Leonardo related market everyone, Copper's update financial Thank results, Gonzalez After Southern a production, welcome of on also to conference, the Conference In our Copper's questions. expansion you Southern will key well we copper projects social Results Contreras, to Members. Oscar today's and Board Mr. XXXX Board today's CEO Rocha, view and call, and session Board cost, this, Good and Quarter government. begin operating very Southern environmental, and Member Carmen. Call. I'm much, At Mr. results as Copper then open morning, -- we review First with by of joined sales, will Member; for the an as
this first on The we Let's from the now has first U.S. of pound about news by China's past which this offset the quarter. of decreased lower partially and by copper this as Europe, economy. the The focus London reduction, that good In average XX% in and on XXXX. price $X.XX average been copper possible the Metal quarter had the slightly recession speak $X.XX price is per concerns reflects the Exchange now, quarter year, price we market. of a in has been the
is following -- rate and inflation, even slow reduction Fed are that being bouncing or the at pound. -- China's stop may slightly say, the factors. The which that its around been X.X% led the back the per GDP prices we has growing -- hike are, Chinese COVID mentioned down economy interest And after believe I as current strong that by by by expected the the Chinese follow which the interest had, of X% rates economy. COVID major in openness and ECB. was One is prices the the cycle companies at copper Our higher measures than the after they global affected $X.XX the
uncertainty These countries in relevant small production have together first of growth fourth represent XX% regarding XXX,XXX quarter this about X recently copper year in future supply, the and Considering and -- currently market houses Peru. production the some tons the are about about Chile how of do the in market We reported expecting for a decline deficit Chile this and most of evolving, for year. or demand imbalance market X%. supply are copper the intelligence a global
stoppages now a quarter between at to about demand XXX,XXX basically this XXXX. the growth since the tons and X.X% as first marks supply had and are lower-than-expected very in South And X.X%, we between March This America. Inventories are of in one growth lowest due XX. and These assumes X% is estimated still X%. that of low
with our emphasize believe to role the positively strong underlying of low will current be that In energy, plays assertion will the in It the leading that prices be cycle global is we which scenario, copper shift to important short-lived. term. the clean for this copper demand correlates long a in
of sales to SCC's quarter terms quarter-on-quarter first an at for of look copper quarter in increase production quarter. the let's registered Copper at X% XXX,XXX XX% XXXX. past our tons. the Now in Southern represented Copper's first production the stand of in
production from in production result a Peru, operation in much Our grew of and quarterly in XX% results mainly increase XX.X%, that the Cuajone mineral this was the reflects basically Cuajone. more
affected stoppage quarters of second by had XXXX. recall, this in the operation -- may and As was first illegal an you
better ore recoveries. Cuajone now, to quarter's at production That and helped operating production. and certainly have more So grades operation capacity and full coming mineral back this much
the In Caridad, grade. by mainly La production in drop coming Mexican XX% of decreased X.X%, a the operations, from ore had temporary whose lower production we due case of to a
tons the will to unfold increase For our full XXXX production copper, of produce This XXXX, operations have production X% Mexican growth speed, Buenavista Zinc over -- trend. of coupled XXX,XXX final as Peruvian and our an the project. with in Pilares with we new expect at we through concentrator
of first Molybdenum in of For XX%. first is this quarter XX% of $XX value molybdenum, represented company's the the by-product. $XX quarter represents price currently pound compared This XXXX. our to in per of that year increase an averaged in the prices sales it the and in averaged the quarter first they
the at Molybdenum of lower production Caridad, quarter offset molybdenum molybdenum were ore to its had this by well. year, case drop and mainly volume decreased as higher by obviously, increased Cuajone, the by first ore production a Toquepala X%. which production -- in results due These recoveries production mines partially Cuajone, its X% this better increased grades. which in And production mine In for by a higher and XX%; of was at driven more the La These Cuajone. more grade. by
As special for heat. you of corrosion require know, levels to alloys hardness and molybdenum steel is that significant and primarily used stainless resistance to produce
of in of heavy an X% XXXX, New by-product. first X% the Silver shale and sales price. production. with $XX.XX for of metals in with quarter. a per is in sulfur silver these of Silver currently are oil uses second lubricants, price associated our decrease This reflected value ounce of the gas average our quarter represented filtering
decreased operations. quarter-over-quarter XX% in IMMSA refinery production was by silver of at silver drop first production in the Refined our mainly at a by rose purchases of to slowdown subs. year, by a Toquepala. Mined offset Mexican temporary This increased production the after and of production a driven by fell third-party due in quarter X% introduction this partially Cuajone
regard XXXX a driven in XXXX, the totaled the was represented For first average an Zinc increase This production of This with to and price production an San of it the quarter our this $X.XX in X% in quarter decrease XX% the in of value by Martin pound first by zinc primarily quarter. tons. zinc, Refined Barbara per XX,XXX quarter X% the at Santa of of first sales mines. increased with year. represents increased and by production figure. mined quarter-on-quarter
XXXX, an which by over start-up production For increase of production, Buenavista of by areas expect ore zinc, level. tons the driven production, to represents the this XXXX XX% IMMSA growth we of be produce Zinc production that has better of contribute the XXX,XXX grade This zinc will been where the identified. the tons should with more operation year and mines XX,XXX recovery of
year. we over produce on, and to zinc XXX,XXX year next For expect per tons of
Financial results.
