as of everyone, member joined Thank Southern Javier welcome Contreras, Gonzalez by Mr. and Year Mr. Copper's you At as Call. CEO XXXX to Results of Oscar and Conference Board Careo Good Southern Quarter today's de very Board and Gigi. also Full both much, well members. Copper morning, and Fourth conference, Garcia Rocha, I'm Leonardo federal
In results, market today's will and expansion After this, projects an sales, open results with copper Southern our review production, update key and session Copper's ESG. on call, we will for questions. then related we the financial view the cost, of to begin operating
This XX% were quarter XXXX. third in Net XXXX copper, Evidence including of the we where $X.XX quality year. cash operating be can the for challenging results, and in lower $X.XX competitive quarter, prices let of of than Before of ability we third economies with severe, the the the first faced position. agenda the a resilience byproduct our say our strong per pound over of of fourth get stoppage strength the We On tested have to very us. today's financial fourth we a operate XXXX year our Consistent the strength our were that the we which meeting, and operate, we SEC's was in had the was and difficulties period. to seen top same me days positive lower when workforce, hundred in quarter metal deal bolstered of per sales the compare these to XX% have we revenue by same quarter the terms. is for XXXX.
Nonetheless, half XX to credits of the at with of inflation, some pound. reported cost
upheaval, year, in constitution Pedro Peruvian vandalism the of invoked Mrs. -- last south On assumed the ambient Dina December Congress led removed where considerable power -- escalated. has scattered the President country of events immediately President, fast-moving Peru, to blocks under presidency normal of regions. its X the are course in the Vice the the these the business particularly country, Castillo from through Boluarte, acts of office. natively Road has throughout affected various which and
to of the achieve government can take has Fortunately, clear our and that actions a the order development stage set to deserves. SEC for it take process, that so peaceful operations restore the to resume growth solution Peru not hopes will been rights impacted. all citizens the and
or expect deliver to This contribute For and focus Caridad XXXX, in Pilares growth, quarter from with on to we of to the tons we La annually. this mine year. will copper XX,XXX second concentrator the continue of
year. Additionally, of per of the expected in XX,XXX XXX,XXX Buenavista to tons half operations at the second and tons of is zinc XXXX, begin zinc new concentrator generating copper
Exchange the in $X.XX London quarter of pound, for market. fourth decreased a positive on this fourth the for per more average copper focus market. $X.XX recession offset possible us on a to about the recovery. of pound, per news concerns Chinese good over U.S. reflecting positive XXXX, copper these pound the in relatively are a partially Europe, let $X.XX prices copper Now Metal the by and In Current per XXXX quarter outlook an reflecting from XX% price
or in also show practices. proven in Bank. weak turnaround cycle real after been this the may the COVID-XX believe is Fed The interest Stimulus following factors: China's which the the the due down embraced regarding hike implemented by government eventually, up even estate market. rate global to a We to Central and in inflation, China measures led a reduction stop policies European slow have
intelligence assumes about this a X% copper surplus which future in of Chile expecting the together small market global year. growth demand relevant or This most X% houses between market and The for Uncertainty and growth Peru, represent about are a of XXXX. balance regarding the production for in market a XX% supply.
here, low which about represent Comex, an the level copper as of Shanghai, extremely of XXX,XXX I low the consumption, warehouses Exchange, Low the tons China. inventories, December copper London at the Metal days in inventories, inventories of stood of X.X XXXX. mean by the and bonded addition These
to leading the plays long role It a shift to which underlying be the term. that demand important for correlates our assertion will in global in energy, that the emphasize clean strong is copper copper with positively
XXX,XXX for an Now Copper and tons. past let's XXXX. the stand fourth XXXX. at quarter Copper's fourth Southern the at quarter production of in production registered increase in look of our XX% quarter represented sales to the Copper year X.X% the of
Peru Our in flat growth Mexico. in X% increase in and quarterly production a reflect production results in
a point our X.X totaled tons. than year-on-year was adjusted production in and percentage higher This nonetheless, copper plan On year fell X.X% figure tons. basis, XXXX XXX,XXX XXX,XXX of
grades our which operation, exception levels due stoppage, than to our were the other temporary platform, the open those this Buenavista drop where With by reduced XXXX higher in to a copper Cuajone was XXXX, registered production and XX,XXX in production the reported production a pit yearly decrease ore in of by operations tons.
