in full also key financial a Thank result begin and today’s will for We production, Copper’s Participating copper Southern Copper’s to everyone and a call, market. you open welcome call. Mr. cost, are very our much, update call and results Vice CEO today’s conference sales, will quarter session conference operating of Elda Daniel In we with year Southern review and that, Oscar related and with the Southern President board then earnings will After good we Executive the Muñiz, to me Copper’s member board morning on of to and Rocha, corporation. an our Mr. projects. expansion questions. view XXXX fourth González member and
Now, let’s copper focus of the on our business. core the market,
XXXX pound price the synchronized the We $X.XX up recovery an quarter, growth of from XXXX. fourth a per improvement increase January that this $X.XX, believe average economies. of economic During year to an major and this in price last the quarter a quarter average significantly increased of in the X.XX pound of of per last is is the copper result the of XX% to pound in per
largest the is with its growth, in expected its accelerating over expected to XXXX. growth GDP XX% XXXX. line of result, an demand a As is with economy in X.X% China, in world’s the consumer, ore increase X.X% continue estimated healthy copper the to
we XXXX, in demand about copper X.X%. growth expect refined global of For
point growth demand. copper approximately that tons percentage demand points ore are me of of Let two out XXX,XXX new
in decline the companies had as weak investments in a have result supply, recent consistent copper response we expect a years. that Regarding of several
further affecting addition, government In unrest, excess labor production. technical difficulties are taxation and
result approximately X% in give we which of a for this As copper supply year these expect will a factors, prices. XXXX, copper a deficit market strong yielding growth support of
our market production, low increase outlook we is as believe Copper Given to enhanced growth value. well to uniquely continue as the and continuous Southern commitment current cost performance, sustainable superior delivering positioned
opportunities. coupled Our with quality a high to facing best-in-class continues reserve jurisdictions, operations growth cost investment large low offer high grade attractive
the execution. and In addition, for structure provides required flexibility our robust strategic financial capital its
to its Southern to Copper new is plan increase currently production XXXX, the copper with X.X growth million volume tons projects. developing organic by of a new development
the production XXXX. Southern in that’s Let the fourth quarter and me tons Copper X.X% XXX,XXX refining a the less production past of tons to quarter we mines, Caridad. of mine the to were This and our Cuajone a operations. – last from quarter. focus now XXX,XXX than and decrease on quarter, higher mainly was X% Toquepala decreased for partially XXXX production in in Copper’s Buenavista the of of result smelting at in Also by saw due that La in and grade lower offset our recoveries production recovery at ore fourth
tons production of yield variances of Ilo an X.X% Ilo copper in refining Peruvian annual concentrate, catalysts. a production of operations. its XXXX, had record These by the tons which records tons. copper fourth smelter we volume of operation, company last by a XX%. a our Our Also, the while processed record XXX,XXX sales refinery of million In X.X Ilo tonnage at record produced allowed of The facilities copper XXX,XXX increased operations and raw year. increase by processing smelting XX.X%, to positive the increased quarter the
tons XXX,XXX by concentrator and we X% copper of Toquepala operations from mine that we new The growth our our For will the XXXX. our grow of of the to production be of XXX,XXX in beginning expect had recovery XXXX, the SX-EW to drivers production. tons Buenavista
quarter with prices sales XX.X% though zinc, production from to Zinc represented fourth that the to processes pound Zinc with fourth price quarter of production improvement This reflects the XXXX, $X.XX of For grades mine in zinc of sales This fourth Santa due of of XXXX. expected had quarter last tons per the improvement an to the at the XX.X% by increased Refined which fourth operation of XX.X XX% improving in production. lower the XXXX. warehouses, lower increased of quarter inventories have XXXX. XXXX average mineral by in and price and decreased mine. Barbara fundamentals. zinc was have major X.X% in consumption our an the XX.X%. quarter, XX,XXX to value Eulalia by the compared over compares we -- in of industrial significant good decreased metal’s XXXX, due fundamentals of in this this metal Santa Through
XXX.X% an pound in the the quarter molybdenum by molybdenum production is Molybdenum increase The a tons recovery of a Buenavista of year Buenavista prices For XXXX, result of per of tons production. zinc, increase. Molybdenum value operations more molybdenum lower represented a volume the mines our Eulalia X.X% Santa XXXX. the increase prices Peruvian average of its to production the pound which to at per decreased due of production. fourth average offset XXXX, partially pound. of this higher and doubled of in of fourth as compares In produce than XX% production, we to an sales principally $XX.XX $X.XX that Santa XX.X% XXXX was ago. price quarter, Barbara of in year, is $X.XX of which the expect company’s per or recovery Molybdenum XX,XXX of underway. by the This January quarter to production X.X%
of tons our an recovery increase year, the Peruvian to this produce from of XX,XXX to Buenavista production expect X.X% due molybdenum, operations. For and we of production additional in
the we price in of the represented fourth the mainly operations average value quarter our which were had silver, $XX.XX fourth at of sales was of XXXX, in X.X% of result ounce an which offset Mexico a XXXX. slightly fourth this fourth higher year production per is of lower quarter our than what quarter quarter. from silver the This and Mine production at operations, by X.X% XXXX For of the by had our and pit partially production quarter price we the XXXX lower of of decreased Peru. open in in the
we silver, expect increase XXXX, ounces million to production. XX% in XX.X an For of produce of
total had in quarter than sales of Looking or of into our XX.X% the that quarter fourth were increase. billion. $XXX sales That sales the XXXX we fourth -- results, total financial is XXXX, $X.X million for higher
much prices For by in increased of X.X% and which copper, value XX.X%. XX.X%. copper, better sales average in volumes by obviously scenario increased of the was This
Regarding lower by And have sales and volume. due to due molybdenum to sales prices. byproducts, we finally, sales volume had volume. higher and silver slightly increased XX% by better prices at we of to due lower Zinc compensated better prices of lower
