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<SEC-DOCUMENT>0001047469-08-002792.txt : 20080314
<SEC-HEADER>0001047469-08-002792.hdr.sgml : 20080314
<ACCEPTANCE-DATETIME>20080314160743
ACCESSION NUMBER:		0001047469-08-002792
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080424
FILED AS OF DATE:		20080314
DATE AS OF CHANGE:		20080314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHERN COPPER CORP/
		CENTRAL INDEX KEY:			0001001838
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				133849074
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14066
		FILM NUMBER:		08689622

	BUSINESS ADDRESS:	
		STREET 1:		11811 NORTH TATUM BLVD
		STREET 2:		SUITE 2500
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85028
		BUSINESS PHONE:		602-494-5328

	MAIL ADDRESS:	
		STREET 1:		11811 NORTH TATUM BLVD
		STREET 2:		SUITE 2500
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85028

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTHERN PERU COPPER CORP/
		DATE OF NAME CHANGE:	19960726

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTHERN PERU COPPER HOLDING CO
		DATE OF NAME CHANGE:	19951006
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>a2183770zpre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
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 </FONT> <FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> SCHEDULE 14A</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

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<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" style="font-family:times;"><FONT SIZE=2><BR>
Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" style="font-family:times;"><BR><FONT SIZE=2><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" style="font-family:times;"><FONT SIZE=2><BR>
Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" style="font-family:times;"><FONT SIZE=2><BR>
Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" style="font-family:times;"><FONT SIZE=2><BR>
Soliciting Material Pursuant to &sect;240.14a-12<BR></FONT>
</TD>
</TR>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B>Southern Copper Corporation</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><HR NOSHADE><FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><HR NOSHADE><FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
No fee required.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2><BR>
(1)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
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<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2183770",CP="SOUTHERN COPPER CORP.",DN="1",CHK=972237,FOLIO='blank',FILE='DISK127:[08ZAH1.08ZAH10701]AC10701A.;8',USER='MTITUSS',CD='13-MAR-2008;19:04' -->
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>March&nbsp;28, 2008 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dear
Common Stockholder: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the annual meeting of stockholders, which will be held at Edificio Parque Reforma, Campos Eliseos No.&nbsp;400, 12<SUP>th</SUP>&nbsp;Floor,
Col. Lomas de Chapultepec, Mexico City, Mexico, on Thursday, April&nbsp;24, 2008, at 9:00&nbsp;A.M., Mexico City time. We hope you can be with us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the meeting, you will be asked to elect fourteen directors, to approve an amendment to our Amended and Restated Certificate of Incorporation, as amended, and to ratify the selection
of PricewaterhouseCoopers S.C. as our independent accountants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
meeting also provides you with an opportunity to review our activities and our plans and prospects for the future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is important that your shares be represented at the meeting whether or not you are able to attend in person. Therefore, you are asked to vote, sign, date, and mail the enclosed proxy
card. Please do so today. In Peru, you may deliver your signed proxy card to our offices in Lima, Ilo, Toquepala, and Cuajone. In Mexico, you may deliver your signed proxy card to our offices in
Mexico City. </FONT></P>

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<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="36%" style="font-family:times;"><FONT SIZE=2>Sincerely,</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="36%" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g1033501.jpg" ALT="GRAPHIC" WIDTH="249" HEIGHT="49">
 </B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g1006756.jpg" ALT="GRAPHIC" WIDTH="162" HEIGHT="64">
 </B></FONT></TD>
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<TD WIDTH="36%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="36%" style="font-family:times;"><FONT SIZE=2>Germ&aacute;n Larrea Mota-Velasco<BR></FONT> <FONT SIZE=2><I>Chairman of the Board</I></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" style="font-family:times;"><FONT SIZE=2>Oscar Gonz&aacute;lez Rocha<BR></FONT> <FONT SIZE=2><I>President and Chief<BR>
Executive Officer</I></FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>11811 North Tatum Blvd., Suite&nbsp;2500, Phoenix, AZ 85028, TEL (602)&nbsp;494-5328<BR>
Avenida Caminos del Inca No.&nbsp;171, Chacarilla del Estanque, Santiago de Surco, Lima 33, Peru<BR>
TEL (511)&nbsp;512-0440, ext. 3312 (Spanish), ext. 3325 (English)<BR>
Edificio Parque Reforma, Campos Eliseos No.&nbsp;400, 12<SUP>th</SUP>&nbsp;Floor, Col. Lomas de Chapultepec, Mexico City, Mexico<BR>
TEL (52-55) 1103-5320  </B></FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2183770",CP="SOUTHERN COPPER CORP.",DN="1",CHK=41958,FOLIO='blank',FILE='DISK127:[08ZAH1.08ZAH10701]BA10701A.;17',USER='MTITUSS',CD='13-MAR-2008;19:07' -->
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<TD WIDTH="21%" style="font-family:times;"><FONT SIZE=2><B>11811 North Tatum Blvd., Suite&nbsp;2500,<BR>
Phoenix, AZ 85028</B></FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="38%" style="font-family:times;"><FONT SIZE=2><B>Avenida Caminos del Inca No.&nbsp;171,<BR>
Chacarilla del Estanque, Santiago de Surco,<BR>
Lima 33, Peru</B></FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%" style="font-family:times;"><FONT SIZE=2><B>Edificio Parque Reforma,<BR>
Campos Eliseos No.&nbsp;400,<BR>
12<SUP>th</SUP>&nbsp;Floor, Col. Lomas de Chapultepec,<BR>
Mexico City, Mexico</B></FONT></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bc10701_notice_of_annual_meeting_of_st__not02352"> </A>
<A NAME="toc_bc10701_1"> </A>
<BR></FONT><FONT SIZE=2><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>  To Be Held on April&nbsp;24, 2008    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>To
the Common Stockholders of Southern Copper Corporation: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
annual meeting of stockholders of Southern Copper Corporation will be held at Edificio Parque Reforma, Campos Eliseos No.&nbsp;400, 12<SUP>th</SUP>&nbsp;Floor, Col. Lomas de
Chapultepec, Mexico City, Mexico, on Thursday, April&nbsp;24, 2008, at 9:00&nbsp;A.M., Mexico City time, for the following purposes: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
elect our fourteen directors, who will serve until the 2009 annual meeting;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
amend our Amended and Restated Certificate of Incorporation, as amended, to increase the number of shares of common stock which we are authorized to issue from 320,000,000 shares
to 2,000,000,000 shares (as described in more detail in the proxy statement accompanying this notice);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
ratify the selection by the Audit Committee of the Board of Directors of PricewaterhouseCoopers S.C. as our independent accountants for calendar year 2008; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
transact such other business as may properly come before the meeting. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
of record at the close of business on February&nbsp;29, 2008 (the "record date") will be entitled to vote at the annual meeting. Stockholders of record who attend the
annual meeting in person may withdraw their proxies and vote in person if they wish. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be Held on April&nbsp;24, 2008. The proxy statement and annual report on
Form&nbsp;10-K are available at </B></FONT><FONT SIZE=2><B><I>www.proxymaterial.com/pcu.</I></B></FONT><FONT SIZE=2><B> If you wish to attend the meeting and vote your shares in person visit  </B></FONT><FONT
SIZE=2><B><I>www.proxymaterial.com/pcu</I></B></FONT><FONT SIZE=2><B> or call:&nbsp;(52-55)&nbsp;1103-5320, to obtain information, including
directions.</B></FONT></P>

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<TD WIDTH="43%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="57%" style="font-family:times;"><FONT SIZE=2>By order of the Board of Directors,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="57%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ARMANDO ORTEGA G&Oacute;MEZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Armando Ortega G&oacute;mez,<BR></FONT> <FONT SIZE=2><I>Secretary</I></FONT></TD>
</TR>
</TABLE>
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<P style="font-family:times;"><FONT SIZE=2>Phoenix, Arizona, March&nbsp;28, 2008 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bc10701_your_vote_is_important_please___you03274"> </A>
<A NAME="toc_bc10701_2"> </A>
<BR></FONT><FONT SIZE=2><B>Your Vote is Important<BR>  Please mark, sign, date, and return your enclosed proxy card    <BR>    </B></FONT></P>