quarter, to all third in production the X.X%, attributable operations. was the our Copper production mainly to Compared at growth increased pit open which
tons expect we increase XXXX copper, about the For XXXX, produce to of trend. over X% an XXX,XXX of final
XX% averaged in the quarter Buenavista of back coupled project. through we in represents quarter XX% by-product. as $XX.XX XXXX. per fourth quarter represented first the of our currently year and This an Bollesen compared last the increase in pound company to growth our sales the in is our production fourth and operations Molybdenum $XX.XX Mexican which prices. of of zinc get track, Pilares value on This concentrator production new with in will Peruvian unfold prices
offset XXXX -- mine This quarter lower at grades. by decreased XXXX. the same ore production Molybdenum when to compared production of to These Molybdenum the the drop Buenavista. Cuajone, in by by XX% a higher by mainly increase period Toquepala, due driven XXXX mine. La XX% partially at 'XX in was at results partially the at after fourth an Cuajone year-on-year Caridad. production offset of and in production and This production fell fell Buenavista were Toquepala was
of be produce pound. shortages global XXXX, expect XX,XXX per in of prices the and per an decrease and the by prices money U.S. supply the Silver are a which quarter represented supported $XX last China fourth strong to For average reflected in a X%. with our sales believe quarter, we molybdenum. value Current of in $XX.XX tons We of year will that X% ounce of price demand over
decrease the This XX% increased of Silver is by-product. second and was refineries. partially same X% IMS silver XXXX our production at rose serve driven at Caridad. La drop fell offset Refined Cuajone period in which in a fourth silver year-over-year, the versus and production Mine mainly Buenavista, was quarter currently by production Toquepala. production our at Hilo and by production in by Ina, a
Cuajone by than XX.X million This partially with the a X% in in XX% million of In produced ounces million and to decrease XX compared to an production you mainly increase insane. and an compare increase of of in figure. was higher a XXXX Buenavista produce silver. XXXX, by This at to higher as well. the XXXX, to was which In XX.X at silver, offset represents ounces drop we and due regard X% Cocapala, is XXXX production to ounces the XXXX, we that that Caridad when expect produced XXXX
regard of quarter production primarily to our X% the average and mine drop increased figure. quarter an of tons. compared the of production with the price the when mine. at of is year This represented represents the by-product. Zinc of fourth a our XX% value XX% driven fourth XXXX fourth Barbara production was Santa same decreased the an period Refined Zinc XXXX. X% and $X.XX pound quarter zinc XX,XXX quarter-on-quarter by last quarter, decrease in XXXX by per Charcas in in of Zinc total sales which currently third in to with
the produced operations. by the Charcas in was to in This Barbara the year-over-year tons in increases Martin, that production drop mainly at a year compared a to terms. of of XXXX offset X,XXX production For and mine. increased Refining Santa zinc, San at XX% XXXX, X% partially we was decrease attributable production
And mines. operations. for expect production we to production better increase an of produce the of XXXX, In ore also coming X,XXX XXX,XXX This the the year that level. much -- from zinc higher driven XX,XXX zinc tons by zinc Insamines recovery the Buenavista will zinc, we by For our concentrator production have XXXX be a mines, The which case represents at are our Buenavista to add we and tons XX% will the for will areas over production start-up identified inside. add growth the tons. in contributing the with of different the ISA this of of
expect over XXXX per the on, year For produce XXX,XXX Financial tons of year. to results. and zinc we
after reported metal. Copper were of drop by is XXXX, decreased XXXX. fourth For prices sales this the quarter X%, $X.X of which for value the to fourth billion, in the similar while level increased sales quarter volume
an Silver up increased due a sales our volume. main prices. was of Regarding increase X.X better drop were XX%, by higher This we by molybdenum prices. reported in due in in XX% was was volume. were by molybdenum sales offset that quarter partially point by the offset uptick lower partially by-products, sales XX% offset to evolution down This to to in Zinc by by silver percentage volume which due fourth lower prices. of partially an
