Southern Copper is one of the world's largest integrated copper producers, with mining, smelting, and refining operations entirely in Peru and Mexico. Copper is the dominant product, representing roughly 73-78% of sales, with molybdenum, silver, and zinc produced as meaningful co-products. Southern Copper sells primarily to industrial end-users in power generation, construction, and electronics, with 80-90% of production sold under annual or longer-term contracts rather than on the spot market. The company operates three segments: Peruvian open-pit operations (Toquepala and Cuajone mines, plus the Ilo smelter and refinery), Mexican open-pit operations (La Caridad and Buenavista complexes), and Mexican underground operations (IMMSA, five underground mines producing zinc, lead, copper, silver, and gold). Southern Copper's business model is straightforward: sell copper and by-products at commodity prices while minimizing production costs. The key metric is cash cost per pound of copper, and by-product revenues from silver, molybdenum, zinc, and sulfuric acid effectively subsidize copper production costs. Southern Copper is fully vertically integrated from ore extraction through refining and rod production, which reduces reliance on third-party smelters and captures more value from precious metals recovery. Growth is entirely organic — management has explicitly ruled out M&A in favor of its own project pipeline, which includes over $20.5B in planned investments, anchored by the Tia Maria mine in Peru and longer-term greenfield projects targeting 1.6 million tons of annual copper production by the mid-2030s.