Southern Copper Corporation (SCCO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la minería global, Southern Copper Corporation (SCCO) emerge como una potencia de la producción de cobre y molibdeno, navegando estratégicamente los paisajes industriales complejos con notable precisión. Al aprovechar las extensas reservas mineras en Perú y México, la compañía ha creado un modelo de negocio sofisticado que trasciende la extracción tradicional de recursos, integrando innovaciones tecnológicas de vanguardia, prácticas sostenibles y estrategias de mercado global robustas. Este intrincado lienzo de modelo de negocio revela cómo SCCO transforma los recursos minerales en una propuesta de valor convincente para fabricantes industriales, empresas de tecnología y comerciantes internacionales de metales, posicionándose como un jugador crítico en el ecosistema global de metales.

Southern Copper Corporation (SCCO) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con fabricantes de equipos mineros

Southern Copper mantiene asociaciones estratégicas con los siguientes fabricantes de equipos:

Fabricante	Tipo de equipo	Valor anual del contrato
Caterpillar Inc.	Excavadoras mineras	$ 42.6 millones
Komatsu Ltd.	Camiones de transporte	$ 37.3 millones
Grupo sandvik	Equipo de perforación	$ 22.8 millones

Empresas conjuntas con gobiernos locales

Las asociaciones gubernamentales clave de Southern Copper incluyen:

Ubicación	Entidad gubernamental	Inversión en asociación
Perú	Ministerio de Energía y Minas	$ 215 millones
México	Agencia de Desarrollo del Estado de Sonora	$ 178 millones

Asociaciones tecnológicas para minería sostenible

• Instituto de Tecnología de Massachusetts (MIT) - Tecnologías mineras sostenibles
• Universidad de Chile - Centro de Investigación Metalúrgica
• Asociación Internacional de Cobre - Innovación ambiental

Colaboraciones de la cadena de suministro

Socio comercial	Volumen de negociación anual	Duración del contrato
Grupo de traficigura	1.2 millones de toneladas métricas	5 años
Glencore International	0.9 millones de toneladas métricas	3 años

Asociaciones de investigación

Colaboraciones de investigación activa:

• Universidad Nacional de Ingeniería (Perú) - Ingeniería metalúrgica
• Instituto Tecnológico y de Estudios Superiores de Monterrey - Tecnología minera
• Colorado School of Mines - Prácticas mineras sostenibles

Southern Copper Corporation (SCCO) - Modelo de negocio: actividades clave

Operaciones mineras de cobre y molibdeno

Southern Copper opera seis unidades mineras en Perú y México con reservas minerales totales de:

Ubicación	Reservas de cobre (millones de toneladas métricas)	Reservas de molibdeno (mil toneladas métricas)
México	2,310	425
Perú	3,680	612

Exploración mineral y desarrollo de recursos

Gastos anuales de exploración en 2023: $ 284.5 millones

• Áreas de exploración concentradas en Perú y México
• Concéntrese en expandir las reservas de complejo minero existentes
• Cobertura de la encuesta geológica de 1,2 millones de hectáreas

Procesamiento y refinación de minerales

Capacidad de producción anual:

Mineral	Volumen de producción anual
Cobre	1.1 millones de toneladas métricas
Molibdeno	48,000 toneladas métricas

Implementación de tecnología minera sostenible

Inversión tecnológica en 2023: $ 176.3 millones

• Tecnología de reciclaje de agua: 72% de tasa de recirculación de agua
• Tecnologías de eficiencia energética desplegadas en los complejos mineros
• Implementación automatizada de equipos mineros: 38 vehículos autónomos

Manejo ambiental y esfuerzos de conservación

Gastos de protección del medio ambiente en 2023: $ 215.6 millones

Área de conservación	Monto de la inversión
Protección de biodiversidad	$ 87.4 millones
Reducción de emisiones	$ 62.9 millones
Rehabilitación terrestre	$ 65.3 millones

Southern Copper Corporation (SCCO) - Modelo de negocios: recursos clave

Extensas reservas mineras de cobre y molibdeno

Southern Copper Corporation opera reservas mineras en Perú y México con los siguientes detalles específicos:

