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Freeport-McMoRan Inc. (FCX) and Southern Copper Corporation (SCCO) are prominent players in the global copper mining sector. FCX reported a net debt of $1.7 billion by the end of Q3 2025, generating operating cash flows of about $1.7 billion in the same quarter. Meanwhile, SCCO achieved net cash from operating activities of $1.56 billion, marking an 8% increase from Q3 2024.
Copper prices have shown volatility, fluctuating from around $4.1 per pound in early April to an all-time high of $5.96 per pound in July, before closing near $5 per pound at the end of Q3. Freeport anticipates copper sales volumes of 635 million pounds for Q4 2025, representing declines of 35% sequentially and 36% year-over-year, mainly due to operational suspensions at its Grasberg mine in Indonesia.
SCCO’s capital investment program exceeds $15 billion, with significant projects in Mexico and Peru, including the El Arco project expected to produce 225,000 tons of copper per year starting in 2032. As of now, SCCO offers a dividend yield of 2.9% and has a return on equity of 38.8%, compared to FCX’s 7.8%.
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