After well CEO Thank Board I'm also welcome a results begin Southern session Leonardo you Oscar joined the as and our and year by Copper's the board and sales, Call. member projects Conference Rocha, member. call, XXXX this, to questions. key XXXX we for ESG. of financial market to related Mr. very Results In view we is with Good of Quarter will At who everyone, and today's cost, will Carmen. full then much, copper Copper's as expansion operating Southern on morning, open an Copper Fourth today's Southern production, review Contreras update results, of Gonzalez conference, and
result in metal decrease X.X% by and the and and This silver. a situation to quarter, copper than million. into driven and sales. Before This though the get company reduction like prices $X,XXX of XXXX. a by in was volumes company XXXX $XXX XXXX we comments molybdenum for of Southern of sales or in XX% this was Even million believe results. by sales sales net partially challenging and silver molybdenum net by a details better past regarding achieved we is lower the for copper results year were the higher I'd zinc. for of X.X%, prices was volume make This Copper, X.X% of good some XXXX zinc offset
million accounting by in were sales. for XXXX of $XXX Net impacted a metal prices on lower sales year negatively adjustment
that been higher XXX,XXX for at effects, XXXX were would tonnes of than estimate exclude mark. have The copper inventory larger anode If production sales by addition X% increased year-end. XXXX two copper. the to in XXXX we sales year-on-year process XXXX affected copper a this, we to In these the X.X%
water mainly our was yearly recovery in drop offset at production fueled In was our operations, year, processing to in the which our Buenavista which by XX was we a by half fresh mine. operations of approximately that result result The was the at mineral by wells attributable a to lacked at building the transport a higher of partially for a last Mexican generated and expect the reduction mainly production a the that reduction experienced nearby operations permit to the pipeline of water Peruvian Buenavista from second of we we townsites. fact receive to kilometers operation, and
water production XXXX, Buenavista concentrator copper operations. at ensure the company operate has other required means For ramp-up decided new can the through supplies that the the and to transport secure for capacity full of to to zinc
by higher the Buenavista the less production silver This Barbara and to X% was due than mine. operations. Mined Santa decrease XXXX, lower at driven production production byproducts, totaled our XX,XXX exception zinc rose XXXX, our higher X to X.X% XXXX. production This of was X.X% at X production due molybdenum higher which our Charcas partially man. at by production Toquepala. was primarily than production in offset For at figure was of Peruvian the the mines, increase year-on-year tons was Mine in higher
credits. mainly $X.XX attributable pound including pound revenue $X.XX by-product to XXXX, a was by-product operating XXXX versus in $X.XX the was pound $X.XX cost $X.XX, cost in cash cash of production In per per in copper, credits the in increase per cost increase reported and revenue
cost. the believe end the of we seeing point, this At inflation-related we are
to note the year. credits evolved to in $X.XX the fourth first is were the quarter last stable levels per of in $X.XX cost cash that from by-product important pound pretty of pound Our before XXXX second trade quarter. through per half It
we XXXX, to per be $X.XX credits by-product pound. cost cash our For before expect
zinc expect and positivity uptick to in to an contribute volumes. We the growth silver in XXXX back of on
growing expect of XX%, a For zinc, XX%. introduction we
also reduction now, molybdenum For XX%. scenario, level cash the $X.XX all count. for we pound remain increase was primarily after sales. in is prices cash XXXX a value in This about for to per this cost Nonetheless, is $X.XX per they credits total that which in our In year by per XXXX. credit Therefore, by-product at this cost expect estimated silver, XX% pound. driven company $XX by-product are will at
or million $X,XXX This was XXXX. a X% of million. attributable equivalent The figure the primarily adjusted Adjusted is drop sales $XXX in year-on-year to $XXX reduction EBITDA was below to XXXX in lower variance in nonrecurring XXXX versus million XX.X% other in insurance adjusted million XXXX. refunds $XX and and operating to XX.X% costs. due in tax $XXX a The margin million, in in uptick income XXXX EBITDA a was EBITDA
mark for last XXXX. XX.X% XXXX. was For had XX.X% income lower net X% net year, that's income, year last The the $X,XXX we in than margin million, versus
Now $X.XX in per average for market. a up pound let from to market expecting pound the XXXX. in the Metal fourth the At Exchange quarter, last we year. were of per increased an price quarter of The fourth focus us X.X% this $X.XX surplus the London beginning on quarter copper XXXX, of copper of
