and Thank Mr. welcome Southern you Southern Oscar XXXX Conference Gonzalez Copper and conference, today's CEO of to Call. Quarter Rocha, very At Good Board First I'm everyone, Victor. Results much, member. morning, Corporation accompanied Copper's by
of view copper with an In update market. today's call, will our we begin on the
We projects key sales, will open results related operating cost, questions. review Southern then Copper's After will to financial and we for production, results, this, session expansion the ESG.
$X.XX Metal prices of for of XXXX, on higher we're focus in range business. per first this $X.XX let's quarter Exchange In of $X.XX price increase. of Now outlook the increased average those per first Currently, pound. the London of to pound, copper company. an an from XX% $X.XX per And pound, copper of are in the that the price market, pound average XXXX per positive the seeing core quarter the up which our is the the to $X.XX than remains year,
influencing are factors following market. the believe the We
economic COVID-XX The is grow particularly recent X.X% An in in expected that in consumption to first this in due outbreak. terms demand we slowdown assuming between place, U.S. the year, are China will X% to of copper
world which the of uncertainty affecting that represent copper, understand we production the in and supply, future supply market. together Regarding growth Chile XX% of regarding Peru, it's
this the in first of of registered Chile drop a production year. X% quarter
its conflicts the due of Iquitos. XX% is production Peru, risk social currently in to the in at While
the for year is tons copper Peruvian supply relevant tons of market for been deficit copper invasion expecting market most market supply, year of about to [indiscernible]. in Ukraine. this the of addition to XXX,XXX has disturbances, market these Considering for are the Russia's due a In factors, XXX,XXX these shut out houses per about which the
the quarter copper Looking decrease reached of of at profile, first our quarter. year. this production of this in production a to represented of Copper in XX% the compared XXXX and our first tons XXX,XXX quarter sales XX% registered
to at led stoppage fall level of the reported attributable Cuajone, tons was the of the which from corporations XX,XXX production XXXX. the of This in to same quarter effect the
reduction partially In by addition were at our temporary to a mines and recoveries. Buenavista. results experienced to Cuajone La and Toquepala in the lower offset ore at higher we event, due grades Caridad production These production
during on community that the past Pocata, minority the quarter. us focus individuals XX XX Coscore and this Tumilaca, of of On stoppage approximately Cuajone the affected group from February me ] a Let of [ Tala. year,
it protesters facilities that comprised the reservoir homes to X operations. Blanca the Cuajone also of the approximately is the water cut and names say Viña me members. seized community people has Let X in Cuajone. and These affected that the live XXX These that off at supply X,XXX water
about XX action, through also between the state attempts of region. of excuse XX, the emergency several on weeks members authorities by XX, community government and Cuajone Prior dialogue, railway in Peruvian declared April Ilo to order a restore After Moquegua was illegal in this a the -- blocked please. to February me, group by the several of
necessary company. water steps returned resume the immediately at protesters acts reservoir facilities to the took XX, to vandalism the production of personnel to the April evaluated the of Blanca the Cuajone SCC mining installations unit. by the damage and the On railway the caused and Viña
facilities operating capacity. are of concentrator As railroad Cuajone the full today, and mine the related Industrial at and
dialogue and XX, April to the X-party-round-table, better the to issued including establish all representatives Ministerial up a set Saturday, is Peruvian community of concerns. a a that government on understand past state, This the company parties' Resolution to
the parties benefit formal company's The solution both safe work a company's to to much a the the contribute that to Cuajone process fact drinking The employees. water Peru. the trust goodwill concerns.