<HR NOSHADE>
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 </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca10701_proxy_statement"> </A>
<A NAME="toc_ca10701_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROXY STATEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement is furnished as part of the solicitation by the Board of Directors of Southern Copper Corporation ("SCC", "us", "our", or the "Company"),
11811 North Tatum Blvd., Suite&nbsp;2500, Phoenix, AZ 85028, USA, Avenida Caminos del Inca No.&nbsp;171, Chacarilla del Estanque, Santiago de Surco, Lima 33, Peru, and Edificio Parque Reforma,
Campos Eliseos No.&nbsp;400, 12<SUP>th</SUP>&nbsp;Floor, Col. Lomas de Chapultepec, Mexico City, Mexico, of the proxies of all holders of common stock (the "Common Stockholders" or "you") to
vote at the annual meeting to be held on April&nbsp;24, 2008, and at any adjournment thereof. This proxy statement and the enclosed form of proxy are being mailed and made available electronically
commencing on or about March&nbsp;28, 2008, to the Common Stockholders of record on February&nbsp;29, 2008. Additional copies will be available at our offices in the United States, Lima and other
locations in Peru, and Mexico. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
proxy in the enclosed form given pursuant to this solicitation and received in time for the annual meeting will be voted with respect to all shares represented by it and in
accordance with the instructions, if any, given in such proxy. If we receive a signed proxy with no voting instructions given, such shares will be voted for the proposal to elect directors, for
approval of the amendment to the Amended and Restated Certificate of Incorporation, as amended (the "Certificate"), and for the proposal to ratify the selection by the Audit Committee of the Board of
Directors of PricewaterhouseCoopers S.C. ("PwC"), as our independent accountants for the calendar year 2008. Any proxy may be revoked at any time prior to the exercise thereof by notice from you,
received in writing by our Secretary, or by written ballot voted at the meeting or by delivery of a later dated proxy card. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
outstanding shares consist of Common Stock, par value $0.01 per share (the "Common Stock"). At the close of business on February&nbsp;29, 2008 we had outstanding 294,465,650 shares
of Common Stock. Each share of Common Stock outstanding on February&nbsp;29, 2008, the record date for the annual meeting, is entitled to vote at the meeting. Each share of Common Stock is entitled
to one vote. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
stated otherwise, references herein to "U.S. dollars", "dollars", or "$" are to U.S. dollars; references to "S/.", "nuevo sol" or "nuevos soles", are to Peruvian Nuevos Soles; and
references to "peso", "pesos", or "Ps.", are to Mexican pesos. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca10701_voting_securities"> </A>
<A NAME="toc_ca10701_2"> </A>
<BR></FONT><FONT SIZE=2><B>VOTING SECURITIES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Certificate provides that the number of Directors shall be fixed from time to time by resolution of a majority of the Board of Directors, provided that the
number of directors shall not be less than six or more than fifteen. The Board of Directors at its meeting held on January&nbsp;24, 2008 fixed the number of directors at fourteen. The directors are
elected by the Common Stockholders, with each share of Common Stock outstanding at the February&nbsp;29, 2008 record date entitled to one vote at the annual meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
plurality of the votes cast by you is required for the election of the fourteen directors. Abstentions and broker non-votes are counted for quorum purposes but are not
counted either as votes cast "For" or "Against" any nominee. A broker "non-vote" occurs when a broker submits a proxy card with respect to shares of Common Stock held in a fiduciary
capacity (typically referred to as being held in "street name") but declines to vote on a particular matter because the broker has not received voting instructions from the beneficial owner. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Section&nbsp;242 of the General Corporation Law of the State of Delaware ("DGCL"), the amendment to our Certificate must be approved by the holders of a
majority of our issued and outstanding shares of Common Stock. Abstentions and broker non-votes will have the same effect as a vote "Against" the proposal to amend our Certificate. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ca10701_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote of a majority of the votes cast in person or by proxy at the meeting by the holders of shares of Common Stock entitled to vote thereon is required to ratify the
selection of the independent accountants described in this proxy statement. Abstentions and broker non-votes are counted for quorum purposes but are not counted either as votes cast "For"
or "Against" the proposal to ratify the selection of the independent accountants described in this proxy statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
a Common Stockholder participates in the Dividend Reinvestment Plan applicable to our Common Stock, the Common Stockholder's proxy to vote shares of Common Stock will include the
number of shares held for him by The Bank of New York, the agent under the plan. If you do not send any proxy, the shares held for your account in the Dividend Reinvestment Plan will not be voted. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>No Dissenters' or Appraisal Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders who do not consent to the amendment of the Certificate as described in this proxy statement are not entitled to assert dissenters' or appraisal
rights under Section&nbsp;262 of the DGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Quorum  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our by-laws provide that the presence in person or by proxy of the Common Stockholders of record holding a majority of the outstanding shares of
Common Stock entitled to vote at the meeting shall constitute a quorum for purposes of electing directors and voting on proposals other than the election of directors. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca10701_election_of_directors"> </A>
<A NAME="toc_ca10701_3"> </A>
<BR></FONT><FONT SIZE=2><B>ELECTION OF DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourteen nominees are proposed for election by you at the annual meeting. The nominees to be voted on by you are Emilio Carrillo Gamboa, Alfredo Casar
P&eacute;rez, Alberto de la Parra Zavala, Xavier Garc&iacute;a de Quevedo Topete, Oscar Gonz&aacute;lez Rocha, Harold S. Handelsman, Germ&aacute;n Larrea
Mota-Velasco, Genaro Larrea Mota-Velasco, Daniel Mu&ntilde;iz Quintanilla, Armando Ortega G&oacute;mez, Luis Miguel Palomino Bonilla, Gilberto Perezalonso
Cifuentes, Juan Rebolledo Gout, and Carlos Ruiz Sacrist&aacute;n. All of the nominees are currently serving as directors, with the exception of Mr.&nbsp;Daniel Mu&ntilde;iz
Quintanilla who has been nominated for election at the annual meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Certificate requires the Board of Directors to include a certain number of special independent directors. A special independent director is a person who (i)&nbsp;satisfies the
independence standards of the New York Stock Exchange ("NYSE") (or any other exchange or association on which the Common Stock is listed) and (ii)&nbsp;is nominated by a Special Nominating Committee
of the Board of Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Nominating Committee, composed of Messrs.&nbsp;Luis Miguel Palomino Bonilla, Carlos Ruiz Sacrist&aacute;n (each a Special Designee), and Xavier
Garc&iacute;a de Quevedo Topete (the Board Designee), has nominated Messrs.&nbsp;Harold S. Handelsman, Luis Miguel Palomino Bonilla, Gilberto Perezalonso Cifuentes, and Carlos Ruiz
Sacrist&aacute;n as special independent directors. Additionally, the Board of Directors at its meeting held on January&nbsp;24, 2008 selected Mr.&nbsp;Emilio Carrillo Gamboa as our fifth
independent director. For further information please see the section on "Special Independent Directors/Special Nominating Committee." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies
in the enclosed form will be voted, unless authority is withheld, for the election of the nominees named below. If any person should be unavailable for election, proxies will be
voted for another individual chosen by the Board of Directors as a substitute for the unavailable nominee. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca10701_nominees_for_election_as_directors"> </A>
<A NAME="toc_ca10701_4"> </A>
<BR></FONT><FONT SIZE=2><B>NOMINEES FOR ELECTION AS DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following fourteen individuals have been nominated for election to the Board of Directors. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="45%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Common Stock Director<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="45%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Position<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Germ&aacute;n Larrea Mota-Velasco</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Chairman of the Board and Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Oscar Gonz&aacute;lez Rocha</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>69</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>President, Chief Executive Officer, and Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Emilio Carrillo Gamboa</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>70</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Alfredo Casar P&eacute;rez</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Alberto de la Parra Zavala</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Xavier Garc&iacute;a de Quevedo Topete</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>61</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>President, Chief Executive Officer of Southern Copper Minera Mexico, Chief Operating Officer of SCC, and Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Harold S. Handelsman</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>61</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Genaro Larrea Mota-Velasco</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Armando Ortega G&oacute;mez</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Vice President, Legal, General Counsel, Secretary, and Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Daniel Mu&ntilde;iz Quintanilla</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Nominee</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Luis Miguel Palomino Bonilla</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Gilberto Perezalonso Cifuentes</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>65</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Juan Rebolledo Gout</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Carlos Ruiz Sacrist&aacute;n</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
</TABLE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Germ&aacute;n Larrea Mota-Velasco,</I></FONT><FONT SIZE=2> Director. Mr.&nbsp;Larrea has been Chairman of the Board since December 1999,
Chief Executive Officer from December 1999 to October 2004, and a Director of the Company since November 1999. He has been Chairman of the Board of Directors, President and Chief Executive Officer of
Grupo M&eacute;xico,&nbsp;S.A.B. de C.V. ("Grupo Mexico") (holding) since 1994. Mr.&nbsp;Larrea is also the Chairman of Americas Mining Corporation ("AMC") (holding) since 2003 and was its
Chief Executive Officer from 2003 to September&nbsp;6, 2007. Mr.&nbsp;Larrea has been Chairman of the Board of Directors and Chief Executive Officer of Grupo Ferroviario Mexicano (railroad
company) since 1997. Mr.&nbsp;Larrea was previously Executive Vice Chairman of Grupo Mexico, and has been member of the Board of Directors since 1981. He is also Chairman of the Board of Directors
and Chief Executive Officer of Empresarios Industriales de M&eacute;xico,&nbsp;S.A. de C.V. (holding), Compa&ntilde;&iacute;a Perforadora M&eacute;xico,&nbsp;S.A.
de C.V. (drilling company), M&eacute;xico Compa&ntilde;&iacute;a Constructora,&nbsp;S.A. de C.V. (construction company), and Fondo Inmobiliario (real estate company), since
1992. He founded Grupo Impresa, a printing and publishing company in 1978, remaining as the Chairman and Chief Executive Officer until 1989 when the company was sold. He is also a Director of Banco
Nacional de M&eacute;xico,&nbsp;S.A. (Citigroup), which forms part of Grupo Financiero Banamex,&nbsp;S.A. de C.V., Consejo Mexicano de Hombres de Negocios, and Grupo
Televisa,&nbsp;S.A.B. He and Mr.&nbsp;Genaro Larrea Mota-Velasco are brothers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Oscar Gonz&aacute;lez Rocha,</I></FONT><FONT SIZE=2> Director. Mr.&nbsp;Gonz&aacute;lez Rocha has been our President since December 1999 and our
President and Chief Executive Officer since October&nbsp;21, 2004. He has been a Director of the Company since November 1999. Previously, he was the Company's President and General Director and
Chief Operating Officer from December 1999 to October&nbsp;20, 2004. Mr.&nbsp;Gonz&aacute;lez Rocha has been a
Director of Grupo Mexico from 2002 to present. He was General Director of Mexicana de Cobre,&nbsp;S.A. de C.V. from 1986 to 1999 and of Mexicana de Cananea,&nbsp;S.A. de C.V. from 1990 to 1999. He
was an alternate Director of Grupo Mexico from 1988 to April 2002. Mr.&nbsp;Gonz&aacute;lez Rocha is a civil engineer with a degree from the Autonomous National University of Mexico (UNAM). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Emilio Carrillo Gamboa</I></FONT><FONT SIZE=2>, Director. Mr.&nbsp;Carrillo Gamboa has been a Director of the Company since May&nbsp;30, 2003 and is our fifth
independent Director nominee. Mr.&nbsp;Carrillo Gamboa is a prominent lawyer in Mexico and has been the Senior Partner of the law firm Bufete Carrillo Gamboa, S.C., a law </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>firm
specializing in corporate, financial, commercial, and public utility issues, for the last five years. Mr.&nbsp;Carrillo Gamboa has extensive business experience and currently serves on the
boards of many prestigious international and Mexican corporations as well as charitable organizations. Since March&nbsp;9, 2005, he has been Chairman of the Board of The Mexico Fund,&nbsp;Inc.
(NYSE&#151;msxf), a nondiversified closed-end management investment company. He is also Chairman of the Board of Directors of Holcim-Apasco,&nbsp;S.A. de C.V. (cement company).
Mr.&nbsp;Carrillo Gamboa was Director General of Tel&eacute;fonos de M&eacute;xico,&nbsp;S.A. de C.V. (TELMEX) and from July 1987 to February 1989, he was Mexico's Ambassador to
Canada. Mr.&nbsp;Carrillo Gamboa currently serves on the boards of Grupo Modelo,&nbsp;S.A.B. de C.V. (beer brewing), Kimberly-Clark de M&eacute;xico,&nbsp;S.A.B. de C.V. (consumer
products), San Luis Corporaci&oacute;n,&nbsp;S.A.B. de C.V. (automotive parts), Empresas ICA,&nbsp;S.A.B. de C.V. (construction), Grupo Posadas,&nbsp;S.A.B. de C.V., Grupo Mexico and
some of its subsidiaries, Grupo Nacional Provincial,&nbsp;S.A.B., Medica Integral GNP,&nbsp;S.A. de C.V., Profuturo GNP,&nbsp;S.A. de C.V. Afore, and Gasoductos de Chihuahua, S. de R.L. de C.V.
and subsidiaries. He is a member of the Valuation, Contract Review and Nominating and Corporate Governance Committees of the Mexico Fund and a member of the Audit Committee of the following companies:
Empresas ICA,&nbsp;S.A.B. de C.V. since 2002, Holcim-Apasco,&nbsp;S.A. de C.V. since 2002, Grupo Modelo,&nbsp;S.A.B. de C.V. since 2002, Kimberly-Clark de M&eacute;xico,&nbsp;S.A.B. de
