Southern Copper Corporation's SCCO copper production fell 3.5% in the second quarter of 2026, pushing the first-half 2026 production to decline 3.8% year-over-year to 461,206 tons due to a decrease in production at the company's Peruvian operations. 

Despite the year-to-date fall in production, the company has slightly hiked its 2026 copper production outlook to 917,000 tons from the initially stated 910,000 tons. The figure, however, implies a 5% year-over-year decline. The downside will be caused by lower ore grades at the Cuajone and Peruvian mines. Southern Copper expects 2027 copper production to remain near the 2026 level. 

Tía María is expected to begin production in the second half of 2027 and lift total copper output to about 970,000 tons in 2028. The company then expects production to reach 1.06 million tons in 2029.

Southern Copper maintains a strong long-term outlook with production expected to increase to 1.6 million tons by 2033 or 2034. To support this growth plan, the company intends to invest $20.5 billion over the next decade, with the bulk of the capital allocated to projects.

The pipeline includes Tía María, Los Chancas and Michiquillay in Peru, along with El Pilar, El Arco and other projects in Mexico. The breadth of these projects gives Southern Copper multiple sources of organic production growth beyond current mine grades. Expected grade recovery at Toquepala and Cuajone should also add production after 2027.

Southern Copper Peers' Production Performance & Outlook

Teck Resources LtdTECK copper segment's revenues surged 85% year over year, driven by higher copper prices and sales volumes. This pushed the company's top line to $2.6 billion, marking a 78% year-over-year rise.  

However, Teck Resources' Red Dog production fell to 112,000 tons in the second quarter of 2026 from 136,600 tons a year earlier as grades declined in line with the mine plan. Nonetheless, Teck Resources maintains its 2026 copper production guidance of 455-530 thousand tons, whereas it produced 453.5 thousand tons in 2025. This will be driven by higher output at QB, Highland Valley Copper and Antamina. The long-term outlook for copper is positive as demand is expected to grow, partly driven by electric vehicles, renewable energy and infrastructure investments.  

Freeport-McMoRan Inc.'s FCX revenues declined 7.3% year over year to $7.03 billion in the second quarter of 2026. Freeport-McMoRan's copper production fell 18.4% year over year to 786 million pounds in the reported quarter. 

Freeport-McMoRan's copper sales volumes tumbled approximately 30% year over year in the second quarter to 710 million pounds. While the company's third-quarter outlook for copper sales volumes of 750 million pounds indicates a sequential improvement, it still suggests a 23% year-over-year decline. The company, in April 2026, lowered its consolidated sales volume projections for 2026 to 3.1 billion pounds of copper from the prior view of 3.4 billion pounds due to an expected delay in achieving full ramp-up of the Grasberg Block Cave mine.