Southern Copper Corporation: Cuajone and Toquepala grade drivers behind production and guidance change

Southern Copper Corporation 2026 Q2: Financial Performance summary

• Copper production was down 3.5% year-over-year during the quarter, driven primarily by ore grade performance.
• Full-year 2026 total copper production expectation was adjusted up to 917,000 tons versus prior expectation of about 910,000 tons.
• Lower Cuajone ore grades were attributed to about 35,000 tons of lower copper production versus last year.
• Mexican operations (per management) maintained production levels; however, Peruvian volume was characterized as lower, with about 40,000 tons total lower volume in the Peruvian site.
• The increase vs. the prior plan was described as improving output relative to the company’s earlier target, but still below last year due to grade effects.
• Toquepala-related changes were cited as the offsetting factor versus Cuajone, while Mexican operations were managed to maintain production levels.