C.V. since 2002, San Luis Corporaci&oacute;n,&nbsp;S.A.B. de C.V. since 2002, The Mexico Fund,&nbsp;Inc. since 2002, Grupo Mexico and subsidiaries since 2004, and Grupo
Posadas,&nbsp;S.A.B. de C.V. since 2006. Except for Holcim-Apasco,&nbsp;S.A. de C.V., Medica Integral GNP,&nbsp;S.A. de C.V., Profuturo GNP,&nbsp;S.A. de C.V. Afore, and Gasoductos de
Chihuahua, S. de R.L. de C.V. and subsidiaries, which are private companies, the rest are public companies listed on the Mexican Stock Exchange, and two are listed on the NYSE, The Mexico
Fund,&nbsp;Inc., and Empresas ICA,&nbsp;S.A.B. de C.V. Mr.&nbsp;Carrillo Gamboa has a law degree from the Autonomous National University of Mexico (UNAM). He also attended a continuous legal
education program at Georgetown University Law School, and practiced at the World Bank. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Alfredo Casar P&eacute;rez,</I></FONT><FONT SIZE=2> Director. Mr.&nbsp;Casar P&eacute;rez has been a Director of the Company since
October&nbsp;26, 2006. He has been a member of the Board of Directors of Grupo Mexico since 1997. He is also a member of the Board of Directors of Ferrocarril Mexicano,&nbsp;S.A. de C.V., an
affiliated company of Grupo Mexico, since 1998 and its Chief Executive Officer since 1999. From 1992 to 1999, Mr.&nbsp;Casar P&eacute;rez served as General Director and member of the Board
of Directors of Compa&ntilde;&iacute;a Perforadora M&eacute;xico,&nbsp;S.A. de C.V. and M&eacute;xico Compa&ntilde;&iacute;a Constructora,&nbsp;S.A.
de C.V., two affiliated companies of Grupo Mexico. Mr.&nbsp;Casar P&eacute;rez served as Project Director of ISEFI, a subsidiary of Banco Internacional in 1991 and Executive Vice President
of Grupo Costamex in 1985. Mr.&nbsp;Casar P&eacute;rez also worked for the Real Estate Firm, Agricultural Ministry, and the Mexican College. Mr.&nbsp;Casar P&eacute;rez holds a
degree in Economics from the Autonomous Technological Institute of Mexico, ITAM, and one in Industrial Engineering from the Anahuac University. He also holds a Master's degree in Economics from the
University of Chicago. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Alberto de la Parra Zavala,</I></FONT><FONT SIZE=2> Director. Mr.&nbsp;de la Parra has been a Director of the Company since July&nbsp;26, 2007. He has been
the General Counsel of Grupo Mexico since February 2007. He was a Partner of Galicia y Robles, S.C., a prominent Mexican law firm, from February 2002 to January 2007. Mr.&nbsp;de la Parra was a
Partner of Santamarina y Steta, S.C., one of the largest law firms in Mexico, from 1997 to 2002. He also worked for one year as a foreign associate with the law firm White&nbsp;&amp; Case&nbsp;LLP in
New York City. Mr.&nbsp;de la Parra is an accomplished Mexican attorney with broad experience in corporate and financial matters, including mergers and acquisitions. He has represented Mexican and
international clients before Mexican authorities, including the Banking and Securities Exchange Commission, and the Stock Exchange. Additionally, Mr.&nbsp;de la Parra is the Corporate Secretary of
the Board of Directors of Grupo Mexico, and of some of its subsidiaries. Mr.&nbsp;de la Parra has a law degree from the Escuela Libre de Derecho of Mexico. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Xavier Garc&iacute;a de Quevedo Topete,</I></FONT><FONT SIZE=2> Director. Mr.&nbsp;Garc&iacute;a de Quevedo has been a Director of the Company
since November 1999. He has been the President of Minera Mexico since September 2001 to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>date
and the President and Chief Executive Officer of Southern Copper Minera Mexico and our Chief Operating Officer since April&nbsp;12, 2005. He has been the President and Chief Executive Officer
of AMC since September&nbsp;7, 2007. Mr.&nbsp;Garc&iacute;a de Quevedo initiated his professional career in 1969 with Grupo Mexico. He was President of Grupo Ferroviario
Mexicano,&nbsp;S.A. de C.V. and of Ferrocarril Mexicano,&nbsp;S.A. de C.V. from December 1997 to December 1999, and General Director of Exploration and Development of Grupo Mexico from 1994 to
1997. He has been a Director of Grupo Mexico since April 2002. He was also Vice President of Grupo Condumex for eight years. Mr.&nbsp;Garc&iacute;a de Quevedo is the Chairman of the Mining
Chamber of Mexico. He is a Chemical Engineer with a degree from the Autonomous National University of Mexico (UNAM). He also attended a continuous business administration and finance program at the
Technical Institute of Monterrey in Mexico. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Harold S. Handelsman</I></FONT><FONT SIZE=2>, Director. Mr.&nbsp;Handelsman has been a Director of the Company since August 2002 and is a special independent
Director nominee. Mr.&nbsp;Handelsman has been an Executive Vice President and General Counsel of The Pritzker Organization,&nbsp;LLC, a private investment firm, since 1998. Mr.&nbsp;Handelsman
has also been a senior executive officer of Hyatt Corporation since 1978, currently serving as Senior Vice President and Secretary. He is also Executive Vice President and Assistant Secretary of
Global Hyatt Corporation and serves as the Chairman of Global Hyatt Corporation's Audit Committee. Mr.&nbsp;Handelsman was a Director and Chairman of the Audit Committee of First Health Group Corp.
(a managed care organization). He is also a Director of a number of private corporations. He received a B.A. degree from Amherst College in 1968 (cum laude) and a J.D. from Columbia University in 1973
(James Kent Scholar). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Genaro Larrea Mota-Velasco,</I></FONT><FONT SIZE=2> Director. Mr.&nbsp;Larrea was our Vice President, Commercial from December 1999 until
April&nbsp;25, 2002, and has been a Director since November 1999. From April 1983 to August 2002, Mr.&nbsp;Larrea held several positions in the areas of finance, commercial and logistics with
Grupo Mexico. He has been a Director of Grupo Mexico since 1994. He is currently Chairman of the Board of Directors of Corporaci&oacute;n Scribe,&nbsp;S.A.B. Mr.&nbsp;Larrea has a
Bachelor's degree in Business Administration from Newport University and a Global Leadership Program certificate from Thunderbird University. He and Mr.&nbsp;Germ&aacute;n Larrea
Mota-Velasco are brothers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Daniel Mu&ntilde;iz Quintanilla,</I></FONT><FONT SIZE=2> Nominee. Mr.&nbsp;Mu&ntilde;iz has been the Chief Financial Officer of Grupo Mexico
since April 2007. Prior to joining Grupo Mexico, Mr.&nbsp;Mu&ntilde;iz was a practicing corporate-finance lawyer from 1996 to 2006. During this time he worked at Cort&eacute;s,
Mu&ntilde;iz y Nu&ntilde;ez Sarrapy, Mijares, Angotia Cort&eacute;s y Fuentes, and Baker&nbsp;&amp; McKenzie (London and Mexico City offices). He holds a Master's degree in
Financial Law from Georgetown University and a Master's degree in Business Administration from Instituto de Empresa in Madrid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Armando Ortega G&oacute;mez,</I></FONT><FONT SIZE=2> Director. Mr.&nbsp;Ortega has been our Vice President, Legal and Secretary since April&nbsp;25,
2002 and a Director since August 2002. He has been our General Counsel since October&nbsp;23, 2003. Previously, he was our Assistant Secretary from July&nbsp;25, 2001 to April&nbsp;25, 2002. He
was General Counsel of Grupo Mexico from May 2001 to February 2007. Previously, he headed the Unit on International Trade Practices of the Ministry of Economy of Mexico with the rank of Deputy Vice
Minister from January 1998 to mid-May 2001, and was negotiator for international matters for said Ministry from 1988 to May 2001. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Luis Miguel Palomino Bonilla,</I></FONT><FONT SIZE=2> Director. Dr.&nbsp;Palomino has been a Director of the Company since March&nbsp;19, 2004 and is a
special independent Director nominee. Dr.&nbsp;Palomino has been a Managing Partner of RMG Consultores (a financial consulting firm) since May 2007 and was previously Principal and Senior Consultant
of Proconsulta International (financial consulting) since 2003. Previously he was First Vice President and Chief Economist, Latin America, for Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith, New York
(investment banking) from 2000 to 2002. He was Chief Executive Officer, Senior Country and Equity Analyst of Merrill Lynch, Peru (investment banking) from 1995 to 2000. Dr.&nbsp;Palomino has held
various positions with banks and financial institutions as an economist, financial advisor and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>analyst.
He has a PhD in finance from the Wharton School of the University of Pennsylvania, Philadelphia, and graduated from the Economics Program of the Universidad del Pacifico, Lima, Peru. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Gilberto Perezalonso Cifuentes, </I></FONT><FONT SIZE=2>Director. Mr.&nbsp;Perezalonso has been a Director of the Company since June 2002 and is a special
independent Director nominee. He was Chief Executive Officer of Corporacion Geo&nbsp;S.A. de C.V. from February 2006 to February 2007. Mr.&nbsp;Perezalonso was the Chief Executive Officer of
Aerom&eacute;xico (Aerov&iacute;as de M&eacute;xico,&nbsp;S.A. de C.V.) from 2004 until December 2005. From 1998 until April 2001, he was Executive Vice President of
Administration and Finance of Grupo Televisa,&nbsp;S.A.B. From 1980 until February 1998, Mr.&nbsp;Perezalonso held various positions with Grupo Cifra,&nbsp;S.A. de C.V., the most recent position
being that of General Director of Administration and Finance. Now he is a member of the advisory council of Banco Nacional de M&eacute;xico,&nbsp;S.A. de C.V., the board and of the
investment committee of Afore Banamex, the board and of the investment committee of Siefore Banamex No.&nbsp;1, and is a member of the Boards of Gigante,&nbsp;S.A. de C.V., Masnegocio&nbsp;Co.
S. de R.L. de C.V., Cablevision,&nbsp;S.A. de C.V., Grupo Televisa,&nbsp;S.A.B., Telef&oacute;nica Moviles M&eacute;xico,&nbsp;S.A. de C.V. and Construction Company Marhnos.
Mr.&nbsp;Perezalonso is also a member of the Audit Committee of Grupo Televisa,&nbsp;S.A.B. Mr.&nbsp;Perezalonso has a law degree from the Iberoamerican University and a Master's degree in
Business Administration from the Business Administration Graduate School for Central America (INCAE). Mr.&nbsp;Perezalonso has also attended the Corporate Finance program at Harvard University. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Juan Rebolledo Gout,</I></FONT><FONT SIZE=2> Director. Mr.&nbsp;Rebolledo has been a Director of the Company since May&nbsp;30, 2003. Mr.&nbsp;Rebolledo has
been International Vice President of Grupo Mexico since 2001. He was Deputy Secretary of Foreign Affairs of Mexico from 1994 to 2000 and Deputy Chief of Staff to the President of Mexico from 1993 to
1994. Previously, he was Assistant to the President of Mexico (1989-1993), Director of the "National Institute for the Historical Studies of the Mexican Revolution" of the Secretariat of
Government (1985-1988), Dean of Graduate Studies at the National Autonomous University of Mexico (UNAM), Political Science Department (1984-1985), and professor of said
university (1981-1983). Mr.&nbsp;Rebolledo holds a law degree from UNAM, an MA in philosophy from Tulane University, and an LLM from Harvard Law School. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Carlos Ruiz Sacrist&aacute;n,</I></FONT><FONT SIZE=2> Director. Mr.&nbsp;Ruiz Sacrist&aacute;n has been a Director of the Company since
February&nbsp;12, 2004 and is a special independent Director nominee. Since November 2001, he has been the owner and Managing Partner of Proyectos Estrategicos Integrales, a Mexican investment
banking firm specialized in agricultural, transport, tourism, and housing projects. Mr.&nbsp;Ruiz Sacrist&aacute;n has held various distinguished positions in the Mexican government, the
most recent being that of Secretary of Communication and Transportation of Mexico from 1995 to 2000. While holding that position, he was also Chairman of the Board of Directors of the Mexican-owned
companies in the sector, and member of the Board of Directors of development banks. Mr.&nbsp;Ruiz is currently a member of the Board of Directors and of the Audit, and Environmental and Technology
Committees of Sempra Energy. Mr.&nbsp;Ruiz Sacrist&aacute;n holds a Bachelor's degree in Business Administration from the Anahuac University of Mexico City, and an MBA degree from
Northwestern University of Chicago. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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 </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc10701_security_ownership_of_certain_beneficial_owners"> </A>
<A NAME="toc_cc10701_1"> </A>
<BR></FONT><FONT SIZE=2><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is certain information with respect to those persons who are known by us to have been, as of December&nbsp;31, 2007, beneficial owners of more
than five percent of our outstanding Common Stock. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Southern Copper Corporation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Shares of<BR>
Common<BR>
Stock<BR>
Beneficially<BR>
Owned</B></FONT><HR NOSHADE></TH>
<TH WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Percent of<BR>
Outstanding<BR>
Common<BR>
Stock</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="58%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Americas Mining Corporation<BR>
11811 North Tatum Blvd., Suite&nbsp;2500,<BR>
Phoenix, AZ 85028(a)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>221,113,178</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>75.09</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
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<UL>
<UL>
<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As
a result of a two-for-one split of the Company's outstanding Common Stock, effective October&nbsp;2, 2006, each holder of record at the close of business
on September&nbsp;15, 2006 received one additional share of common stock for each share owned. Therefore AMC currently owns 221,113,178&nbsp;shares of our Common Stock. </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc10701_beneficial_ownership_of_management"> </A>
<A NAME="toc_cc10701_2"> </A>
<BR></FONT><FONT SIZE=2><B>BENEFICIAL OWNERSHIP OF MANAGEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information set forth below as to the shares of our Common Stock beneficially owned by the nominees, directors and executive officers named in the Summary
Compensation Table below and by all nominees, directors and officers as a group is stated as of December&nbsp;31, 2007. </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="59%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Southern Copper Corporation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="59%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Shares of<BR>
Common<BR>
Stock<BR>
Beneficially<BR>
Owned(a)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="6%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Percent of<BR>
Outstanding<BR>
Common<BR>