We drive that region communities agreements and community with rights our for recognition all the to development material and needed obtain all the and the families for of bodes government at of of bolster and revenues well Peruvian satisfactory the in dialogue will initiation of the in the their and will employees fundamental shortly begin efforts
For expect which plan. represents of XXXX tons compared a the of we to copper, XXXX, to produce decrease XXX,XXX X.X%
to XXX,XXX this tons. grades year Our reduction continue by plan in temporary the is copper Cuajone the the and Peruvian and will at operations. affected recoveries by production Annual be for for at stoppage ore
We Pilares bounce we in back to through as expect to around generate production XXX,XXX our Buenavista concentrated. projects of and track XXXX production back Peruvian new get on copper our tons, zinc and production
of quarter represents in increase currently it and the that quarter of prices almost XX% molybdenum, about is a prices. per same the $XX.XX For Molybdenum sales in year. the by-product. first compared this in XX% $XX pound of company in last represented had our we quarter the average the year significant first to of molybdenum This
decrease obviously, grades in Molybdenum the Cuajone Cuajone the case blockage. due production at mines of in Caridad operations. And impact our these production decreased were higher by which the lower was the in of to and first mainly production by partially Toquepala at offset X.X% Buenavista driven quarter, results and a the by both
times congestion. supported maintaining in first production decrease X.X% of believe factors will Silver that this be price these sales period and We quarter the represented of help an by molybdenum same an also with of quarter, China, average levels believe through value exports will seeing year, prices XXXX. prices the lower we're from per in good that of We in the our uptick is which had XX.X% at port by in past this also Toquepala, IMMSA ounce reduction for delivery after of from from at at Buenavista the $XX.XX mines. increase X.X% the a that affected -- decreased refinery. partially our La production to La increase Refined our and were a production fell production Caridad in was in by silver We by production is the by currently second first silver all silver Caridad, and XXXX.
Silver at increased XX%. of by-product. quarter the due Mined offset reductions mainly production Cuajone quarter, in an X% in an
was quarter. production by they of XX.X% increase and Santa a into zinc represented price sorry, of at value in is quarter-on-quarter, in sales production XX% mine wise. This with Charcas. driven prices by lower XX,XXX totaled This average in Barbara and -- sales, Looking decreased per our our total Martin X.X% $X.XX the Zinc pound I'm an primarily San sales tons.
backing refinery the Refined the XX.X% explained Martin had that Luis production in the was we zinc first beginning and year, refinery. San and And capacity the at at after San sold year of full production last we're -- the increased we quarter. mainly refinery an through back of the by XXXX bounce incident Potosi had our by was at affecting this operating
financial Looking our at results.
due prices. decreased XXXX $XXX For better quarter for the by quarter first first in $X.X X.X% sales. sales value volume higher sales sic is Copper XXXX were increase the of of billion. or to while XX.X%, X.X% increased ] [ million this sales than year, This
As XX%. prices increased by say, I'd
XX% Regarding decrease a partially higher offset better our reported by in we main by due which to and sales prices by-products, volume. of molybdenum, increased
of to zinc XXX% prices an We sales have in due and uptick better volume.
In silver, XX% of a we decrease the and in prices case lower have due of sales volume. to
currency and to cost material, Our local operating These consumption The has explosive cost X.X%. total compensated cost and main lower $XXX.X costs. increased increment been exploration and by operating diesel copper, increases expenses appreciation, repair partially due by participation. and were fuel, million or purchased inventory workers' and
slightly an of $X,XXX of X% million first million, with of that which we had was The in than XX.X% in lower same adjusted the represented quarter EBITDA XXXX of XXXX. The increase registered the regard first EBITDA was the quarter margin XXXX. period the $X,XXX adjusted to XX.X%,
was the was of the this per For which pound quarter That operating before $X.XX. the cost expenses. partially offset quarter cost higher year, production in cost the treatment aforementioned and refining result cash operating per premium pound the is copper for lower value from pound administrative lower first cash This fourth per cost, credits by $X.XX increases $X.XX a was by-product cost last decrease in and in is of and than year. of cash of charges,
had benefit cash including operating in by-product and that of was quarter cost cash per in the pound cash $X.XX the was cost first of we This cost, fourth Copper of the credit lower year. Southern $X.XX of this the $X.XX XXXX. quarter
$X.XX Regarding of of credit had by-products, $XXX.X pound year. the per a we million quarter total first this or in
