morning begin Thank welcome everyone on with of Earnings an to operating you today's for In Quarter and We market. Conference related of First will update to Call. and financial Copper's call, very Southern Victor, XXXX Copper's much good expansion Southern copper we results After open our sales, view key we to production, projects. review then cost, and questions. results, will the that, the will session
us business. let core on the market, of Now our the focus copper
though price per I about of XX.X% down decreased an average During of that good Even the see a of possible first U.S. pound. pound trade from of That's, by as prior and said, protectionism the quarter escalation first economy, with the of an copper this XX.X% for falling China. that between Brexit, slowdown $X.XX quarter physical prices had $X.XX per a concerns we and copper, XXXX sentiment year, quarter a at the reflected believe we of world to the prices. we the in of the market Exchange London decrease Metal
refined will points maintain We than and higher expect for a XXXX. be of refined where X.X Asia, demand in view our We total in year. about percentage the copper a growth consumption prices months. recovery U.S. driven X.X% last copper copper in This coming the demand of China more in by will
copper. estimated production that past Chile the during to Peru a production tons loss in side, losses of was total heavy of XXX,XXX and rain, of supply quarter, we due the had and as On
that, this, Southern Let out me lost XX,XXX tons. point Copper of
increased XX.X% of improvements slight and Talking end XXXX. concentrator. operations. this consequence, of Buenavista production production to to new production the concentrator year. In in higher about represented the period of to due operating new Peru, of was sales quarter our quarter when increased at this first deficit the due the usage the quarter expect by In year. a to when the first the XX.X% to reached for XXXX. all As SX/EW compared our in production copper the XX% Copper plants, X.X% the now a at new compared same successful we XXXX of the up ramping Mexico, Copper up at ramping of of concentrator. XX.X% of the first Toquepala increased This quarter the in Toquepala, due of capacity first initial our
new as the this have expansion, we Additionally, of molybdenum initiated part in plant in April. production
this by allowing operation a competitive expect full Toquepala produce to X,XXX copper at molybdenum tons cash expansion the capacity mid-May, of We to XXXX and with very cost. of XXX,XXX tons have in
in very few current our For we the tons million X.X approximately years, required XXXX, our is capacity analysts, to According view to That's of maintain production. tons on which XXX,XXX copper, tons to copper. close one of our some produce the million about years. be tons next decade. for will copper of in next next of X.X yield the will million refined deficit market This a XX additional view
of is cash very That this reach phase production we're competitive our capacity of X.X Given next tons. million a a this XX% in increase a by XXXX, on the copper outlook, program, with positive cost. long-term milestone market developing all to growth capacity focusing of aiming
Copper. case delivering achieve it to this expect We and performance, sustainable has the for and growth, enhanced superior while been that value Southern is
period compares sales first pound in which the prices to $XX.XX averaged company's of X.X% year. it value same quarter Buenavista ore represented performance the of partially Molybdenum producing second of recoveries. molybdenum, molybdenum. quarter, as Toquepala in already the For of $XX.XX per this in the the of result is as is of molybdenum XXXX. a This of XX% in last produced at lower decreased of this XX,XXX at grades X.X% Molybdenum due year by first Toquepala more the mentioned. of result by to decrease tons quarter production This XXXX, production offset this as maintain year price. the the X.X% of mine This and plant a in slightly guidance tons higher coming the lower at better production concentrator effect we we what with X,XXX of new we from site. was concentrator, In our a
of production mainly first the to approximately of as in this XX,XXX lack inventory the our of decreased higher in X.X% X.X% The increased XX.X% represented recoveries. price average damage quarter and pound caused of quarter year. of a the tons decrease first was the the due to per to mineral, years [ph] maintenance grades mine the from the Zinc in of price steadily operation by a zinc the repairing higher $X.XX strike this by higher it Refined San to initiated of year of the well as period has at sales due in Martin XXX,XXX quarter, This by progressing deteriorated of quarter. month. and and milling XX in been result year, of first mine first where compared our mine X% of value zinc, production tons quarter recovery XXXX. to first quarter At program of facilities same end seriously this its For concentrator as of an has were with last an the Santa mine the a Eulalia production the vandalism. production
million. the ounces this value $XX is tons budget zinc of Martin, recovery The at For for of produce expect prices, silver production XXXX, current market operation. XXXX an San forecast we of million has copper the $XXX X.X to X,XXX for and unit of tons estimated At XX,XXX of program million. this
for of by in the XXXX last had Mined value sales of of as March quarter quarter at of silver $XX.XX an production higher quarter, volume the XXXX. operations the X.X%. net increased by silver by represented first Copper to concentrator. new result due Byproduct compared price million. sales to year. to production XXX,XXX our the Toquepala Refined average Toquepala ounces program year zinc, XX.X%; mainly in the new silver first of a of same ounce of $XX.X coming concentrator X.X% of due production mainly quarter $X,XXX.X this expense X% Toquepala. increased the X.X% XX, [ph]. first with a As increased by – at period our quarter X.X% a from of X.X% from per of additional the Silver production decreased total first volumes production the when has our quarter, were decrease silver of in of In sales the first million by from in
due particularly of case decreased While metal by X.X%. net Overall, copper of XXXX. than to prices, lower lower molybdenum, volume sales price, first the X.X% the quarter were in the in
decreased The million operating the quarter Regarding we by in X.X% cost our $X.X where of been copper to compared decreased XXXX. it first when or purchase concentrates, cost cost, by main $XX its that, reduction The has related cost to consumption, lower of top variances leachable we participation. difference positive and some workers' depreciation inventory and translation factors. on higher offset had material and by other reductions And were partially million.
