Southern Copper Corporation Highlights

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1 Southern Copper Corporation Highlights Southern Copper Corporation Highlights January 2009 January

2 Safe Harbor Statement This presentation contains forward-looking statements, as defined by federal securities laws, with respect to our financial condition, results of operations and business, and our expectations or beliefs concerning future events. These statements include words such as, but not limited to, expect, anticipate, believe, intend, plan, seek, forecast, estimate, continue, may, will, would, could, likely, and similar expressions. These forward-looking statements reflect management s current expectations and assumptions regarding future events and operating and financiali performance and are based on currently available information. However, actual results are subject to risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements. Many risks and uncertainties are inherent in the copper industry. Others are more specific to our operations. Additional information about risks and uncertainties that could affect our future results are contained in our SEC filings, including our reports on Forms 8-K, 10-Q, and 10-K and aregistration it ti statement t ton Form S-3 relating to our proposed public offering of common stock. 1

3 I. Introduction 2

4 Management Presenters Presenters Raúl Jacob Title Manager of Financial Planning & IR 3

5 Corporate Structure 79.1% Public Float 20.9% % % SCC Peru Branch Minera México 4

6 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 Metal Market Copper Slowdown in demand due to concerns about industrial production. Supply constraints and cash cost increases. Strong long-term fundamentals from BRIC s and N-11. LME Copper Cash Price vs. Inventories Molybdenum 92% of world reserves and production capacity are concentrated in: Mexico, Peru, USA, China, and Chile. Demand largely driven by special steel alloys consumption. Molybdenum Prices 1,000, , , , , , , $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 2000/01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/07 $ , , , , 01/05/00 04/04/00 07/11/00 10/09/00 01/09/01 04/09/01 07/12/01 10/16/01 01/22/02 04/22/02 07/24/02 10/21/02 01/23/03 04/23/03 07/22/03 10/17/03 01/21/04 04/20/04 07/20/04 10/15/04 01/21/05 04/25/05 07/25/05 10/21/05 01/24/06 04/25/06 07/25/06 10/20/06 01/23/07 04/24/07 07/24/07 10/22/07 01/22/08 04/22/08 07/23/08 10/21/08 3 month price US$ per ton Registered inventories in tons FOB North America price US$ per lb

7 Southern Copper Strengths Long o g life reserves and exploration o projects Excellent organic growth projects Low cost fully integrated operations Experienced management team Strong financial i performance / investment t grade Outstanding dividend history Good long-term copper & molybdenum fundamentals 6

8 II. Overview of Operations 7

9 Company Overview Copper Reserves 1 : For December 2008 Copper Production: Sales: EBITDA: Cash Cost: 49.1 mmt 489 kt $ 4,851 M $ 2,557 M $ 0.34 / lb. Mexico Cananea La Caridad Santa Eulalia Buenavista Santa Barbara El Arco San Martin Charcas San Luis Potosi Angangueo Taxco Peru eu #2 copper company by reserves 2 #7 copper producer #8 copper smelter 3 Tantahuatay #7 copper producer 3 Mines Smelters and Refineries Key Projects Source: Company Filings Notes: 1 Copper contained in reserves based on US$1.20 per pound of copper as of December 31, Based on available companies reports 3 CRU Los Chancas Tia Maria Cuajone Ilo Toquepala 8

10 Long Life Reserves First largest copper reserves of any publicly traded company Long-life reserves with strong capacity expansion plans Main Copper Reserves SCC Copper Reserves 60 Coppe er Reserves (Mt) Codelco SCC 40.0 FCX 25.6 BHP Billiton 22.9 Anglo American Rio Tinto Xstrata 12.1 CVRD-Inco 10.2 Antofagasta d in reserves (Mt) Copper Containe % % SEC Copper prices ($/lb) Source Annual Rep. 10K 10K 20F Annual Rep. 20F Reserve Rep. Annual Rep. Annual Rep. Period 06/12/31 07/12/31 07/12/31 07/06/30 07/12/31 07/12/31 07/06/30 07/12/31 07/12/31 Cu Price N/A $1.20 $1.20 $2.00 N/A $2.31 N/A N/A N/A 9