Ubicación	Reservas totales	Reservas de cobre	Reservas de molibdeno
Perú	1.200 millones de toneladas métricas	16.7 millones de toneladas métricas	0,63 millones de toneladas métricas
México	0.800 millones de toneladas métricas	10.3 millones de toneladas métricas	0,42 millones de toneladas métricas

Infraestructura y equipo minero avanzado

Detalles de la infraestructura minera:

• Valor total del equipo minero: $ 2.3 mil millones
• Número de sitios mineros activos: 7
• Área terrestre total bajo operaciones mineras: 45,000 hectáreas

Fuerza laboral hábil

Categoría de empleado	Total de empleados
Fuerza de trabajo total	7.850 empleados
Especialistas técnicos	2.300 empleados
Geólogos e ingenieros	650 empleados

Capital financiero y capacidad de inversión

Recursos financieros a partir de 2023:

• Activos totales: $ 18.6 mil millones
• Equivalentes en efectivo y efectivo: $ 1.2 mil millones
• Gastos de capital anuales: $ 1.5 mil millones
• Capitalización de mercado: $ 22.4 mil millones

Redes de distribución global

Región	Centros de distribución	Volumen de distribución anual
América del norte	4 centros	1.2 millones de toneladas métricas
Asia-Pacífico	3 centros	0.9 millones de toneladas métricas
Europa	2 centros	0,5 millones de toneladas métricas

Southern Copper Corporation (SCCO) - Modelo de negocio: propuestas de valor

Producción de cobre y molibdeno de alta calidad

Southern Copper Corporation produjo 1,032,000 toneladas métricas de cobre en 2022, con una producción total de molibdeno de 22,000 toneladas métricas.

Mineral	Producción 2022	Precio de mercado (2023)
Cobre	1,032,000 toneladas métricas	$ 8,296 por tonelada métrica
Molibdeno	22,000 toneladas métricas	$ 33,500 por tonelada métrica

Suministro mineral consistente y confiable a los mercados globales

SCCO opera en Perú y México con seis complejos mineros primarios.

• Complejo Toquepala (Perú)
• Complejo Cuajone (Perú)
• Complejo metalúrgico de la OIT (Perú)
• Complejo minero de México

Compromiso con prácticas mineras sostenibles y responsables

Inversión ambiental en 2022: $ 124.3 millones

Métrica de sostenibilidad	Rendimiento 2022
Tasa de reciclaje de agua	85.2%
Reducción de emisiones de carbono	12.4% desde 2018

Precios competitivos en el mercado global de metales

2022 Precios de venta promedio:

• Cobre: ​​$ 4.05 por libra
• Molibdeno: $ 18.50 por libra

Innovación tecnológica en técnicas de extracción minera

Inversión en I + D en 2022: $ 37.6 millones

Área tecnológica	Enfoque de inversión
Eficiencia de extracción	$ 22.4 millones
Tecnologías ambientales	$ 15.2 millones

Southern Copper Corporation (SCCO) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con consumidores de metales industriales

Southern Copper Corporation mantiene acuerdos de suministro a largo plazo con clientes industriales clave en múltiples sectores. A partir de 2023, la compañía informó que el 87% de sus ventas de concentrados de cobre estaban bajo contratos de varios años con mecanismos de precios fijos.

Segmento de clientes	Duración del contrato	Volumen anual (toneladas métricas)
Sector manufacturero	3-5 años	425,000
Industria de la construcción	2-4 años	312,000
Fabricantes de electrónica	4-6 años	276,000

Atención al cliente y asistencia técnica dedicada

Southern Copper ofrece soporte técnico especializado a través de un equipo dedicado de 142 profesionales de relaciones con los clientes en múltiples ubicaciones globales.

• Línea directa de soporte técnico 24/7
• Consulta metalúrgica personalizada
• Programas de capacitación técnica en el sitio
• Soporte de ingeniería de respuesta rápida

Comunicación transparente sobre las capacidades de producción

En 2023, Southern Copper reveló el 98.6% de su información de capacidad de producción a clientes industriales clave, manteniendo Estándares de alta transparencia.

Métrica de producción	Tasa de divulgación anual	Puntuación de satisfacción del cliente
Capacidad de producción	98.6%	4.7/5
Visibilidad de la cadena de suministro	96.3%	4.5/5

Plataformas digitales para la participación del cliente

Southern Copper invirtió $ 4.2 millones en plataformas digitales de participación del cliente durante 2023, lo que permite el seguimiento y la comunicación en tiempo real.