were prices of molybdenum billion. and This XXXX, volume million $XX X% Metal sales zinc of X%. grew primarily This that For partially of first is in XXXX. decreased with quarter XX%. an grew sales was for higher XX%. in by as by for than that the the by the of $X.X I copper volume in molybdenum our was Silver sales. fueled XX% mentioned, first sales of increase the increased, quarter that by of the products, sales by most offset a fell decrease exemption Expansion
-- inventory the factors. by contractors. exchange other rate and Main $XXX increased cost cost when increments lower been consumption, explosives, cost Our copper operations diesel purchased in and differences, million increases repair to fuel, purchased expenses, compared expenses XX% and sales copper quarter XXXX. materials, reagents, first partially and or compensated These by of total has operating were
last reflected at of in past started following illegal Ukraine first our affected Cuajone When production cost. inflationary year the on to our of cost mind the quarter, events. was year after invasion looking the quarter this mine mainly February in quarter in company's last an results. impact cost please Russian and stoppage that The first keep The had
year of regard $X.XXX of X% registered The in the billion adjusted The decrease increase and year. pound was cash by was of expenses the fourth credits first sales. copper in XXXX. in quarter the of XXXX. and from result represented $X.XXX XXXX. EBITDA That higher a a cash first EBITDA production to billion, quarter adjusted refining first the before was administrative first pound versus before XX% cost on pound byproduct per operating the $X.XX of charges, copper lower partially treatment premiums higher cost this higher quarter which This the per refined quarter cost the of quarter Operating X% $X.XXX value quarter in of lower per margin credits in then XX% for of first is this is with compensated
XX.X% Regarding the acid. the decrease $XXX silver that credits of and byproducts, pound when zinc we first significantly had million a with and we sulfuric $X.XX $XXX fourth These million, increased decreased for molybdenum for quarter last $X.XX or had and for Total per or a of total the year. per compared credit represent this figures of credit year. in pound, quarter have in of
point this an negative a $XXX sales at million. open of on molybdenum quarter the past positive me the to $XXX adjustment sales a open compared we of that Let and closing have million, out of quarter adjustment of fourth that was adjustment,
main quarter year. So fourth of vis-a-vis event last byproduct is revenues past that affected quarter the in obviously this that our
cost Southern lower to molybdenum byproduct came XXXX. by-product higher the lower the $X.XX I credits Copper mentioned as operating from was year. the the of higher $X.XX fourth mainly mentioned, have came from as negative cash credits, first we and this significant that $X.XX resulting, pound lower -- this had the prices quarter in $X.XX was cost of sales cash adjustment adjustment quarter. already, of in of this sales silver in that pound, quarter including first due cost, than cash open benefit I cost and These zinc increase, very per Of per $X.XX volume; from we of and on
in the an operating $XXX the was was a activities $X.XXX this the billion versus last quarter quarter first XXXX. year. margin X% the first $XXX represented of in which of XX% The quarter net when and of XXXX, income first was Cash XX% represented year an flow quarter XX% increase increase which in quarter compared in quarter year of in fourth of registered this XXXX. increase $XXX the Our in million income to net quarter of from over in of XX% first the million, million of the posted over the posted $X.XXX first the billion first
Mexico Pilar infrastructure Los and capital in the Arco billion in including to in competitiveness Peru. $XX decade investments, includes exceeds current forecast projects Buenavista El This of investment our several Arco Michiquillay this investments, Tia for capital program capital El Chancas and in For investments Maria, El key zinc, the and includes projects bolster Pilares, and investment projects.
