Southern Copper Surpasses EBITDA Expectations Amid Copper Price Rally

Southern Copper Corporation (SCCO) reported its second-quarter earnings for 2026, delivering a record adjusted EBITDA of $2.86 billion. This marks a year-over-year increase of 59.5%, with the company's first-half adjusted EBITDA jumping 57.5% to $5.57 billion.

The improved performance was driven by higher metal prices, disciplined cost management, and increased revenues. SCCO's second-quarter revenues reached a record $4.29 billion, up 40.6% from the same period last year. Net income attributable to SCCO also hit a record $1.67 billion, with a net income margin of 38.9%, compared to 31.9% in the previous year.

However, Southern Copper's total copper production decreased by 3.6% to 232,521 tons due to lower production at its Peruvian operations. Mined silver production fell 3.8%, while zinc and molybdenum production declined 14.5% and 11%, respectively.

The company has slightly revised its 2026 copper production outlook to 917,000 tons from the initial estimate of 910,000 tons, still indicating a 5% year-over-year decline. Nonetheless, Southern Copper maintains a strong long-term outlook with production expected to rise to 1.15 million tons by 2031 and continue steadily increasing.