Southern Copper Corporation December, 2015

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I. Introduction

1

Management Presenter

Presenter

Title

Raul Jacob

 Vice President, Finance & CFO

2

Safe Harbor Statement

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.

3

Corporate Structure

100.0% (*) AMERICAS MINING CORPORATION 87.5% (*)

Public Float 12.5% (*)

99.29 %

SCC Peru Branch

99.96 %

Minera Mexico

(*) As of September 30, 2015

4

Copper – The Best Fundamental Story in Commodities Solid Fundamentals

Copper Consumption by Region

► Copper has the best fundamentals in the basic materials space: ― ―

―

―

Other 13%

2015 demand driven by the US strong recovery and the EU export oriented industries. China: Expect 3% demand growth. Automotive and state electrical infrastructure demand partially offset by weak housing market.

Japan 5%

Additional production expected 2015-2016, will be offset by productions costs, restocking in Europe, ore grade decay and scrap scarcity.

Europe 17%

Current copper prices below estimated (WM) incentive price for greenfield production of approximately $3.50. Wood Mackenzie Dec 2014

LME Copper Cash Price vs. Inventories 1,000,000

4.50

900,000

4.00

800,000

3.50

700,000

3.00

600,000

2.50

500,000

2.00

400,000

1.50

300,000

1.00

200,000

shanghai

30-Oct-15

29-Jun-15

23-Feb-15

17-Oct-14

16-Jun-14

10-Feb-14

4-Oct-13

3-Jun-13

25-Jan-13

21-Sep-12

21-May-12

16-Jan-12

9-Sep-11

-

6-May-11

100,000

0.00

3-Jan-11

0.50

COMEX

Asia Ex China 12%

Copper Consumption by End-use

5.00

LME

China 44%

USA 9%

Transport 12% Consumer Products 29% Electrical Network 19%

Industrial Machinery 10%

LME Cash

Wood Mackenzie 2014

Construction 30%

5

Southern Copper Strengths

►Highest copper reserves of the industry ►Excellent organic growth projects

►Low cost, fully integrated operations ►Experienced management team

►Strong financial performance / investment grade since 2005 ►Outstanding dividend history

►Good long-term copper & molybdenum fundamentals 6

II. Overview of Operations

7

Company Overview Copper Reserves 1:

69.9 mmt

2014 Cash Cost:

$ 1.05/lb.

9M 2015 Cash Cost

Mexico Buenavista La Caridad

$ 1.06/lb.

2015 Estimates (@ $2.50 x Lb of Cu): Copper Production: 747 kt (+70 kt) Sales: $ 5.1 B EBITDA: $ 2.1 B 41% of Sales #1 copper company by reserves 2 #5 copper producer 3 #10 copper smelter 3 #8 refinery 3 Source: Company Filings Notes: 1 Copper contained in reserves based on US$2.90 per pound of copper as of December 31, 2014 2 Based on available companies reports 3 Wood Mackenzie Limited 2014

Santa Eulalia Santa Barbara

San Martin

Charcas San Luis Potosi Taxco

Peru

Key Copper open pit mines Underground mines Smelters and Refineries

Cuajone Tia Maria

Ilo

Toquepala

8

World’s Largest Copper Reserves Copper Reserves as Reported

SCC Highlights

80

Copper Reserves (Mt)

70

69.9

60

56.7

► #1

mine life among copper producers

► #5

world’s largest producer of mined copper

► Highly diversified geographical presence

50

► Four

36.6

40

32.6

large-scale open-pit mines

31.8 27.0

30

20.7

20

13.0

Mine Life 10.7

Source

10K

Annual Rep.

10K

20F

Annual Rep.

Reserve Rep.

Annual Rep.

20F

Period Dec.31, 2014 Dec.31, 2014 Dec.31, 2014 Jun. 30, 2014 Dec.31, 2014 Dec. 31, 2014 Dec. 31, 2014 Dec. 31, 2014 Cu Price

$2.90

N/A

$2.00

3.65

N/A

N/A

N/A

$3.10

VALE

Antofagasta

Rio Tinto

Glencore Xstrata

Anglo American

BHP Billiton

Freeport

Codelco

0

SCC

10 120 105 100 80 20F

59

60

Dec. 31, 2014 $3.35

34

40

34 25

21

21

18

BHP Billiton

Rio Tinto

Xstrata

20 0 SCC

SCC after Anglo Codelco expansion American

Freeport

9

Geographic Footprint & Product Diversification 9M 2015 Revenue by Product

Acid Zinc 3% Molybdenum 5%

Other 5%

9M 2015 Revenue by Market

Mexico 35% Other 2%

4%

Peru 7%

Silver 4%

Chile 2% Brasil 6%

Europe 11% Copper 79% (76 pp refined or further processed)