by the been The Our consumption increased diesel and energy factors and lower year capitalized costs. and by exchange million offset higher costs increments workers costs fuel or total and were rate purchase influenced inventory partially XXXX. copper, These with also last fourth variance, Other leachable cost increments participation, costs. quarter material. operating XX.X% $XXX.X of expenses the fourth in cost when quarter the has main compared of
of quarter billion, X.X was XXXX treatment cost the These is fourth lower the EBITDA year. per higher higher per cash fourth The adjusted better refining $XXX.X billion, in we of than quarter charges. from pound was partially the the had the were $X.X of value and and compensated X.X% pound quarter EBITDA cost fourth is quarter increase EBITDA the of the of costs. XX.X% production XXXX than year. XX.X% last was in adjusted is fourth adjusted XXXX. which premiums credits $X Our prior by cost cost the pound higher year was XXXX. cents compared million. of per byproduct of costs with This versus $X.XX The XXXX in EBITDA and higher in result operating margin This Operating before copper third quarter administrative quarter XX% billion in in $X.X the of that cash fourth
benefit costs, cash Cash quarter the costs cost in fourth the the of This of Southern same lower. cents we of cents XX.X third per X.X of Copper’s XXXX. XX.X was pound year. was quarter credits, in cash cents had byproduct operating the including that
million when considering Regarding adjustment of compared $XXX.X of quarter we tax generated result quarter XXX.X zinc, we in resulted that a legislation cancellation million, end foreign for of in the US for XXXX XXXX. prior at to of a income XXXX. to cents sulfuric credits one-time of a had tax non-cash XXX company credit increase XXX.X% credit as fourth tax the per tax or represent or quarter Total quarter per fourth reform XX.X cents new byproducts, in XXXX. third net total of Peru income metals. a new non-cash where fourth for than that acid adjustments, legislation net loss or increased these higher quarter quarter precious have in million by fourth the XXX.X we one-time fourth the operate. will credit the The was or molybdenum, the been paid for pound XX.X% and XXXX the pound due Not to and taxes income a Mexico the the a had carryforwards have These decreased XX.X of reform the enacted This million XXX result million amounts of the XXXX. of have were of in of
net in XX.X%. $XXXX.X cost XXXX XXXX, sales $XXX.X tax net adjustment, reductions elements. and Capital tax higher net adjustment than tires the in For The cost of income XXX.X from The to electricity, net higher million tax income expenditures. one-time improvement it margin million before and was income income achieved XXXX the before impact reduced adjustment net and resulted to income other million. or the of the XXXX XX.X%
operate copper $XXXX.X a asset years, Southern expansion, consistently strong continuous produce Copper’s of based investments has copper we for the XXXX great is June on Throughout on in the XXXX not quality which initiate develop. were our in operations invest philosophy of the million in of outlook tons year. and and million, include XX,XXX in expected financial Toquepala assets that for this portfolio. the prices, basis to us is XXX.X Capital discipline to investment but our allowed and the on
of capital been billion We projects already portfolio total of which have budget Peru that invested. has billion, in of $X.X a X.X has a
$X.X a Toquepala’s new Focusing this Toquepala tons on billion art the XXXX, expansion, increase copper increase. to bit tons a includes a copper XXX,XXX will that annual a the that by production concentrator in XXX,XXX project of more of reach production is little XX% state
initiate in to year, XXXX. projection in of The $XXX.X reached the in with Peru have we hauling is XX estimated ore in-pit move and a in progress project annually. at a consisted at last is December has system savings belt kilometer invested Cuajone million expansion. crushing mine project mineral of project conveyor expected of XX% of Cuajone June X crusher Moquegua haulage to rail As are The million and the this overland Operating concentrator. $XX to an replacing by
project As was The of year, last investment of in as already the $XXX and operation. total is million December completed budgeted.
engineering assessment. with have have the after For the requirements, impact of all environmental we environmental Tia the completed we obtained complied Maria, approval having and
currently with capital license for XXX,XXX are copper obtain Peruvian construction the Government billion. working We project budget $X.X of greenfield the jointly to with total a this
be license first to the issued the half in expect this of We year.
Sonora. the Buenavista additional and This XX,XXX Buenavista copper to XX,XXX tons have of Mexico, concentrator development new Zinc and zinc For in of per project concentrator is a the we year. the facility tons located approximately project produce of Buenavista contemplates within in
pit engineering $XXX The are As of company operations production today, When we purchasing consists project budget a process main will will be an from operation by capacity X the mine will zinc million copper versus capacity. with ore components. project current The a located project project basic significantly because zinc and expect X.XX% Caridad from of La the La XXXX. ore mineral the mine investment completed concentrates. to grade annual to the ore copper Caridad. XX,XXX of transported Pilares La Caridad, production the this Pilares for in the open-pit Caridad is of truck in on that concentrator, has own This has the kilometers the is primary and improve X.XX% overall its away grade we fleet. crushers new tons an double La of working mine our the The have concluded of initiate project concentrator
Caridad La ore is and As to which to the the $XXX start expect we of with including will mine in The for the producing road through outline the preparation, today, for XXXX. the continue Pilares mill. plan it transported we be million budget final design investment
cash dividend review we of know, on on cash to $X.XX for will of January the For determine board With of the and as capital operations, investment per of policy joining appropriate needs payable close Accordingly company is up gentlemen, and ladies you business share it stock a mind, shareholders open generation year. dividends, for of now Directors as to plans to on order common expected the each to meeting in from quarterly like February market financial XX, you this dividend. in and resources, the us at questions. XX very February this of record XX Board announced the much thank forum flow the authorized cash at to other
