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    Tingshuai Feng • China International Capital Corporation

    Tingshuai Feng's questions to Southern Copper Corp (SCCO) leadership

    Tingshuai Feng's questions to Southern Copper Corp (SCCO) leadership • Q1 2025

    Question

    Tingshuai Feng of China International Capital Corp. inquired about the capital expenditure breakdown for the Tia Maria project and the company's flexibility to sell more copper concentrate given low TC/RC charges.

    Answer

    Raul Jacob (executive) detailed the CapEx plan for Tia Maria, with about $200 million slated for 2025. He also provided the company's total CapEx forecast, rising to $2.7 billion by 2027. Regarding sales flexibility, he noted that over 70% of contracts are for refined products and that the company's integrated smelter operations remain highly competitive, making a shift to concentrate sales unnecessary despite favorable spot TC/RCs.

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    Tingshuai Feng's questions to Southern Copper Corp (SCCO) leadership • Q1 2025

    Question

    Tingshuai Feng from China International Capital Corp. asked for a breakdown of the increased CapEx, particularly for the Tia Maria project, and questioned the company's flexibility to shift sales from refined copper to concentrate amid low treatment charges.

    Answer

    Executive Raul Jacob detailed the CapEx plan, with Tia Maria accounting for approximately $200 million in 2025, and total company CapEx rising to $2.7 billion by 2027. He stated that while TC/RCs are low, over 70% of sales are contracted as refined products, and their integrated smelting operations remain highly competitive.

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    Tingshuai Feng's questions to Southern Copper Corp (SCCO) leadership • Q3 2024

    Question

    Tingshuai Feng questioned a significant positive figure for treatment and refining charges in the operating cash cost reconciliation. He also asked for an update on the revised CapEx estimate for the Tia Maria project and the main drivers of the revision.

    Answer

    Executive Raul Jacob clarified that the positive treatment and refining charge was a typo in the press release and should have been a negative number. For Tia Maria, he explained the CapEx is being revised from its 2016 estimate to account for technological updates and new infrastructure, with a current ballpark estimate of around $1.8 billion, which is still under review.

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