11 Low Cost Operations Cash Costs per pound of Copper Produced Net of By-Products Low Cost Drivers (US$/ /lb) 0.6 Management focus on cost efficiency Significant low cost SX-EW production High quality reserves Strong by-product credits 12M08: molybdenum (16% of revenues) zinc (4% of revenues) silver (4% of revenues) gold & others (3% of revenues) sulphuric acid (4% of revenues) Operating Cash Cost per Pound of Cost Structure Copper Produced Other 12% Operating Materials 16% (US$/lb) Maintenance 15% Labor 14% Energy 31% Fuel 12% As of December 31, 2008 As of December 31,

12 Low Cost of Operations SCC s cash cost as per Brook Hunt estimates is in the bottom quartile of global copper producers High quality reserves, large scale open-pit mines, low cost SX-EW production, strong by-products credits, and management focus on cost efficiency are among SCC s key low cost drivers Top 8 Lowest Cash Cost Copper Producers 1 Top 10 Lowest Cash Cost Copper Minesites 1, (c c/lb) (c/lb) (40.0) (80.0) (120.0) (29.9) (22.7) (62.9) (82.7) (160.0) (145.3) 0.0 (16.8) (10.8) (2.0) (200.0) (174.5) SCC Antofagasta Rio Tinto Codelco BHP Billiton Xstrata Anglo American Freeport Sierrita Bingham Canyon Antamina La Caridad Los Pelambres Bagdad Toquepala Chuquicamata Cuajone OK Tedi Cananea Source: Based on companies reports Notes: 1 Excludes minesites/facilities with annual Cu production less than 100 Mlbs. As of 12/31/07. 2 Operating cost net of by-product credits 11

13 Geographic and Product Diversification 2008 SCC Revenue by Product 2008 SCC Revenue by Market Zinc 4% Silver 4% Other Acid 3% 4% Asia 5% Peru 3% Europe 24% Molybdenum 16% 19% Copper 69% Mexico 23% United States 27% Other Latin American 18% 12

14 Expansion Projects Tía María SX EW / Copper LBE for Operations: 4Q Annual Copper Production: 120 ktpy Estimated Capex: $934 M Toquepala Concentrator Expansion LBE for Operations: 2011 Annual Production: Copper = 100 ktpy; Moly = 3.1 ktpy Estimated Capex: $600 M Cuajone Concentrator Expansion LBE for Operations: 2012 Annual Production: Copper = 50 ktpy Moly = 0.7 ktpy Estimated Capex: $374 M Ilo Metallurgical Operations Expansion LBE for Operations: 2012 Additional Concentrates from Cuajone & Toquepala, 445 ktpy Smelter expansion from 1.2 MTPY to 1.8 MTPY Copper Anode production: 325 ktpy to 490 ktpy Copper Cathode production: From 280 ktpy to 360 ktpy Estimated Capex: $200 M Additional Copper Production : 270 ktpy; Capex : $2.1B LBE : Last Best Estimate 13

15 Tia Maria Project Estimated Capex : US $934 M 120,000 MT of copper SX EW Cathodes per year LBE for Operations : 2010, for 18 years 14

16 Tia Maria: New Operating Unit Overview Highlights Key Operating Data Located at 100 Km north of Ilo, Peru Key Metals: Copper Annual production of 120 ktpy of copper SX-EW Plant Capacity: 120 ktpy Cash cost estimated at per Lb Life of mine : 18 years Expansion Possible concentrator after 2021, when sulfide resources are reached Resource Information Resource: 2.5 MT of contained copper Average Copper Grade: 0.39% Stripping Ratio: 1.00x Source: SCC Note: (1) Reserves based on US$0.90 per pound of copper. 15

17 III. Financial Overview 16

18 SCC Financial Summary (US$ MM) Copper Price (LME) US$ per pound Income Statement: Net Revenues $4,089 $5,460 $6,086 $4,851 EBITDA 2,335 3,316 3,766 2,557 EBITDA Margin 57% 61% 62% 53% Interest Expense Net Income 1,400 2,038 2,216 1,407 Balance Sheet Statement: Cash & Equivalents $876 $1,023 $1,409 $717 Total Assets 5,688 6,376 6,581 5,730 Total Debt 1 1,172 1,528 1,450 1,290 Total Liabilities 2,349 2,696 2,716 2,331 Total Shareholders' Equity 3,326 3,667 3,848 3,385 Cash Flow Statement: Capital Expenditures 2 $471 $456 $316 $517 Free Cash Flow 3 1, ,604 2,388 1,204 Key Credit Ratios Net Debt / EBITDA 0.1x 0.2x 0.01x 0.2x EBITDA / Interest Expense Includes short-term and long-term debt including current portion 2 Includes capitalized stripping costs until Free Cash Flow defined as net cash from operating activities less capital expenditures 17