• Sistema de gestión de pedidos basado en la web
• Aplicación móvil para el seguimiento de la cadena de suministro
• Informes de inventario automatizado
• Portal de gestión de contratos digitales

Reputación de confiabilidad y calidad en el suministro de metales

Southern Copper mantuvo una tasa de entrega a tiempo de 99.4% en 2023, con cero mayores quejas de clientes relacionadas con la calidad.

Métrico de rendimiento	Resultado de 2023
Tasa de entrega a tiempo	99.4%
Tasa de queja de calidad	0.02%
Tasa de retención de clientes	94.7%

Southern Copper Corporation (SCCO) - Modelo de negocios: canales

Ventas directas a fabricantes industriales

Southern Copper Corporation genera $ 8.47 mil millones en ingresos anuales (año fiscal 2022), con ventas industriales directas que representan aproximadamente el 62% de los ingresos totales del canal.

Canal de ventas	Ingresos anuales	Porcentaje de total
Ventas industriales directas	$ 5.25 mil millones	62%
Canales de ventas indirectos	$ 3.22 mil millones	38%

Plataformas de comercio de metales globales

Southern Copper utiliza múltiples plataformas internacionales de comercio de metales para la distribución de ventas.

• Volumen comercial de London Metal Exchange (LME): 135,000 toneladas métricas anualmente
• Volumen de negociación de intercambio de futuros de Shanghai: 98,000 toneladas métricas anualmente
• Ingresos de la plataforma de negociación global: $ 1.63 mil millones

Exchanges de metales internacionales

Estadísticas clave de participación de intercambio de metales internacionales:

Intercambio	Volumen anual de comercio de cobre	Cuota de mercado
Intercambio de metal de Londres	135,000 toneladas métricas	42%
Intercambio de futuros de Shanghai	98,000 toneladas métricas	30%
Otros intercambios	90,000 toneladas métricas	28%

Sistemas de adquisiciones en línea

Métricas de rendimiento del canal de ventas digitales:

• Ingresos de adquisición en línea: $ 672 millones
• Volumen de transacción de plataforma digital: 45,000 toneladas métricas
• Tasa de crecimiento del canal digital: 18.3% año tras año

Representantes de ventas estratégicas

Detalles de la red representativa de ventas:

Región	Número de representantes	Cobertura de ventas
América del norte	42	$ 2.1 mil millones
América Latina	31	$ 1.8 mil millones
Asia-Pacífico	27	$ 1.5 mil millones

Southern Copper Corporation (SCCO) - Modelo de negocios: segmentos de clientes

Industrias de fabricación global

Southern Copper Corporation atiende a industrias de fabricación global con productos de cobre y molibdeno. A partir de 2022, la producción total de cobre de la compañía alcanzó 1,028,000 toneladas métricas.

Sector manufacturero	Consumo de cobre (toneladas métricas)	Valor de mercado anual
Automotor	325,000	$ 1.2 mil millones
Equipo eléctrico	278,000	$ 980 millones
Maquinaria industrial	215,000	$ 750 millones

Compañías electrónica y de tecnología

SCCO suministra materiales críticos para la fabricación de tecnología con especificaciones precisas.

• Cobre de grado semiconductor: 45,000 toneladas métricas anualmente
• Materiales de componentes electrónicos: segmento de mercado de $ 620 millones
• Producción de alambre de cobre de alta pureza: 78,000 toneladas métricas

Desarrolladores de construcción e infraestructura

La demanda de cobre de infraestructura representa un segmento de clientes significativo para Southern Copper Corporation.

Segmento de infraestructura	Uso de cobre	Ingresos anuales
Construcción de edificios	215,000 toneladas métricas	$ 890 millones
Proyectos de ingeniería civil	165,000 toneladas métricas	$ 680 millones

Sector de energía renovable

Southern Copper suministra materiales críticos para la infraestructura de energía renovable.

• Cobre de fabricación de paneles solares: 62,000 toneladas métricas
• Materiales de componentes de la turbina eólica: segmento de mercado de $ 450 millones
• Cableado de cobre de cuadrícula eléctrica: 95,000 toneladas métricas

Empresas comerciales internacionales de metales

SCCO se involucra con las redes de comercio de metales globales en múltiples continentes.