increased we for of for or of the and of compared an These a last first decreased compared with Total when silver credits quarter year. molybdenum and have XX% fourth per when figures sulfuric trade $X.XX and represent the quarter XXXX. the for fourth pound acid of $XXX zinc, million this year quarter increase
Net in last with quarter year first The in XXXX. of the a income million, registered in when was was $XXX.X quarter of XX.X% versus the first $XXX.X compared which quarter first the of XXXX increase the represented quarter in net year. X.X% first the of income million XX.X% margin this
control resulting cash first our posted operating first from an quarter sales of was X% efficiency. from the XXXX. strong million This and million, over quarter increase in to which improvement of flow the cost was the activities Cash higher $XXX.X at in represented $XXX.X operations attributable generation
CapEx Looking into investments. our
As prices to mentioned the make on consistently Copper's allowed develop. philosophy the outlook we is of portfolio. but operate considerable we financial ongoing in have strong our our the investments copper and before, investment not the based that years, Southern asset us discipline quality for on has assets Throughout
million period which year, quarter to XXXX. In we decrease this investments, the of reflected the on capital an compared same XX.X% $XXX spent of first
or CapEx year. represented XX.X% income -- the quarter's of our This net for past this quarter's
$X.X at and the projects totaled billion. invested. portfolio Peru of of $X.X Peru program already our Looking If our a include in investment which we Peruvian Michiquillay commitment billion $X.X projects, Los investment projects, been Chancas reflects billion total approved billion, has our up-and-coming current for billion for $X.X $X.X
the welfare consistently Tia Peru, the of For has population promote Arequipa the Maria Copper been Islay in to located the province. working of project in region the Southern
these the the implemented of development region. have successful in to quality life we healthcare in efforts, and of part improve programs As social productive education,
in supported Islay. fishing We tourism agricultural activities promoted in have Tambo growth and manufacturing, livestock and also Valley in and the
at view of activities province reiterate Arequipa that construction and generate the for We economic the significant Maria will opportunities region. our Islay the Tia initiation
projects economic in on is sustainable the Peru, crucial a situation move to it current ahead that will stimulate Given cycle. growth
will it the to generate jobs labor priority a during expect fill local Tia Maria the to that X,XXX make construction. to hire We we
directly XXX X,XXX. jobs another expect employ we Maria When workers operating, to Tia to provide indirectly and
our of we X the Arequipa will via significant in generate day revenues and from royalties to Additionally, operations, contribution region taxes.
a open-pit of billion, concentrator greenfield project copper operation Current this copper region copper project tons with is tons This content Chancas Peru. with and SX-EW XXXX. oxides of and indicated porphyry tons in investment Apurimac. molybdenum Apurimac X,XXX project. It's begin It's produce and expected million in The this of envisions of annually. a a XXX,XXX XX resources million of located $X.X copper and Chancas combined estimated mineral Los a operations mine of X.XX%. sulfides with in X.XX% copper The in is is Los of content to and of deposit. to of tons are XX the estimates a molybdenum for an project processes
impact work to on first the for social and we the improvements assessment. environmental local and engage in the In quarter, environmental communities project's continued
required per the million When program, XXX,XXX tons Michiquillay copper of project to Michiquillay -- an and produce gold molybdenum, mining approximately cost. tons and is up For world-class a mineral years will of life expect to be of estimated cash billion we We tons silver estimate Michiquillay year X.X grade X.XX%. an Michiquillay an mine with billion developed, $X.X investment expect start copper production by-products resources inferred with with competitive along by XX XXXX. of that for initial and of of a for
communities create a quality regional national to one and an jobs contribute backed programs local, the governments.
The communities the agreement the of in significant largest and the in-depth in and Cajamarca will level. signed with Michiquillay mines this life project residents new business represent are taxes the region, social technical important by become These of to an allow at Copper for events improve that with the exploration quarter copper generate opportunity year. communities local royalties will opportunities framework Southern second social via of for Michiquillay last steps strong the to of and work our social these and the program initiate the year Peru's and of will Encañada
For year. facility project of within tons approximately produce zinc includes This the the zinc to concentrator a new per tons copper XXX,XXX we of Mexican projects, have and the Buenavista located concentrator development in Buenavista XX,XXX Sonora. the of and is
and the necessary capital XX% on budget the site.
