Copper · Senior · Producer · Mexico · South America
Last updated 17 July 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Southern Copper Consolidated
Portfolio · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Consolidated portfolio rollup for Southern Copper Corporation (SCC, 88.9%-owned by Grupo Mexico), one of the world's largest copper producers, with operations in Peru (Toquepala, Cuajone, Ilo smelter/refinery) and Mexico (Buenavista, La Caridad open pits; IMMSA underground polymetallic unit) and an active exploration program in Chile and Argentina. Multi-jurisdictional rollup - primary jurisdiction Peru; also includes Mexico. Reserves based on $3.30/lb Cu long-term price; resources at $3.80/lb Cu. Development pipeline: Tia Maria (construction, start 2027), Los Chancas (2031), Michiquillay (2032), El Arco, El Pilar; Peruvian project investments could surpass $10.3 billion over the next decade and Mexican pipeline ~$10.2 billion. 2026e: 911,400 t Cu, 26,000 t Mo, 23.7 Moz Ag, 165,500 t Zn; capex program $1,925.5M; company targets 1.6 Mt Cu by 2033.
Portfolio Aggregate
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Operating · 10 projects
Buenavista
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Buenavista del Cobre (Cananea), Sonora, Mexico - one of the world's largest porphyry copper deposits and the oldest continuously operated copper mine in North America (since 1899); acquired by Minera Mexico in 1990. Conventional open-pit operation with two concentrators (original 86,000 t/d nominal; second concentrator from 2016 at 120,000 t/d), three SX-EW plants (third plant rated 120,000 t/yr Cu), two molybdenum plants (combined 4,600 t/yr) and the Quebalix IV crushing-conveying-spreading system, supporting 500,000 t/yr copper capacity. A new zinc concentrator ramped up from Q1-2024, adding zinc recovery (separate 'Buenavista zinc plant' reserve/resource lines). 2025 capex included $252.0M for the new tailings disposal deposit and $67.1M for the new concentrator. S-K 1300 TRS Exhibit 96.6.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 31 December 2025
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La Caridad
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Open-pit copper-molybdenum porphyry complex at Nacozari, Sonora, Mexico; complex began operations in 1998 and reached full annual operating capacity of 150,000 tonnes of copper in 1999. Integrated complex includes concentrator, SX-EW facility (21,900 t/yr cathodes, built 1995, fed by ~1,037.4 Mt of leaching ore at ~0.238% Cu deposited in dumps as of Dec 31, 2025), smelter, refinery, rod plant and precious metals plant. Mill cut-off grade 0.30% Cu; ore between 0.15-0.30% Cu delivered to leach dumps. The Pilares satellite deposit (separate project row) trucks ore to the La Caridad mill. S-K 1300 TRS for La Caridad and Pilares, Exhibit 96.7.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Toquepala
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Open-pit copper-molybdenum porphyry mining unit in Tacna, southern Peru, operated by the SPCC Peru Branch and in operation since 1960. Two concentrators each with 60,000 t/d milling capacity plus SX-EW cathode production from leach dumps. Porphyry copper mineralization related to feldspathic porphyry intrusions controlled by regional faulting. Concentrates railed to the Ilo smelter; access via developed roads with air service at Tacna. 2025 capex included relocation of the leaching crusher ($37.1M) and modernization of the slab stripping machine ($12.2M). One of SCC's S-K 1300 material properties (TRS Exhibit 96.2).
Mining metrics
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Reserves & resources — detail
As at 31 December 2025
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Cuajone
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Open-pit copper-molybdenum porphyry mining unit in Moquegua, southern Peru, operated by the SPCC Peru Branch; conventional drill/blast/haul open-pit operation feeding a 90,000 t/d concentrator, currently operating at full capacity. A spur railway connects Toquepala and Cuajone operations and carries concentrate to the Ilo smelter. Recent investments include HPGR optimization ($54.2M in 2023, $18.2M in 2024) and a new concentrator maintenance workshop. One of SCC's S-K 1300 material properties (TRS Exhibit 96.1).
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Charcas
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground polymetallic mining complex in San Luis Potosi state, central Mexico, part of SCC's IMMSA unit; produces zinc, copper, lead and silver. One of the three currently operating IMMSA underground complexes. S-K 1300 TRS (resources only) Exhibit 96.10.
