also Board Thank Garcia Oscar Welcome Southern Board you Copper's Gonzalez a conference Participating Rocha, Copper's everyone. today's de in and results to with XXXX Southern very me and member; quarter conference morning Xavier Carmine, call. much, Quevedo, and good Mr. first are member. CEO Mr.
Before into let details you and operations. pandemic the me fight will in we're of first loved on we impact with for its call, that these begin your the we against wishes currently an the the go today's from our past facing. difficult times COVID-XX express quarter, my and In ones, best update
open will Copper's Southern that, cost, results, markets and then expansion sales, key results will session copper review After operating We to production, financial the and projects. for questions. the related we
fight against of our COVID-XX to of care importance paramount always proper company. personnel Taking has our been The pandemic. the
pandemic COVID-XX the measures. in we emergency countries with the continues essential confronting While operations operate, Southern compliance local where Copper in
COVID-XX hygiene the all was pandemic, As soon and neighboring of families protocols the and implemented of rigorous communities its a as welfare Copper and its Southern health facilities declared protect at sanitation to employees, their
the hospital during health has the governmental and electrical, construction well from linked industrial related equipment. authorities to is and it and the must closely made emergency of for COVID-XX which technological as infrastructure, health requirements industries, supplies clear economic and continue chemical statements as to The is essential medical manufacturing mining, that activities of essential that
and of gold, by as has strengthen supplier global of Mexico such materials These Peru. the zinc US, and mining strategic copper, The key and coal, the manufacturing, are been support industries as a recognized position of silver, industrial cement and logistics indispensable Canada, chains. steel, supply infrastructure
These and the social mining distancing and the essential through measures to countries avoid of have interruption chains fight stay-at-home industrial of that pandemic. indispensable to recognize supply confronted COVID-XX is products
cables communities, is the installations local supply Copper for to centers. hospitals to that of produce electrical and electric supply required power manufacturing high-voltage indispensable specialized
for images for of electronic electrical components appliances, power medical Indeed, to and essential and computer generate, centers. components and copper and distribute the equipment transmit is are hardware, to voice. manufacturing urban necessary also required cell data Electrical copper transmission, digital phones, electric
air production in also the bacteria, drinking water viruses against vital pandemic surfaces and Chemical the Copper fight proved industries world. with metallurgical to make their of remove is conditioning and in for be affecting the which COVID-XX essential to have systems. the required it processes
with highly it personal use the comply access easier implement automated equipment, an of and with physical and Given to control. nature safety mining in isolation and of measures, is mandatory COVID-XX locations with protective remote operations, as conducted is such
and more Industrial maintaining not In coworkers. meters workers than mining employees. reliable of duties high XXX from concentration physical advanced their fulfill and uses cases, distances require machinery many their of does
employees and all about prior X,XXX of remaining or working protocol labor are of emergency due only or has medical force from employees COVID-XX Company The XX% home, working in The age risk workforce conditions. are under rigorous site Mexico, X,XXX measures. safety developed including to individuals the strict on currently high
site the XX% home while it. or safety or For the under working measures, remaining workforce working Peruvian operations of about on staying X,XXX from employees are strict the at are X,XXX employees
date, not facilities there have to of Mexico contagion our It been noted known should among cases in COVID-XX mining employees Peru. at that be our and
cleaning disinfecting, social clinical respect measures and distancing. preventive before work monitoring reinforced has of for protocol areas emergency COVID-XX sanitizing as work, Our such and
to enforced other as as social the and to We hand measures meetings suppliers all workforce exposure travel as frequent and safety well distancing prohibiting contractors, restrictions, multiple to washing, to COVID-XX authorities. also by restricted personnel such governmental health, non-essential and adherence access and limit have face-to-face actions urging issued
been Copper their of families, implementing strong a of beginning pandemic, health its has communities. workers, protect prevention the the From to and measures Covid-XX Southern their
