morning and we Board me Thank welcome company. Mr. everyone are, in of and begin Member; today’s to you some conference earnings Oscar quarter and full Copper’s Gonzalez fourth on the conference call, to year and Copper’s Rocha, call. very Victor, executives XXXX much the good Southern update Participating In an CEO today’s of copper will Southern with of view and our market. with
that, then operating the session we to the review key Copper’s for production, questions. will cost, results and sales, results related After will We financial open Southern projects. expansion
us focus of copper market, the business. on the our Now core let
$X.XX the $X.XX, to that increased is price While X.X% in copper XXXX. from increase a
a last an XXXX in copper quarter During the price quarter last of $X.XX, between XXXX. that from see and the of prior possible copper, sentiment we trade reflected we to prices fourth of States the of reduction is a though physical Even the decreased market falling in quarter of the X.X% escalation $X.XX fourth year, a the the good United protectionism for quarter of believe China. average of
by tons, it’s approximately side the reduction warehouses higher in on labor leading balanced supply inventories though a in coming the XXXX, to of beginning March X.X%, refined in In technical major the the February peak marks, decreased million copper difficulties in the reduction. was copper as XXX,XXX is X.X disruption months. From at forecast refined is a was of than market expected of expect XX, XXXX a to the copper growth approximately in inventories of that much XX% of growth these tons, as or X.X% We X%, copper prices recovery no was supply analysts negotiations with to scarcity. demand an that due there yesterday, the XXXX. of Even wasn’t there reflecting significant significant
case a economic role, a and about copper X.X%, believe demand worst our refined will but supply slow of considers down at grow yielding copper XXXX, we on Consequently, at market X.X% upward For put base year recession. a pressure that deficit, about price. not will in
out of Let a tons X.X ore points growth demand. new me that percentage of demand are approximately copper point XXX,XXX
believe as positioned performance, outlook, and current continuous the to production, commitment Copper is to cost to our well uniquely continue delivering we market superior Given Southern as enhanced value. increase low growth sustainable
cost investment low grade quality with opportunities. best-in-class, to offer high attractive in the days Our reserve highly large growth continues jurisdictions coupled operations
addition, its robust our the capital financial for required In execution. flexibility and structure strategic provides
tons produce of expect XXX,XXX we XXXX, to For copper.
developing focusing Given copper current on increase X.X milestone market a competitive the program, reach we’re of million phase a cost. very the production of XX% XXXX, that cash is next our tons, to with capacity by in a growth outlook, aiming capacity
value that superior these been the for Copper. and has case expect Southern enhance performance, while achieve it sustainable We and to delivering growth is
focus due same X% the last mine, on the production in in now fourth fourth sales quarter year production by compared which XXXX. This to Let’s Toquepala of period XX.X% past production it’s of to the increase the of the quarter last quarter our for principally at XXXX. higher year quarter. Copper XXXX. was Copper in production XX.X% increased and XXX,XXX represented Southern of Copper’s tons the to
is production operating operations concentrator the initiated at and project completed investment construction of program, we copper currently the second at result expected X,XXX with last in of of it’s fourth expansion new Toquepala the a quarter As year, of the additional this tons of Toquepala. capacity. Continuing copper concentrator in the production the from new has XX% have by our year. Full where quarter Peru, of
copper to compared X.X% tons. total our of XXXX, production XXX,XXX For increased tons with production XXXX XXX,XXX
add products X% year’s at Southern prices Copper’s Considering concentrator XXX,XXX XXXX, tons cost XXX,XXX for of last leadership $X.XX of cash to to bring with additional to cash $X.XX, tons cost producer. us set a a per ton per year, new allowing XXXX, to of will we copper will copper. pound, reach year, for lower cost of production This our this capacity, For average copper new a us production last our our of annual expect an production. reinforcing unit the as Toquepala annual cash even state-of-the-art low-cost record main reduction
due our increased represented with X.X% from Looking in this last Molybdenum to it pound grade X.X% year new In production Buenavista XX,XXX fourth Toquepala as last produce value from of tons with from compared concentrate. Buenavista. a production sales know, our in increased result higher And by that molybdenum of to XXXX, XXXX, at due plant. which by average in our recovery it’s offset and quarter at X,XXX fourth Molybdenum, new production molybdenum higher Resulting production. the fourth of results at is the of production and molybdenum the we operation, -- $XX.XX compares quarter $X.XX tons you of Cuajone is principally coming a point. molybdenum, of year. the additional into ton a the mark produced by-product Molybdenum which production the partially the Toquepala, at that XX.X%, includes XXXX molybdenum XX% increase improved company prices which the of Buenavista in per in ore by In tons its These X.X% an production quarter, the main increase better XXXX were increase. plant XX,XXX it’s to production of expect XX.X% production at the plant. we lower in mine XX.X%. quarter concentrator to as by of per