Región comercial	Volumen anual de comercio de cobre	Ingresos comerciales
Asia-Pacífico	325,000 toneladas métricas	$ 1.4 mil millones
Mercado europeo	215,000 toneladas métricas	$ 920 millones
Mercado norteamericano	278,000 toneladas métricas	$ 1.1 mil millones

Southern Copper Corporation (SCCO) - Modelo de negocio: Estructura de costos

Alto gasto de capital por infraestructura minera

Los gastos de capital de Southern Copper Corporation para 2023 totalizaron $ 1.845 mil millones, con importantes inversiones en infraestructura minera.

Categoría de inversión de infraestructura	Cantidad (USD)
Equipo minero	$ 672 millones
Proyectos de exploración	$ 413 millones
Desarrollo de infraestructura	$ 760 millones

Costos de minería y extracción operativa

Los costos operativos de minería y extracción en 2023 se estructuraron de la siguiente manera:

Categoría de costos	Cantidad (USD)
Costos mineros directos	$ 1.2 mil millones
Procesamiento de extracción	$ 587 millones
Transporte y logística	$ 245 millones

Mantenimiento de tecnología y equipo

Tecnología anual y gastos de mantenimiento:

• Presupuesto de mantenimiento de tecnología total: $ 312 millones
• Costos de reemplazo y actualización del equipo: $ 214 millones
• Inversiones de transformación digital: $ 98 millones

Cumplimiento ambiental e inversiones de sostenibilidad

Gastos de cumplimiento ambiental para 2023:

Categoría de sostenibilidad	Cantidad (USD)
Remediación ambiental	$ 157 millones
Tecnologías de reducción de emisiones	$ 89 millones
Sistemas de gestión del agua	$ 63 millones

Gastos de gestión laboral y de la fuerza laboral

Costos relacionados con la fuerza laboral para 2023:

• Compensación total de empleados: $ 752 millones
• Capacitación y desarrollo: $ 43 millones
• Atención médica y beneficios: $ 124 millones
• Personal de la fuerza laboral total: 21,650 empleados

Categoría de costos laborales	Cantidad (USD)
Salario directo	$ 512 millones
Costos laborales indirectos	$ 240 millones

Southern Copper Corporation (SCCO) - Modelo de negocios: flujos de ingresos

Ventas de concentrado de cobre

En 2022, Southern Copper Corporation informó una producción total de cobre de 1,075,000 toneladas métricas. El precio promedio de cobre realizado fue de $ 4.25 por libra. Los ingresos por ventas totales de concentrados de cobre alcanzaron $ 6.45 mil millones.

Métrico	Valor 2022
Producción de cobre	1,075,000 toneladas métricas
Precio de cobre realizado	$ 4.25 por libra
Ingresos de ventas de cobre	$ 6.45 mil millones

Venta de productos de molibdeno

Southern Copper produjo 20,500 toneladas métricas de molibdeno en 2022. El precio promedio de molibdeno fue de $ 19.50 por libra. Los ingresos por ventas totales de molibdeno fueron de $ 640 millones.

Métrico	Valor 2022
Producción de molibdeno	20,500 toneladas métricas
Precio de molibdeno	$ 19.50 por libra
Ingresos de ventas de molibdeno	$ 640 millones

Ingresos de comercio y exportación de metales

Los ingresos por exportaciones de las ventas de metales en 2022 totalizaron $ 7.2 mil millones. Los mercados de exportación primarios incluyen:

• China: 35% de los ingresos por exportaciones
• Estados Unidos: 25% de los ingresos por exportaciones
• Japón: 15% de los ingresos por exportaciones
• Otros mercados: 25% de los ingresos por exportaciones

Venta de minerales subproductos

El subproducto de las ventas minerales en 2022 incluyó:

Mineral	Volumen de ventas	Ganancia
Plata	21.5 millones de onzas	$ 450 millones
Zinc	45,000 toneladas métricas	$ 180 millones
Dirigir	22,000 toneladas métricas	$ 90 millones

Ingresos del contrato de suministro a largo plazo

Los contratos de suministro a largo plazo en 2022 generaron $ 1.2 mil millones en ingresos estables. Detalles clave del contrato:

• Duración promedio del contrato: 5-7 años
• Valor total del contrato a largo plazo: $ 6.8 mil millones
• Industrias primarias: electrónica, construcción, energía renovable

Southern Copper Corporation (SCCO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Southern Copper Corporation (SCCO) for their metal needs. It's about what they deliver that others can't match, grounded in operational excellence and massive scale.