Stock</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Germ&aacute;n Larrea Mota-Velasco(c)(e)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,600</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Oscar Gonz&aacute;lez Rocha(e)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>400</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Emilio Carrillo Gamboa(e)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,000</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Alfredo Casar P&eacute;rez</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>800</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Alberto de la Parra Zavala</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Jaime Fernando Collazo Gonz&aacute;lez(e)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>800</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Xavier Garc&iacute;a de Quevedo Topete(e)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,200</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Harold S. Handelsman(e)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,400</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Genaro Larrea Mota-Velasco(e)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,600</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Daniel Mu&ntilde;iz Quintanilla</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Armando Ortega G&oacute;mez</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Luis Miguel Palomino Bonilla(e)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>200</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Gilberto Perezalonso Cifuentes(e)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,800</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Juan Rebolledo Gout(e)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>800</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Carlos Ruiz Sacrist&aacute;n(e)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,000</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>All nominees, directors and officers as a group(19)&nbsp;individuals(d)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,760</FONT></TD>
<TD WIDTH="6%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<UL>
<UL>
<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Information
with respect to beneficial ownership is based upon information furnished by each nominee, director or officer. Except as noted below, all nominees, directors and </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=10,EFW="2183770",CP="SOUTHERN COPPER CORP.",DN="1",CHK=35552,FOLIO='7',FILE='DISK127:[08ZAH1.08ZAH10701]CC10701A.;25',USER='WWASSER',CD='14-MAR-2008;14:57' -->
<A NAME="page_cc10701_1_8"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>officers
have sole voting and investment power over the shares beneficially owned by them. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Less
than 0.5%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Larrea
disclaims beneficial ownership over our shares owned by AMC, which in turn is controlled by Grupo Mexico.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
160 shares of Mr.&nbsp;Jos&eacute; N. Chirinos, our Comptroller.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As
a result of a two-for-one split of the Company's outstanding Common Stock, effective October&nbsp;2, 2006, each holder of record at the close of business
on September&nbsp;15, 2006 received one additional share of common stock for each share owned. </FONT></DD></DL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the following information is provided in satisfaction of applicable rules of the Securities and Exchange Commission ("SEC"). Grupo Mexico, the indirect majority stockholder
of the Company, is a Mexican corporation with its principal executive offices located at Edificio Parque Reforma, Campos Eliseos No.&nbsp;400, 12th&nbsp;Floor, Col. Lomas de Chapultepec, Mexico
City, Mexico. Grupo Mexico's principal business is to act as a holding company for shares of other corporations engaged in the mining, processing, purchase and sale of minerals and other products and
railway services. Grupo Mexico shares are listed on the Mexican Stock Exchange (GMEXICO). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
largest shareholder of Grupo Mexico is Empresarios Industriales de M&eacute;xico,&nbsp;S.A. de C.V. ("EIM"), a Mexican corporation. The principal business of EIM is to act
as a holding company for shares of other corporations engaged in a variety of businesses including mining, construction, real estate and drilling. The Larrea family, including
Mr.&nbsp;Germ&aacute;n Larrea, directly controls the majority of the capital stock of EIM and directly and indirectly controls a majority of the votes of the capital stock of Grupo Mexico. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc10701_beneficial_ownership_of_grupo_mexico_shares"> </A>
<A NAME="toc_cc10701_3"> </A>
<BR></FONT><FONT SIZE=2><B>Beneficial Ownership of Grupo Mexico Shares    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Director/Officer</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Shares</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Oscar Gonz&aacute;lez Rocha</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>787,245</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Alfredo Casar P&eacute;rez</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>476,631</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Jos&eacute; N. Chirinos</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,535</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Jaime Fernando Collazo Gonz&aacute;lez</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,077</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Xavier Garc&iacute;a de Quevedo Topete</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>159,104</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Genaro Larrea Mota-Velasco</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,300,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Remigio Martinez Muller</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,806</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Vidal Muhech Dip</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Armando Ortega G&oacute;mez</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,561</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Juan Rebolledo Gout</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="81%" style="font-family:times;"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,827,959</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc10701_audit_committee_report"> </A>
<A NAME="toc_cc10701_4"> </A>
<BR></FONT><FONT SIZE=2><B>AUDIT COMMITTEE REPORT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2007, the Southern Copper Corporation Audit Committee was comprised of three independent directors, Messrs.&nbsp;Emilio Carrillo Gamboa, Luis Miguel Palomino
Bonilla, and Gilberto Perezalonso Cifuentes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Emilio
Carrillo Gamboa was elected to the Board on May&nbsp;30, 2003 and to the Audit Committee in July 2003. Mr.&nbsp;Carrillo chairs the Audit Committee. Mr.&nbsp;Luis
Miguel Palomino Bonilla was elected to the Board and the Audit Committee on March&nbsp;19, 2004. Mr.&nbsp;Perezalonso has been a member of the Audit Committee since June 2002. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=11,EFW="2183770",CP="SOUTHERN COPPER CORP.",DN="1",CHK=107891,FOLIO='8',FILE='DISK127:[08ZAH1.08ZAH10701]CC10701A.;25',USER='WWASSER',CD='14-MAR-2008;14:57' -->
<A NAME="page_cc10701_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board of Directors determined that Messrs.&nbsp;Luis Miguel Palomino Bonilla, Gilberto Perezalonso Cifuentes, and Emilio Carrillo Gamboa are independent of management and
financially literate in accordance with the requirements of the NYSE and the SEC, as such requirements are interpreted by our Board of Directors in its business judgment. In addition, the Board of
Directors determined that Messrs.&nbsp;Luis Miguel Palomino Bonilla and Gilberto Perezalonso Cifuentes are the Audit Committee financial experts, as the Board of Directors interprets this
requirement in its business judgment. The Board of Directors also determined that Messrs.&nbsp;Palomino and Perezalonso satisfy the accounting or related financial management expertise standard
required by the NYSE, as the Board of Directors interprets this requirement in its business judgment. The Audit Committee met seven times in 2007, with 100% attendance by Messrs.&nbsp;Emilio
Carrillo Gamboa and Luis Miguel Palomino Bonilla. Mr.&nbsp;Gilberto Perezalonso Cifuentes attended 86% of the meetings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has adopted a written charter for the Audit Committee, which is posted on our web site
(</FONT><FONT SIZE=2><I>www.southerncoppercorp.com</I></FONT><FONT SIZE=2>). The charter for the Audit Committee sets forth the authority and responsibilities of the Audit Committee. The functions of
the Audit Committee include approving the engagement of independent accountants, reviewing and approving the fees, scope and timing of their other services, and reviewing the audit plan and results of
the audit. The Audit Committee also reviews our policies and procedures on internal auditing, accounting and financial controls. The implementation and maintenance of internal controls are understood
to be primarily the responsibility of management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the Audit Committee's responsibilities, the Audit Committee has taken the following actions: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewed
and discussed the consolidated audited financial statements with management and the independent accountants;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>discussed
with the independent accountants, PwC, the matters required to be discussed by Statements on Auditing Standards No.&nbsp;61, as amended (Audit Committee Communications);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>received
the written disclosures and the letters from PwC required by the Independence Standards Board Standard No.&nbsp;1, (Independence Discussions with Audit Committees) and has
discussed with PwC its independence from us and our management;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>discussed
with our internal and independent accountants, PwC, the overall scope and plans of their respective audits. The Committee meets with the internal and independent auditors,
with and without management present, to discuss the results of their examinations, the evaluations of our internal controls and the overall quality of our financial reporting;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>recommended,
based on the reviews and discussions referred to above, to the Board of Directors that the audited financial statements be included in our Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2007, for filing with the SEC; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>selected
PwC as the Company's independent accountants for year 2008. Such selection is submitted for ratification by you at this annual meeting. </FONT></DD></DL>
</UL>
<BR>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><I>The Audit Committee:</I></FONT><FONT SIZE=2><BR>
Emilio Carrillo Gamboa<BR>
Luis Miguel Palomino Bonilla<BR>
Gilberto Perezalonso Cifuentes</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=12,EFW="2183770",CP="SOUTHERN COPPER CORP.",DN="1",CHK=1036498,FOLIO='9',FILE='DISK127:[08ZAH1.08ZAH10701]CC10701A.;25',USER='WWASSER',CD='14-MAR-2008;14:57' -->
<A NAME="page_cc10701_1_10"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc10701_principal_accountant_fees_and_services"> </A>
<A NAME="toc_cc10701_5"> </A>
<BR></FONT><FONT SIZE=2><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of fees we were or will be billed by PwC for professional services rendered for 2007 and 2006 fiscal years. </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Fee Category</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007 Fees</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2006 Fees</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Audit Fees</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>929,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>929,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Audit-Related Fees</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,347,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,087,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Tax Fees</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>646,350</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>451,124</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>All Other Fees</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>715,319</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,170,278</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="59%" style="font-family:times;"><FONT SIZE=2>Total Fees</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,637,669</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,637,402</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
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<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Audit Fees  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Fees consist of fees for professional services rendered for the audit of our financial statements and those of our subsidiaries in Mexico and Peru, and of
our branches in Peru and Chile, which are included in our Annual Report on Form&nbsp;10-K, and fees for the review of the financial statements included in our quarterly reports on
Form&nbsp;10-Q. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Audit-Related Fees  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit-Related Fees consist of fees for professional services provided by PwC not described above under "Audit Fees" in connection with their audit of the
effectiveness of our internal control over financial reporting required by the Sarbanes-Oxley Act of 2002, which amounted to $1,347,000 for the 2007 fiscal year and $1,087,000 for the 2006 fiscal
year. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Tax Fees  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2007, Tax Fees consist of fees for tax services provided by PwC in connection with quarterly financial or tax requirements, and certain other tax issues,
amounting to $646,350. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2006, Tax Fees consist of fees for tax services provided by PwC in connection with quarterly financial or tax requirements, which amounted to $401,557. In addition, in 2006 a fee of
$49,567 was paid in connection with certain tax issues, including those relating to the review of the possible acquisition of the Tintaya project. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> All Other Fees  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2007, All Other Fees for services, other than those described above, consisted primarily of $130,200 for the extension of the review process of the electronic
worksheets and security project plan; $62,280 for the diagnosis of the segregation of functions in the integrated system Ellipse 6.1; $27,480 for the diagnosis of the supporting documentation of
controls, based on actual Control Objective by Information Technology (COBIT) frame; $23,700 for the review of the US FAS-95 pronouncements on cash flow and implicit derivatives by
FAS-133 during the first quarter 2007 and additional updates; $165,000 for environmental assurance and sustainability reports; and $100,000 for consulting services by a technical
specialist of the national office of PwC. Additionally, all other fees for 2007 include $76,659 for the review, discussion and analysis of Audit Standard No.&nbsp;5, and $130,000 for assurance and
technical specialist involvement related to SEC, NYSE, PCAOB, and US&nbsp;GAAP compliance and review of annual Form&nbsp;10-K. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2006, All Other Fees for services, other than those described above, consisted primarily of $311,858 for professional advisory services rendered in connection with an issue of
$400&nbsp;million 7.5% notes and the filing of a Form&nbsp;S-4 in June 2006; $72,600 for the due diligence regarding the possible </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

