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Southern Copper's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Focusing on the company production, in the second quarter of 2012, copper mine production increased by 10% to 160,595 tons, which compared to 146,240 tons in the second quarter of 2011. This increase is the result of higher production at our Cuajone operation that increased its production by 31% compared to last year. Zakładać plus 13%, and Buenavista plus 5%. All of them have better all grades and recoveries in this past quarter.

Regarding molybdenum production, it increased by 4% in the second quarter of 2012 when compared to the same period of last year. Again Cuajone production was 43% higher, zakładać 10% higher, and the result was mainly, this was mainly the result of higher grade and recovers.

Regarding silver, silver mine production increased by 10% in the second quarter, principally as a result of higher production at our Cuajone and Buenavista operations, as well as zakładać. Refined silver increased by 9% to 3.5 million ounces, and that figure compares to 3.2 million ounces in the second quarter of 2011.

Focusing on our financial results, for the second quarter of this year sales were $1.7 billion, 8% lower than the $1.8 billion we had in the second quarter of 2011. As a result of improved operating performance, we were able to upset some of the effect of lower metal prices in the second quarter of 2012 vis-à-vis the second quarter of 2011, with increased in sales volume. Copper sales volume increased by 7%, silver by 25%, molybdenum by 2% and zinc remained equal. These increments in volumes sold; partially offset the lower prices for copper. For instance, copper prices decreased by 14%, molybdenum prices by 17%, silver by 23% and zinc by 15% in the second quarter.

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