| REVENUE: |
NOTE 13 — REVENUE: The Company’s net sales were $3,121.9 million in the three-month period ended March 31, 2025, compared to $2,599.8 million in the same period of 2024. The geographic breakdown of the Company’s sales is attributed to countries based on location of customer, and is summarized as follows (in millions): | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | | | Mexican | | | | | | | | | | | | | | | Mexican | | IMMSA | | Peruvian | | Segment | | Corporate & | | | | | | Open-Pit | | Unit | | Operations | | Total | | Elimination | | Consolidated | The Americas: | | | | | | | | | | | | | | | | | | | Mexico | | $ | 725.2 | | | 135.9 | | | 0.2 | | $ | 861.3 | | $ | (48.2) | | $ | 813.1 | United States | | | 286.0 | | | — | | | 123.1 | | | 409.1 | | | — | | | 409.1 | Peru | | | — | | | 1.2 | | | 224.3 | | | 225.5 | | | (0.7) | | | 224.8 | Brazil | | | — | | | 7.3 | | | 130.1 | | | 137.3 | | | — | | | 137.3 | Chile | | | — | | | — | | | 109.6 | | | 109.6 | | | — | | | 109.6 | Other American countries | | | 11.6 | | | — | | | 2.0 | | | 13.5 | | | — | | | 13.5 | Europe: | | | | | | | | | | | | | | | | | | | Switzerland | | | 219.7 | | | 5.6 | | | 168.4 | | | 393.7 | | | — | | | 393.7 | Italy | | | — | | | 5.3 | | | 100.1 | | | 105.4 | | | — | | | 105.4 | Spain | | | 108.7 | | | — | | | 50.9 | | | 159.6 | | | — | | | 159.6 | Other European countries | | | 3.0 | | | 0.2 | | | 186.9 | | | 190.0 | | | — | | | 190.0 | Asia: | | | | | | | | | | | | | | | | | | | China | | | 279.7 | | | — | | | 3.9 | | | 283.6 | | | — | | | 283.6 | Singapore | | | 19.2 | | | — | | | 23.8 | | | 43.0 | | | — | | | 43.0 | Japan | | | 81.7 | | | — | | | 133.8 | | | 215.5 | | | — | | | 215.5 | Other Asian countries | | | 14.7 | | | — | | | 8.8 | | | 23.5 | | | — | | | 23.5 | Total | | $ | 1,749.4 | | $ | 155.5 | | $ | 1,266.0 | | $ | 3,170.8 | | $ | (48.9) | | $ | 3,121.9 |
| | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | | | | | Mexican | | | | | | | | | | | | | | | Mexican | | IMMSA | | Peruvian | | Segment | | Corporate & | | | | | | Open-Pit | | Unit | | Operations | | Total | | Elimination | | Consolidated | The Americas: | | | | | | | | | | | | | | | | | | | Mexico | | $ | 591.3 | | $ | 106.2 | | $ | 7.9 | | $ | 705.3 | | $ | (33.0) | | $ | 672.3 | United States | | | 272.2 | | | 1.7 | | | 38.7 | | | 312.6 | | | | | | 312.6 | Peru | | | — | | | 8.4 | | | 165.9 | | | 174.3 | | | (8.3) | | | 166.1 | Brazil | | | — | | | 9.0 | | | 116.0 | | | 124.9 | | | | | | 124.9 | Chile | | | — | | | — | | | 94.4 | | | 94.4 | | | | | | 94.4 | Other American countries | | | 7.2 | | | — | | | 4.1 | | | 11.3 | | | | | | 11.3 | Europe: | | | | | | | | | | | | | | | | | | | Switzerland | | | 161.8 | | | 15.3 | | | 52.0 | | | 229.0 | | | | | | 229.0 | Italy | | | (*) | | | 6.0 | | | 75.3 | | | 81.3 | | | | | | 81.3 | Spain | | | 110.3 | | | — | | | 19.8 | | | 130.1 | | | | | | 130.1 | Other European countries | | | 58.6 | | | 1.4 | | | 106.9 | | | 166.8 | | | | | | 166.8 | Asia: | | | | | | | | | | | | | | | | | | | China | | | 175.6 | | | 1.1 | | | 109.7 | | | 286.4 | | | | | | 286.4 | Singapore | | | 17.7 | | | (2.6) | | | 42.3 | | | 57.3 | | | | | | 57.3 | Japan | | | 54.0 | | | — | | | 190.9 | | | 245.0 | | | | | | 245.0 | Other Asian countries | | | 17.4 | | | — | | | 4.7 | | | 22.1 | | | | | | 22.1 | Total | | $ | 1,466.0 | | $ | 146.4 | | $ | 1,028.7 | | $ | 2,641.1 | | $ | (41.3) | | $ | 2,599.8 |