prices about China, good believe world there in extremely year was of XXXX. ceased should economy, U.S., However, a by this recession though were as landing announced through market and for recession recovery such Europe uncertainties expectations the slow the soft by support Even significant we minor for due available have the deficits and in or a are low surplus copper in production significant reduction some to inventory. after a potential concerns replaced copper producers, the
Southern production for the quarter. at look let's Copper's past Now
our a in represented the at a it tonnes. year. of XXX,XXX last XX.X% quarter X% registered of stand production For quarter in terms the copper, sales decrease to in quarter-on-quarter fourth of fourth Copper
a ore Caridad year, attributable our X.X%, Peruvian partially last copper which third production which by grades. in higher mine, Compared La X.X% by quarterly production X.X% results to mine. Our was higher better at higher the reflect was increased at quarter-on-quarter mainly Toquepala increased was decrease to operations. Cuajone, offset at a at driven production due quarter production in terms, Production to due of operations Caridad Mexico, mainly Buenavista production to in our our and Toquepala the which mine
For Buenavista this over initiated full year, at we and drove expect to of XXXX to year, Last X% tonnes the concentrator. we project produce XXX,XXX copper, ramp-up capacity increase a the zinc an production. our Pilares of
these contribute copper of XX,XXX to For projects production. XXXX, we expect with X to tonnes our
mine at grades production mainly increase Buenavista lower Cuajone at in higher after Molybdenum X.X% the by Toquepala $XX.XX was quarter offset value per These Caridad $XX.XX This Molybdenum is a X.X% increased represents fourth in quarter both XXXX averaged and quarter in compared same and represented due of quarter and of by fourth the of La Toquepala. at ore decrease offset sales Cuajone to at XXXX production production in the currently partially was to mine. pound the the of in to production fourth results production Molybdenum Buenavista. quarter XXXX. operations. in This the were partially in and XX% compared year-on-year best production company's Molybdenum XX%. the an seller. increased our This XXXX. driven of Caridad, prices by lower grew
this molybdenum. For to produce expect XXXX, XX,XXX year we tonnes of
in -- pound XX% conditions zinc of of XX% decrease XXXX with our $XX.XX Mexico.
In increase of figure. totaled primarily is Mined regarding an by Zinc refineries the per quarter fourth currently and increased XXXX. versus in of X.X% silver, reflected compared a production mark Barbara by the offset was an to IMMSA quarter, ounce all X%. Buenavista quarter. value same commercial the by the production driven by-product. of quarter-on-quarter, an value the silver drop average Zinc Silver the in of our was and at having XXXX. in of quarter is in increase second sales quarter Toquepala, XX% fourth for quarter-on-quarter an of I'd Zinc XXXX mined production X.X% operations. in in Buenavista after and of For a silver, sales our X% our This expect to the production produce at fell production quarter prices altered of mine. decreased different And the price per -- represented XX.X XXXX, production production $X.XX fourth averaged after of Refined reduced which Cuajone. the increase this, partially it Santa quarter. silver has driven Charcas XX,XXX the refineries. X.X% production change Caridad higher production by a reduced somehow in in XX% fourth material and by tonnes. of purchases we're This -- ounces This like the we're comment at expecting Refined and that increased million represented was mainly a that and we which XXXX, in in the fourth to in
tonnes produced increased by offset increase XXXX XX,XXX was mine. was a Martin XXXX. Refined production an XXXX, This Charcas In This of at to compared Barbara operations. compared by decreased the the production production uptick mainly in partially an we Santa in to at driven XXXX. San zinc of by zinc, and X.X% X%
an XXX,XXX Buenavista increase will tonnes produce driven with XXXX by zinc. XX,XXX which will zinc represents over growth start-up that of zinc, production of level. to concentrator This expected the tonnes of we year, the XX% this For be contribute our of
of year we on, expect the zinc. to produce For over and tonnes per year XXX,XXX XXXX
results. Financial
decreased for this quarter the of sales, XX%. reduction. sales. than XX% is fourth the adjustment or X% by metal fourth copper prices $X.X -- assessment negatively which than sales of fourth sales higher quarterly was almost XXXX, quarter of and metal quarter or XXXX sales million a Net in copper $XXX impacted -- Even quarter though for $XX.X million and this For a for billion were were of prices basically accounting were the lower the in lower sales XX% past
affected larger this, to process addition quarter of copper in copper. have the anode In and we past also inventory a end that at the
byproduct Regarding our due important X% sales. due Zinc our million volume prices molybdenum lower molybdenum of to byproducts, XX% an of despite of growth and in volumes. decreased main lower decreased XX% adjustment of $XXX.X prices to a the sales sold, and accounting increase
fell offset silver, to volume, due partially lower XX% For sales which better by was price.
