Southern Copper Corporation (SCC) reported significant financial growth for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Net sales for Q3 2024 reached $2,930.9 million, a 17.0% increase from $2,505.6 million in Q3 2023. For the nine-month period, net sales totaled $8,649.0 million, reflecting a 13.8% rise from $7,600.2 million in the prior year. This growth was driven by higher sales volumes and increased metal prices, particularly for copper, which averaged $4.17 per pound in Q3 2024, up 10.0% from the previous year.
Operating income for Q3 2024 was $1,450.3 million, a 35.6% increase from $1,069.2 million in Q3 2023. For the nine months, operating income rose to $4,247.3 million, up 27.8% from $3,323.6 million in the same period last year. Net income attributable to SCC for Q3 2024 was $896.7 million, a 44.7% increase from $619.5 million in Q3 2023, while for the nine months, net income reached $2,582.9 million, a 30.4% increase from $1,980.2 million.
The company’s production figures also showed positive trends, with copper production for Q3 2024 increasing by 11.6% to 556.1 million pounds. Molybdenum and silver production also rose, contributing to the overall increase in sales volumes. Zinc production saw a remarkable increase of 90.9% in Q3 2024, attributed to the start-up of the Buenavista zinc concentrator.
SCC's total assets as of September 30, 2024, were $18,415.5 million, up from $16,725.3 million at the end of 2023. Cash and cash equivalents significantly increased to $2,654.8 million from $1,151.5 million at the end of 2023. The company reported total current liabilities of $2,139.4 million, compared to $1,388.5 million at the end of 2023.
In terms of strategic developments, SCC has committed approximately $257.6 million to capital investment projects as of September 30, 2024. The company is also actively involved in community development, committing S/445.0 million (approximately $119.8 million) for social and infrastructure improvement projects in neighboring communities.
Overall, Southern Copper Corporation's performance in Q3 2024 and the nine-month period reflects strong revenue growth, improved profitability, and ongoing investments in both operational and community development initiatives.
About SOUTHERN COPPER CORP/
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