案能在國會討論，並讓我們取得一個有利於秘魯手工／小規模採礦發展的良好工具。但就 Los Chancas 這個特定案例而言，他們必須離開目前正在使用的場址。而在此之後，公司將會繼續推進該專案。

Thank you very much. And also, I think we have also seeing some encouraging comments from the new administration about streamlining the application for mining permits. I'm just wondering from your discussions with the authorities, what kind of -- or which parts of the approval process could see the most meaningful improvements? And could this potentially help accelerate projects such as Michiquillay?

非常感謝。另外，我想我們也看到新政府就簡化採礦許可申請流程發表了一些令人鼓舞的評論。我想請問，根據你們與主管機關的討論，核准流程中的哪些部分——或哪些環節——最有可能出現最具意義的改善？而這是否可能有助於加速像 Michiquillay 這樣的專案？

We think that the government has been appointed in key positions, a very well-rounded and technical capable personnel. That should improve the process of moving forward of projects. Besides this, I think that we're seeing this effort by the Ministry of Energy and Mines of eliminating or replacing by a statement of some procedures. We think that this is going to be very helpful for the industry, but we need to see the specific procedures that will be changed by this effort of the authorities. However, we believe that it's a step in the right direction for the government and the industry and the country.

我們認為政府已在關鍵職位任命了非常全面且具備技術能力的人才。這應該會改善推動專案向前進行的流程。此外，我認為我們也看到能源與礦業部正努力透過聲明來取消或取代部分程序。我們認為這將對產業非常有幫助，但我們仍需要看到主管機關透過這項努力將具體變更哪些程序。然而，我們相信這是對政府、產業以及國家而言朝正確方向邁出的一步。

Understood. Thank you very much.

了解。非常感謝。

You're welcome.

不客氣。

[Okan Goya from Far Hills Fitness].

[Far Hills Fitness 的 Okan Goya]。

Hey, good morning. Thank you for the call and all the information. On Coimolache in Peru, could you give us an update on where things stand and potential integration and expansion on that deposit and that location in Peru?

嗨，早安。感謝這通電話以及所有資訊。關於祕魯的 Coimolache，能否請您更新一下目前進展，以及在祕魯該礦床與該地點可能的整合與擴張？

We're doing a technical. This is an operation where we have -- we are in a joint venture with Buenaventura and some other partner. We're currently working on a sulfur deposit development for copper. There are different options that are being reviewed. And I think that, that's pretty much what I can say on that. It's something that is moving forward. We see this as a good opportunity for the future, but there is nothing to report at this time.

我們正在進行技術方面的工作。這是一個我們與 Buenaventura 以及其他合作夥伴共同合資的營運案。我們目前正在推動一個用於銅的硫礦床開發。目前正在審視不同的選項。我想，關於這點我大致能說的就是這些。這項工作正在推進中。我們將其視為未來的一個良好機會，但目前沒有可報告的進一步內容。

Alfonso Salazar, Scotiabank.

豐業銀行（Scotiabank）的 Alfonso Salazar。

Thank you, Andrew. A couple of questions. The first one is regarding El Pilar. I understand that the increase in CapEx is related to additional infrastructure that you need to include in the project. I think that you will have to build and build the transmission lines. I just want to confirm if that is the case.

謝謝你，Andrew。我有幾個問題。第一個是關於 El Pilar。我理解資本支出（CapEx）的增加與你們需要把額外的基礎設施納入專案有關。我想你們將必須建造輸電線路。我只是想確認是否確實如此。

And the second is regarding the Cuajone expansion. This is a project that has been in your portfolio pipeline for many, many years. So just wondering if -- what drove the delay? Or is this simply not the best timing for doing it? Just trying to understand that.

第二個是關於 Cuajone 擴建。這個專案在你們的專案儲備管線中已經很多很多年了。所以我想了解，是什麼原因導致延後？還是說只是時機不適合現在做？我想釐清一下。

And also, what is the water situation if you have enough water and enough -- anything you need for an expansion of this size? Especially for the one that you are planning considering as well of 150,000 tons per day capacity. So just if you can give us some color on that, please?