For this million of population support has general approved Peru for donations for purpose, and Company budget the the a Mexico. of and $XX.X
a where supplies support the we of pandemic we way for As medical operate. in dozens ventilators breathing to donated communities hospitals content have the to and mechanical
housing temporary have who people as disease In sanitary confined for moderate Sonora, hospital property, isolation to we care. of respiratory facilities Company beds XX established presenting require in symptoms serve or
protection the to the population general about hygiene pandemic. and over workers of our of to XXX,XXX donating items equipment also XX,XXX areas our medical information materials kits staff, are of including personal to We and influence,
We have Peruvian protection and and members Guard personal to of Mexico, staff cleaning equipment the of police also and National donated army. the
items. vulnerable as pregnant food Additionally, and XX,XXX disabled donating persons women than we elderly are or helping hygiene kits containing individuals, such the more and by
than over to have preventive home over to the portable sinks strategic activities watched by been instructing educational the more the communities sports, have our sponsored have by reinforce students Moreover, addition the to stay schools X,XXX mentioned offered and virtual measures, XXX XXX of order efforts, cultural XX,XXX at we we Company. from and workshops online washing. in above installed In areas endorse hand in
free day. Additionally, medical, counselling hours XX psychological Community Service a offer Care and throughout our we employment
of let X.X% business. of Price market, average the Now pound Copper decreased of from during Exchange first this in London our the the quarter on Metal core $X.XX per per that quarter focus $X.XX copper an the XXXX of to us the is year, reduction. Copper, first pound
supply. $X.XX the in about impact of prices as the the pound. its of copper seeing reflection to on the $X.XX COVID-XX demand and crisis we're on today, range a $X.XX per Today, of of As
on both currently The experiencing assess this and balance pandemic. point full crisis and of the the prices. is copper this effect impacts world demand, and economic copper difficult Since is health, supply public it the affecting COVID-XX financial it is on market of the at to
the inventories XXX to year, about say we Let on demand XXX,XXX we factor have Hemisphere. seasonal as a prices. obviously copper copper the the in of year of and the due copper tons the New festivities Year's impact a quarter of affecting me end of that normal first year supply increase outbreaks the to Northern China to and demand additional an expect and COVID-XX in This winter have
XXX,XXX an the Comics, At warehouses. demand the end XXX,XXX copper tons was the end inventories estimated on of That Shanghai XXXX, copper is this add tons warehouses, global of year. million inventory some that higher Metal number at were warehouses of year, the inventories paid tons. of up for XX.X London with addition tons last at bonded this than By inventory, of the refined end Exchange, and and of XXX,XXX of [ph] or February those of estimate the in the to
the the I April since reflects reliable Friday, New This at additional estimated they were as this surplus the XXX,XXX mentioned increase Chinese winter mentioned, [ph] of stable pandemic. well Year COVID-XX to XX, over of the as the Last by believe about effects seasonal not February. the tons. XXX,XXX effect is inventories XXX,XXX and due tons the XXXX, market We mark at created closing a global end tons of
of additional inventory the the to be In through a expect partially year, normal rest year. we absorbed
a since For XXXX, than these happen, may year. seeing it are estimate is weaker we last much demand to when difficult
our to focus represented quarter XXXX. mines. quarter Copper in in tons X.X% sales now Peruvian XX.X% due the Copper high production last year. to of at the first increased our was Southern quarter in to This the XXX,XXX Let’s on quarter. by the Copper’s production tons first compared for XXX,XXX past production principally first of
the production new mine a production Toquepala of increased production great XX.X%, increased and tons concentrator Cuajone mine grades copper all by due by higher additional XX.X% X,XXX as from to result recoveries. of ore
by first mainly the to when Buenavista result due to IMMSA increased Martin XX.X%, unit restoration that by the grades. In mine production as higher our increased This total at as of year's effect production lower Mexico result operations, quarter, production a of of at lower last copper partially its slightly operations. San was by ore a the X.X% compared production offset
is $XX.XX first X.X% Molybdenum of an our of molybdenum, of in pound For prices the currently the company the with XX.X% per quarter, pound $X.XX by-product. quarter quarter first averaged first compares XXXX, it in represented XXXX per decrease. value sales in which and the