Supply of high-purity copper and cathodes to global markets. Southern Copper Corporation is a major integrated producer, operating mining and metallurgical facilities in Mexico and Peru to deliver its primary product and by-products to international buyers.

The company's cost structure is a key differentiator. Southern Copper achieved an industry-leading operating cash cost of $0.42/lb of copper in the third quarter of 2025, calculated net of by-product credits. This figure was 44.7% lower than the cost reported in the third quarter of 2024, which was $0.76/lb. That low cost is one of the industry's lowest.

This cost advantage is heavily supported by the diversified metal portfolio, which provides significant revenue offsets when copper prices fluctuate. The company's output includes copper, molybdenum, zinc, and silver, all contributing to the overall financial strength.

Here's a look at the scale of that diversification based on third quarter 2025 performance:

Metal	Q3 2025 Mined Production Volume	Q3 2025 Sales Value Contribution	Q3 2025 Production Growth vs. Q3 2024
Copper	234,892 tonnes	Primary revenue source	Down 6.9% quarter-over-quarter
Zinc	45,482 tonnes	4% of sales value	Up 46.3%
Molybdenum	Not explicitly stated for Q3 2025 mined volume	13% of sales value	Up 8.3%
Silver	Not explicitly stated for Q3 2025 mined volume	7% of sales value	Up 16.4%

Also, you get long-term supply security. Southern Copper Corporation holds what it believes are the largest copper reserves in the industry. At current production rates, these reserves are estimated to be enough to last 60 years.

The company is actively building out future capacity through major projects, which reinforces this long-term view:

• Tía María project received exploitation authorization in October 2025, targeting ramp-up through 2027.
• Michiquillay project has inferred resources of 2,288 million tonnes with a 0.43% copper grade, targeting production of 225,000 tonnes of copper per year for an initial mine life of more than 25 years.
• Los Chancas project has indicated resources of 98 million tonnes of oxides at 0.45% copper and 52 million tonnes of sulfides at 0.59% copper.

Finance: draft 13-week cash view by Friday.

Southern Copper Corporation (SCCO) - Canvas Business Model: Customer Relationships

You're looking at how Southern Copper Corporation (SCCO) locks in its customer base, which is heavily reliant on long-term, predictable relationships rather than day-to-day spot market trading. The core of this strategy is securing volume commitments well in advance.

Focus on establishing and maintaining long-term supply contracts

Southern Copper Corporation's marketing strategy heavily emphasizes securing long-term customer relationships. Generally, between 80% and 90% of the company's metal production is sold under annual or longer-term contracts. These agreements clearly define the volume to be sold over a stated period and include a delivery schedule. To be fair, the price mechanism is tied to market benchmarks; the price is typically set by the weekly or monthly average rate of the commodity published by major metal exchanges at specific dates within each contract. The focus here is clearly on end-user customers, not trading companies or the spot market, which helps stabilize revenue expectations for both parties.

Dedicated account management for large industrial buyers

While the search results don't detail the internal structure of account teams, the commitment to long-term contracts implies a dedicated approach for these large industrial buyers. This relationship management is underpinned by operational performance that supports their supply needs. For instance, in the first nine months of 2025, Southern Copper Corporation's net sales reached $9,550.2 million, showing consistent transaction volume with customers. Furthermore, the company's ability to drive down its own costs directly benefits customer pricing stability or supply assurance; the operating cash cost per pound of copper, net of by-product revenue credits, was notably reduced to $0.42 in the third quarter of 2025, a 44.7% decrease from the third quarter of 2024. Management expects the full-year 2025 operating cash cost to be in the $0.75-$0.80/lb range.

High service reliability

Although the specific 99.4% on-time delivery rate you mentioned isn't in the latest filings, the emphasis on timely deliveries is a stated part of their superior customer service goal. The success in fulfilling contracts, even with production fluctuations, speaks to this reliability. For example, in the third quarter of 2025, despite a 6.9% decrease in copper production to 234,892 tonnes, the company still managed strong sales growth in by-products, with silver sales volumes up 21.9% and zinc up 7.3%. This operational flexibility helps maintain supply commitments.