and sales quarter reduction was an of last affected in on for and increase $XXX.X adjustments fourth the inventory year, copper by mainly copper million. sales of molybdenum So
cost. Operating
by consumption, compared The fuel and costs. rate participation when XXXX. raw workers exchange or offset These capitalized other variances, reduction expenses higher has contractor the labor, costs materials, water, cost costs, been X% in decreased leachable operating partially main total to of cost $XX.X and fourth were tenders. Our and quarter material, reductions million by inventory
XX% versus million, EBITDA for quarter fourth XX.X% which of the was fourth in registered The in million XXXX. Cash the fourth came XXXX $X,XXX EBITDA the adjusted of fourth flows. was quarter the quarter XX% margin quarter adjusted $X,XXX under The XXXX.
cash $X.XX than was per Copper cash benefit of this including byproduct fourth Southern the was of $X.XX quarter of sales XXXX. in the cash -- cost operating of year. higher cost, $X.XX the in pound third year the past quarter of this cost This
pound operating higher pay. per per of refining $X.XX of X% offset production on lower cathode cost This Operating cash decrease value cost fourth and That copper on in were treatment cash by-product third is the sales partially pound expenses lower lower concentrate the cost before was in a than and the quarter. credit by $X.XX per administrative ton result is lower quarter for premiums of and charges XXXX. from
credit when Total had we pound. a quarter or in $XXX $X.XXX per These figures of -- million Regarding third $XXX $X.XX quarter decreased XXXX per credit -- of decrease in or a represent for year. year, for a credits to XX% to of of fourth credits. the we compared $X.XX a last and pound increased acid sulfuric quarter XX% a XX%. had but reduction XX% recorded by-products, in last we the fourth credit million molybdenum had This of production
was the by versus XX% fourth Net non-recurrent XX% in was quarter and as income which versus income of sales well million, fourth by XX% XXXX quarter The tax. the XXXX costs Net fourth was year-end of quarter in the explained earlier income the XXXX. in represented as margin lower of affected figures. in nonoperating decrease fourth quarter $XXX a as net adjustments
$X,XXX mainly result XXXX. Cash working by from million, from capital. was operations. Cash in posted was in $X,XXX an million which over increase of in flow XX% operating represented a driven This XXXX reduction the activities
I'm investments capital spent in program investment XXXX, for and Tia zinc $XX of and XX% on which of Mexico release, this includes Michiquillay and Copper's in income for Southern is new net Chancas it Peru. a exceeds decade to development For in investments, Maria, and a our investments, Buenavista capital the focus Los year-on-year our project capital updating increase capital we on in billion press $X projects currently current X% billion in reflected each. the in represented and main going XXXX.