] sales. [ quarter quarter, figure increase last said $X.X quarter fourth as the the the of quarter year, million the the year. of third past This This third fourth in totaled the of an billion. XXX represented I is XX% in in increase Comparing XXXX, a reported with Sales over of
X% increased prices. a copper saw scenario of in while volume The by better sales XX% value
to And due by-products, increase by provisional volume favored Silver the adjustments to increased X%. in an Regarding to sales X% of million. prices. due lower in and and registered prices. drop partially we by fell molybdenum XX% an This also offset of sales our higher were due is uptick for the since an of better XXX% was volume in in increase the Molybdenum $XX.X by volume price sales prices. main
fourth difference, were increment fuel, quarter compared the main and by repair costs, XXXX. cost million Our increases explosives labor total leachable by materials, expenses. been of participation, The and XX% a cost consumption, cost. inventory in translation These cost workers' operating expenses has material offset in diesel when sales and partially higher $XXX increased to or decrease
in contractors. total The year. last These workers' Our cost offset main the by or participation, and increases purchased of effect copper, and sales in in and quarter drop X% increased consumption, were comparison increments a repair quarter million cost with of fourth the $XX materials, partially cost and been energy of operating third in operating XXXX, expenses, other and cost expenses factors. the the difference inventory higher by has translation
fourth EBITDA of the which of quarter XXXX. The of quarter in XXXX in XXXX. registered fourth was of versus XX% adjusted margin represented a of X% fourth million, decrease XX% last X,XXX quarter with was The EBITDA in million regard the the quarter the to adjusted year X,XXX fourth
than lower the in ton $X.XX For That charges, the adjusted and versus cost that pound drop XXXX. in is by was driven quarter was our a below in EBITDA in credits value byproduct an per margin XX% $X.XX EBITDA administrative The This EBITDA year. by the premiums from the in XXXX. XX% per XXXX, year per the refined XXXX. cost operating in of copper of Corp. of received cash a partially in is pound fourth decrease the was $X,XXX refining This third cost -- XXXX increase adjusted production for before Operating figure cash was of million. offset expenses, XX% was treatment and quarter last higher decrease X% by
is cost Southern the $X.XX pound including was the the the operating cost, reported cash XX% per was Copper's a of lower cash cash $X.XX third of quarter fourth This This $X.XX by-product XXXX. reduction. than cost credit, in of quarter in benefit XXXX. of
$X.XX we by-products, $X.XX represent or $XXX in of pound per the reported or the a Regarding quarter per last credit quarter million XXXX. These XX% million fourth in had pound over a increase year. of the total third figures of $XXX
which has and zinc of decreased adjustment increased represented on for byproduct silver and million, open credits per and in of credit have credit $X.XX sulfuric the molybdenum extra silver cash pound -- Total for of acid. benefited from sales the quarter fourth an $XX XXXX. molybdenum,
quarter regarded quarter which income in the quarter XX% the of increase Net of XXXX. versus was of margin an registered in in fourth XXXX XX% fourth year with was in X% fourth the last $XXX fourth The quarter XXXX. the $XXX income of million, million represented net
that reflected $XXX out year. me in regard the third with to fourth quarter Let last XX% in the of year point last increase net a of quarter registered income the million
For the income full lower fourth X,XXX million, mark income of $X,XXX net the of million quarter XXXX. represented increase Cash for which $ $XXX quarter the XX% of XX% activities was XXXX in over XX% the the margin was X,XXX operations. million than XXXX. and flow XX% a was year million XX% posted third fourth the over XXXX. an XXXX, of versus in posted XXXX which in The in quarter decrease from operating the is Cash from net in
Looking into investments. capital
develop. of the that and on As quality copper you Copper's the investment on outlook prices for assets know, Southern but operate is the we not based philosophy
So investments our considerable discipline us portfolio. the financial has strong make in our consistently allowed years, asset ongoing to
which capital the Maria, This include $XX including El projects.