19 Solid Financial Performance Among the highest EBITDA margins and strongest leverage ratios in the metals & mining industry 2007 EBITDA Margin (%) Net Debt/ 2007 EBITDA (x) Antofagasta 72% Antofagasta-0.7x Southern Copper 62% Southern Copper 0.01x Anglo American 46% BHP Billiton 0.4x Freeport 46% Anglo American 0.5x FCX 0.7x BHP Billiton 46% Xstrata 1.0x Rio Tinto 42% CVRD - Inco 2.7x Xstrata 39% Rio Tinto 3.2x Source: SCC; Company Reports 18

20 Focus on Total Return to Investors Disciplined approach to creating shareholder value Current Dividend Yield 1 (%) 3-Year Share Price Performance 1 (%) Southern Copper 12.1% 39% Southern Copper Antofagasta 8.9% 23% BHP Billiton Freeport 7.4% 14% Antofagasta Rio Tinto 6.8% 13% CVRD Anglo American 5.6% -36% Anglo American CVRD 4.6% In 2008, SCC paid US$1.7 Billion US$ 1.94 per share -53% Rio Tinto BHP Billiton 3.3% -53% Xstrata Xstrata 0.0% -57% Freeport -60% -40% -20% 0% 20% 40% 60% 0.0% 0% 2.0% 4.0% 6.0% 8.0% 10.0% 0% 12.0% 14.0% 60% 40% 20% 0% 20% 40% 60% Source: Bloomberg; Company Filings Note: 1 Regular and special dividends declared over last twelve months by record date divided by current share price as of December 31, 2008 (SCC = US$16.06) 1 As of December 31,

21 Capital Expenditure Forecast (US$M) $1,200 $1,000 $107 $199 $800 $600 $1,200 $400 $940 $780 $200 $517 $393 $250 $ E 2010E 2011E 2012E 2013E Source: SCC 20

22 SCC Debt Amortization Schedule Millions of USD as of December 31, 2008 SCC is evaluating the best financing option for its projects. $1,000 $200 $0 $10 $10 $10 $10 $10 $ Mitsui Yankee Bonds 10 & 30 year Bonds 21

23 IV. Appendix 22

24 Estimated Production Capacity Growth (Ktpy) 1,579 1,579 1,276 1, , Full Capacity Production Tía María SX EW (120 ktpy Cu) Toquepala Concentrator Expansion (100 ktpy Cu) Cuajone Concentrator (33 ktpy Cu) + SX EW (17 ktpy Cu) Los Chancas SX EW (100 ktpy Cu) Angangueo ( El Arco SX Cananea SX New EW + Concentrator (190 ktpy Cu) EW + Concentrator Expansion (66 Cananea Concentrator (160 ktpy Cu) ktpy Cu) ktpy Cu) Buena Vista Mine (22 ktpy Cu) Total Production 2008 Stage D 1D 1D 2P 2P 2P 2P Source: SCC 23

25 Other Expansion Projects El Arco (SX EW + Concentrator) LBE for Operations: 2014 Annual Copper Production: SX-EW = 35 ktpy; Conc.= 155 ktpy Annual Gold Production= 81 kozpy Estimated Capex: $1,800 M Los Chancas (SX EW + Concentrator) LBE for Operations: 2014 Annual Copper Production: SX-EW = 20 ktpy Conc. = 80 ktpy Annual Moly= 4.7 ktpy Estimated Capex: $1,200 M Angangueo LBE for Operations: 2014 Capacity 2000 tpd (Cu, Zn, Ag). Annual Copper Production: 16 ktpy Estimated Capex: $145 M Additional Copper Production : 306 ktpy; Capex : $1.9B Source: SCC LBE : Last Best Estimate 24

26 Operational Update - Cananea Minesite Highlights Largest mine in Mexico Fourth largest copper mine worldwide in terms of reserves (similar to Escondida) Recent LOM study shows operations through h 2070 Unique deposit: no evidence of decline in ore grades at deeper stratas Expansion Several projects underway or planned to increase production to an estimated 66kt per year: - SX-EW III 33 ktpy - Concentrator expansion 33 ktpy Molybdenum circuit, 4 ktpy Possible second expansion to increase capacity by an additional 160 ktpy Source: SCC Note: (1) Reserves based on US$1.20 per pound of copper. Operating Statistics (2008) Key Metals: Copper Concentrator Capacity: 77 ktpd SX-EW Plant Capacity: 55 ktpy Copper Production: 16 kt Reserve Information (2007) Reserves (1) : 19.0 MT Average Copper Grade: Sulfide: 0.577% Leachable Materials: 0.267% Stripping Ratio: 2.23x Production (kt)