of and as result the and XX.X% production first quarter first our of year. production molybdenum with XXXX this starting mine. We of last Toquepala as principally year. a Molybdenum plant a Well, was April quarter plant due in in quarter operation It increased of say increased the year. in the the of to of had production by mine molybdenum this [ph] new Toquepala at XXXX its compared produced new last by mine began higher tons XXX% quarter second XXX first production the I of in significantly that
due higher production benefits XX.X% grades. the of its to which increases have also We at of also much molybdenum production higher molybdenum Cuajone, by
XXXX quarter first of price of Silver second represented from by-product. our of per an ounce last with first the X.X% in an sales average Silver of increase year. value the currently quarter our X.X% quarter, in is $XX.XX the
all IMMSA, the of same of production production our approximately ounces mines mine. silver. to the this ounces result - at in have, first at - at XX.X% at Martin particularly of this its the the in by quarter silver of that from increased of by Mined XXX,XXX operations, which production due production from quarter XX.X% silver San from complex quarter first higher first underground the Martin XXXX, San we year a increased restored year as the
mine the to of increased at tons mine, due silver, by higher grades the the In production production on recoveries. as higher there XX.X% its Toquepala from as increased XXX,XXX production silver that well addition, of and concentrator, that was its was production new ounces in XX.X% higher Buenavista that
this a For of of the quarter $X.XX the from year. quarter increase per with sales zinc, fourth the average price of volume pound in first of in represented quarter, price our an last it of X.X% XX.X% year
production XXXX, Zinc its to [ph] first in Charcas increased mine in mainly X,XXX production coming quarter production mine, Santa as increased due production increased as that tons XX,XXX also increased Martin its the new by to the X.X%. the of mine, by Barbara production well by of San And tons from X%. X.X%
different plus San operation operations, this by production Eulalia, the increased XXXX evaluating two Santa first Santa the by of to - due Santa currently regarding by options These company offset first quarter quarter at Refinancing We're to that mine decided facility Eulalia Martin mine. several partially shut closing Eulalia. of the concentrator the the XX%. X.X% supply XXXX. to reduction mine has its in its reduced production were to compared increased down production events of -
results. Financial
of sales by year million by XX.X%, increased or decreased prices. area XXXX an lower X.X% sales first and volume value than were that of Copper $X.X for quarter sales of the it's lower the billion, For first is quarter last $XX.X lower. X.X%
decreased price in X.X% Exchange Metal by As the London I mentioned, quarter.
by-products, main higher we better molybdenum, partially prices. sales our Regarding due and higher prices. by due of sales volume increased or XX.X%, by Silver to offset X.X% to have higher lower XX.X% volume
sales higher of value by to zinc we XX.X% of had volume X.X%, even was lower For lower though price. due its
the Our $XX.X to $XX.X million main XXXX. total purchased operating or XX% been by first $XX.X $XX.X increased other increment the compared expenses capitalized quarter materials when has material in of and leachable [ph] and copper, million, factors. million, $XXX.X depreciation costs lower million, cost term The
cost by cost partially and first the cost rate variances decreased $XX.X decreased by fuel in lower increments million by by and million inventory These consumption exchange $XX were quarter. million compensated $X.X that
or margin quarter quarter XXXX. for compared XX.X% was Regarding margin first of it in XX.X% $XXX.X XXXX the the million first of a this million, with $XXX EBITDA, is
in charges, before lower a production Operating XX.X% than pound lower the This value is quarter decrease is and credits of cash result per and was cost by-product administrative of partially That quarter copper cash for cost [ph] first $X.XXX pound premiums. treatment offset year. per in the $X.XX XXXX. the cost refining lower last pound expenses, operating from per of of cost, fourth by
is of Copper first lower in Southern $X.XXX cash the benefit the cash pound in cost XX.X% pound $X.XXX including a by-product than operating cost per fourth $X.XXX quarter cost. quarter This cash per credits XXXX. cash reduction the was was in of of the of This XXXX.
have with credit $X.XXX sulfuric for acid Regarding $X.XXX XXXX. in or of in fourth the decreased XXXX. for million of we credits [ph] credit quarter quarter first total pound pound These $XXX.X figures compared Total the and the a per and a of represent X.X% [ph] zinc molybdenum, phosphates when have by-products, increased per increase
of per income XXXX shareholders Net that to SCC quarter diluted attributable sales is of first million, or the share. in earnings pound share per per $XXX.X of was – XX.X% $X.XX
Capital expenditures.