by fourth per of the in quarter, higher year the compared reduction fourth and Zinc quarter offset Barbara compared production a last X.X% last value to fourth the partially production Charcas at price due year XX.X% recoveries. an sales to our quarter quarter Refined Eulalia. while to XXXX. In pound of were to mine of milling period same XXXX. of in production XXXX. Santa with year, due the by grades. of milling at price higher case quarter production tons of increments mine, from Santa higher was increased of production result of X.X% increased the the quarter Barbara Santa represented result production the was the of fourth which the production This XX,XXX the recoveries, increased Santa Eulalia, ore to grade of zinc zinc, the and last These lower lower For XX% in of by $X.XX of and higher ore fourth in average for
Martin previously the Zacatecas, As on reported of located Mexico. control resumed August San mine, year, of in last the company
during budget Martin -- As an XX Once lead an of the tons San of San legal have XX,XXX Martin capacity copper of stoppage, X.X $XX of of per X,XXX will in order ounces zinc, production tons and major deteriorated production pounds facilities sorry, restart an a operations annual of of X,XXX the operation, the I’m estimated of silver, with million undertaking year. additional we’re we in capacity million. capital years to renovation believe,
mines direct Our this as new generate restore San indirect X,XXX operations, labor facility. Martin labor When currently will for in force jobs is approximately to approximately as XXX opportunities contractors, and working it’s well revenue Eulalia In of produced an production. Barbara tons zinc, Santa of we Santa and because for of XX,XXX local recovery state and X.X%, federal, boards. the of XXXX, mainly increase the
year, produce XXXX, ounces last of of ounces compared when in of of increased silver of increase compared in important zinc XXXX, For quarter fourth XXXX, our in production production. And XXXX. XXXX. the XX.X% for per we an in contribution we X.X% Martin million quarter an from grades. and our of contribution zinc, quarter, resulting to the $XX.XX expect XX.X% price a X.X production, the increased XX.X of with a quarter the due or XX% to in IMMSA million production, this fourth the production Martin a production expect the an decrease Toquepala. produced to a XX% this with significant XX,XXX quarter of XXXX. to average will higher XX,XXX of San case silver, XXXX from of last XX.X tons in period mainly of San the mine, ounces Mine And XX.X% from tons In increase from to Barbara mine. year’s of Silver fourth operations, at sales produce that the the it production fourth same X.X% by of year, we of refined when ounce to value silver, compared increase million higher represented by Santa is the In when result mainly silver
fourth lower billion, already. lower the were into XXXX in in by of is Looking that XX.X%. for as reported our scenario for or sales quarter fourth than and sales quarter volume prices This Copper of the sales XXXX, results increased decrease sales a is X.X% X.X% by value. value million decreased financial $XXX.X $X.X we a of
which volume, zinc, to Regarding lower by prices In volume, XX.X% of have of increased sales silver, the XX.X% sales XX.X%, increased and sales lower that by for In have by XX.X% to our price. due main was XX.X% lower increased partially due by by prices. decreased X.X%. we which to by by-products, we and higher volume, offset case due which better better the molybdenum, higher which the of mentioned case we have
Operating the cost partially been the the in is consumption, cost, offset cost XXXX XXXX, the quarter Adjusted the value fourth rate for and fourth a cash in and expenses. million that is by-product cost diesel, from the of other were $XXX.X fuel fourth increase of XX.X% to cost. $XX.X credits Cash and expenses, copper factors that fourth when were operating These margin before a compared XX.X% EBITDA in by-products the treatment higher compared by repair and is of $X.XXX increased cost total pound for quarter main exchange X.X copper premiums. per margin lower of that million, increases per concentrates have energy, administrative before with XXXX. lower lower by of purchase. partially $X.XX result higher and higher by quarter quarter per or pound This increment refining production offset expenses million inventory pound $XXX was was XXXX. quarter operating or differences, of XXXX. for materials cost cash of Our sales charges third The than X.X%
the cash XXXX, operating third that This $X.XXX cost, the higher cash of is was of credits increase. quarter of Copper the cost cost Southern of including in than quarter was pound fourth X.X% by-products X.X $X.XXX $X.XXX per benefit cash last the year. for –
the – in pound of $X.XXX had total quarter XX.X% by income per of XXXX. These share. we a compared X.X% of sales, fourth share or an and when Total for attribute to or increase have credits by molybdenum million $XXX.X the silver sulfuric diluted was million XX.X% is quarter $XXX X.X% credit third by-products, or of per in decrease acid of and of for a by the decreased X.X% pound X.X%. with million Regarding quarter SCC per represent of XXXX a Net in fourth credit $X.XX in XXXX. shareholders for per $X.XXX figures $XXX by gold, the zinc for that earnings