year higher was quarter This This of first is in million. The was last margin million XX.X%. EBITDA EBITDA than for the fourth was million. first – quarter Our EBITDA $XXX quarter with XXXX. fourth XX.X% the of the XX.X% $XXX.X that adjusted for compares quarter $XXX.X
going for copper lower cost and provide our cash cost, per XXXX. in operating in of year. information $X.XX offset I'm credits treatment release, is cash $X.XX value higher the quarter the in lower cash pound for the quarter of refining administrative have XXXX it XXXX. X.X% of comparing to premiums fourth than of pound That production press charges, the Operating that and of was we a expenses. were result higher byproduct For fourth in This first per the compare from this first partially by to quarter call. before pound it per is cost, with cost the of cash last cost quarter cost,
Southern was the This in in of per of reduction the we operating the of cost that cash including $X.XXX cost. credit, quarter pound is was XXXX. of X.X% cost than first our fourth pound XXXX. byproduct quarter had in cost, lower Copper per benefit cash $X.X a $X.XXX cash cash of the This
share. with Regarding the in figures byproducts, credit in compares XXXX. with of total the net compared had is the $X.XX share million, $XXX.X This pound of $X.XXX in XX.X% $XXX.X SCC for of per sales $X.XXX credits have increased pound X.X% which earnings credit quarter figure a we is of and to million in share, XX.X% per of silver, or acid sulfuric $XXX.X Net of or $X.XX. shareholders that of $XXX earnings the quarter first terms had when shareholders was quarter molybdenum per first increase a million diluted and attributable sales. represent of of of Copper attributable to Southern or earnings were last This the first of and year That, zinc. fourth this for Total gold income per for million. per quarter XXXX. decreased of we These year
strong quarter discipline and us quarter of invest financial were investment outlook we in based million in of capital you to allowed the superior prices develop. but year this to compared asset Copper for our investments the as the the $XXX.X our first not consistently has expenditures, copper into Capital is the that quality first years, on million basis continuous the portfolio. Throughout Southern Looking operate our a know, philosophy on on in XXXX. of assets $XXX.X
already of $X.X $X.X the increases investment Peru currently and been Considering program project, For in billion of billion Peruvian we billion our have total in investment; Peru the $X.X Los to portfolio projects, of Chancas, projects $X.X $X.X billion, approved invested. Michiquillay a which billion. have
Maria, that Toquepala a year, for this environmental the when in $X,XXX completed was billion The quarter this second and the fourth to Tacna production the includes region the Energy of project year. this reached mid-May. and fourth state-of-the-art last to the of in from year. tons Tia operation requirements, XX% and we expansion increase March new the completed of compared the located For is the production this quarter of received million case all $X.X Full have responding concentrator expected in a invested in engineering the production XX quarter of be Toquepala’s XXXX, construction Mines XXX,XXX Through in of Peru, will Ministry to by increase including observations production expansion. In we in copper annual last project in initiated to project XXXX.
refined license to project copper the $X.X billion of budget the capital first greenfield expect total this construction We for a receive year. in of this with half
the for valley, one construction the initiation will Maria that estimated Forjando for economic jobs, the Tambo our ongoing Tia will its eligible train which is of After are will Province training, believe to Forge Maria company with the the in addition direct We communities the XXX construction that your generate In opportunities Islay work Province X,XXX indirect be Futuro, program, and to and the phase. participants the required from during apply X,XXX the Future, labor of currently the social Islay significant Arequipa be to X,XXX Tia deploying of for XXXX. successful of activities people region.
have of helping Additionally, of and moving local assessment Maria of the in communities efforts, Tia develop work review extremely that by we honest forward and team, the of in and the project. We efforts project. government those fair project its of believe the this company the Peruvian the helpful with in appreciate a conjunction their been the assessment
mining which XXX,XXX per one. will workers taxes, soon indirectly year generate be social We expect day a from will will directly and through license produce provide to Maria and significant of development its paid the issued, and expect opportunities When tons contribute development contribution be and X,XXX. construction will XXX employ Arequipa copper operation, that we employment The regions. jobs to generate in which in a to Islay project refined Tia and royalties for another
and to concentrator. facility project and a of This development that Company’s in is XX,XXX the project concentrator our Buenavista per produce zinc Currently, tons completed, have of the includes and we tons XX,XXX project construct concentrator project X,XXX project is approximately $XXX to within copper Mexican will requested. the the new in the been year. Regarding zinc the basic have jobs. located zinc concessions a Water operations million, have initiate this to expect new of budget will we zinc completed The – When new capacity we generate is XXXX. engineering. Buenavista, production double
X.XX% off-road copper region, significantly presented This environmental facility ore of Sonora were the open-pit is improve Caridad, studies to for mineral will consists The For capacity from mining the trucks. our the of in located being XX-meter Caridad. grade mine operation additional Caridad away the from Environmental land authorities permit and project acquired. of overall located This is mine ore the Pilares government’s $XXX by Pilares tons start project annual ore will million, project it the La crushers the copper in Caridad. to primary six of XX,XXX ore a also to of the budget for Pilares combining expect producing the from XXXX. early the new pit of with in grade Pilares with concentrator an La and is transported X.XX% of from we La production The an through be wide operation concentrates. to kilometers La Caridad
is a meeting stock, operations, it appropriate up to quorum will resources you for With flow expected generation like announced the common May and plan which cash Accordingly, the investment ladies and on of authorized Board quarterly capital market the a close $X.XX of much of questions. policy company dividend. in XX record position, joining the you the per order at needs thank business us, gentlemen, on to shareholders Regarding Directors share payable each X. know, we'd dividends, mind, open to for and of dividend May of in on XX, now to this the very cash be at company as other financial April from board determine review cash as to