Proactive engagement on ESG and responsible sourcing practices

Southern Copper Corporation is actively using its Environmental, Social, and Governance (ESG) performance as a relationship builder with increasingly sustainability-focused customers and regulators. The company's commitment is recognized externally; for the first time, SCC's Sustainable Development Report was verified by an independent third party. This aligns with their goal to bolster investor confidence through transparency across 15 material sustainability topics.

Here are some concrete metrics reflecting this engagement as of late 2025:

• Achieved The Copper Mark certification for all open-pit operations.
• Reported a 24% reduction in the lost time injury frequency rate since 2023.
• Sourced 39% of its electricity from renewable energy in 2024.
• Invested $60 million through the Works for Taxes mechanism to build two high-performance schools in Peru.
• Ranked among the top 10 mining companies by S&P Global's Corporate Sustainability Assessment (CSA) in 2024, with a score twice the sector average.

The company also has specific 2025 targets, including enhancing sensitivity analyses for climate change and water quality/quantity, and developing a systematic risk management training program for the Board.

The following table summarizes key financial and operational data points that directly influence customer value and relationship strength through Q3 2025:

Metric	Value / Period	Comparison
Net Sales (9M 2025)	$9,550.2 million	Up 10.4% vs 9M 2024
Net Income (3Q 2025)	$1,107.6 million	Up 23.5% vs 3Q 2024
Operating Cash Cost (Copper/lb, 3Q25)	$0.42	Down 44.7% vs 3Q 2024
Zinc Sales Volume (3Q25)	Increase	Up 7.3% vs 3Q 2024
Renewable Electricity Use (2024)	39%	Metric supporting ESG commitment

The ability to consistently deliver on these operational and sustainability fronts is what keeps those long-term supply contracts attractive to your buyers. Finance: draft 13-week cash view by Friday.

Southern Copper Corporation (SCCO) - Canvas Business Model: Channels

You're looking at how Southern Copper Corporation moves its massive metal output-copper, zinc, molybdenum, and silver-from the mine gate to the end-user. It's a complex logistical dance across continents, heavily reliant on long-term certainty.

Direct Sales to Industrial Manufacturers, representing approximately 62% of channel revenue

A significant chunk of Southern Copper Corporation's revenue flows directly to large industrial buyers. This channel provides stability, which is key when you're running world-class operations like those in Peru and Mexico. For instance, in the second quarter of 2025, net sales hit $3,051.0 million, showing the scale of their direct market engagement. Copper, which was 74% of sales in Q2 2025, is the primary driver here. This direct approach helps bypass some market volatility, though it still ties revenue to the spot price, as seen when LME copper prices saw a +3.7% variance year-over-year in Q2 2025.

Global Metal Trading Platforms (e.g., London Metal Exchange, Shanghai Futures Exchange)

The remaining portion of sales, outside the direct industrial channel, relies on global platforms. These exchanges are where price discovery happens, even for material sold under contract. The London Metal Exchange (LME) price for copper averaged $4.24 per pound in the first quarter of 2025, an 11% increase from the prior year's $3.83 per pound. Southern Copper Corporation is keenly aware of the arbitrage differences; in Q1 2025, the COMEX price was at one point 17% above the LME price. The company also moves significant volumes of by-products through these markets; for example, zinc sales volumes rose 14% in Q2 2025 versus Q2 2024.

Strategic Sales Representatives covering The Americas, Europe, and Asia

To manage sales across its global footprint, Southern Copper Corporation utilizes a network of strategic sales representatives. The company's operations and sales segments cover The Americas, Europe, and Asia. This global reach is essential for moving everything from copper to silver. Silver sales volumes, for instance, were up 14.0% year-to-date in 2025, showing the effectiveness of their market penetration across these regions. Molybdenum sales volumes also saw a +2.7% increase in Q2 2025 over Q2 2024.

Long-term contracts covering 80% to 90% of metal production

Securing a large percentage of output through long-term agreements is a cornerstone of their revenue predictability. This strategy locks in sales volumes and provides a buffer against short-term price swings. While the exact percentage is set at 80% to 90% of metal production, the impact is clear when you look at the operational efficiency achieved. The company maintained an industry-leading net cash cost of only $0.70 per pound of copper in Q2 2025.

