0

Southern Copper CorporationNovember, 2011

1

I. Introduction

2

Management Presenters

PresenterRaul Jacob

TitleCFO - Peruvian Operations &

Company Comptroller

3

Corporate Structure

100.0% (*)

99.29 % 99.95 %

19.1% (*)

Public Float

SCC Peru Branch Minera México

(*) As of September 30, 2011

AMERICASMINING

CORPORATION

80.9% (*)

Transport Equipment

13%

Electrical33%

Building33%

Industrial Machinery

13%

Consumer Products

8%

LME Copper Cash Price vs. Inventories Copper Consumption by End-use

Solid Fundamentals Copper Consumption by Region

Brook Hunt June 2011

CRU June 2011

Copper – The Best Fundamental Story in Commodities

4

► Short-term macroeconomic concerns regarding the US and Europe. Together, they represent over 50% of world’s economy and 31% of copper demand.

► Fundamentals are still excellent for copper:

― Asia represents over 60% of world demand (China=37% and could reach 45% in 5 years)

― China and EM countries will continue growing, at a lesser pace, but still substantial.

― Limited production upside and falling grades result in a deficit market going forward.

― Estimated 2012 deficit of 300 K.

Japan5%

Europe21%

USA10%

China37%

Asia Ex China20%

All Other7%

-

100,000

200,000

300,000

400,000

500,000

600,000

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800,000

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LME COMEX shanghai LME Cash

5

Southern Copper Strengths

►Highest copper reserves in the mining industry

►Excellent organic growth projects

►Low cost, fully integrated operations

►Experienced management team

►Strong financial performance / investment grade

►Outstanding dividend history

►Good long-term copper & molybdenum fundamentals

6

II. Overview of Operations

7

Peru

Ilo

Mexico

Copper open pit mines

Underground mines

Smelters and Refineries

Key

Company Overview

Copper Reserves 1: 59.7 mmt

2011 Estimates:

Copper Production: 630 kt

Sales: $ 6.8 B

EBITDA: $ 3.8 B

56% of Sales

YTD Cash Cost: $ 0.37/lb.

#1 copper company by reserves 2

#6 copper producer 3

#7 copper smelter 3

#9 copper refined 3

Source: Company FilingsNotes: 1 Copper contained in reserves based on US$1.80 per pound of copper as of December 31, 20102 Based on available companies reports3 Brook Hunt information for March 2011 + Buenavista at full capacity

Santa Barbara

Charcas

Taxco

San Luis Potosi

Santa Eulalia

San Martin

Cuajone

La Caridad

Buenavista

Toquepala

8

Copper Reserves as Reported SCC Highlights

►#1 position in reported copper reserves

►#1 mine life among copper producers

►#6 world’s largest producer of mined copper

►Highly diversified geographical presence

►Four large-scale open-pit mines

Mine Life

World’s Largest Copper Reserves Support SubstantialOrganic Growth Potential

81

34 3425 21 21 18

0

20

40

60

80

100

SCC Anglo American

Codelco Freeport BHP Billiton

Rio Tinto Xstrata

59.757.1

43.2

26.523.2

20.016.8

10.7 8.9

0

10

20

30

40

50

60

70

SC

C

Cod

elco

Free

port

BH

P B

illito

n

Ang

lo

Am

eric

an

Xst

rata

Rio

Tin

to

VA

LE

Ant

ofag

asta

Cop

per R

eser

ves

(Mt)

Source 10K Annual Rep. 10K 20F Annual Rep. Reserve Rep. 20F 20F Annual Rep.

Period 12/31/10 12/31/10 12/31/10 06/30/10 12/31/10 06/30/10 12/31/10 12/31/10 12/31/10

Cu Price $1.80 N/A $2.00 $2.90 N/A N/A N/A $2.97 $2.20

Copper77%

Molybdenum8%

Silver7%

Zinc3%

Other3%

Acid2%

Geographic Footprint & Product Diversification

9 months 2011 Revenue by Product 9 months 2011 Revenue by Market

9

Europe18%

United States32%

Brasil9%Chile

8%

Mexico19%

Peru4%

Other Latin American

1%

Asia9%

Operating Materials

20%

Fuel14%

Power24%

Labor15%

Maintenance14%

Other13%

0.220.36

0.17

0.37

-0.3

-0.1

0.1

0.3

0.5

0.7

2008 2009 2010 9M11

(US$

/lb)

1010

Low Cost Operations

Cash Costs per Pound of Copper Produced Net of By-Products

Cost Structure (1)Operating Cash Cost per Pound of Copper Produced

Low Cost Drivers

Fully integrated low cost operations

World class assets

Significant SX-EW production

Strong by-product credits

Management focus on cost efficiency

(1) 9M 2011

1.57

1.361.51

1.66

0.00

0.50

1.00

1.50

2.00

2008 2009 2010 9M11

(US$

/lb)