27 Operational Update - Caridad Minesite Highlights Second largest mine in Mexico Recent LOM study shows operations through 2044 Increasing Mo grades with depth potentially allows conversion of operations to a copper equivalent mine Expansion Potential ti to increase copper and molybdenum recoveries Future moly plant expansion due to higher ore grade Operating Statistics (2008) Key Metals: Copper, Mo, Au, Ag Concentrator Capacity: 90 ktpd SX-EW Plant Capacity: 22 ktpy Copper Production: 119 kt Molybdenum Production: 7.28 kt Reserve Information (2007) Reserves (1) : 5.2 MT Average Copper Grade: Sulfide: 0.348% Leachable Materials: 0.161% Stripping Ratio: 1.73x Production (kt) Source: SPCC Note: (1) Reserves based on US$1.20 per pound of copper

28 Operational Update - Cuajone Minesite Highlights Second largest copper mine in Peru Leachable ore sent to Toquepala by pipeline LOM study shows expanded operations through 2038 High molybdenum by-product credits Expansion Concentrator expansion underway: Copper : +50 ktpy Molybdenum : +700 tpy Operating Statistics (2008) Key Metals: Copper, Mo Concentrator Capacity: 87 ktpd Copper Production: 196kt Molybdenum Production: 4.4 kt Reserve Information (2007) Reserves (1) : 9.1 MT Average Copper Grade: Sulfide: 0.566% Leachable Materials: 0.584% Stripping Ratio: 2.36x Production (kt) Source: SPCC (1) Reserves based on US$1.20 per pound of copper. Includes sulfur ore reserves and in-pit leachable reserves

29 Operational Update - Toquepala Minesite Highlights Third largest copper mine in Peru LOM study shows expanded operations through 2036 High molybdenum by-product credits Installation of crusher / conveyor system for leachable ore in operation Expansion Concentrator & SX EW expansion underway: Copper : +100 ktpy Molybdenum : +3.1 ktpy Operating Statistics (2008) Key Metals: Copper, Mo Concentrator Capacity: 60 ktpd SX-EW Plant Capacity: 56 ktpy Copper Production: 153 kt Molybdenum Production: 4.7 kt Reserves Information (2007) Reserves (1) : 16.0 MT Average Copper Grade: Sulfide: 0.598% Leachable Materials: 0.195% Stripping Ratio: 5.07x Production (kt) Source: SPCC (1) Reserves based on US$1.20 per pound of copper. Includes sulfur ore reserves and in-pit leachable reserves

30 Operational Update - Caridad Metallurgical Complex Highlights Operating Statistics (2008) Consists of a smelter, electrolytic copper refinery, precious metal refinery and a copper rod plant 10th largest copper smelter worldwide 8th largest copper refinery worldwide World-class facilities commissioned in Plans for a 600 Megawatt coal-fired power facility by 2012, to be built and operated by an independent power producer. Smelter capacity: Anode capacity: Cathode production: Rod plant capacity: Copper rod production: Gold production: Silver production: Sulfuric acid production: 1,000 ktpy 300 ktpy 140 kt 150 ktpy 76 kt 666 kg 136 tons 578 kt 29

31 Operational Update - Ilo Metallurgical Complex Highlights Operating Statistics (2008) Consists of a smelter, anode plant, electrolytic plant and precious metals plant 6th largest copper smelter worldwide 9th largest copper refinery worldwide Record production in 2005 Smelter Capacity: Copper Anode Production (1) : Cathode Capacity: Cathode Production: Silver Production: 1,200 ktpy 307 kt 280 ktpy 249 kt 92 tons Long-term power supply agreement Gold Production: 153 kg with Enersur until 2017 Expansion Ilo modernization completed in 1Q07-2 /lb reduction in cash cost - Sulfuric acid production increased from 0.35 to 1.1 million tons Potential to further increase capacity - Smelter: 1,800kt/y - Refinery: 360kt/y (1) Blister production has been replaced by anode production as of January