另外，水資源方面的情況如何？你們是否有足夠的水，以及是否具備這種規模擴建所需的一切？特別是你們也在考慮的每日 150,000 噸產能方案。所以如果可以的話，請提供一些補充說明？

Sure, Alfonso. In the case of El Pilar, we have an increase in CapEx. Well, we have been looking into this project for quite a while. We had a challenge that we want to increase recovery that we were getting from the mineral that was treated at the El Pilar investment. And besides this, we have been -- the CapEx increase is also related to the inflation that we have seen in some equipment. Keep in mind that the cost of El Pilar, the prior one was kind of a historic budget that was prepared a few years back, a little bit more than 5 years away.

當然可以，Alfonso。就 El Pilar 而言，我們的資本支出（CapEx）確實增加了。我們已經研究這個專案一段時間了。我們面臨的挑戰之一，是希望提高在 El Pilar 選礦廠處理礦石時所取得的回收率。此外，CapEx 的增加也與我們在部分設備上看到的通膨有關。請記得，先前 El Pilar 的成本預算有點像是幾年前編製的歷史預算，距今已經超過 5 年。

In the case of the Cuajone expansion, well, we have been looking into different possibilities for getting the water for the project, and that has taken a little bit longer than what we believed a while ago. But in general, we think that we are -- we have identified good sources of water for the Cuajone expansion. For 120,000 tons, we believe that we have all the water requirements that we have.

至於 Cuajone 擴建，我們一直在評估為該專案取得用水的不同可能性，而這花的時間比我們先前預期的稍久一些。但整體而言，我們認為我們已經為 Cuajone 擴建找到了良好的水源。以 120,000 噸的方案來看，我們相信我們已具備所需的全部用水需求。

We need to do some other works on the technical side and some other challenges that the project has. And that's why we have taken a while to look into this matter and making a proper decision. And now we are reporting that this is a good possibility for us, and we are -- we will be showing the advancement that we have on this matter as we move on into -- well, the end of this year and 2027.

我們還需要在技術面進行一些其他工作，並處理專案的其他挑戰。這也是為什麼我們花了一些時間來研究此事並做出適當決策。現在我們回報這對我們而言是一個不錯的可能性；而隨著我們推進到——嗯——今年年底以及 2027 年，我們也會展示在此議題上的進展。

Just to confirm, so you have to build the transmission lines for El Pilar or is the Comisión Federal is going to deal with it?

我想確認一下，所以 El Pilar 的輸電線路需要由你們來建造，還是由 Comisión Federal 來處理？

Sorry, I couldn't get what you just said, Alfonso.

抱歉，Alfonso，我沒有聽清楚你剛才說的內容。

Yes, sure. For El Pilar, you need to -- are you including the transmission lines in your budget for the project or not?

好的，當然。就 El Pilar 而言，你們是否把輸電線路納入專案預算之中，還是沒有？

I don't have a specific answer for that question, Alfonso.

Alfonso，這個問題我沒有具體答案。

Okay, thank you.

好的，謝謝。

Matt Dushkin, Wells Fargo.

Wells Fargo 的 Matt Dushkin。

Yeah, hey guys, how y'all doing? I just wanted to clarify the questions on the cost. I know we went over it a bit. But it sounds like you're guiding or pointing to flat sequential costs before by-products for Q4. And then for 2027, when you said flat to lower, is that from the Q3 level, like the Q3 run rate? Or are you talking about full year 2026?

是的，嗨各位，你們都好嗎？我只是想釐清一下關於成本的問題。我知道我們已經稍微談過。但聽起來你們對第四季（Q4）的指引或暗示是：在扣除副產品之前，成本將與前一季持平。那麼到了 2027 年，當你們說「持平到下降」時，是以第三季（Q3）的水準（例如 Q3 的運行率）為基準嗎？還是你們指的是 2026 全年？

No, it's sequential for where we are. Please keep in mind that cash cost is very difficult to predict. We are at a very competitive cash cost of $0.09 per pound this past quarter if prices of our by-products hold. And copper -- I think our copper production will improve a little bit on the fourth quarter vis-a-vis last year. We should be reporting a cash cost before by-product credits in line or slightly better than what we did last quarter. That's our expectation at this point. For 2027, we will report in detail when we address the January call with our 2026 results as well as the outlook for 2027 and the year. Thank you.

