Falling prices hit SCC 1Q earnings despite Toquepala copper concentrator ramp up

Southern Copper Corp (SCC) saw its earnings drop in the first quarter of 2019, with falling global metals prices offsetting an increase in shipments as the company ramped up output at its copper concentrator at the Toquepala mine in Peru.

SCC posted net revenues of $1.75 billion in the first quarter of 2019, down by 4.8% from the $1.84 billion it posted in the same period of 2018, hit by lower global base metals prices. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) totaled $890 million, falling by 5.3% compared with the $939 million in the first quarter of last year. London Metal Exchange’s three-month copper contract prices averaged $6,214 per tonne in the first quarter of 2019, compared with $7,001 per...

Published

Renato Rostás

May 01, 2019

04:34 GMT

São Paulo