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<A NAME="page_cc10701_1_11"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>acquisition
of the Tintaya project; $125,000 for assurance and technical specialist involvement related to SEC, NYSE, PCAOB, and US&nbsp;GAAP compliance; $130,000 for environmental assurance and
sustainability reports; $312,000 for consulting services related to improving our compliance with corporate governance regulations and practices, including internal control procedures and issues;
$88,560 for improving, based on best practices of public use, or available in the PwC's data base, our financial worksheets at the macro level; and $71,230 for improving, based on best practices of
public use, or available in the PwC's data base, our financial worksheets at the micro level. Additionally, All Other Fees include $59,030 for professional services rendered by PwC for the review of
accounting issues relating to a potential investment in the Company. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Audit Committee Pre-Approval Policies and Procedures  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our management defines and communicates specific projects and categories of service for which the advance approval of the Audit Committee is requested. The Audit
Committee reviews these requests and advises management if it approves the engagement of the independent accountants. In 2007, all services provided by PwC were approved in advance by the Audit
Committee. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc10701_compensation_committee_report"> </A>
<A NAME="toc_cc10701_6"> </A>
<BR></FONT><FONT SIZE=2><B>COMPENSATION COMMITTEE REPORT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Company was acquired late in 1999 by Grupo Mexico, our indirect majority stockholder, which currently owns 75.09% of our stock. Because we are a controlled
company as defined by the NYSE we do not have a Compensation Committee comprised entirely by independent directors. The Compensation Committee is comprised of Messrs.&nbsp;German Larrea
Mota-Velasco, our Chairman, Oscar Gonz&aacute;lez Rocha, our President and Chief Executive Officer, Xavier Garc&iacute;a de Quevedo Topete, our Chief Operating Officer, and
Gilberto Perezalonso Cifuentes, one of our special independent directors. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee met once in 2007. Mr.&nbsp;Gilberto Perezalonso Cifuentes was unable to participate at the meeting but he received a complete report of the proceedings of
the meeting and ratified the actions of the Compensation Committee. The Compensation Committee reviewed and discussed the Compensation Discussion and Analysis with management of the Company. Based on
said review and discussion, the Compensation Committee has recommended to our Board of Directors the inclusion of the Compensation Discussion and Analysis in the 2007 Annual Report on
Form&nbsp;10-K and this proxy statement. </FONT></P>

