Southern Copper reports 72% net income jump in Q3 while copper output remains flat
(Kitco News) - Southern Copper (NYSE: SCCO),one of the largest copper producers worldwide, announced today that its copper outputof 245,146 tonnes in Q3 2021 was virtually unchanged compared to 246,560 tonnesmined in Q3 2020.
The company said that higherproduction at its Cuajone unit (+10%) was offset by lower levels at thecompany's other open pit operations due to variations in ore grade andrecoveries.
The company added that its molybdenumproduction increased (+5.4%) in Q3 2021 compared to Q3 2020 due to an uptick inproduction at both the Toquepala and Buenavista mines.
Mined zinc productiondecreased 1.8% this quarter due to lower production at the Charcas and SantaBarbara mines, whereas mined silver production decreased by 8.8% afterproduction fell at the company's IMMSA, Buenavista and Toquepala operations.
Importantly, the companypointed out that its net income in Q3 2021 was $867.6 million, whichrepresented a 71.5% increase with regard to the $506.0 million registered in Q32020.
On a year-on-year basis,Southern Copper said that its net income was 161.6% higher than in 2020.
"These significantimprovements were attributable to higher sales and our strict cost controlmeasures," the company added.
Southern Copper expects itscopper production in 2021 to total 957,000 tonnes.
By Vladimir BasovFor Kitco News
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vbasov@kitco.comwww.kitco.com