Here's a quick look at some key sales and production metrics from the first half of 2025:

Metric	Q2 2025 Value	Variance (YTD 2025 vs YTD 2024)
Net Sales	$3,051.0 million	+8% in net sales
Copper Production (YTD)	479,206 tonnes	-0.7%
Zinc Production (YTD)	Mined production up 52.9%	+25.3% in sales volume
Silver Production (YTD)	Mined production up 14.6%	Sales volume up +14.0%
Copper Cash Cost (per pound, net)	$0.63 (Q2 2025)	$0.70 (6M 2025)

The reliance on long-term agreements is supported by the company's massive reserve base and project pipeline, which is expected to add over 500,000 tons of copper annually by 2030 from projects like Michiquillay, which alone is projected for 225,000 tonnes per year.

The sales mix for the primary metal in Q1 2025 was:

• Copper represented 78% of sales value.
• Molybdenum represented 10% of sales value.
• Silver represented 6% of sales value.

Finance: draft 13-week cash view by Friday.

Southern Copper Corporation (SCCO) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Southern Copper Corporation (SCCO) as of late 2025. Honestly, this is a story about copper, as it drives the vast majority of the business. For the third quarter of 2025, Southern Copper Corporation reported net sales of $3.38 billion. This shows you where the money is coming from, even as the company navigates market volatility, including monitoring U.S. trade policy developments.

The customer segments are best understood by looking at the end-use of the primary metals Southern Copper Corporation sells: copper, molybdenum, silver, and zinc. While the company operates with geographical segments across The Americas, Europe, and Asia, the demand is fundamentally driven by the industries that consume these materials.

Here's a look at the relative importance of the metal sales, which directly reflects the weight of the corresponding customer segments, based on the 2024 revenue mix, which serves as the most comprehensive breakdown available:

Primary Metal Sold	Approximate % of Total Sales (2024 Baseline)	Primary Customer Segment Link
Copper	76.6%	Global Manufacturing, Construction/Infrastructure, Automotive/Green Energy
Molybdenum	10.9%	Global Manufacturing (e.g., specialty alloys, steel production)
Silver	5.1%	Electronics, Jewelry, Industrial Metal Consumers
Zinc	3.8%	Industrial Metal Consumers (e.g., galvanizing, brass)

The demand signals from these segments, particularly for copper, show active consumption in the first half of 2025. For instance, the company's sales volumes for zinc grew by 25.3% year-to-date (YTD) in 2025, and silver volumes were up 14.0% YTD. This suggests strong activity in the specific industrial applications for those metals.

Focusing on the key segments you listed, here are the demand indicators we see from the 2025 production and sales data:

• Global Manufacturing Industries: Copper sales volume was up 0.3% YTD in 2025.
• Automotive and Green Energy sectors: The company forecasts copper production of approximately 968,200 tonnes for the full year 2025.
• Industrial metal consumers in Asia, Europe, and The Americas: Zinc sales volume increased by 14% in the second quarter of 2025 compared to Q2 2024.
• Construction and Infrastructure Developers worldwide: Molybdenum sales volume rose by 6.1% YTD in 2025.

To be defintely clear, the overall market sentiment remains positive for the long term, with worldwide copper inventories dropping 28% between the end of March and the end of June 2025, covering only about six days of global demand at that point. This tight supply situation directly impacts the pricing power Southern Copper Corporation has with all its customer segments.

Finance: draft 13-week cash view by Friday.

Southern Copper Corporation (SCCO) - Canvas Business Model: Cost Structure

When you look at Southern Copper Corporation's cost structure, the first thing that jumps out is their exceptional efficiency in copper production, which is a direct result of their integrated model. Southern Copper Corporation achieved an operating cash cost of just $0.42 per pound of copper, net of by-product credits, in the third quarter of 2025. This figure is one of the lowest in the industry, which really helps them maintain profitability even when copper prices fluctuate.

To put that low net cost in perspective, the operating cash cost per pound of copper before those by-product credits was $2.23 per pound in the same quarter. The benefit from by-products like zinc, silver, and molybdenum was substantial in driving that net cost down.