Asia 22% United States 15%

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Low Cost Operations Cash Cost per Pound of Copper Produced Net of By-Products

Low Cost Drivers

1.5

 Fully integrated low cost operations 1.00

1.05

1.0

1.12 0.98

1.06

(US$/lb)

0.71

 World class assets  Significant SX-EW production

0.5

 Strong by-product credits  Management focus on cost efficiency

0.0 2012

2013

2014

1Q15

2Q15

3Q15

Operating Cash Cost per Pound of Copper Produced

Cost Structure (1)

2.50

(US$/lb)

2.00

Other 17%

1.75

1.92

1.88 1.66

1.67

Operating Materials 20%

1.64

1.50 Maintenance 18%

Fuel 15%

1.00

0.50 2012

2013

2014

1Q15

2Q15

Labor 14%

3Q15 (1) 9M 2015

Power 16%

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C1 Cash Cost Composite (C/lb Cu)(2)

2014 Copper Production Cash Cost by Company

(1)

300 250

Vale

Antofagasta FreeportMcM Rio Tinto

200

BHP

Codelco

Anglo

Glencore

150

Global Weighted Avg. 154 c/lb

SCCO 100 50 0 0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Cumulative Production (Paid Mlb Cu)

Source: Wood Mackenzie (Metals Costs Benchmarking 2014 Q4), SCCO cash cost per SCCO filings (1) C1 cost estimates from Wood Mackenzie (Metals Costs Benchmarking Q4 2014), except for SCCO where the 2014 historical cash cost figure reported by the company is shown (SCCO 2014 C1 cost estimate from Wood Mackenzie is 71 c/Ib Cu) (2) C1 cost is the direct cash cost of producing paid metal, incorporating mining, processing and offsite realization costs, with an allowance for the by-product credits (3) Maximum, minimum and consensus mean price forecasts by various brokers (Bloomberg) as of March 31, 2015

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III. Financial Overview

13

SCC Financial Summary (US$ MM) Copper Price (LME) US$ per pound Income Statement: Net Revenues EBITDA EBITDA Margin Net Income Dividends paid per share Balance Sheet Statement: Cash & Equivalents Total Assets Total Debt Total Liabilities Total Shareholders' Equity Cash Flow Statement: Capital Expenditures Free Cash Flow 1 Dividends paid to common shareholders Total Debt / EBITDA

2013

2014

LTM 2015

2015 E

3.32

3.11

2.69

2.50

$5,953 2,954 50% 1,618 0.68

$5,788 2,728 47% 1,333 0.46

$5,263 2,277 43% 1,007 0.42

$5,080 2,087 41% 763 0.30

$1,673 10,996 4,205 5,434 5,534

$364 11,552 4,206 5,715 5,804

$504 12,974 5,951 7,422 5,517

$1,109 13,152 5,978 7,337 5,781

$1,703 154 574

$1,530 (174) 381

$1,094 (212) 338

$1,310 (240) 240

1.4x

1.5x

2.6x

2.9x

1 Free Cash Flow defined as net cash from operating activities less capital expenditures.

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Solid Financial Performance Top Tier Margins and Conservative Leverage for Increased Financial Flexibility Amortization Schedule

2015 Total Debt / EBITDA (x)

9M 2015 EBITDA Margin (%)

2

2

BHP

49%

1

BHP

2020

1.43

1

SCC

43%

2

Freeport

2022

40%

2025

Rio Tinto

31%

Antofagasta

2.20 2035

1

SCC

2.76 2040

2

$1,100

2

24%

Anglo

2.89 2042

Freeport

$1,000

1

28%

Anglo

$51

2

Antofagasta

Vale

$500

1.74 2028

2

$300

1.46

2

Rio Tinto

$400

$1,200

1

1

23%

Source: Company Reports 1 9M 2015 2 1H 2015

Vale

3.80

Source: Company Reports 1 9M 2015 2 1H 2015

2045

$1,500

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Investment Program to Significantly Increase Production Other projects

Board approved 2015-18

2013-14 Buenavista Molybdenum Plant 3Q13 $38M - 2K Tons Mo Cuajone: Variable Cut-off Grade + HPGR 2H13 - $158M - 22K Tons Cu, 0.7K Tons Mo Buenavista SX/EW III 4Q14 - $525M 120K Tons Cu

Buenavista: - Concentrator Plant 4Q15 - $1.4B 188K Tons Cu, 2.6K Tons Mo - Mine equipment $505M

