Southern Copper stock: Tia Maria set for 2028 after record Q3

Published on 10/30/2026 at 12:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Southern Copper stock draws attention as Tia Maria is scheduled to start in the first half of 2028. The miner also posted record third-quarter results.

Project timing meets record quarterly results

Southern Copper reported third-quarter sales of USD 4.70 billion, up 39.1 percent from a year earlier.
Net income rose 62.7 percent, while adjusted EBITDA increased 53.9 percent.
Tia Maria was 49.6 percent complete at the end of September, with USD 884.3 million invested.
The company expects Tia Maria and El Pilar to add about 156,000 tonnes of refined copper to annual output.

SCCO, US84265V1052, Illustration mit AI erstellt.

Southern Copper said on October 20 that operations at its Tia Maria copper project in Peru are expected to begin in the first half of 2028. The update came with record third-quarter sales, net income and adjusted EBITDA, according to MarketScreener, which reproduced the company release.

Record quarter strengthens operating base

Third-quarter net sales reached USD 4.70 billion, a 39.1 percent increase from the same period of 2025 and a new quarterly record. Net income climbed to USD 1.80 billion from USD 1.11 billion, lifting the net income margin to 38.4 percent from 32.8 percent.

Adjusted EBITDA rose 53.9 percent to USD 3.04 billion, with the margin expanding to 64.7 percent from 58.5 percent. Operating cash flow increased 42.6 percent to USD 2.22 billion, while nine-month operating cash flow reached USD 5.91 billion, up 81.3 percent year over year.

The results benefited from higher prices across Southern Copper's product portfolio. Copper production, however, fell 1.1 percent quarter over quarter to 232,396 tonnes, while nine-month copper production declined 2.9 percent to 693,602 tonnes. The company attributed the latter trend mainly to lower ore grades at its Peruvian mines.

Tia Maria advances toward production

Southern Copper said Tia Maria was 49.6 percent complete as of September 30. The company had invested USD 884.3 million in project execution and committed USD 1.10 billion for activities, acquisitions and related contracts.

Large-scale earthworks at the La Tapada deposit have been completed, and 18.9 million metric tonnes of material have been moved to the stripping deposit. Work is also progressing on the dry and wet areas, including the solvent extraction and electrowinning facilities. The project is designed to produce 120,000 tonnes of copper cathodes a year in its early operating years.

The company expects Tia Maria and its El Pilar project in Mexico to add about 156,000 tonnes of refined copper to annual production. Southern Copper aims to move beyond one million tonnes of annual output once both projects contribute, with 85 percent of that total expected to be refined copper.

Capital spending and shareholder returns

Capital investments reached USD 515.8 million in the third quarter, up 47.7 percent from a year earlier. Spending for the first nine months was USD 1.38 billion, an increase of 52.9 percent. Southern Copper said its current capital program for the decade exceeds USD 15 billion.

The board authorized a quarterly cash dividend of USD 1.30 per common share and a stock dividend of 0.0106 shares per share on October 15. The cash and stock distributions are payable on November 19 to shareholders of record at the close of business on November 3.

For investors, the record earnings provide financial support for the company's expansion plans, but project execution remains important because future copper output depends on new mines reaching production. Tia Maria's construction progress and the timing of El Pilar are therefore central to the longer-term production target.