Higher Prices and Lower Costs for Southern Copper in 1Q; Shares Remain Overvalued
Southern Copper benefited from higher copper prices in the first quarter, with prices jumping 25.0% from the year-ago period. Production advanced by a smaller margin, up 3.9% year over year. Costs also moved in the right direction. Cash cost per pound net of byproducts sank to $0.88 in the first quarter, a 10% decline from the first quarter of 2016, though a material part of the decline is probably due to expanded operations at low-cost Buenavista ramping up. All this added up to a more than 50%...Southern Copper is a copper producer. The company's mining, smelting and refining facilities are located in Peru and Mexico and the company conducts exploration activities in those countries and in Argentina, Chile and Ecuador. The company's Peruvian copper operations involve mining, milling and flotation of copper ore to produce copper concentrates and molybdenum concentrates, the smelting of copper concentrates to produce blister and anode copper, and the refining of anode copper to produce copper cathodes. The company's Mexican operations are conducted through its subsidiary, Minera Mexico, S.A. de C.V., which engages primarily in the mining and processing of copper, molybdenum, zinc, silver, gold and lead.
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