Leonardo Copper morning, well Mr. Thank and also Southern CEO Oscar Contreras, XXXX Conference Gonzalez welcome of as conference, today's Southern everyone, Call. you Rocha, Quarter Carmen. At Board Second and I'm fellow to as Member. much, Results very Mr. Board Good Member; Copper's joined a of by
will In update production, today's questions. Southern the and with After financial call, open Copper's we will we projects operating review sales, on copper the begin an expansion session then to of our ESG. results, view for related cost, key results and market this,
the copper prices of around $X.XX per This or focus about than decreased market a the the copper pound Exchange average market. the pound, us few recession London year, close quarter. a the in of second landing last price Chinese U.S. in Europe impact possible quarters. second for at concerns a and this soft the slowdown minor per of let down the on less the in average quarter optimistic in per the second an economy, In for to of Now $X.XX XXXX, reflects copper a Current pound of Metal recession reflecting $X.XX at that quarter in seen XX% from the
the Peru, current by of a and on the rate a year. recovery following of the mining ECB; the may in reducing period growth factors for inflation, copper have of affecting January-May market: strong this production At interest portend reduction this global led the point, of XX% the see is This uncertainty a which who the hike cycle production. Fed the we end
are houses same this supply. market assumes countries, about for These is future period. This this Chile reduction expecting social for in represent a the still market Peru. expectations know, of X% the economic the changes you of a for The the of in about copper of in growth XX% Investments for X still X% XXX,XXX Chile as affected a for growth most and in and market now year. production supply. in about global lagging by tons unrest surplus year same the about relevant are intelligent also level copper demand with
reduction inventories copper since term. This leading in XX, about -- number is the the warehouses that market. bundled tons. has the in will of as copper March Exchange, XXXX. the another the that warehouse with That dropped Shanghai the dip is to sum the of to the in long largest underlying shift of XX% London the in or copper factor important energy, affecting assertion that tons is this positively copper March strong of add up It the our which At to inventories. plays to Exchange, XXX,XXX role clean Low and -- global correlates a XX emphasize demand be inventories XXX,XXX for represents closing China the copper COMEX in Metal
the Copper's terms sales at look a to an let's production XXX,XXX the quarter. second XX% increase at Copper quarter our in Southern registered stand of represented Copper of quarter-on-quarter production quarter tons. for Now the past of XXXX. in in second X%
operating capacity -- in XX% return full to driven reflects capacity Our recoveries, higher production higher Cuajone quarterly result by mine a and the of at full in Toquepala. ore Peru, the grades increase
Toquepala and in are production of of Peruvian speed higher at and of mineral grades So XX% the production. the the full return drivers Cuajone the at ore growth
terms. our X% increased operations Mexican quarter-on-quarter a in at Production
of increase we be complemented XXXX, This concentrator produce at Pilares will back For expect and of will through Zinc the track as and with our Mexican an to XXXX production production get tons projects. growth on we final print. Peruvian X% new copper, unfold Buenavista over our XXX,XXX operations
XX% in increase by-product. of $XX.XX quarter value per the of second quarter currently our compared in averaged and year. year is prices the XX%. company's This last Molybdenum represented quarter second Molybdenum the pound represents sales first the in $XX.XX to this an of of
were in in of by same mainly XXXX. production ore compared X.X% Molybdenum second higher produce the offset XX,XXX increase full operating Toquepala we These the period over molybdenum, driven our decrease Caridad due by level. tons X% of to at and Cuajone, production mine. to grades lower capacity. This In our Mexico a Buenavista partially production XXXX, XXXX which of quarter return Cuajone's increased operations by the was to to at production results and the mines an expect at represents
reflected of of value with the Silver per our an is currently X%. at XXXX of of price quarter operations. Mined period production in quarter XXXX an $XX.XX represented silver the our second the second X% after the production which rose versus increased ounce in our sales increase by-product. in of same X% Silver quarter, average second all
an we XXXX in XX% XXXX. Refined driven million to this -- than IMMSA X% expect million higher was to mainly X% silver ounces by our million and the at quarter-on-quarter, of by La compared units. and in production increase ounces of Caridad and In XX XX.X produce production a silver, fell drop XXXX, XX produced
second XX% Zinc This the Zinc driven price in with in production of of in to represented per a the tons. an by and increase our mine regard $X.XX of value XX,XXX an primarily currently XX% was Barbara X% at is the Santa pound Charcas mines. second quarter-on-quarter by-product. Zinc figure. decrease XXXX with production which increased average represents quarter, sales quarter our XXXX of quarter totaled the and third
XX% quarter the second year. second last in Refined zinc increased vis-à-vis quarter production by of the
be driven to recovery the of Zinc IMMSA of at by will and expect growth areas we XX% better the zinc, start-up ore been of has Buenavista which concentrator mines over an identified. production level. XXXX, tons the production and represents XXXX by XXX,XXX This where For grade our produce the increase
of XXX,XXX per expect tons For produce and to zinc XXXX on, over year. we
Financial results.