In Arco and in Zinc, XX% program XXXX, several Chancas, of this Pilares, in El represented of investment, and investment projects Los key we spent $XXX projects in year-on-year billion in current El bolster reflected increase Michiquillay and includes and Pilar, investments, infrastructure in the investments Our forecast to competitiveness exceeds decade for capital the in XXXX. million X% Tia income net Peru. Buenavista Arco a investments the Mexico, and capital
we This of are have For new between XX,XXX of a project our a Sonora zinc. This capacity we And production to Buenavista concentrator copper projects, zinc the process tons now and the deposit. Buenavista Mexican concentrator building of facility has located XXX,XXX per is the state. year. in tons zinc
than engineering company's the permits. double the this all more production study jobs. the completed X,XXX and the has provide capacity zinc operational necessary and operating, facility have proving We When will
XXX,XXX before, significant for we're expecting addition for -- anounover for the XXXX, of production zinc I zinc the contribution tons a for production, [ year XX,XXX As ] and mentioned over this on tons comp. of
$XXX Well, the is budget capital which for as million, project a invested. most project been already of update, the for has
We expect from open XXXX X is The project an This operations in initiate half consists this Caridad. second product at mine located pit point. La Pilares the kilometers of project to expected ore Pilares another operation La with of This Calia. oral XX,XXX is the considering project production of the will tons and the grade, concentrated. copper mineral from capacity X.XX% significantly improve from X.XX% of
Project update. has is La for the operating already of million, Pilares the which $XXX been to SX-EW The most oxides project -- of the Caridad and in budget currently is delivering copper operation. facilities mineral
to for We second the quarter XXXX. La Caridad concentrator in expect mineral of capacity produce the at full
of Sonora, estimated ore This greenfield located XXX Pilar. low oxide cathodes. from a grade and XX,XXX copper This operation Mexico, strategically anticipate production capacity friendly kilometers budget our with $XXX use is El cost-efficient reserves mine approximately Buenavista probable which We annual The Pilar and copper Its million. contains X.XX%. of an mine. mineralization project, environmentally average open of technology. tons SX-EW El highly is capital-intensive in for a operate proven is will of tons will conventional pit copper that an XX million Pilar of with as copper
site Project in environmental has been in plant results Basic copper adequate a and contractor the have process from SX-EW update. has to The EPCM engage activities. paths continue project study company all levels the project experimental and is develop to the and engineering of leaching contract started. The finished confirmed awarded recovery.
