Latest Thesis
Southern Copper: copper leverage is powerful, but capex and debt still matter
Southern Copper reported 2025 revenue of $13.42 billion, operating income of $7.00 billion, Q1 2026 revenue of $4.25 billion and Q1 operating cash flow of $1.69 billion. The thesis depends on copper prices, production, project execution, costs, dividends and balance-sheet discipline.
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