Since description In project there Pilares
Buenavista invested. the for budget Sonora, the For is been has concentrator the $XXX in already most of million, capital zinc project which
the up Ramping initiated technical in this commissioning have of process We progress the quarter the first of after the concentrator. began this to year, XX%. plant and is quarter adjustments
in expect tonnes XX,XXX zinc copper XX,XXX an of XX,XXX to of produce X and next of XXXX tonnes XX,XXX the years. copper tonnes of of and and We average per year zinc in tonnes
this to the La currently million, has $XXX Since the of operating $XXX which Mexico, invested. delivering full project operation. on the and operations, last project Pilares project. Pilares is other graduated is For budget and a stage project will the at as the capacity Sonora, In Pilares in into La of Caridad is Caridad this Pilares is are our ore for fully million it copper we been be now part from reporting operations. time words, integrated
of that economic initiation the opportunities the project Tia region. of For for at construction project, in case Maria the in generate Peruvian and Maria our Islay will Arequipa, reiterate Arequipa province Tia significant we the view activities the
Given situation, ahead to projects a that cycle. sustainable on stimulate growth the it is current Peruvian crucial will economic move
We the of expect the in to construction begin the project future. near phase
to during it the labor construction. jobs make fill hire that to will Maria's We a local expect priority to we generate Tia X,XXX
revenues the Arequipa by to region we on Additionally, significant and later income will contribution one generate of tax. paying royalties our in from operations, day
studies Apurimac eradicating significant the we are with making at complete, project effort campaign initiate in a a gather deposit. process mining on restart additional diamond we The a hydrogeological it's our to this in progress and impact authorities drilling illegal Los will Peruvian Chancas Los geotechnical environmental greenfield in the the characteristics Chancas project which XX,XXX assessment, Once meters is for the concession. coordinated activities the company, in information of conduct and of
of are have XX,XXX project in a for Geological December XX Michiquillay chemical drilled underway. last of The year, meters section and modeling, Cajamarca program interpretation XXX,XXX total obtained from core cross analysis. of and logging as currency XX,XXX samples meters we drilling
For resource XXXX, to the company and diamond the drilling product, geological expects evaluation. complete modeling
communities the guidelines agreements and Michiquillay assess deposit. company results will of studies signed with testing We with following geotechnical also continues the begin of social metallurgical them. hydrogeological working and and The the at the La Encañada
to environmental, improvement and -- For corporate major governance, practices, recovery social or improvement we water in ESG we on. have want major that report a
at volume tailings Buenavista to the XX%. the have of driven uptick dam Over Honda in years, a from XXXX. been X.XX efficiency meters, has represents company's recover the XXXX water in in the increase milled use cubic the mine cubic than in recovered in going less and of X.XX our from operations water cubic Mexico. mineral of X in Quebrada X.XX an to our of This Cobre by meter, last we improved an Improvement meters primarily water initiatives by X to Peru water at ton del
our make and ongoing Corporate XXX%. We In key safety Jones has that CSA, and and in with scores company's the Assessment Sustainability ratings. the S&P achieved achieved maintaining closure some by continue progress Southern These reflect CSA region. a our Global industry commitment results Sustainability human and Copper place the sector XXXX, its our among top year our of including results indicators, Corporation health, sustainability or transparency for rating improving sector sustainability average a the Jones indicate year exceed the capital consecutive the the the XX that to performers American mining operations in practices to highest Dow Dow fifth disclosure, in for occupational Sustainability marked in SCC Latin development. inclusion This in the Index Index. in
in a governance obtained the of This has on climate the score CSA's XXX this to XX made of We area. out index. company attests progress
Force Disclosures of score focus financial and and on management a achieved opportunities Task to we in related on risks climate of Additionally, the disclosure XXX change. which Climate-Related
develop reduction Additionally, rating XXX company's XXXX. Sustainalytics a Furthermore, and by our emissions recognized full the in and category. plus awarded Climate the agency roadmap the to risk Action rating compliance efforts two between levels TCFD an initiative investor-led XXXX us reduced
In million progress infrastructure, million a investment on in noteworthy building In was improving invested including project in water Peru, of increase $XX.X infrastructure registered -- $XX.X focused XXXX, was or In social we allocated XX% communities in for year-to-year Cananea the and in these wastewater the PTAR Ilo. treatment year-to-date plant particularly Mexico, Nacozari. efforts. in A the social was infrastructure. to year this that
prioritized of will X,XXX Taxes actively successful COAR up in also Moquegua made construction educational expanding and high-performance the of and our for Peru Peru's upon Two includes community the private the company development have in initiatives Moquegua commitment, in effort are infrastructure. outstanding The under the for Tacna. benefit and Works infrastructure state national setting under Spanish circuit. company educational schools Southern educational This to students infrastructure in in These schools modality. previous Tacna. primary the that in is Continuing build is the currently strengthen students capacities the educational acronym to investor Copper investments X
Board is it per from January business generation know, of XX on plans of and to position, of you common operations, February the cash announced cash capital XX, the the as shareholders the of close needs appropriate as quarterly cash XX, expected $X.XX Directors on dividends, Accordingly, investment February market authorized payable review meeting policy share financial other a on Board the to of stock XXXX. dividend at record flow dividend. to our at company's each determine to Regarding
for today. very to joining would open gentlemen, us, we like now call these our comments, you Thank much presentation for up with the and questions. and Ladies end we
