Southern Copper's Q2 production up from a year ago, but net income down

Southern Copper (NYSE:SCCO) says Q2 copper production at its mines in Latin America rose 4.9% Y/Y, but net income fell 9.5% due to lower copper prices and higher production costs.

Q2 sales rose 5.5% but the cost of sales climbed 2.2%, as SCCO cites higher expenses for fuel, spare parts, tires and other materials.

SCCO expects improved results during H2 as the 120K metric ton capacity Buenavista copper plant in Mexico reaches full capacity during Q3.

SCCO also expects Peru to approve its environmental impact study for its stalled $1.4B Tia Maria project in Peru during Q3.

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