Southern Copper Corporation November, 2014

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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.

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Corporate Structure

100.0% (*) AMERICAS MINING CORPORATION 84.1% (*)

Public Float 15.9% (*)

99.29 %

SCC Peru Branch

99.95 %

Minera Mexico

(*) As of October 31, 2014

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Copper – The Best Fundamental Story in Commodities Solid Fundamentals

Copper Consumption by Region

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

Asia represents over 60% of world demand (China=43% and could reach 45% in 5 years)

―

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

―

Other Japan 7% 5% USA 8% China 43%

Additional refined production expected for 2015, will be partially offset by restocking in Europe, ore grade decay and scrap scarcity.

―

Europe 18%

Positive recovery of the world economy will support copper prices. Asia Ex China 19%

CRU Jan 2014

Copper Consumption by End-use

LME Copper Cash Price vs. Inventories

LME

COMEX

shanghai

11-Nov-14

18-Sep-14

4-Jun-14

28-Jul-14

10-Apr-14

17-Feb-14

23-Dec-13

6-Sep-13

30-Oct-13

16-Jul-13

22-May-13

4-Feb-13

LME Cash

28-Mar-13

18-Oct-12

11-Dec-12

-

4-Jul-12

0.00

27-Aug-12

100,000

11-May-12

0.50

25-Jan-12

200,000

19-Mar-12

1.00

7-Oct-11

300,000

30-Nov-11

1.50

23-Jun-11

400,000

16-Aug-11

500,000

2.00

8-Mar-11

2.50

29-Apr-11

600,000

13-Jan-11

3.00

22-Nov-10

700,000

6-Aug-10

3.50

29-Sep-10

800,000

21-Apr-10

4.00

15-Jun-10

900,000

4-Jan-10

1,000,000

4.50

25-Feb-10

5.00

Consumer Products 9%

Transport 13%

Industrial Machinery 13%

Electrical & Electronic Products 34% Construction 31% Brook Hunt Dec. 2012

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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 ►Outstanding dividend history ►Good long-term copper & molybdenum fundamentals 6

II. Overview of Operations

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Company Overview Copper Reserves 1: 2013 Cash Cost:

67.6 mmt $ 1.00/lb.

2014 Estimates: Copper Production: Sales: EBITDA:

658 kt $ 5.9 B $ 2.9 B 49% of Sales 9M 2014 Cash Cost $ 1.03/Lb. #1 copper company by reserves 2 #6 copper producer 3 #12 copper smelter 3 #9 refinery 3 Source: Company Filings Notes: 1 Copper contained in reserves based on US$2.00 per pound of copper as of December 31, 2013 2 Based on available companies reports 3 Wood Mackenzie Limited 2013

Mexico Buenavista La Caridad

Santa Eulalia Santa Barbara

San Martin

Charcas San Luis Potosi Taxco

Peru

Key Copper open pit mines Underground mines Smelters and Refineries

Tia Maria

Cuajone Ilo

Toquepala

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World’s Largest Copper Reserves Copper Reserves as Reported

SCC Highlights

80

► #1

mine life among copper producers

60

► #6

world’s largest producer of mined copper

50

► Highly

70

67.6

39.3

40

34.2

34.1

30

► Four

large-scale open-pit mines

13.2

10.9

VALE

21.6

20

Rio Tinto

Anglo American

Glencore Xstrata

BHP Billiton

Freeport

Codelco

SCC

10 0

diversified geographical presence

29.6

Antofagasta

Copper Reserves (Mt)

61.2

Mine Life

120 105 100

Source

10K

Annual Rep.

10K

20F

Reserve Rep.

Annual Rep.

Annual Rep.