Construction which study the equipment, We site is million. The progress. at have in completed has engineering all are procurement works progressed permits all $XXX has is and the project main
As of project. of this $XXX.X year, invested March million have this in we
to operations of next X,XXX double new year jobs initiate second XXXX. provide completed, and capacity When will We expect direct half zinc in facility the the and company's production XXX indirect jobs. this
crushers ore been with is pit copper tons kilometers mine primary will the from built mine A open-pit of an the copper XX-meter Caridad La off-road Sonora. used La new transport facility also capacity concentrate. X the located XX,XXX have of annual mining This trucks our the to of be The project at from Pilares project Caridad operation in to concentrator. in consists an production and wide for
mineral improve of This project will significantly the concentrator La grade Caridad. the at ore overall
We $XX.X the will La begin obtained $XXX which X.XX% invested of expected million, have of as combining has licenses The from to Pilares and million last X.XX% production obtain March we quarter with Pilares The XXXX. in of for and this that year. of ore budget is Caridad. the grade by from we permits all expect required, project the
production tons cost-efficient friendly is copper low anticipate budget The of It's of contains Pilar Buenavista technology. an intensity tons project, oxide an operation highly X.XX%. of of low is We XX of El Pilar, environmentally Its ore cathodes. estimated greenfield probable copper million from strategically annual capital away mineralization $XXX average capacity will operate it's open-pit and copper a copper will -- Pilar grade proven El reserves our that intensity in El use million. with for XX,XXX capital Sonora, with mine. kilometers and located This as Mexico. mine XXX SX-EW an approximately which
the expect and XX to developing begin engineer engineering XXXX, have from adequate the at project pads basic the levels years. mine copper recovery. finished in experimental study We and study of environmental continues is Basic in the -- production activities. estimated the results the process is life and leaching site confirmed The company
mining in and an peninsula grade the million Baja leach reserves of Baja an has estimated million combining California. project budget $X.X tons of includes of deposit which material central an Arco, The is of in located It El with is of production with part California, concentrator of the X.XX%. billion. area, total a ore is grade the of mine ounces and all X,XXX completing committed with record tons all with this copper governance matters. permit. world-class environmental, relevant ore XXX,XXX of XXXX.
SCC the also is environmental ESG analysis The the process our In best reviewing investment in to informing that to in concessions started company our acquire sustainability study impact our we've social the adopting in and to in request improvement has practices other registered about is progress and baseline Several its is back, we main ongoing began by basic years stakeholders and indicators. these rights sustainability engineering the and improving It capital to gold X.XX%. operations. of located has copper average over tons Annual community an SX-EW to strategy, expected open-pit XXX,XXX XXX line
by the In last our terms in of of accident safety, and we years. personnel X own reduced rate XX% the contractors
over community has our period.
In and Scope present tripled, provide addressing and to our X investors we validation XX% concentrator strengthen while certainty to third-party to mechanisms the we the than efficiency gas increased As the the greenhouse the by matters, are main order through In X% for listening continue programs served stakeholders, practices. far of consumption concerned, and progress environmental indicators by and regarding the our population concerns. our of social social we in and emissions reduced the freshwater as environmental X our more to
ISO our underway XXXXX occupational are Barbara Lime management mine XXXXX the XXXXX and the to our our certify the the certification. San management year, quarter Caridad under all and ISO of and at ISO obtained Santa in environmental safety first systems Efforts mines XXXXX international in And and this systems units.
In health Plant certification. Sonora, mining the and Martin standard, ISO
sector management high coast. the small Grupo company change towns the the average for region climate XXXX, desert dozens Peru above positions in comprise to disclosure from that The of and and our Regarding operations B, Level levels region. rose in the Mexico which carbon in X of live the communities the the Andean between surrounding our project, evaluation going C Level
Cularjahuira We the last and we the Candarave. X.X construction needs start standout This of and first will water families benefit infrastructure XX the dam in continue challenges in relative In meters the in quarter influence years. mine. the XXX facility cubic invested of to of Toquepala XX% This irrigate representing of of area our the supply, supply to and million to located of XXX employment.
Investments water to land million the year, $XX.X of the water the of address education up local directly for this is of completed agricultural will hectares province farmers. in
plans expected is generation quarterly review to dividend, financial Board to our determine position, and from a other each company as know, you dividend. cash appropriate cash capital at Regarding policy needs it the meeting flow investment operations,
to joining today. open XX authorized presentation Thank up for like on like This of a gentlemen, and market you end comments, forum the with very share and at on XX, XXXX.
Ladies the these record of would would to our of questions. for much we April May us, to business dividend stock. now announced we common May to on shareholders XX, close per Directors as $X.XX the of cash Accordingly, the of Board payable is