不是，是以我們目前所在的水準做逐季比較。請記得，現金成本非常難以預測。如果我們的副產品價格維持，我們在上一季的現金成本非常具競爭力，為每磅 0.09 美元。而銅——我認為我們第四季的銅產量相較去年會小幅改善。我們預期在扣除副產品抵減之前的現金成本，將與上一季相當或略有改善。這是我們目前的預期。至於 2027 年，我們會在 1 月的電話會議中，連同 2026 年的結果以及 2027 年與全年展望，一併做更詳細的說明。謝謝。

Okay. That's helpful. And then I know this is also really tough to predict like costs, but just with everybody talking about a Super El Niño and potential big impacts to mining maybe in Peru, how are you all preparing for it, if you are at all? What kind of things can you do in advance to get ready for -- I think it's supposed to hit in early 2027?

好的，這很有幫助。另外我知道這也很難預測，例如成本；但現在大家都在談「超級聖嬰現象（Super El Niño）」以及它可能對採礦、也許在祕魯造成的重大影響，你們有在做任何準備嗎？你們可以事先做哪些事情來因應——我想它應該會在 2027 年初來襲？

Well, in the -- depending on where you are in the country, the El Niño has a different impact. In the case of where we are, we are at the southern part of Peru. And the usual trend of El Niño is that you have excess rain at the northern -- the center to the northern part of the country and a drought on the southern part. So we are currently -- we have been evaluating our water sources. We have been taking some actions to be sure that we have all the water that we need for next year. And that is -- the balance has shown us that we have a reasonable supply even to address this drought that we're expecting at the southern part of Peru.

嗯——視你在國內的位置不同，聖嬰現象的影響也不同。就我們所在的位置而言，我們在祕魯南部。而聖嬰現象通常的趨勢是：國家的中北部到北部降雨過多，而南部則出現乾旱。因此我們目前——我們一直在評估我們的水源。我們已採取一些行動，以確保明年我們有足夠的用水。而從水量收支的結果來看，即使要因應我們預期在祕魯南部出現的乾旱，我們也有合理的供水量。

That's helpful. I appreciate the color.

這很有幫助。感謝你提供的補充說明。

Jon Brandt, HSBC.

Jon Brandt，滙豐（HSBC）。

Hey, Ro, thanks for taking my questions.

嗨，Ro，謝謝你回答我的問題。

First, I just wanted to ask on project time lines. So you mentioned 2031 for Los Chancas, but obviously, that's dependent on getting the illegal miners out. So is there sort of a time line like when do you need to sort of remove the illegal workers to hit that 2031 start-up? And along with that, I think you said Michiquillay was coming in 2032, and these are, sort of, two relatively big projects. So I'm just trying to understand your level of comfort around hitting these time lines of 2031 and 2032 start-up for both of these projects.

首先，我想問一下專案時程。你提到 Los Chancas 是 2031 年，但顯然這取決於把非法礦工清除出去。那麼，是否有一個大致的時間表：你們需要在什麼時點前移除非法作業人員，才能達成 2031 年投產？另外，我想你也說 Michiquillay 會在 2032 年投產，而這兩個都是相對大型的專案。所以我想了解，你們對於這兩個專案分別在 2031 與 2032 年投產的時程把握度如何。

And then my second question relates to, I guess, the TC/RCs, the negative TC/RCs that we're seeing in China. And I know historically, you said there might be some investment in your own smelting and refining capacity. So I guess I just want to understand sort of how the negative TC/RCs in China are impacting you, your potential capital investment going forward and sort of even on -- are you sending more concentrate to China to take advantage of these TC/RCs? So any sort of color you could mention there would be great.

接著第二個問題是關於 TC/RC，也就是我們在中國看到的負 TC/RC。我知道你先前提到，歷史上你們可能會投資自有的冶煉與精煉產能。所以我想了解，中國的負 TC/RC 對你們有什麼影響、對未來可能的資本投資有何影響，以及在——你們是否會把更多精礦運往中國以利用這些 TC/RC？如果你能就此提供一些補充說明就太好了。

Okay. On the time line for Los Chancas and removing the illegal miners, let me -- I don't want to put a specific deadline for removing them, but obviously, it has to be in a relatively short term. And because otherwise, we cannot move on with all the other parts of the project that we need to comply with in order to get the environmental impact assessment finished, get the permit for construction and so on. So -- but we have -- we consider that we could begin the construction in 2028 and in the second half of 2028. And with that, we will -- we should be finishing the project by 2031, as I said.