However, running an integrated mining, smelting, and refining operation means you have significant, high fixed costs tied up in massive infrastructure. You see this reflected in the company's commitment to capital investment. For the third quarter of 2025 alone, Southern Copper Corporation spent $349.2 million on capital investments. Looking at the year-to-date, for the first nine months of 2025, capital expenditures totaled $902.7 million. This ongoing investment, part of a program exceeding $15 billion for the decade, is what keeps that fixed asset base running and growing with projects like Tia Maria and El Arco.

Still, you can't ignore the pressure from inflation on the day-to-day running costs. For instance, in the first quarter of 2025, operating costs rose by 12.5% compared to the prior year. That increase was mainly driven by higher costs for materials and workers' participation. Even in the strong third quarter, management noted cost increments in areas like purchased copper concentrate, labour, energy, and services.

Here's a quick look at some of those key cost and investment metrics from the latest reports:

Metric	Value	Period	Source of Cost/Investment
Operating Cash Cost (Net of By-products)	$0.42 per pound	Q3 2025	By-product credit strength
Operating Cash Cost (Before By-products)	$2.23 per pound	Q3 2025	Underlying extraction/processing cost
Capital Expenditures	$349.2 million	Q3 2025	Fixed asset maintenance and growth
Capital Expenditures	$902.7 million	9M 2025	Fixed asset maintenance and growth
Operating Cost Increase	12.5%	Q1 2025	Materials and labor inflation

The cost structure is fundamentally shaped by these large, necessary expenditures:

• Maintaining the integrated infrastructure across Mexico and Peru.
• Managing rising input costs for materials and labor.
• Funding the multi-billion dollar capital investment program for long-term growth projects.
• Leveraging high by-product volumes to offset the primary copper cost.

Finance: draft 13-week cash view by Friday.

Southern Copper Corporation (SCCO) - Canvas Business Model: Revenue Streams

When you look at how Southern Copper Corporation (SCCO) brings in the money, it's a story dominated by the red metal, but increasingly supported by its metallic friends. The core of the revenue engine is, unsurprisingly, copper sales. For the first quarter of 2025, we saw copper sales account for about 78% of the total net sales reported for that period.

To be fair, copper volume can be lumpy, and that's where the by-products really step up to stabilize the top line and, critically, drive down the operating cost. Southern Copper Corporation generates significant revenue from sales of by-products, namely molybdenum, zinc, and silver. The strength in these areas was a major driver of the record performance seen later in the year.

For instance, looking at the third quarter of 2025, the sales volume growth for these supporting minerals was quite impressive, especially when compared to the slight dip in copper sales volume for the same period. This diversification is helping manage the overall cost structure; in Q3 2025, the operating cash cost per pound of copper, net of these by-product revenue credits, dropped to a very competitive $0.42 per pound.

Here's a quick look at how the by-product sales volumes performed in Q3 2025 compared to Q3 2024, showing where the growth momentum was:

By-Product Metal	Q3 2025 Sales Volume Change (YoY)	Q3 2025 Production Change (YoY)
Zinc	+7.3%	+46.3%
Silver	+21.9%	+16.4%
Molybdenum	+7.9%	+8.3%
Copper	-3.6%	-6.9%

The sheer scale of the revenue generated from these streams is clear when you see the overall results. Southern Copper Corporation posted a record $3,377.3 million in net sales for the third quarter of 2025. That's a 15.2% increase year-over-year for the quarter, showing the power of higher metal prices combined with those strong by-product volumes.

Also remember that a good portion of the revenue is locked in through agreements. Revenue from long-term contracts with pricing linked to major metal exchanges provides a layer of predictability to the cash flow, even when spot prices are swinging around. For context, the Q1 2025 net sales figure was $3,121.9 million, which itself was a 20.1% increase over Q1 2024, driven by volume growth across all metals.

You can see the revenue mix is actively managed through operational focus. The company's strategy clearly involves maximizing output from its concentrators, like the Buenavista zinc concentrator operating at full capacity, to bolster revenue streams outside of primary copper output. The key revenue drivers are:

• Primary sales of copper concentrate and refined copper.
• Significant, growing revenue from zinc sales, with production up 46.3% in Q3 2025.
• Consistent contributions from silver and molybdenum sales.
• Sales structured via long-term agreements tied to exchange benchmarks.

Finance: draft 13-week cash view by Friday.