Southern Copper Corporation (SCCO), based in Phoenix, AZ, reported that a $1,000 investment made in October 2014 would have grown to approximately $3,994.35 by October 17, 2024, reflecting a gain of 299.44%. This performance significantly outpaces the S&P 500’s growth of 213.65% and gold’s return of 107.71% over the same period.
The company, which is a major player in copper mining, anticipates a 6% increase in copper production year-over-year in 2024, aiming for a total of 963,000 tons. However, future profitability may be affected by rising labor costs and declining copper prices due to weakened demand in China. Currently, about 80% of Southern Copper’s revenue comes from copper sales, with operations primarily in Peru and Mexico.
Over the past month, shares of SCCO have increased by 11.69%, with analysts revising earnings estimates upward for fiscal 2024.
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