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<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><I>The Compensation Committee:</I></FONT><FONT SIZE=2><BR>
Germ&aacute;n Larrea Mota-Velasco<BR>
Oscar Gonz&aacute;lez Rocha<BR>
Xavier Garc&iacute;a de Quevedo Topete<BR>
Gilberto Perezalonso Cifuentes<BR></FONT>
</TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc10701_compensation_discussion_and_analysis"> </A>
<A NAME="toc_cc10701_7"> </A>
<BR></FONT><FONT SIZE=2><B>COMPENSATION DISCUSSION AND ANALYSIS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Compensation Discussion and Analysis relates to and should be read together with our Summary Compensation Table and the information on related party
transactions in this proxy statement. </FONT></P>

<UL>


<P style="font-family:times;"><FONT SIZE=2><B> Background and Role of Executive Officers in Determining Compensation:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation of our executive officers is determined by our Chairman and other key executive officers, including Mr.&nbsp;Oscar Gonz&aacute;lez
Rocha. Mr.&nbsp;Oscar Gonz&aacute;lez Rocha does not participate in any decision relating to his own compensation. Similarly, Messrs.&nbsp;Jos&eacute; N. Chirinos, our Comptroller
and interim Chief Financial Officer, Xavier Garc&iacute;a de Quevedo Topete, our Chief Operating Officer, and Armando Ortega G&oacute;mez, our Vice President, Legal, General Counsel,
and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_cc10701_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2>Secretary,
do not participate in any discussion relating to their respective compensations. J.&nbsp;Eduardo G&oacute;nzalez F&eacute;lix did not participate in any discussion
relating to his compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are providing in satisfaction of applicable rules of the SEC information regarding compensation paid by us or by one or more of our subsidiaries to Messrs.&nbsp;Oscar
Gonz&aacute;lez Rocha, J.&nbsp;Eduardo Gonz&aacute;lez F&eacute;lix, Jos&eacute; N. Chirinos, Xavier Garc&iacute;a de Quevedo Topete, Armando Ortega
G&oacute;mez, and Mario Vinageras Barroso. Mr.&nbsp;Oscar Gonz&aacute;lez Rocha joined us in late 1999 after having an outstanding career at Grupo Mexico and has been receiving
compensation from us since March 2000. Mr.&nbsp;J.&nbsp;Eduardo Gonz&aacute;lez F&eacute;lix was our Vice President, Finance and Chief Financial Officer from March 2005 until
June&nbsp;15, 2007. Mr.&nbsp;Jos&eacute; N. Chirinos has more than 40&nbsp;years of service with us, having held various positions in accounting, administration, and finance. He was
appointed interim Chief Financial Officer from June&nbsp;15, 2007 until December&nbsp;31, 2007. On January&nbsp;2, 2008, the Company announced that it had appointed Mr.&nbsp;Genaro Guerrero
D&iacute;az Mercado as its Vice President, Finance and Chief Financial Officer, replacing Mr.&nbsp;Jos&eacute; N. Chirinos. Mr.&nbsp;Xavier Garc&iacute;a de Quevedo Topete
joined us in September 2001 after serving as President of Grupo Ferroviario Mexicano,&nbsp;S.A. de C.V. and of Ferrocarril Mexicano,&nbsp;S.A. de C.V. Mr.&nbsp;Armando Ortega
G&oacute;mez joined us in April 2002 after heading the Unit on International Trade Practices of the Ministry of Economy of Mexico with the rank of Deputy Vice Minister. Mr.&nbsp;Ortega
G&oacute;mez was previously our Assistant Secretary from July&nbsp;25, 2001 to April&nbsp;25, 2002. Mr.&nbsp;Mario Vinageras Barroso joined us in April 2002. He has been Commercial
Director of Grupo Mexico since September 1994 and Corporate Director of Sales of Grupo Mexico since June&nbsp;1, 2000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Germ&aacute;n
Larrea Mota-Velasco, our Chairman, is an executive officer of Grupo Mexico and is compensated by Grupo Mexico. Mr.&nbsp;Larrea has only
received fees and stock awards for his services as member of our Board of Directors. Prior to February&nbsp;1, 2007, Mr.&nbsp;Armando Ortega G&oacute;mez, our Vice President, Legal,
General Counsel, and Secretary, was an executive officer of Grupo Mexico and was compensated by Grupo Mexico or certain of its subsidiaries. Mr.&nbsp;Ortega G&oacute;mez, prior to
February&nbsp;1, 2007, only received fees and stock awards for his services as member of our Board of Directors. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Compensation Objectives:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our objectives in compensating our executive officers are to encourage the achievement of our business objectives and superior corporate performance by them. Our
business objectives include increasing production and lowering costs in a safe environment, maintaining customer satisfaction, market leadership, and enhancing shareholder value. The principal
objective of our compensation practices is to reward and retain executives with key core competency critical to our long-term management strategy. We reward for results rather than on the
basis of seniority, tenure or other entitlement. We believe that our executive compensation practices align compensation with our business values and strategy. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> What Is Our Compensation Designed to Reward?  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our compensation is designed to reward our executive officers for their efforts and dedication to us and for their ability to attract, motivate, and energize a
high-performance leadership team, encouraging innovation in our employees, conceptualizing key trends, evaluating strategic decisions, and continuously challenging our employees to sharpen
their vision and excel in performing their duties. We also reward our executive officers for achieving the business plans that the Board has approved, for unique accomplishments and achievements, and
for their leadership in managing our affairs in the locations in which we operate, mainly Peru and Mexico. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Why We Choose to Compensate Our Executives?  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We choose to compensate our employees, including our executive officers, to grant them basic economic security at levels consistent with competitive local
practices. We believe that the compensation we provide to our employees, including our executive officers, permits us to retain our highly skilled and qualified workforce. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are required to grant our employees certain elements of compensation mandated by Peruvian and Mexican law, as applicable. Peruvian and Mexican law requires us to pay salaries to our
employees
commensurate with each job requirements and the experience and skills of every employee. The level of each salary is determined by us. We pay salaries and bonuses to reward and retain our excellent
employees, including our executive officers. We also provide other Company sponsored benefits to remain competitive in the Peruvian and Mexican labor markets and to reward our employees, including our
executive officers. The Peruvian five percent increase in monthly salary for each five years of service evolved as a benefit bargained by our labor unions and was later on extended to all salaried
employees. The Peruvian vacation bonus and vacation travel benefits evolved from our practice of compensating expatriate employees who worked in Peru and was later extended to certain key salaried
employees, including executive officers working in Peru. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> How Do We Determine Each Element of Compensation?  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously indicated, factors that influence our decision to grant salary increases and bonuses include the performance and responsibilities measured in the
areas of production, safety and environmental responsiveness at the individual and company-wide level, years of service, elements of compensation mandated by Peruvian and Mexican law,
future challenges and objectives, contributions to the future success of our Company, the total executive compensation, and our financial performance. Base pay also reflects the external market value
for the particular position as well as the qualifications and experience of each individual. To remain competitive, we may also compare our compensation structure with the compensation of comparable
companies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount and formula applicable to the other benefits are mandated by Peruvian and Mexican law or are sponsored by us for all salaried employees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended, we may not deduct, with certain exceptions, compensation in excess of $1&nbsp;million to the Chief
Executive Officer and our four other highest paid executive officers as required to be reported in our proxy statement. We do not believe that Section&nbsp;162(m) will have any immediate material
impact on us because, among other things, our officers' salaries do not enter into the calculation of US source taxable income. We will, however, continue to monitor our executive compensation
programs to ensure their effectiveness and efficiency in light of our needs, including Section&nbsp;162(m). </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> How Does Each Element and Our Decisions Regarding That Element Fit Into Our Overall Compensation Objectives and Affect Decisions Regarding Other Elements?  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We take into account each element of compensation to determine the overall compensation of our executives. It is our practice to grant relatively small salary
increases commensurate with the cost of living increases in Peru and Mexico and tailor the amount of the incentive cash payments to balance
the amounts of compensation mandated by Peruvian and Mexican law, principally the amounts received as profit participations. In years in which the profit participation is high, the bonus or incentive
cash payment will be reduced. In years in which the profit participation is relatively modest, if our financial conditions permit, we tend to increase the amount paid in cash incentives. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Summary:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our compensation practices are designed to comply with the requirements of Peruvian and Mexican law and with our goals and objectives to retain our key executives
and reward them appropriately for their positive results. We continue to monitor our compensation practices to remain competitive in the marketplace and to reward our executives for results that are
consistent with the long-term interest of our Company and our stockholders. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Peruvian Compensation Practices:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Peruvian compensation practices take into account many factors, including individual performance and responsibilities, years of service, elements of
compensation mandated by Peruvian law, future challenges and objectives, contributions to the future success of our Company, the executive's total compensation, and our financial performance. We may
also look at the compensation levels of comparable companies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
executive officers receive cash-based compensation, which is currently paid. The cash-base compensation has two principal components: base salary and bonus,
which are discretionary, and compensation mandated by Peruvian law. We also sponsor programs to recruit and retain qualified employees working in Peru. Additionally, Grupo Mexico offers certain key
employees, including our executive officers, a stock purchase plan (the "Employee Stock Purchase Plan") under which Grupo Mexico grants the participants a bonus of one share for every ten shares
purchased at the end of eight years. See the description of the Employee Stock Purchase Plan under Stock Options and Stock Purchase Plans below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
payment of bonuses is discretionary and we do not necessarily pay bonuses every year. The payment of bonuses and the amount of the same depend, among other things, on our financial
performance, our intensive capital investment plan, our future cash flow generation from operations, and our liquidity in general. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not provide compensation tied to specific pre-determined individual or Company performance criteria or long-term incentive compensation. Since 2000 we have
not used the Southern Copper Corporation Incentive Compensation Plan to grant incentive cash payments to our executive officers or to our other key employees. Also, since 2000 we have not used
independent consulting organizations to assist us with our executive compensation policies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cash incentive payments granted to our executives are not based on pre-established performance targets or on targets that have been previously communicated to the
executives. The granting of the award and the amount of each award are discretionary and substantially uncertain until we decide to award them, generally at the beginning of each year. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
our employee compensation is denominated in Peruvian Nuevos Soles. We convert the Peruvian Nuevos Soles into U.S. dollars using the average exchange rate for the applicable period. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Stock Options:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not granted stock options to any of our executive officers since 2000 in Peru. The Stock Incentive Plan, under which options and stock awards could have
been granted, expired by its terms on January&nbsp;1, 2006. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Stock Purchase Plans of Grupo Mexico:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexico offers eligible employees the Employee Stock Purchase Plan through a trust that acquires shares of Grupo Mexico for future sales to our employees,
and employees of our subsidiaries and certain affiliated companies. Sales are at the approximate fair market value. Every two years </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>employees
will be able to purchase shares subscribed for purchase in the previous two years. The employees will pay for shares purchased through monthly payroll deductions over the eight year period
of the plan. At the end of the eight&nbsp;year period, Grupo Mexico will grant the participant a bonus of one share for every ten shares purchased by the employee. If Grupo Mexico pays dividends on
shares during the eight year period, the participant will be entitled to receive the dividend in cash for all shares that have been fully purchased and paid as of the date that the dividend is paid.
If the participant has only partially paid for shares, the entitled dividends will be used to reduce the remaining liability owed for purchased shares. Certain key employees, including
Messrs.&nbsp;Oscar Gonz&aacute;lez Rocha and Jos&eacute;&nbsp;N. Chirinos have purchased shares and received bonuses under this plan. These amounts are reflected in the Summary
Compensation Table under the Stock Bonus column. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo
Mexico also offers a stock purchase plan for certain members of executive management. Under this plan, participants will receive incentive cash bonuses which are used to purchase
up to 750,000 shares of Grupo Mexico over an eight year period. Mr.&nbsp;Oscar Gonz&aacute;lez Rocha received an incentive cash bonus in 2006, which was used to purchase shares under this
plan. The amount of said bonus is also reflected in the Summary Compensation Table under the Bonus column. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Pension Plans:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has two non-contributory defined benefit pension plans covering former salaried employees in the United States and certain former employees in Peru.
Mr.&nbsp;Oscar Gonz&aacute;lez Rocha and Mr.&nbsp;Jos&eacute; N. Chirinos are not covered by our non-contributory retirement plans. They are covered by the Peruvian
private pension system ("AFP"), a mandatory pension system. As required by Peruvian law, we retain every month a percentage of their salary and deposit the amount into their individual AFP accounts.
The percentage of the monthly salary retained and deposited varies each year and has ranged from 8% to 10% over the years. Employees, including Mr.&nbsp;Chirinos, hired prior to 1995, received in
1995 a 13.53% salary increase to compensate them for the new deduction established by Peruvian law to participate in the mandatory pension system. Mr.&nbsp;Chirinos received a payment of $18,354 in
2007 pursuant to the requirements of the AFP law, and this amount is included in the gross salary reported for Mr.&nbsp;Chirinos. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Severance Benefits:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not have corporate plans providing severance benefits to our executives. Our executive officers only receive severance benefits provided by Peruvian law. If
the employee is terminated by us and he or she has a fixed-term employment agreement, Peruvian law requires that we pay the employee salaries for the remaining of the term of his or her
