Southern Copper Corp. Announces Unaudited Consolidated Financial and Production Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Production Guidance for the Year 2016; Provides Capital Expenditure Guidance for the Year 2016, 2017, 2018, 2019, and 2020
October 28, 2016 at 03:46 pm EDT
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Southern Copper Corp. announced unaudited consolidated production and financial results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported net sales were $1,400.7 million 23.6% higher than third quarter 2015 net sales of $1,133.6 million. This result was due to a 30.5% increase in copper sales volume, resulting from increased productive capacity at the Buenavista mine, which was partially affected by a 10% reduction in copper price. Operating income was $362.4 million compared to $286.9 million for the last year. Income before income tax was $300.7 million, compared to $220.7 million for the last year. Net income attributable to the company was $197.6 million or $0.26 per basic and diluted share, compared to $98.4 million or $0.12 per basic and diluted share for the last year. Net cash provided from operating activities was $307.1 million, compared to $261.9 million for the last year. Capital investments were $275.6 million, compared to $316.2 million for the last year. EBITDA was $546.5 million, compared to $421.2 million for the last year.
For the nine months, the company reported net sales of $3,980.8 million, compared to $3,791.3 million for the last year. Operating income was $1,093.7 million, compared to $1,227.0 million for the last year. Income before income tax was $894.5 million, compared to $1,081.2 million for the last year. Net income attributable to the company was $604.6 million or $0.78 per basic and diluted share, compared to $675.6 million or $0.85 per basic and diluted share for the last year. Net cash provided from operating activities was $635.9 million, compared to $817.1 million for the last year. Capital investments were $840.5 million, compared to $845.9 million for the last year. EBITDA was $1,582.9 million, compared to $1,614.7 million for the last year.
For the quarter, the company reported copper mined was 224,869 tons, compared to 179,892 tons for the last year. Total production was 232,770 tons, compared to 184,993 tons for the last year. Molybdenum mined was 5,581 tons, compared to 5,739 tons for the last year. Zinc mined was 18,851 tons, compared to 16,297 tons for the last year. Silver mined was 3,975 tons, compared to 3,314 tons for the last year.
For the nine months, the company reported copper mined was 672,372 tons, compared to 536,593 tons for the last year. Total production was 690,057 tons, compared to 547,159 tons for the last year. Molybdenum mined was 16,456 tons, compared to 17,354 tons for the last year. Zinc mined was 56,874 tons, compared to 45,471 tons for the last year. Silver mined was 12,097 tons, compared to 9,730 tons for the last year.
For 2016, the company expects to produce 905,600 copper tons.
Currently, the company expects to close this year with about $1.2 billion in capital expenditures.
For 2017, it expects to spend capital expenditures to be $1.5 billion.
For 2018, it expects to spend capital expenditures to be $1.4 billion.
For 2019 it expects to spend capital expenditures to be $1 billion.
For 2020 it expects to spend capital expenditures to be $500 million.
Southern Copper Corporation is an integrated copper producer. The Company is engaged in the production of copper, molybdenum, silver, and zinc. The Companyâs mining, smelting and refining facilities are located in Peru and Mexico and conducts exploration activities in those countries and in Argentina, Chile and Ecuador. Its segments include the Peruvian operations, Mexican open-pit operations and Mexican underground mining operations. Its Peruvian operations include the Toquepala and Cuajone mine complexes and smelting and refining plants, including a precious metals plant, industrial railroad and port facilities. Its Mexican open-pit operations include the La Caridad and Buenavista mine complexes and the smelting and refining plants, including a precious metals plant and a copper rod plant and support facilities that service both mines. Its Mexican underground mining operations include five underground mines that produce zinc, copper, lead, silver and gold, and a zinc refinery.
Southern Copper Corp. Announces Unaudited Consolidated Financial and Production Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Production Guidance for the Year 2016; Provides Capital Expenditure Guidance for the Year 2016, 2017, 2018, 2019, and 2020