we it $XXX.X on that the operate for copper the investment prices, Looking allowed years, Toquepala basis Copper’s develop. outlook our investments on strong $X,XXX.X XXXX in – is Throughout with in to the expenditures, investments quality has Southern financial were superior but in million philosophy, for the a capital and XXXX. asset portfolio. in expansion. on not the of based million million consistently of Capital assets Capital discipline our compares include into that invest continuous XXXX us $X,XXX.X
a of in Peruvian portfolio billion been increases Michiquillay, budget billion investment Peru of $X.X approved billion $X.X which to $X.X $X.X total invested. billion has project board project, in our program of Regarding Peru our $X.X Chancas the Considering our have and projects the already billion. projects, capital total Los
a completed to annual this XXX,XXX region, compared second of of $X.X Toquepala´s $X,XXX fourth production in XX% XXXX. production expansion is increase new-state-of-the-art December the project reached of production for in quarter increase in XXXX, to Full will a to includes it have when of project Toquepala construction of last year, billion copper XXXX. located Tacna concentrator year. last the and For project tons this that the this The we production Through initiated was the invested be by expected in expansion. the million quarter operation
and part and of southern through – Tia received region last XX from Mines. all located the environmental the November Ministry we For the X engineering project completed the Maria requirements, of including Arequipa Energy of in observations of the year in Peru, south responding
construction license billion greenfield project first to XXX,XXX expect of annual total budget ton capital receive of $X.X this with We copper the SX-EW for XXXX. the a half in
our mining apply XX,XXX state Currently, to one its Future” and we of successful When of company new is zinc the for Forjando to copper, XXXX. and In work Environmental project´s directly government´s for the significantly crushers is the will the employ the generate concentrator indirectly the approximately for concessions X,XXX components. were Maria the XXXX. with have and the budget tons provide for significant process Arequipa will wide been are we province copper from taxes We and in authorities project region. I people from a in activities with workers. capacity pit to to a Valley, the mineral requested. completed, and we Water produce jobs Islay is copper opportunities concentrator participants development concentrator XXX generate working purchasing jobs a through and labor the eligible main the XX-meter required expect from train mining completed day located, by deploying annual to of production operation, Sonora is concentrator the on X,XXX off-road permit transported the is project to the land million, workers will and The of operations acquired. the be being the of early Caridad. and double expect the Tambo of in year. be La the $XXX studies approximately announcement. an this zinc Mexican facility production. to from grade Maria in one capacity currently will believe consists $XXX social After Sonora La of tons The will of zinc the primary improve this kilometers “Forge new presented Caridad tons an contribution the the This XX,XXX new operation will away addition project the is trucks. to basic expected combining will in XX,XXX X.XX% for ongoing The ore from budget have Pilares When to copper by we Buenavista, Your the Tia state, of it significant X.XX% Futuro ore operation, Pilares a also and located of per the and includes grade XXXX. zinc in project open-pit community tons Pilares for that XXX,XXX and in Buenavista over-all expect will phase. of ore in engineering projects. ore economic royalties project, estimated Tia producing produce The Dividend La grade another initiation concentrates. said, mine of of construction as Tia the X for Caridad initiate company start that the million Province during Maria additional construction with and XXX Islay training, program from
of business XX the at of Directors share close $X.XX announced authorized XX, appropriate Regarding dividends, quarterly of to of determine common a investment stock other it payable policy at meeting market from in the as the XX on as this flow expected company’s financial shareholders February to resources on of operations, cash the the generation the you each and per dividend capital to order position, to is February Accordingly, January on of know, needs year. review Board company cash record plan cash board dividend.
in of share settlement February company directors, of XX thank close questions. Grupo Mining The have totaling of of forum been the on current now Americas and the dividend business gentlemen, paid of of legal to plus its this part and Americas much of like fees will for Mining at Mexico to joining behalf Grupo shareholders record by million, year as brought ladies open With us, the former its on $XX.X claims settlement XXXX, of per the this against addition, Defendants. the XX on be for of Corporation, than a Mexico, mind, dividend, In and certain I and Corporation. very and will million, you $XX.X February shareholders funded other up $X.XXX