employment agreement. Peruvian law also provides that if the employee has been dismissed without cause, he or she is entitled to one and one-half monthly salary for each year of service up
to a maximum of eight years or twelve monthly salaries. Peruvian law also provides that at the termination of employment an employee will be able to withdraw the full amount of the compensation for
the years of service, known as CTS ("Compensaci&oacute;n por Tiempo de Servicios") in Peru, described below. Our executive officers do not have change of control employment agreements. Our
Peruvian employees, including Mr.&nbsp;Jos&eacute;&nbsp;N. Chirinos, do not have employment agreements. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Expatriate Employees:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Peruvian laws concerning expatriate employees, Mr.&nbsp;Oscar Gonz&aacute;lez Rocha entered into an employment agreement. The employment
agreement is in effect for a term of one year and may be extended for additional periods. In accordance with the terms of the employment agreement, the Company has agreed to provide Mr.&nbsp;Oscar
Gonz&aacute;lez Rocha (and any other expatriate employees) with benefits as required by Peruvian law. Under the employment agreement, Mr.&nbsp;Oscar Gonz&aacute;lez Rocha may resign
at any time by providing us with 30&nbsp;days' notice. The employment agreement also </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>provides
that we may dismiss Mr.&nbsp;Oscar Gonz&aacute;lez Rocha for serious offenses as established by Peruvian law. Terminated employees are also entitled to receive severance benefits as
required by Peruvian law. Our non-Peruvian contract employees and their dependents receive travel benefits to return to their home country at the end of each year and return to Peru at the
commencement of each year of the contract. Additionally, this benefit includes travel to their home country at the termination of the contract. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Discretionary Cash Compensation:  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> (a) Base Salary:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Gonz&aacute;lez Rocha and Mr.&nbsp;Chirinos received, respectively, $456,007 and $189,443 in 2007, and $405,764 and $178,754 in 2006 as
annual salary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
base salary of Mr.&nbsp;Oscar Gonz&aacute;lez Rocha increased 12% in 2007 and 10% in 2006. The base salary of Mr.&nbsp;Jos&eacute;&nbsp;N. Chirinos increased 6%
in 2007 and 4% in 2006. Mr.&nbsp;Oscar Gonz&aacute;lez Rocha's base salary at the commencement of his services with us is reflected in an employment agreement mandated by Peruvian law. The
base salaries of our executive officers follow the guidelines of salaries of other key employees of the Company. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (b) Bonus:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Oscar Gonz&aacute;lez Rocha received a cash incentive payment of $143,538 in 2007, and $353,137 in 2006 in recognition of his performance and
to reward him for his leadership, vision and focus. Mr.&nbsp;Gonz&aacute;lez Rocha's bonus for 2006 includes a cash bonus used to purchase Grupo Mexico shares, which is reflected in the
Summary Compensation Table under the Bonus column. Mr.&nbsp;Jos&eacute;&nbsp;N. Chirinos also received a cash incentive payment of $41,377 in 2007, and $38,668 in 2006, also in recognition
of his extraordinary performance. Also, see "Stock Purchase Plans of Grupo Mexico" above. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Peruvian Mandated Cash Compensation:  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> (a) Profit Sharing in the Profits of Our Peruvian Branch:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peruvian law requires that we, as well as all other mining companies in Peru, share 8% of the annual pre-income tax profits of our Branch with all our
workers (salaried and non-salaried). This benefit is payable in cash to each employee in an amount not to exceed 18 times his or her monthly salary. The excess is paid to a Peruvian
pro-employment fund and to the regional governments where we operate, that is to say, the regional governments of Lima, Arequipa, Moquegua, and Tacna in Peru. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Gonz&aacute;lez
Rocha and Mr.&nbsp;Chirinos received, respectively, $565,250 and $311,489 in 2007 as a participation in the pre-tax earnings of our
Peruvian Branch. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (b) Peruvian Legal Holiday Bonuses:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peruvian law also requires payment each year of one month's salary to each employee as a bonus for Peruvian Independence holidays and Christmas. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2007, Mr.&nbsp;Gonz&aacute;lez Rocha received $82,334 and Mr.&nbsp;Chirinos received $44,339 as Peruvian Independence holidays and Christmas bonus. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (c) Termination of Employment Compensation or CTS:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, as compensation for years of service or CTS, Peruvian law requires a deposit of one twelfth of an employee's annual salary, vacation, travel,
Independence holidays, Christmas, dependents and service award bonus, each year, for each employee (whether Peruvian or expatriate) working in Peru, as applicable. This amount is deposited in a local
bank of the employee's choosing, in an </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>individual
account, which accrues interest paid by said bank. For all legal purposes, the chosen bank acts as trustee of the deposited amounts. The CTS funds can only be fully withdrawn when the
employee terminates employment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2007, we deposited for Mr.&nbsp;Gonz&aacute;lez Rocha $49,394 and for Mr.&nbsp;Chirinos $25,448 as CTS compensation. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (d) Peruvian Mandated Company Housing:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peruvian mining law requires that we provide residences at our operations in Toquepala, Cuajone, and Ilo for all our salaried and non-salaried
employees, including for Mr.&nbsp;Oscar Gonz&aacute;lez Rocha. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Cash Compensation under Company Sponsored Programs:  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> (a) Vacation Compensation:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide vacation bonuses for all our salaried employees and payment for vacation travel to all our key salaried employees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2007, Mr.&nbsp;Gonz&aacute;lez Rocha received $38,716 and Mr.&nbsp;Chirinos received $17,471 as vacation bonus and travel. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (b) Five Percent Benefit or "Quinquenio":  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also provide voluntarily to all salaried employees and to non-salaried employees under agreement with our local labor unions, a benefit consisting
of five percent of the monthly salary for each period of five years of service. We call this benefit, colloquially in Peru, the "quinquenio." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2007, Mr.&nbsp;Gonz&aacute;lez Rocha received $22,801 and Mr.&nbsp;Chirinos received $65,675 as quinquenio. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Personal Benefits:  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> (a) Company Housing:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide a corporate residence in Lima, which Mr.&nbsp;Oscar Gonz&aacute;lez Rocha uses when he conducts business activities at our Lima headquarters. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (b) Travel Benefits:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2007, we provided travel benefits not directly related to the performance of Mr.&nbsp;Oscar Gonz&aacute;lez Rocha's functions, which are reflected in
the Summary Compensation Table under the All Other Compensation column. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (c) Company Provided Car and Driver:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Oscar Gonz&aacute;lez Rocha and Mr.&nbsp;Jos&eacute; N. Chirinos and other key salaried employees are provided with a Company car and
a driver. We consider that the use of Company cars by Mr.&nbsp;Gonz&aacute;lez Rocha and Mr.&nbsp;Chirinos and other key salaried employees is not a personal benefit but is integrally and
directly related to the performance of their functions as key executives or salaried employees of one of the largest companies in Peru, is required for security reasons, and is consistent with local
practice. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Mexican Compensation Practices:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Mexican compensation practices also take into account many factors, including individual performance and responsibilities, years of service, elements of
compensation mandated by Mexican law, future challenges and objectives, contributions to the future success of our Company, the executive </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>total
compensation, and our financial performance. We may also look at the compensation levels of comparable companies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
executive officers receive cash-based compensation, which is currently paid. The cash-base compensation has two principal components: base salary and bonus,
which are discretionary, and compensation mandated by Mexican law. We also sponsor programs to recruit and retain qualified employees working in Mexico. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
payment of bonuses is discretionary and we do not necessarily pay bonuses every year. The payment of bonuses and the amount of the same depend, among other things, on our financial
performance, our intensive capital investment plan, our future cash flow generation from operations, and our liquidity in general. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not provide compensation tied to specific pre-determined individual or Company performance criteria or long-term incentive compensation. Also, we do not use
independent consulting organizations to assists us with our executive compensation policies in Mexico. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cash incentive payments granted to our executives are not based on pre-established performance targets or on targets that have been previously communicated to the
executives. The granting of the award and the amount of each award are discretionary and substantially uncertain until we decide to award them, generally at the beginning of each year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
our Mexican employee compensation is denominated in Mexican Pesos. We convert the Mexican Pesos into U.S. dollars using the average exchange rate for the applicable period. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Stock Options:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not granted stock options to any of our executive officers since 2000 in Mexico. The Stock Incentive Plan, under which options and stock awards could have
been granted, expired by its terms on January&nbsp;1, 2006. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Stock Purchase Plans of Grupo Mexico:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexico offers a stock purchase plan for certain members of executive management. Under this plan, participants will receive incentive cash bonuses which are
used to purchase up to 750,000 shares of Grupo Mexico over an eight year period. Certain key employees, including Messrs.&nbsp;J.&nbsp;Eduardo Gonz&aacute;lez F&eacute;lix and
Xavier Garc&iacute;a de Quevedo Topete received incentive cash bonuses which were used to purchase shares under this plan. The amounts of said bonuses are reflected in the Summary Compensation
Table under the Bonus column. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Pension Plan:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement benefits of our employees in Mexico are covered by the Mexican social security system mandated by Mexican law. In addition, certain of our Mexican
subsidiaries participate in a defined contribution pension plan, which complements the retirement benefits granted under the Mexican social security system. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Mexican pension plan, non-union employees of Industrial Minera M&eacute;xico,&nbsp;S.A. de C.V., and participating subsidiaries who have completed ten
continuous years of employment with the participating subsidiary, including Messrs.&nbsp;J.&nbsp;Eduardo Gonz&aacute;lez F&eacute;lix, Xavier Garc&iacute;a de Quevedo
Topete, Armando Ortega G&oacute;mez and Mario Vinageras Barroso earn the right to receive certain benefits upon retirement at the normal retirement age of 70 or upon early retirement on or
after age 60. An employee may chose to retire at age 75 only upon receiving the proper consent of the participating company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees
contribute 3% of their monthly base salary to the plan and the employer matches the employees' contributions with an additional 3%. The funds are then invested in treasury or
in marketable securities. The fiduciary of such investment funds is an institution authorized by the Mexican government. The plan is administered by a technical committee comprised of at least three
unpaid individuals (who may be employees of the participating companies), which are appointed by the Company. The plan may be amended or terminated at any time at the Company's discretion, but such
amendment or termination must preserve acquired rights of the employees. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless
of the manner in which an employee's employment is terminated, he/she is entitled to receive his/her employee contributions and any amounts earned during his/her term of
employment. Any severance benefits received by the terminated employee will be deducted from any employer contribution to be received under the plan. In the event of the retirement of an employee,
he/she is entitled to receive amounts accrued under the plan. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Severance Benefits:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not have corporate plans providing severance benefits to our executives in Mexico. Our executive officers only receive severance benefits provided by
Mexican law or negotiated by us when we undertake workforce reductions at our operations. Our executive officers in Mexico do not have change of control or employment agreements. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Discretionary Cash Compensation:  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> (a) Base Salary:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;J.&nbsp;Eduardo Gonz&aacute;lez F&eacute;lix received $100,718 in 2007 and $222,323 in 2006, Mr.&nbsp;Xavier Garc&iacute;a
de Quevedo Topete received $410,231 in 2007 and $411,062 in 2006, Mr.&nbsp;Armando Ortega G&oacute;mez received $285,800 in 2007, and Mr.&nbsp;Mario Vinageras Barroso received $191,400 in
2007 and $189,400 in 2006 as annual salary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
base salary of Mr.&nbsp;J.&nbsp;Eduardo Gonz&aacute;lez F&eacute;lix reflects his salary through June&nbsp;15, 2007. The base salary of Xavier
Garc&iacute;a de Quevedo Topete decreased 0.20% in 2007. The base salary of Mario Vinageras Barroso increased 7.00% in 2007. The base salaries of our executive officers follow the guidelines
of salaries of other key employees of the Company. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (b) Bonus:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;J. Eduardo Gonz&aacute;lez F&eacute;lix received $45,781 in 2007 and $131,133 in 2006, Mr.&nbsp;Xavier Garc&iacute;a de
Quevedo Topete received $124,885 in 2007 and $344,977 in 2006, Mr.&nbsp;Armando Ortega G&oacute;mez received $41,321 in 2007, and Mr.&nbsp;Mario Vinageras Barroso received $47,500 in 2007
and $44,600 in 2006 as cash incentive payments in recognition of their performance. Mr.&nbsp;J.&nbsp;Eduardo Gonz&aacute;lez F&eacute;lix's bonus for 2006 and Mr.&nbsp;Xavier
Garc&iacute;a de Quevedo Topete's bonuses for 2007 and 2006 include amounts used to purchase Grupo Mexico shares. The amounts of said bonuses are reflected in the Summary Compensation Table
under the Bonus column. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Mexican Mandated Cash Compensation:  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> (a) Profit Sharing in the Profits of Our Mexican Operations:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican law requires that we, as well as all other mining companies in Mexico, share 10% of the annual pre-tax profits of our operations with all our
workers (salaried and non-salaried). This benefit is payable in cash to each employee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;J.
Eduardo Gonz&aacute;lez F&eacute;lix received $18,344 in 2007 as a participation in the pre-income tax earnings of our Mexican operations.
Mr.&nbsp;Xavier Garc&iacute;a de Quevedo Topete does not participate in the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