fact, growth allowed we on develop. copper investment our prices, operate continuous on the us strong to basing its as invest on assets discipline Southern Copper philosophy financial that our on the know, you the portfolio. has great quality in of consistently a outlook as years, the Throughout and of basis asset not an of
capital income for first the a than same XXXX, quarter is $XXX period spent represented XX.X% we the of and lower our net XXXX XX.X% investments, of In the million in quarter. of this
For the Peruvian projects.
portfolio Considering Michiquillay increase project currently billion a coming a the approved billion of investment in total our in invested. which have of project, We Chancas, Peru, billion Peru of $X.X billion been $X.X $X.X have billion. and already and projects Los up will $X.X to $X.X program
review regulatory recognizing of Maria, matters, with XXXX The copper received SX-EW having with $X.X process awarded greenfield and project permit tons annual rates. compliance we exhaustive and permit capital a billion. addressed established government Tia July completing requirements for of on all social this of X environmental observation For the all budget an a after construction XXX,XXX
the and Ministry construction decided Energy Mines October on year of Council Maria the project. the the permit last to gratified permit and XX challenges for Tia of the Mining were of The Peruvian construction
Mexican is located case have projects, Buenavista is the new Sonora. a and as of of in the of Buenavista tons in the of Currently, copper includes the have XX,XXX It's concentrator, year. produce in project development three For within which zinc completed process. the XX,XXX a you facility we the know concentrator we approximately to engineering per that is projects, and detailed engineering basic the tons Mexico and
equipment purchase double jobs the and has we zinc operation And capacity of When completed, direct in is initiate The project has X,XXX expect new orders the million. the operations the and jobs. site will quarter capital will fully started budget is increased. provide indirect for The permitted. company’s $XXX The to production this XXX and XXXX. facility third
XX-meter A the for annual under ore off-road concentrate. Caridad. also to project of capacity project operating new of located it constitutes. the pit consists kilometers This its open and mining operation an to away production of traffic For La X copper La pit for will XX,XXX Pilares mine tons used and be facility Sonora, an freshers the the wide is in from construction primary with Caridad transport copper
budget mineral from This ore start ore of the X.XX% for Pilares, project is La Caridad. overall the will significantly improve XXXX. the and grades, we Pilares during Pilares, effective of with half combining grade $XXX ore grade the - production from X.XX% to the The first million expected
whole in that our Pilar, The average probable in ore reserves an million of proven contains is copper project offer for low undertaking mineralization a [ph] estimated kilometers Its XX we're Buenavista approximately Mexico XX.X% with capital-intensive which El project also tons Sonora. This XXX grade of from mine. is copper is oxide greenfield,
about budget and will XXXX. being of pit the tests during Pilares, plant mine The Pilares encouraging the for the as with pilot start and In conventional we technology. operate results. $XXX we and finished open construction to expect developed cathodes production using just copper cost is and be are highly efficient a is it friendly produced million SX/EW environmentally The
you Board it from dividend. cash dividends, the order the company policy operations, know, Regarding cash capital to review meeting flow investment each plans other is generation company's quarterly determine a appropriate and position, financial expected needs to in as at
the $X.XX of stock shareholders of cash of to market close on Accordingly, at to quarter, this Despite the record April XXrd, reasonably authorized and May the good Board and our this regarding XX per of company dividend world of for business XX [ph] year. occasion and Board dividends. a Directors on metal payable on planned uncertainty approach and has important economy common of by strong more the the to the as the the markets company, expansions cautious May due cash announced share the of taken of results the position
Consequently, and paying current that strong financial to quarters. financial XX% has our been Considering the Board a condition structure, - approved have overcome doubt and last the of Southern endure time company strong equivalent we difficult dividend crisis. cost will the no what Copper’s Southern the competitive few
we you very us like for and joining this now the mind, phone questions. and thank for much open to up ladies With in gentlemen, will
