Southern Copper

Q2 FY2026 EarningsQ2 FY26 results slightly exceeded consensus, with revenue of $4.29B vs. $4.27B expected and EPS GAAP of $2.01 vs. $2.02 mean (but within the $1.94-$2.12 range). Gross margin reached 67.6% (implied) vs. 62.4% expected, driven by a 40% YoY surge in copper prices and strong by-product contributions despite a 1.5% dip in copper sales volume. The company successfully issued $1.25B in debt to fund the Tia Maria project, while maintaining a competitive operating cash cost of $0.05/lb net of by-products.