and years. expect in life We at begin to is estimated mine production XXXX, XX
material XXX an X.XX%. copper combining ounces concentrator to ore in tons average tons X,XXX of a all project of of world-class an with and California copper with leach central ore million grade Baja total the grade the SX-EW million year. it's expected mine of pit is X.X% The with average an of and of reserves open located Arco, production and includes operations, gold part El per and of our XXX,XXX tons over peninsula deposit XXX,XXX
has Project environmental The the the engineering and for facilities industrial mine and analysis company reviewing permit. baseline the environmental to completed study update. impact is request the basic
Tia SX-EW project, use the is technology greenfield international copper capital tons per is capital environmental highest produce estimated Peru. have we budget For the The Maria billion. project the in which projects, in project of Arequipa XXX,XXX to with This a standards in project located Peruvian will region the year. state-of-the-art Arequipa the refined the for $X.X
has population Copper been to welfare this Southern consistently the promote working life province. the of of
and in health we to the efforts, programs As social improve implemented care part development have quality the events education, of these of in productive region. successful
activities case the fishing we promoted also a in manufacturing, a the is -- have that and supported We in Los have in and tourism Valley growth the Tambo Chancas, update and project livestock agriculture of following. in
of whom XX project's December known of XXXX, the some in plan illegal in their occupied of stakes of As of continue registry be miners, irregularly registered by formalization, have the [indiscernible]. Spanish part to integral mining
criminal company XX were remedies cases complaints The and has which have claims new remain open. miners X other illegal filed while legal of
it's will see and a shortly. quite we can problem number, hope minor this that You we solve
For SCC XXXX and unskilled for Michiquillay communities, quarter out both programs mineral as and in in the and of accordance social payments support additional the the the company activities at XXXX, our MINEM informed use assessment surface it to labor to land depth. has of Encañada company will communities fourth with activities. make hired exploration Michiquillay plans rolls begun surface land. that La pay resource it agreements continue of in In and social project, with the XXXX, the initiated existing an in the exploration
about investment the independent -- social best is the , governance improving new best Directors an this me for practice, record director. matter. by of Board committed ESG stakeholders Southern Copper has practices environmental, formation progress in its a of community approved adopting For committee please and the to line with informing investments, sustainability our in Give and other and by shared
support of in Southern step The compliance health, with Copper human developing corporate Corporation the purpose of of and and Directors in goes. rights and to significant strong ongoing this performance. to committee is the safety, commitments a to company's robust ESG our is communities, Board This monitoring pledge a environment,
The quarter sessions the of in held XXXX. Sustainable fourth Committee Development several
and meetings, advances terms our review climate for the indicator main change are in these performance During our we building. strategy our of gave us recommendations counselors
in among SEC's year-on-year sector best rating S&P results the corporate the the above places increased of This top X% the upward its average reflect the sustainability Sustainability the company reaffirm -- performance Global on in Jones is These Progress market, for situates XX% rate. company XXXX. assessment SEC's known American in listing year the which assessment corporate sustainability listings. XX% trend by sustainability fourth SEC and the Index front. mining experiencing Latin we achieve these considering are in Mila. Dow rem in This the for consecutive the the is of and integrated as
Our meet responsibly achieving ensure the governance. that cybersecurity, copper been environment and at and metallurgical driven this closure, mine goal of among that to areas of ongoing mark copper refinery SE's is assurance context, and and our the La by in as to SEC certification. both in water others. received development health, working -- units Caridad the independent conditions, Mark units complex, production Copper safety criteria. copper areas: improvement addressed positive has goals open-pit X The company's operations Sonora such United the business at were main this smelter all assessed by human contribution is of system the demonstrate management, Nations sustainable and rights, performance community, occupational to Both produced highlight
The International programs Additionally, the Copper implemented La pilot molybdenum mark. Caridad Molybdenum by Association. and aforementioned were Mark the received
first the mining sustainability certify and --occupational a most Mexico national producers responsible with practices, Charcas first rescues, first the units practices. to place next NRiskerQ dose of categories of the leadership awarded respectively, production So coming of materials. framework to and the chamber and regard of of the safety, to to and commerce of Konasel, accounting have framework reference workplace X regulate of in rescue Barbara mining age, and hazard the underground the class aid national competition the underground and Santa
with volunteer life states benefit of in volunteers our Mexico X XX improving near a day, and more was and the which Grupo focus family Fundacion Mexico quality institutions attended by on at of operations organized X,XXX of environment the a than Peru. Efforts levels. community, regions XX
Dividend announced.
Directors it at capital as expected plans cash you position, dividends, of year. $X common of know, from cash to each the record XX, January shareholders X to on XX financial Regarding operations, orderly flow at cash business March on a payable our appropriate as needs to close of is of determine Board and the policy to generation stock Accordingly, the market per other of this company's dividend the investment Board meeting dividend. share announced the on review February of authorized
like we end to comments, gentlemen, for up would forum -- and us. questions. Ladies now We today very would our you for thank open with these to like joining much presentation the
