Summary

• Southern Copper Corporation is rated a Hold, with recent share price gains reflecting fully priced-in optimism on copper prices and Tia Maria execution.
• SCCO’s financial strength is driven by surging copper, molybdenum, and silver prices, but production volumes remain largely flat outside Buenavista Zinc’s ramp-up.
• The Tia Maria project, expected to be operational in 2027, could add ~$4 per share in value if successful but faces legal and execution risks.
• Current valuation assumes sustained high copper prices and flawless Tia Maria delivery; any setbacks could significantly impact SCCO’s investment case.

Investment Thesis

Southern Copper Corporation (SCCO) has benefited enormously from recent commodity price surges and has been able to showcase very positive financial strength. Southern Copper is a large-cap company, boasting one of the largest copper reserve bases in the world, which

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