For projects, Sonora. concentrator Buenavista start me let in the zinc with Mexican the
When year. this are to or will -- expecting add Buenavista this zinc jobs. deposit. tons capacities new concentrator XX,XXX As X,XXX company's project a operating, zinc and a I more zinc, production tons to operational this XXX,XXX is for of in capacity and and copper produce building facility per We're said, the located facility we double the than provide production of
which $XXX the Currently, capital of invested, the about are for operations this is we million, budget quarter. quarter, been and second has already to the project initiate most
brownfield also capacity of years few former Caridad. a project XX,XXX tons acquired located Pilaris, of mine copper is back. It's the in from kilometers For Sonora, a mine an concentrate. operation And away or with La we that open-pit consists X in production this of a located annual
of oxides The Caridad of the for project is million mineral copper full Caridad operating La The mineral the year. is quarter has the been produce $XXX through and of SX-EW concentrator to capacity we to expect budget second at facilities operation, and Pilares invested. $XXX which this million, delivering currently
capacity El a will This $XXX from conventional cost-efficient with highly We in use the mine operation project, XX is strategically SX-EW The pit Buenavista annual this friendly for that away will Pilar, open as anticipate technology. and located kilometers also of mine. cathodes. Pilar Pilar is XX,XXX budget of copper is operate copper a El greenfield production El environmentally which million. tons Sonora,
life pads experimental Basic project finished, in begin plant Pilar detail confirmed we years. process in engineering being levels and an to El the environmental and and SX-EW ongoing of estimated mine on for in basis, the XX at is leaching and expect study adequate The production engage developed XXXX from engineering recovery. on-site the copper the to results continues is is develop activities. The have company
class Annual project XXX,XXX an pit our of Arco, expected to El in is XXX,XXX the operations. central combining The Baja gold. deposit part of located and Baja this Peninsula. mine located concentrator is For of copper in the open Peninsula, and SX-EW tons includes total production California the California ounces copper
As has environmental the basic of impact baseline for study facilities, and analysis March to and completed mine XX, the permits. is industrial request company environmental engineering reviewing
standards in the tons Peru. a environmental highest with the year. is project cathodes the Tia Arequipa refined located have copper produce that Peruvian XXX,XXX is this we capital of $X.X region SX-EW use project And the international estimated Maria will per projects, in For budget the to project state-of-the-art for The technology, a billion.
case of of region in copper of as molybdenum and combined expected annually. a in said, produce XXXX. copper project concentrator I in and Los Peru, capital This in a Apurimac, greenfield billion, In project the porphyry and Peru. project is $X.X it's located in tons Los molybdenum processes XXX,XXX operation the with to also of tons the an mine deposit. Chancas, The The open-pit operating is X,XXX a estimated envisions investment it's located, and project Chancas to Apurimac begin SX-EW
whom authority regularly Integral exclusion of of they other the informal of miners illegal The miners the continue REINFO, is Spanish. part As the ordered illegal has remedies the the to has the of company legal project's stakes expel criminal this so these of from requested XX the miners. in now be physically to The as filed company by it occupied are Mining register, project. XX of their Formalization, REINFO all and or complaints known registered Registers land and illegal has miners, March from have in also year, that
investment begun expect company fourth initiate at mine per project. produce Mines our agreements tons it to for $X.X Michiquillay Michiquillay project resource and billion and will silver. the year years in XXXX, Michiquillay in that production of of surface that accordance of inferred tons, of XX of project initial of mineral of supporting programs Ministry and quarter social the and the will required, to of the has XXXX.