好的。關於 Los Chancas 的時程以及移除非法礦工這件事——我不想給出一個具體的截止期限，但顯然必須在相對短期內完成。否則，我們就無法推進專案其他必要的部分，以符合完成環境影響評估、取得施工許可等要求。不過，我們認為可以在 2028 年、也就是 2028 年下半年開始施工。如此一來，我們應該能在 2031 年完成該專案，如我先前所說。

In the case of Michiquillay, we don't have illegal mining activities, and we do have a social contract signed or social agreement signed with the two communities that are in the Michiquillay that are directly related to the Michiquillay project. On that, I don't think that we have a matter. The work with these 2 communities is moving forward on the right path, and we are certainly very positive and optimistic on Michiquillay. The time line goes to 2032 because we are at more of a beginning of all the process for getting the project complete and all the permitting ready, et cetera.

至於 Michiquillay，我們沒有非法採礦活動，而且我們已與 Michiquillay 兩個與該專案直接相關的社區簽署了社會契約或社會協議。在這方面，我不認為會有問題。與這兩個社區的合作正沿著正確的方向推進，我們對 Michiquillay 當然非常正面且樂觀。時程會落在 2032 年，是因為我們仍處於推動專案完成、以及把各項許可準備就緒等流程的較早期階段。

Focusing on negative TC/RCs. Well, obviously, it's hard to consider building a new smelter with this environment where you get a premium on top of your concentrate copper price. That's what's happening here with the negative TC/RCs. The upside is that sulfuric acid prices are at a good level, and that is something that help us in our revenues because we are long in sulfuric acid, particularly at the Peruvian operations.

聚焦在負 TC/RC。嗯，顯然在這種環境下很難去考慮興建新的冶煉廠，因為你在精礦銅價格之上還能拿到溢價。這就是負 TC/RC 所呈現的情況。正面因素是硫酸價格處於不錯的水準，這有助於我們的營收，因為我們在硫酸方面是淨多頭，特別是在秘魯的營運。

Obviously, a possible new smelter for both Peru or Mexico is something that is contingent of having the proper market conditions, and we are considering the current circumstances as one of the points to have -- that has to be addressed and probably change in direction before we go ahead with the construction of a new smelter in any of these two countries.

當然，無論是在秘魯或墨西哥興建可能的新冶煉廠，都取決於是否具備適當的市場條件；我們也把目前的情勢視為需要納入考量的因素之一——在我們推進於這兩個國家任何一地興建新冶煉廠之前，這些因素必須被處理，且可能需要出現方向性的改變。

However, this is something that goes to our DNA of being an integrated copper producer. We think that the fact that we produce refined copper, and this is something that will increase when we put Tia Maria and El Pilar. Both projects will produce refined copper with very high quality, which is certainly appreciated by the market that provide us not only with the copper price, but also with a premium on top of the market price for our refined copper. So this is, for us, being fully integrated and producing more refined material is one of the goals that we are looking into for the long run of the corporation.

不過，這也與我們作為一體化銅生產商的 DNA 有關。我們認為，我們生產精煉銅這件事——而且當我們推進 Tia Maria 與 El Pilar 後，這一點會進一步提升。這兩個專案都將生產高品質的精煉銅，市場當然很重視，這不僅讓我們取得銅價，也讓我們的精煉銅在市場價格之上獲得溢價。因此，對我們而言，長期來看，成為完全一體化並生產更多精煉產品，是公司正在追求的目標之一。

Great. Thanks, Raul.

很好。謝謝你，Raul。

You're welcome.

不客氣。

Thank you. I'm not showing any further questions in the queue. I would like to turn the call back over to Raul Jacob for closing remarks.

謝謝。我這邊顯示目前隊列中沒有其他問題。我想把電話會議交回給 Raul Jacob 做結語。

Thank you very much, Victor. Well, with this, we conclude our conference call for Southern Copper's third quarter results. We certainly appreciate your participation and hope to have you back with us when we report the fourth quarter of this year and the full 2026 results. Thank you very much for being with us today, and have a nice day.

非常感謝你，Victor。那麼，我們在此結束 Southern Copper 第三季業績的電話會議。我們非常感謝各位的參與，也希望在我們公布今年第四季以及 2026 全年業績時，能再次與各位相會。非常感謝各位今天與會，祝各位有美好的一天。

Thank you for your participation in today's conference. This will conclude the program. You may now disconnect. Everyone have a great day.

感謝各位參與今天的電話會議。本節目到此結束。您現在可以掛線。祝各位有美好的一天。