Buenavista Zinc Conc. 2016 $332M 16K Tons Cu - 55K Tons Zn Los Chalchihuites 2016 $140M, 26K Tons Cu

El Pilar 1Q17 - $307M - 20K Tons Cu ,

El Arco Conc & SX/EW 2017 $2.6B – 190K Tons Cu, 105K Oz Au

Toquepala Concentrator Expansion 4Q17 - $1.2B - 100K Tons Cu , 3.1K Tons Mo Tia Maria SX/EW 2Q18 – $1.4B - 120K Tons Cu

2014-2018 Capex Program Overview (MM)

Cuajone Concentrator Expansion - $500M – 50K Tons Cu, 0.7 Tons Mo

Ilo Smelter & Refinery Expansion

Empalme Cu Smelter 2017 $812M – 350K Tons Cu Cont. Copper Refinery 2017 - $318M 350K Tons Cu Cont. Zinc Refinery - $600M – 120K Tons Zn

2014-2018 Copper Production Forecast (‘000 MT Cu) 1,160

1,200

2,300

2,400

Los Chancas. - $1.2B - 100K Tons Cu, 7.5K Tons Mo

1,020 1,000

2,000 1,600

1,530

747

800

1,400

677 1,200

600

1,200 800

640

400

200

400

0

2014 Source: SCC

909

2015

2016

2017

2018

2014

2015

2016

2017

2018

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Best-in-class Mining Projects Reaching Completion Providing Competitive Cash Costs and Increased Production Levels Key Differentiators to Achieve Lower Capital Intensity

Project Capital Intensity at SCCO Projects SCCO Project Pipeline Initial Capex Type (US$MM)

Brownfield Projects Cuajone variable cut-off grade + HPGR Toquepala concentrator expansion Buenavista SXEW III Buenavista concentrator expansion Pilares Total / Weighted Average Intensity Greenfield Projects Tia Maria SXEW Project Angangueo Total / Weighted Average Intensity

•

Use of less capital intensive and environmentally friendly SX/EW technology for 45% of production growth

•

Significant economies of scale in infrastructure for 77% of production increase coming from brownfield expansions

•

Reduced mining preparation cost due to low pre stripping for Tia Maria and Buenavista projects

•

Experienced project development team focused on capital efficiency

% of Total Incremental Production Capital Intensity Capex Av. Cu Eq. (kt/a) (US$/tpa Av. Cu Eq.)

Expansion (X) Expansion (N) Expansion (N) Expansion (N) Extension

158.0 1,253.2 1,363.5 1,785.4 189.5 4,749.6

2.5% 19.9% 21.6% 28.3% 3.0% 75.3%

22.0 100.0 120.0 188.0 40.0 470.0

7,182 12,532 11,363 9,497 4,738 10,105

Probable

1,379.2

21.9%

120.0

11,493

Possible

174.7 1,553.9

2.8% 24.7%

10.4 130.4

16,798 11,916

2010-2014 Capex Evolution

Industry-Wide Capital Intensity Comparison vs. SCCO Projects

US$MM

Weighted Avg. Project Capital Intensity of Existing Projects US$ 000 per tonne of Cu Equivalent Annual Incremental Production

2,000

25

21.6

20

16.5

15 9.9

11.7

1,703

17.7

1,535

1,600 11.9

10.1

1,200

1,052

10 4.9

800

5

613 409

0

Restarts

Extensions of Expansions Expansions Existing Mine to Existing New Process Life Mine/Plant (X) Plant (N)

Brownfield - Industry

SCCO Brownfield

Probable

Greenfield - Industry

Source: Wood Mackenzie (Global Copper Mine Supply Summary, May 2014), SCCO filings and presentations

Possible

SCCO Greenfield

400 0

'10

'11

'12

'13

'14

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SCC’s Major Strengths SCC is the Premier Copper Play • World class assets in investment grade countries • #1 in reserves of any company with various exploration prospects - Increasing copper production • Capacity to deliver projects through flexible capital structure and significant cash generation capability. Investments focused on cost competitiveness • Fully integrated low cost operations • Outstanding dividend history • Experienced management with proven track record SCC EBITDA and % Margin $3,910

(in US$ millions)

$3,773 $2,945

$2,865

$2,728

$2,087

$1,814

Cu price

48.6%

56.0%

2009

2010

$2.34

$3.42

57.0%

2011

$4.00

57.0%

2012

$3.61

49.0%

2013

$3.32

47.0%

2014

$3.11

41.1%

2015 E

$2.50

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