XXXX, of almost scenario is Copper sold quarter decreased that sales in XXXX. in lower prices volume while of a second the $X.X the X% billion. we increased were XX%. value This the sales by second same quarter of For XX%, by
because Regarding -- our in we offset main to sales XX% had sales molybdenum were by better a in that was which zinc by-products, excuse grew -- a on to XX% Silver better sales, silver of due to of me, increase volume due volume, partially Zinc decrease prices. due lower sales. down down we XX% turn, reported prices. higher were mainly to prices due in
cost services. were materials, operating were to materials, consumption, and contractors for partially purchased or and the Our noted grinding cost media, quarter power X% year. offset labor main should for other $XX decreased of and by total million and copper by cost factors. participation, for operation expenses registered and operating cost reductions when inventory The second These reductions that workers' reported reductions costs. explosives repair compared be year-to-date, we It higher costs unit cost last
months the year stood versus for XX%, The second the EBITDA the XX% with the X% increase XXXX this of quarter represents lower same EBITDA last margin XXXX. X X $X,XXX at in the quarter EBITDA same -- an months of as million, stood is of year. million. in months this in margin was year was mark. EBITDA the million to and the $X,XXX XX% second which Our was quarter the $X,XXX second in at second the XXXX than registered The of regard in of X of which of X% quarter the EBITDA This XXXX.
cash cash first cost a though of second quarter X% cost, in copper year. charges for Even per increased to Operating lower cost $X.XX and $X.XX. before the of and increase cost production was copper quarter, higher first pound production second pound per by-product than between is is to from the higher the of and attributable volumes treatment this this year, the refining premium. pound credits X% was quarter per $X.XX operating the in value quarter which That
to pound million credit $X.XX pound the first or of $XXX $X.XX per in XXXX. second by-products, a our These of in that compared a credit million figures or the quarter we of when per total quarter the XXXX. had represent we XX% decrease Regarding had of $XXX
decreased XX%; and zinc, for increased silver, by XX%; volumes zinc, for for X%. for by for but molybdenum X%. for silver Prices X%; By-product increased XX%; have molybdenum, decreased
consequence, a credits total all our by-products. As have of decreased for
by-product operating year. This registered cash cost, quarter per in was the increase cost main Southern we credit, And in mainly $X.XX cost had a cost was as explains increase the the we basically significant of XXXX. higher a cash reduction that a in Copper in $X.XX the of you cash pound this credits, cost, noticed, first than the by-product in change -- quarter cash cash but X% $X.XX operating in have cost. and of that of including second have the cash benefit $X.XX
income The quarter XXXX. in margin at to net XX% a net $XXX quarter the million income registered quarter with of $XXX ], [ versus stood XXXX regard XX% the represents increase the which in was the second of second reasons. mainly reduction increase XX% million XX% which a than in This year-on-year purchases. a copper third-party similar was of a was decrease XXXX. was basis, the for costs, higher in attributable of concentrate lower net result operating in income X% mainly On to XXXX second
the net differences first below of comparison. of significant the of the XXXX $XXX SCC's $XXX second income quarter second copper in quarter copper That price. of an lower In XXXX. This in quarter due alone sales dropped in million million. adjustment reflects reported to represented $XXX prices million the period-over-period dynamic fell XXXX,
on of say, Volume volume X%, sales open -- adjustment decreased decreased And represents that's about million. $XX accounting I $XX and an we adjustment sales of or that copper an X%, had for another million. by should sales tons volume, XXX,XXX --
our on silver. the copper, of operation of half have production that zinc this and ounces for year, in expecting molybdenum, we project, XX,XXX volumes. should second produce For sales year XXX,XXX and the to copper, and tons uptick through of the half support we're Pilares are period. the XX,XXX a in expecting the positive ramping looking our tons zinc new silver of Buenavista million company's zinc up XX.X the at view of second this this plans, tons of sales of An current very in And concentrator we
of was X months represents activities which Cash X over this posted in operating increase the year flow Cuajone from in year. year -- operations. flow affect reduction an million, $X,XXX Cash capital, million the which was in was $X,XXX the significant of Cash last months XX% from half the of stoppage. to the mine first was last affected by attributable a of working in
Michiquillay and exceeds for Arco Pilar competitiveness in El in Mexico project. program of This Pilares, investment capital includes Tia Zinc, infrastructure the Buenavista Maria, the including Los the and $XX current Chancas and key several and El in investments, this decade in bolster investments investments projects billion Arco Our El includes projects Peru. forecast capital the to
description our them. I'm Since update for release, there a in each SCC's press main short capital new projects is of going developments of to
XX%, For within of XXX,XXX the in is know, that built XX,XXX vacuum tons of in Mexican projects, tons of project plant Progress $XXX zinc facility a have Buenavista this is to been the have as capital operations and expect deposit initiated Zinc budget in is year. of Buenavista the concentrator. has we where, the Sonora, a and of you at testing year. case per which concentrator and This a of the capacity this new located most the production August has is million, copper The already project initiate of invested. we
Pilares, the and operation. the currently delivering copper for $XXX budget of is the million of been facilities Pilares is mineral La For which $XXX also to million, Pilares invested. Caridad Sonora, operating in project has the
continues the of case been by being recovery. Pilar, on-site of experimental the in the project engage Project developed company confirmed engineering and adequate and the process leaching engineering develop results El completed, study in and In the levels top-tier environmental pads activities. Basic firms. have is from copper engineering has to technology