(*) Less than $0.1 million. The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three-month periods ended March 31, 2025 and 2024 (in millions): | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | | | Mexican | | | | | | | | | | | | Mexican | | IMMSA | | Peruvian | | Segment | | Corporate, Other & | | Total | | | Open-pit | | Unit | | Operations | | Total | | Eliminations | | Consolidated | Copper | | $ | 1,379.2 | | $ | 21.3 | | $ | 1,049.6 | | $ | 2,450.1 | | $ | (18.1) | | $ | 2,432.0 | Molybdenum | | | 164.4 | | | — | | | 136.1 | | | 300.5 | | | — | | | 300.5 | Silver | | | 100.3 | | | 49.5 | | | 49.4 | | | 199.3 | | | (22.6) | | | 176.6 | Zinc | | | 51.5 | | | 67.4 | | | — | | | 118.9 | | | (7.5) | | | 111.4 | Other | | | 53.9 | | | 17.2 | | | 30.9 | | | 102.0 | | | (0.7) | | | 101.4 | Total | | $ | 1,749.4 | | $ | 155.5 | | $ | 1,266.0 | | $ | 3,170.8 | | $ | (48.9) | | $ | 3,121.9 |
| | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | | | | Mexican | | | | | | | | | | | | Mexican | | IMMSA | | Peruvian | | Segment | | Corporate, Other & | | Total | | | Open-pit | | Unit | | Operations | | Total | | Eliminations | | Consolidated | Copper | | $ | 1,206.2 | | $ | 27.5 | | $ | 829.0 | | $ | 2,062.7 | | $ | (19.0) | | $ | 2,043.7 | Molybdenum | | | 144.6 | | | — | | | 129.0 | | | 273.6 | | | — | | | 273.6 | Silver | | | 66.7 | | | 35.5 | | | 31.1 | | | 133.3 | | | (21.7) | | | 111.6 | Zinc | | | 4.3 | | | 65.2 | | | — | | | 69.5 | | | 0.6 | | | 70.1 | Other | | | 44.2 | | | 18.2 | | | 39.6 | | | 102.0 | | | (1.2) | | | 100.8 | Total | | $ | 1,466.0 | | $ | 146.4 | | $ | 1,028.7 | | $ | 2,641.1 | | $ | (41.3) | | $ | 2,599.8 |
The opening and closing balances of receivables by reporting segment of the Company were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | Mexican | | | | | | | | | | | | | | | Mexican | | IMMSA | | Peruvian | | Segment | | Corporate & | | | | | | Open-Pit | | Unit | | Operations | | Total | | Elimination | | Consolidated | | | | | | | | | | | | | | | | | | | | As of March 31, 2025: | | | | | | | | | | | | | | | | | | | Trade receivables | | $ | 930.7 | | $ | 54.2 | | $ | 563.2 | | $ | 1,548.1 | | $ | — | | $ | 1,548.1 | Related parties, current | | | 28.2 | | | 16.4 | | | 0.1 | | | 44.7 | | | (29.7) | | | 15.0 | | | | | | | | | | | | | | | | | | | | As of December 31, 2024: | | | | | | | | | | | | | | | | | | | Trade receivables | | $ | 623.0 | | $ | 59.7 | | $ | 506.9 | | $ | 1,189.6 | | $ | — | | $ | 1,189.6 | Related parties, current | | | 39.7 | | | 25.1 | | | 1.3 | | | 66.2 | | | (52.7) | | | 13.5 |
As of March 31, 2025, the Company has long-term contracts with promises to deliver the following products in 2025: | | | Copper concentrates (in tonnes) | | 212,500 | Copper cathodes (in tonnes) | | 48,000 | Molybdenum concentrates (in tonnes) | | 21,250 | Sulfuric acid (in tonnes) | | 365,000 |
Provisionally priced sales: As of March 31, 2025, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the March 31, 2025 market price per pound. These sales are subject to final pricing based on the average monthly London Metal Exchange (“LME”), or New York Commodities Exchange (“COMEX”), copper prices and Dealer Oxide molybdenum prices in the future month of settlement. The following are the provisionally priced copper and molybdenum sales outstanding as of March 31, 2025: | | | | | | | | | Sales volume | | Priced at | | | | | (million lbs.) | | (per pound) | | Month of settlement | Copper | | 200.4 | | 4.40 | | April 2025 through August 2025 | Molybdenum | | 16.2 | | 19.95 | | April 2025 through July 2025 |
The provisional sales price adjustment included in accounts receivable and net sales as of March 31, 2025 incorporates a positive adjustment of $26.5 million for copper and a negative adjustment of $18.8 million for molybdenum. Management believes that the final pricing of these sales will not have a material effect on the Company’s financial position or on operating results.
|