In grade with of signed be hired land. molybdenum, In Southern and a existing with resources X.X acquisition activities It Michiquillay by copper the roll XXXX, with we and is communities, cash initiated contract XXXX, We're Peru. assessment with that along labor of mineral exploration an When We has cost. byproducts Energy X.XX%. paying copper billion XXX,XXX for June the an informed Encanada the and in expect Michiquillay of depth. communities is Cajamarca estimated more of gold mining competitive Copper life we world-class a than have approximately developed, estimate an a the the in company activities. out with the social use unskilled both as La exploration In
its Corporation best transparency Sustainable present Environmental, committed from governance investment Copper improving Development ongoing our and by other informing contains improvement. and in This record social investment. of and which year, progress is the Mexico about information edition manner. our adopting this commitment Southern practices to Grupo will stakeholders SCC and disaggregated the reaffirms to ESG Report, committee #XX and
This information both Development regard the Corporation and year's on a environment its our to and rights importance health, communities Copper by our particular and to to Committee. ambits emissions. gas promoting and and main of XXXX, of to which Committee, SCC's environmental, risks independent have supervise with inside targets greenhouse set human -- Directors Development opportunities development, Southern on which is and also to we in corporate the Board This director. endeavors updating an report the objectives in diversity governance. objective placed company for program XXXX, safety Sustainable strategy up management is in presided inclusion, close in includes of the support community In climate reduce committee's In change, within our operations.
Sustainable provides
identify and in addressed international has trajectory, including meets aspects change corporate waste. agreements assessed mineral the the well and every and front. diverse of session, Development ESG water of diversity third quarter company's Sustainable and as The on and its to adhesion Committee, management The committee as governance climate opportunities inclusion
and del in XXXX In quality These for occupational are certification. Organization our and and Cobre recognition mine, ISO, proof environmental ISO social for for management. commitment and of commitment Standardization, important employees. our of environment Buenavista International our to standards: located for our Sonora, governance implement quality, X of management; for to safety the and a Third-party safety management; certificates XXXXX has obtained occupational the health environmental, in XXXXX ISO ISO practices, best further health Mexico certification corporate
Corporation, and employees' health. Copper Occupational At safety Southern our safety our is priority.
Mexican the National unit our Safety. Our of health, distinction a has sustainability in environmental of in Ilo, by ensuring and recognition Competition Buenavista for and employees, unit management prevent Safety, Institute in of organized This of populations in the commitment Peru, indicators efforts multiplied Mining earned of in our Peruvian extension is to their brink was category recognizes actions, from to Habitat the del the operations.
Biodiversity. with located habitat In our Wildlife these our in has of Cobre March the the Mexico. in safety gray the region wolf. contributions Mining obtained Moquegua Thanks reflection to the XX ongoing natural first which at these in on performance and the the of wild, SCC's place Council occupational to smelter XXXX, to extension of certification the refinery regard species, for
to side-by-side regions the authorities operate. the continue in good which forward, society serve common we we Going with in to and will work
model X where of Charcas, facilities Chihuahua the Grande we Casa serve San Potosi. Barbara, Luis and community life the work. Peru. XXX,XXX and quality in in renovated additional to in At continue in will These and committees development. currently XX,XXX people we community Recently, Santa the impact centers called residents people. strengthen an provide centers community to of Community efforts Mexico we year SCC, a operate our These development that services positively XX
of promoting fundamental that valuing in discrimination integral workplace our At develop to SCC, that inclusion. development inclusive thinking ways all to promote the and different and diversity, are convinced stakeholders. efforts preventing openness employees of and Diversity we're environments
We throughout are communities inclusion our and to driving company committed in the and the around for diversity the agenda transversely operations.
of the Our the by SCC. results of efforts, reflect employed in our increase with fruit number in women a XXXX XX%
announcement. Dividend
review you of policy May means on to payable determine business a to April Directors meeting other as of dividend. the flow market and dividend of the cash dividends, Accordingly, quarterly to cash XXXX. X, investment capital plans Regarding each to it XX appropriate the shareholders Board at expected as Board May operations, our $X know, of on financial the per common company is position, the from cash at authorized announced close share on of stock XX, record generation
and Ladies like to joining we presentation like our phone would us, now gentlemen, questions. these up with for comments, would Thank and end you we the very to open today. for much