20F

Period Dec.31, 2013 Dec.31, 2013 Dec.31, 2013 Jun.30, 2013 Dec. 31, 2013 Dec.31, 2013 Dec. 31, 2013 Dec. 31, 2013 Cu Price

$2.00

N/A

$2.00

$3.68

N/A

N/A

N/A

$3.00

Annual Rep. Dec. 31, 2013 $3.64

80 59

60

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 2014 Revenue by Product

Molybdenum 10%

9M 2014 Revenue by Market Mexico 28%

Acid Other 3% Zinc 2% 3%

Other 3% Peru 5%

Silver 5%

Chile 8%

Copper 77%

Europe 14%

Brasil 7%

(75 pp refined or further processed)

Asia 17%

United States 18%

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

Low Cost Drivers  Fully integrated low cost operations

1.5

1.14 1.00

1.02

(US$/lb)

1.0

0.94

 World class assets  Significant SX-EW production

0.71 0.52

 Strong by-product credits

0.5

 Management focus on cost efficiency

0.0 2011

2012

2013

1Q14

2Q14

3Q14

Operating Cash Cost per Pound of Copper Produced

Cost Structure (1)

2.50

(US$/lb)

2.00

Other 17%

1.92 1.76

1.75

1.85

1.97

1.96

Operating Materials 19%

1.50 Maintenance 15%

Fuel 16%

1.00

0.50 2011

2012

2013

1Q14

2Q14

Labor 14%

3Q14 (1) 9M 2014

Power 19%

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III. Financial Overview

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SCC Financial Summary (US$ MM)

2012

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 1

Total Debt Total Liabilities Total Shareholders' Equity Cash Flow Statement: Capital Expenditures 2

Free Cash Flow Dividends paid to common shareholders Total Debt / EBITDA

2013

LTM 2014

9M 2014

3.61

3.32

3.17

3.15

$6,669 3,456 52% 1,935 4.06

$5,953 2,954 50% 1,624 0.68

$5,852 2,768 47% 1,404 0.46

$4,316 2,052 47% 985 0.34

$2,459 10,384

$1,673 10,996

$1,034 11,537

$1,034 11,537

4,214 5,595 4,765

4,205 5,434 5,534

4,206 5,657 5,848

4,206 5,657 5,848

$1,052

$1,703

$1,624

$1,111

952 3,140

154 574

(10) 384

8 283

1.1x

1.4x

1.5x

1.5x

1 Includes short-term and long-term debt 2 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 9M 2014 EBITDA Margin (%)

9M 2014 Total Debt / EBITDA (x)

No Amortizations Until 2015

1

2

BHP

48%

Freeport

0.31

2015

$200

2

1

SCC

47%

Antofagasta

Antofagasta

42%

BHP

2

40%

1.07

Rio Tinto

2022

$300

1.33

2028

$51

1

1

Vale

38%

SCC

1.54

2035

$1,000

1

1

34%

2

$400

2

Rio Tinto

Anglo

2020

2

2

Freeport

0.94

Vale

1.97

2040

$1,100

2

30%

Source: Company Reports 1 9M 2014 2 1H 2014

Anglo

Source: Company Reports 1 9M 2014 2 1H 2014

2.30

2042

$1,200

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Investment Program to Significantly Increase Production Other projects

Board approved 2015-17

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 - $444M 120K Tons Cu

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

Buenavista: - Concentrator Plant 3Q15 - $1.4B 188K Tons Cu, 2.6K Tons Mo - Mine equipment $505M Toquepala Concentrator Expansion 1Q17 - $1.2B - 100K Tons Cu , 3.1K Tons Mo Angangueo Polymetallic Mine – 1H16 $175M - 10.4K Tons Cu, 7K Tons Zn, 4K Tons Pb, 2.4M Oz Ag Tia Maria SX/EW 1Q17 – $1.4B - 120K Tons Cu Pilares Mine 1Q17 – $189.5M - 40K Tons Cu

2013-2017 Capex Program Overview (MM)

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

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

2013-2017 Copper Production Forecast (‘000 MT Cu) 1,151

1,200 2,000 1,800

1,850 1,703

1,711

1,000

912

1,600

758

800

1,400

1,100

1,200

617

1,100

658

600

1,000 800

400

600 400

200

200

0

2013 Source: SCC

2014

2015

2016

2017

2013

2014

2015

2016

2017

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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 • Fully integrated low cost operations - Strategic investments focused on cost competitiveness • Outstanding dividend history • Experienced management with proven track record

SCC EBITDA and % Margin

(in US$ millions)

$3,910

$3,773 $2,945

$2,865

$2,529

$2,052

$1,814

Cu price

52.1%

48.6%

56.0%

57.0%

57.0%

2008

2009

2010

2011

2012

$3.42

$4.00

$3.16

$2.34

$3.61

49.0%

2013

$3.32

47.0%

9M 2014

$3.15

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