and is We at XX mine life estimated years. to expect XXXX, begin production in
Ambiental, facilities, mine, The auxiliary the Impacto the is Natural Environment environmental Baja to in SEMARNAT, California, Impact currently a and and Manifestacion town studies MIA, the facilities. is for which industrial company Arco, the to and Statement baseline sites submit completed of Environmental permits. request study power will Resources, preparing pipelines, El the the environmental port, impact to the proceed concentrator de company for and Secretary respective project or has
consistently of been Peruvian the population For Copper promote the welfare of Maria, Tia province. the for projects, has Southern working Islay the to
in As of part life health we development of implemented the in programs social quality the and efforts, these have to improve successful education, region. productive care
in the tourism activities We and Valley manufacturing, agricultural Islay. have Tambo in and and promoted fishing also livestock supported growth in
XX subsequently of -- known from Integral Chancas persons region of excluded the complaints as the Los and company of the land this REINFO. Peru, to their miners, from part by illegal miners. physically ordered qualified continued and mined stakes illegal confiscated about registered to as other June irregularly as filed occupied REINFO and The The expel Formalization miners project's remedies of in Mining illegal that the legal be be criminal the year, XX project those them in Registry or Apurimac authority the of miners company be in of requested also project aforementioned the has illegal The ore. and have
hired Encañada for and Peru We're In labor accordance we paying is Cajamarca also XXXX, in social use both have our the unskilled surface programs agreements in company the that La has supporting social Michiquillay of project Michiquillay the region. third is in with The the the in communities, and communities. project with land.
activities addition, currently, continue exploration platforms. we And have XX In project. on we drilling this installed
For investments, Southern best its or environmental, ESG our stakeholders governance, progress practices adopting improving social matters. Copper other about and these community and informing committed investment and by in the ESG is record to
and for occupational units quarter in XXXXX second risk, environmental health of to the set the of certification ISO all and Southern hit and the milestone year, management obtain prevention the a by management. for management Copper's ISO operating XXXX risk safety XXXXX For of had
represents production Copper our a systems risks with in The practices. to framework by accreditation our copper international responsible aforementioned security obtain the efforts for of supported and certification. step prevent Our The in reflect to our and significant environmental best are ISO quest alignment Mark
tool mitigation at respond base to registry ensures of knowledge unwanted safety risk events. The and the organization. decision-making rigorous by environmental to controls This for for of a make on levels strengthens continue We components avoid progress all development in these or Critical our and management the and visibility Registry. increasing Risk follow-up creates the informed of prevention to
quarter, environmental for and environmental which policy, challenges. means line closure biodiversity with our our priorities increasingly operations protocols sustainable and our address This in formalized of the corporate to operations our management, we water by demanding establish
this the second affected of year, represents of in the in In biodiversity, Mexico. reforested the Sonora of the ambit in area This XXx quarter we state XXX in period. hectares the
impact is to footprint met biodiversity this an we totaled set the objective years a hectares, reduce environmental positive net the our first of the reversing reforested achieving for effort, area affected these In historic successfully X of ago and year-to-date. the With have which by area half X.Xx area. loss net year, the XXX
governance Southern General promotion The Sustainability Lima about which the on Copper April helped its detailed implementation and S&P and social, information secure Peru XX, Grupo Copper's such XXXX of XXXX, the and fronts. a Sustainability Southern aforementioned on issued place Exchange. has as environmental best the ESG of Stock the Report, corporate maintain Annual Mexico On Index Development practices efforts includes
operate. we which in communities the on impact Positive
communities mobile more We Wellbeing Peru conducted Southern our via uterine to have and health in our breast Program, prevent than close a we which cancer. served XXX operations Community women to campaign from
distribution -- of $X.X recognized Mexico, its investment Inversión been Yacango, has water million. Pro of in families, Cananea, has rural XXX state X.X we residents. to district million drinking water the SCC for a by Torata. $X.X in invested benefiting sanitation an quarter in and Peruvian entailed This agency benefited program which improve Similarly, this project, XX,XXX of and Poblado execution Nacozari
by and orchestras students XXXX. at The Mexican These Peru. Youth Seminar support X,XXX the Orchestras were in Copper promoted Southern Mexico Polymetallic recognized in
exhibition in our state Film the Workshop at of Cultura Mexico. collaboration we in of in for Traveling the Cineteca Additionally, Instituto de with the Estado, Sonora first Documentary del held the
were were participated original the some by that event, During workshop. of in XXX for the They this short XX films screened. students produced communities
determine on policy Regarding dividend. meeting record each position, Board to dividends, close of as of quarterly payable shareholders share market the plans the August stock to announced August dividend cash capital as XX, the flow expected from our on needs you of to know, at Board it of other company's operations, generation this authorized appropriate July the business of on year. at $X is the cash of investment and Directors common X review cash Accordingly, XX to financial per a
we our with gentlemen, comments, forum to now today. much and presentation joining very Thank like for these us, would would the and Ladies like to end up you for questions. we open