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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San Martin
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground polymetallic mining complex in Zacatecas state, central Mexico, part of SCC's IMMSA unit; produces zinc, copper, lead and silver. Restored to operation following the 2018 restart (mine restoration capex through 2024). S-K 1300 TRS (resources only) Exhibit 96.12.
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Santa Barbara
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground polymetallic mining complex in Chihuahua state, northern Mexico, part of SCC's IMMSA unit; produces zinc, lead, copper, silver and gold. One of the three currently operating IMMSA underground complexes. S-K 1300 TRS (resources only) Exhibit 96.11.
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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SCC Mexican Open-Pit Operations
Segment · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Segment rollup of SCC's Mexican open-pit operations held through Minera Mexico: the Buenavista (Cananea, Sonora) and La Caridad (Nacozari, Sonora) mining complexes, including the La Caridad smelter, refinery and rod plant and the Buenavista SX-EW and zinc concentrator facilities, plus the Pilares satellite deposit and the El Arco and El Pilar development projects. 2025 segment net sales $7,623.0 million.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 31 December 2025
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SCC Peruvian Operations
Segment · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Segment rollup of SCC's Peruvian operations conducted through the SPCC Peru Branch: the Toquepala and Cuajone open-pit mining units, the Ilo smelter (ISASMELT, nominal capacity 1,376,050 t of copper concentrate per year) and refinery, and the development pipeline (Tia Maria under construction, Los Chancas, Michiquillay). Concentrates from Toquepala and Cuajone move by company railroad to Ilo. 2025 segment net sales $5,247.6 million.
Mining metrics
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Reserves & resources — detail
As at 31 December 2025
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SCC IMMSA Unit
Segment · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground mining polymetallic division (Industrial Minera Mexico) owning five underground mining complexes in central and northern Mexico, three of which are currently operating (Charcas, Santa Barbara, San Martin; Santa Eulalia and Taxco suspended), producing zinc, lead, copper, silver and gold, plus a zinc refinery and several industrial processing facilities. 2025 segment net sales $807.8 million.
Mining metrics
Multiple effective dates
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Construction · 1 project
Tia Maria Project
Asset · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
Greenfield copper SX-EW project in the Districts of Cocachacra, Mejia and Dean Valdivia, Islay Province, Arequipa, Peru, comprising the La Tapada and Tia Maria oxide deposits. Will use SX-EW technology with capacity of 120,000 t/yr of copper cathodes. Budget $1,805M; $790M committed and construction progress at 24% as of Dec 31, 2025; large-scale earthmoving has moved 1.7 Mt of material from La Tapada; main substation earthworks complete and transmission line under construction. Operations expected to start in 2027 (764 direct jobs); ~5,000 construction jobs at peak. Project previously experienced community-related delays. S-K 1300 TRS Exhibit 96.3.
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Development · 4 projects
El Arco Project
Asset · Feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
World-class porphyry copper deposit in the central Baja California peninsula, Mexico, with sulfide ore reserves of over 1,230 Mt at 0.40% Cu and 141 Mt of leach material at 0.27% Cu, plus gold and silver credits. Project includes an open-pit mine with a combined 120 ktpd concentrator and 28 ktpy SX-EW operation. Detailed engineering underway for the concentrator, SX-EW plant, water desalination, logistics infrastructure and power delivery. Reserves priced at $9.00/lb Mo (vs $10.00 elsewhere) and resources at $10.35/lb Mo. S-K 1300 TRS Exhibit 96.9.
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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El Pilar Project
Asset · Development
Project information
As at 31 December 2025
Description
As at 31 December 2025
Low-capital-intensity copper oxide greenfield project in Sonora, Mexico, ~45 km from the Buenavista mine. Copper oxide mineralization hosted in alluvial wash gravels at the southwest margin of the Patagonia Mountains; estimated P&P reserves of 317 Mt at 0.249% Cu. Anticipated to operate as a conventional open-pit mine with SX-EW technology and annual capacity of 36,000 tonnes of copper cathodes. S-K 1300 TRS Exhibit 96.8.