11

III. Financial Overview

1212

SCC Financial Summary

(US$ MM) 2009 2010 LTM 2011 9mos.2011

Copper Price (LME) US$ per pound 2.33 3.42 4.13 4.20Income Statement:Net Revenues $3,734 $5,150 $6,648 $5,149EBITDA 1,814 2,865 3,860 2,944EBITDA Margin 49% 56% 58% 57%Net Income 929 1,554 2,292 1,799Dividends paid per share 0.44 1.68 2.19 1.76Balance Sheet Statement:Cash & Equivalents $772 $2,193 $1,243 $1,243Total Assets 6,063 8,128 8,000 8,000Total Debt 1 1,280 2,760 2,750 2,750Total Liabilities 2,165 4,217 3,870 3,870Total Shareholders' Equity 3,876 3,890 4,109 4,109Cash Flow Statement:Capital Expenditures $415 $409 $465 $337Free Cash Flow 2 548 1,512 1,673 1,249Dividends paid to common shareholders 376 1,428 1,857 1,492

Net Debt / EBITDA 0.3x 0.2x 0.4x 0.4x

1 Includes short-term and long-term debt2 Free Cash Flow defined as net cash from operating activities less capital expenditures

35%

45%

46%

47%

52%

56%

58%

64%

Xstrata

Rio Tinto

Freeport

Anglo

BHP

SCC

Vale

Antofagasta

1

1

2

1

2

2

1

2

Top Tier Margins and Conservative Leverage for Increased Financial Flexibility

2011 Total Debt / EBITDA (x)2011 EBITDA Margin (%)

13

Source: Company Reports1 9M11 Results 2 1H11 Results

No Amortizations Until 2015

Source: Company Reports1 9M11 Results 2 1H11 Results

Solid Financial Performance

$1,100

$1,000

$51

$400

$200

$10

$10

$5

2040

2035

2028

2020

2015

2013

2012

2011

0.95

0.84

0.70

0.65

0.64

0.61

0.46

0.43

Anglo

Xstrata

SCC

Vale

Rio Tinto

Antofagasta

Freeport

BHP

1

2

1

2

1

2

1

2

610700

940 1,000

1,050

0

200

400

600

800

1000

1200

2012 2013 2014 2015 2016

1,600 1,600

1,100

500

250

-

250

500

750

1,000

1,250

1,500

1,750

2012 2013 2014 2015 2016 14Source: SCC

Tía María SX/EW 1H14 - $1,000M 120K Tons Cu

Toquepala Concentrator Exp. 4Q13 -$850M 120K Tons Cu – 3.1K Tons Mo

2012 -2013 2014 - 2015 2017 2018 and on

Buenavista Molybdenum Plant 2Q13 -$25M 2K Tons Mo

Pilares Mine – Cu 2H13 - $189.5M 40K Tons

Buenavista – Cu Concentrator2H15 - $1,200M 188K Tons, 2.6K Moly

Ilo Smelter and Refinery Expansion

Los Chancas

BuenavistaZinc Refinery

EmpalmeCu Refinery2Q17 - $500M330K Tons Cap.

EmpalmeCu Smelter2Q17 - $800M350K Tons Cap.

Investment Program to SignificantlyIncrease Production

Board approved Other projects

Buenavista SX/EW III 2H13 - $416M 88K Tons Cu

Cuajone: Variable Cut-off Grade + HPGR 3Q12 - $51M 22K Tons Cu + 0.3K Tons Mo

El Arco 2H17 -$2,600M 190K Tons Cu and 105K oz Au

2012-2016 Capex Program Overview (MM) 2012-2016 Copper Production Forecast (‘000 MT Cu)

Angangueo – 1Q15 - $131M10K Cu, 8K Zn, 2.2M oz Ag.

SCC is the Premier Copper Play• World class assets in investment grade countries

• #1 in reserves with various exploration prospects

- Increasing copper production

• Capacity to deliver projects through flexible capital structure and significant cash generation capability

• Fully integrated low cost operations

- Strategic investments focused on cost competitiveness

• Outstanding dividend history

• Experienced management with proven track record

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(in US$ millions)SCC EBITDA and % Margin

SCC’s Major Strengths

$3,825

$2,529

$1,814

$2,865

$3,860

62.9% 52.1% 48.6% 56.0% 58.1%

2007 2008 2009 2010 LTM 2011

16

This presentation contains certain statements that are neither reported financial results nor other

historical information. These estimates are forward-looking statements within the meaning of the

safe-harbor provisions of the Mexican securities laws. These forward-looking estimates are

subject to risk and uncertainties that could cause actual results to differ materially from the

expressed in the forward-looking statements. Many of these risks and uncertainties relate to

factors that are beyond Grupo Mexico’s ability to control or estimate precisely, such as future

market conditions, commodity prices, the behavior of other market participants and the actions of

governmental regulators. Readers are cautioned not to place undue reliance on these forward-

looking statements, which speak only as of the date of this presentation. Grupo Mexico does not

undertake any obligation to publicly release any revision to these forward-looking estimates to

reflect events or circumstances after the date of this presentation.

Safe Harbor Statement