32 SLP Metallurgical Complex: Overview Highlights Operating Statistics (2008) Assets consist of copper smelter and zinc refinery One of the most cost-efficient zinc refineries in the world Expansion Possible 55kt/y expansion of the zinc refinery underway Zinc refinery capacity: Zinc production: Copper concentrate feed capacity: 230 ktpy Copper concentrate feed: Copper blister production: 105 ktpy 107 kt 41 kt 19 kt 31

33 Comparable Company Analysis Southern Copper Antofagasta Codelco Freeport Data as of: LTM 12/31/2008 LTM 06/30/ /31/2007 LTM 12/31/2008 Current Rating Ba1 / BBB- / BB+ -- / -- / -- Aa3 / A / -- B1 / B+ / -- Income Statement t t Net Revenues $4,851 $4,292 $16,988 $17,796 EBIT 2,202 2,902 8,548 (12,710) EBIT Margin 45% 68% 50% -(71%) EBITDA $2,557 $2,986 $7,853 (11,202) EBITDA Margin 53% 70% 46% -(63%) Interest Expense $116 $16 $245 $584 Net Income 1,407 2,232 2,982 (11,341) Balance Sheet Cash & Equivalents $717 $2,349 $2,074 $872 Total Assets 5,730 6,527 15,058 23,271 Total Debt 1, ,354 7,351 Net Debt 573 (2,135) 2,280 6,479 Total Liabilities 2,331 1,111 10,309 16,153 Minority Interest 14 1, ,328 Total Shareholders' Equity 3,385 5,416 4,744 5,790 Credit Ratios Total Debt / EBITDA 0.5x 0.1x 0.6x (0.66x) Net Debt / EBITDA (0.7) (0.6) EBITDA / Interest Expense (19.2) 32 Source: Companies filings

34 Summary of Reserves Data 1 The table below details SCC s copper and molybdenum reserves as of December 31, 2007 Cuajone Toquepala Cananea La Caridad Total Immsa 2 Mineral Reserves (Peru) (Peru) (Mexico) (Mexico) Open-Pit Mines (Mexico) Mineral Reserves Metal Prices: Copper ($/lb.) $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 Molybdenum ($/lb.) $9.00 $9.00 $9.00 $9.00 $9.00 $9.00 Sulfide ore reserves (000's of tons) 1,594,589 1,940,206 2,511, ,191 6,978,470 40,781 Average Grade: Copper 0.566% 0.598% 0.577% 0.348% 0.550% 0.490% Molybdenum 0.020% 0.036% % 0.028% - Leachable Materials Reserves in stock (000's of tons) 20, , , ,291 2,179,081 - Average copper grade 0.482% 0.143% 0.127% 0.252% 0.167% - In-pit reserves (000's of tons) 10,902 2,117,946 1,670,689 1,189,125 4,988,662 - Average copper grade 0584% 0.584% 0195% 0.195% 0267% 0.267% 0161% 0.161% 0.212% - Total leachable reserves (000's of tons) 31,603 3,058,448 2,375,276 1,702,416 7,167,743 - Average copper grade 0.517% 0.179% 0.225% 0.188% 0.198% - Copper contained in ore reserves (000's of tons) 3 9,089 15,732 18,952 5,159 48, Source: SCC Notes: 1 Reserves based on long-term price assumptions of US$1.20 per pound of copper and US$9.00 per pound of molybdenum. 2 The Immsa Unit includes the Charcas, Santa Bárbara, San Martin, Santa Eulalia and Taxco mines Copper contained in ore reserves for open-pit mine is (I) the product of sulfide ore reserves and the average copper grade plus (ii) the product of in-pit leachable reserves and the average grade of copper. Copper contained in ore reserves for underground mines is the product of sulfide ore reserves and the average copper grade.

35 Debt Breakdown US$ MM as of December 31, 2008 Type Maturity Amount Interest Rate Yankee Bonds 9.25% Senior Unsecured Bonds Unsecured 2028 / bullet $ % Sub-total $56 Unsecured Notes 6.375% Notes due Unsecured 2015 / bullet $ % 7.50% Notes due Unsecured 2035 / bullet $1, % Sub-total $1,200 Other Mitsui bank credit agreement Secured 2013 / amortizing $50 LIBO %=aprox. 3.57% Sub-total $50 Total Debt $1,306 Source: SCC 1 At face value 34

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