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Los Chancas Project
Asset · Development
Project information
As at 31 December 2025
Description
As at 31 December 2025
Greenfield copper-molybdenum porphyry project in Apurimac, Peru. Envisions an open-pit mine with combined concentrator and SX-EW operations producing 130,000 t/yr copper and 7,500 t/yr molybdenum; estimated capital $2,600M with operations expected from 2031. As of Dec 31, 2025 the presence of illegal miners within the project area has prevented advancement; the company continues actions with authorities to regain control while implementing environmental and social programs in Tapayrihua and Tiaparo communities. S-K 1300 TRS (resources only) Exhibit 96.4.
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Pilares
Asset · Development
Project information
As at 31 December 2025
Description
As at 31 December 2025
Satellite high-grade copper deposit ~6 km from the La Caridad complex in Sonora, Mexico; developed as an open-pit operation with ore haulage by truck to the La Caridad mill. Carried at probable reserves of 22.3 Mt @ 0.80% Cu (mill) plus 1.9 Mt leach material; no production recorded through 2025 in the company's per-mine production series. S-K 1300 TRS shared with La Caridad (Exhibit 96.7).
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Exploration · 1 project
Michiquillay Project
Asset · Exploration
Project information
As at 31 December 2025
Description
As at 31 December 2025
World-class copper porphyry project in Cajamarca, Peru, acquired by Southern Copper in June 2018; 18 mining concessions totaling 4,051 ha. Inferred resources of 2,287.9 Mt at 0.43% Cu. Expected to produce 225,000 t/yr of copper (with molybdenum, gold and silver by-products) at competitive cash cost over an initial mine life of more than 25 years; ~$2.5B investment with start-up expected by 2032. Geological information review audited under S-K 1300; company intends to estimate mineral reserves and develop the mine plan next; preoperational period extended by three additional years by agreement with Peruvian authorities. TRS Exhibit 96.5.
Mining metrics
As at 31 December 2025
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Reserves & resources — detail
As at 31 December 2025
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Suspended · 2 projects
Santa Eulalia
Asset · Suspended
Project information
As at 31 December 2025
Description
As at 31 December 2025
Suspended underground polymetallic mining complex in Chihuahua, Mexico, one of the five IMMSA underground complexes (three of five currently operating). No production recorded in the company's 2010-2025 per-mine production series.
Mining metrics
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Taxco
Asset · Suspended
Project information
As at 31 December 2025
Description
As at 31 December 2025
Suspended underground polymetallic mining complex in Guerrero, Mexico, one of the five IMMSA underground complexes; operations have remained suspended (no production in the company's 2010-2025 per-mine production series).
Mining metrics
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Processing facilities · 1 project
Ilo Smelter and Refinery
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
SCC's Peruvian smelting and refining complex at Ilo, Moquegua. The smelter (modernized 2007) uses an ISASMELT furnace, converters and anode furnaces to produce 99.7% copper anodes from Toquepala and Cuajone concentrates delivered by rail; nominal installed capacity 1,376,050 t of copper concentrate per year. Anodes feed the adjacent refinery; surplus anode production is sold to other refineries worldwide. 2025 investments included the sheet stripping machine and permanent cathodes refurbishment ($12.8M), cooling pump replacement ($9.2M) and electric cogeneration project ($7.0M).
Processing facilities
As at 31 December 2025
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Base Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Base metals
- Cu % / Zn % are the grade norm for base metals; kg/t is for very high-grade deposits. Porphyry copper is typically 0.3–1% Cu; SEDEX zinc 5–15% Zn.
- C1 vs C2 vs C3 vs AISC. C1 is direct mining + processing + transport + by-product credits. C2 adds depreciation; C3 adds corporate/indirect costs. Compare like for like.
- TC/RCs (treatment & refining charges) are smelter payments per dry metric tonne of concentrate — a non-trivial part of base-metal economics, not shown on the Portfolio tab.
- Concentrate vs metal. Miners often sell concentrate (~25–30% Cu) and are paid for contained metal minus TC/RCs. Portfolio books contained metal on a 100% basis.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Gold
Silver
Copper
Zinc
Lead
Molybdenum
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
Commodity guides
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