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<BR>

<P style="font-family:times;"><FONT SIZE=2>sharing
of the profits of our Mexican operations. Mr.&nbsp;Armando Ortega G&oacute;mez received $16,568 as a participation in the pre-income tax earnings of our Mexican
operations in 2007. Additionally, Mr.&nbsp;Mario Vinageras Barroso received $19,600 in 2007 as a participation in the pre-income tax earnings of our Mexican operations. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (b) Mexican Legal Holiday Bonuses:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican law also requires payment each year of at least 15&nbsp;days' salary to each employee, with at least one completed year of service, as a bonus for
Christmas. We give our employees in Mexico one month's salary as Christmas bonus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Xavier
Garc&iacute;a de Quevedo Topete received $39,024, Mr.&nbsp;Armando Ortega G&oacute;mez received a $21,693, and Mr.&nbsp;Mario Vinageras Barroso
received $17,900 as Christmas bonus in 2007. Mr.&nbsp;J.&nbsp;Eduardo Gonz&aacute;lez F&eacute;lix also received a Christmas bonus in 2007, which is reflected in the Summary
Compensation Table under the All Other Compensation column. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (c) Vacation Compensation:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide vacation bonuses for all our salaried employees, with at least one completed year of service, including our executive officers in Mexico, as required
by Mexican law. This vacation bonus consists of at least 25% of the salary earned during the vacation period. Messrs.&nbsp;J.&nbsp;Eduardo Gonz&aacute;lez F&eacute;lix, Xavier
Garc&iacute;a de Quevedo Topete and Mario Vinageras Barroso received vacation bonuses for 2007, which are reflected in the Summary Compensation Table under the All Other Compensation column. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Cash Compensation under Company Sponsored Programs:  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> (a) Pension Plan:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer our employees of Industrial Minera Mexico,&nbsp;S.A. de C.V. and participating subsidiaries the possibility of joining a defined contribution pension
plan. In 2007, Mr.&nbsp;Xavier Garc&iacute;a de Quevedo Topete received $12,307 as employer contribution under our pension plan. Messrs.&nbsp;J.&nbsp;Eduardo Gonz&aacute;lez
F&eacute;lix, Armando Ortega G&oacute;mez, and Mario Vinageras Barroso also received employer contributions under our pension plan, which are reflected in the Summary Compensation
Table under the All Other Compensation column. A more detailed description of the principal features of the pension plan can be found under "Pension Plan," above. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (b) Savings Plan:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer our employees the possibility of saving up to 13% of their salaries and we match this amount with our own contributions (but never in excess of ten times
the minimum monthly salary). These amounts are invested by us in marketable securities. Amounts can be withdrawn at any time with proper notice after ceasing participation in the plan. In 2007,
Messrs.&nbsp;J.&nbsp;Eduardo Gonz&aacute;lez F&eacute;lix, Xavier Garc&iacute;a de Quevedo Topete, Armando Ortega G&oacute;mez, and Mario Vinageras Barroso received
contributions under our savings plan, which are reflected in the Summary Compensation Table under the All Other Compensation column. </FONT></P>

<UL>


<P style="font-family:times;"><FONT SIZE=2><B> Personal Benefits:  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> (a) Company Provided Car and Driver:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messrs.&nbsp;J. Eduardo Gonz&aacute;lez F&eacute;lix, Xavier Garc&iacute;a de Quevedo Topete, Armando Ortega G&oacute;mez, Mario
Vinageras Barroso, and other key salaried employees are provided with a Company car. Messrs.&nbsp;Xavier Garc&iacute;a de Quevedo Topete and Armando Ortega G&oacute;mez are also
provided a driver. We consider that the use of Company cars by Messrs. J.&nbsp;Eduardo G&oacute;nzalez F&eacute;lix, Xavier Garc&iacute;a de </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_cc10701_1_21"> </A>

<P style="font-family:times;"><FONT SIZE=2>Quevedo
Topete, Armando Ortega G&oacute;mez, Mario Vinageras Barroso, and other key salaried employees is not a personal benefit but is integrally and directly related to the performance of
their functions as key executives or salaried employees of one of the largest companies in Mexico, is required for security reasons, and is consistent with local practice. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (b) Company Housing and Other Benefits:  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees of certain of our Mexican units reside in town sites at La Caridad and Cananea mines, where we have built approximately 2,000 houses and apartments and
275 houses and apartments, respectively. Employees of other units principally reside on the grounds of the mining or processing complexes in which they work and we have built approximately 900 houses
and apartments for such employees. Housing, together with maintenance and utility services, is provided at minimal cost to most of our employees. Our town sites and housing complexes include
educational and, in some units, medical facilities, churches, social clubs, shopping centers, banking and other services. At certain units, health care is provided free of charge to employees and
their families. None of our executives working in Mexico receive these benefits. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc10701_executive_compensation"> </A>
<A NAME="toc_cc10701_8"> </A>
<BR></FONT><FONT SIZE=2><B>EXECUTIVE COMPENSATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is certain information concerning the compensation paid by us, or by one or more of our subsidiaries, to Messrs.&nbsp;Oscar
Gonz&aacute;lez Rocha, J.&nbsp;Eduardo Gonz&aacute;lez F&eacute;lix, Jos&eacute; N. Chirinos, Xavier Garc&iacute;a de Quevedo Topete, Armando Ortega
G&oacute;mez, and Mario Vinageras Barroso for services rendered in all capacities to us for the fiscal year ended December&nbsp;31, 2007 and December&nbsp;31, 2006.
Mr.&nbsp;Germ&aacute;n Larrea, our Chairman, received no compensation from us in 2007 and 2006 for services other than as a director. Mr.&nbsp;Armando Ortega G&oacute;mez also did
not receive any compensation from us in 2006 for services other than as a director. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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NAME="page_da10701_1_22"> </A>


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 </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da10701_summary_compensation_table(a)"> </A>
<A NAME="toc_da10701_1"> </A>
<BR></FONT><FONT SIZE=2><B>Summary Compensation Table(a)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Gross Annual Compensation</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name and Principal<BR>
Position<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Salary</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Bonus</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Stock<BR>
Bonus<BR>
(b)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>All Other<BR>
Compensation<BR>
(c)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Total</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2>Oscar Gonz&aacute;lez Rocha<BR>
President and CEO</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2007<BR>
2006</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>456,007<BR>
405,764</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>143,538<BR>
353,137</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,167<BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>781,983<BR>
757,188</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,385,695<BR>
1,516,089</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2>J. Eduardo Gonz&aacute;lez F&eacute;lix<BR>
Former Vice President and CFO</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2007<BR>
2006</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100,718<BR>
222,323</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45,781<BR>
131,133</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,165<BR>
47,184</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>183,664<BR>
400,640</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2>Jos&eacute; N. Chirinos<BR>
Comptroller, Interim CFO</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2007<BR>
2006</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>189,443<BR>
178,754</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,377<BR>
38,668</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>615<BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>464,422<BR>
455,128</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>695,857<BR>
672,550</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2>Xavier Garc&iacute;a de Quevedo Topete<BR>
President, CEO of Southern Copper<BR>
Minera Mexico,&nbsp;&amp; COO of SCC</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2007<BR>
2006</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>410,231<BR>
411,062</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>124,885<BR>
344,977</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>86,701<BR>
112,831</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>621,817<BR>
868,870</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Armando Ortega G&oacute;mez<BR>
Vice President, Legal, General Counsel and Secretary</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>2007</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>285,800</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>41,321</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>51,224</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>378,345</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="34%" style="font-family:times;"><FONT SIZE=2>Mario Vinageras Barroso<BR>
Vice President, Commercial</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2007<BR>
2006</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>191,400<BR>
189,400</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47,500<BR>
44,600</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55,242<BR>
43,082</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>294,142<BR>
277,082</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Compensation
for all of our Peruvian and Mexican employees is denominated, respectively, in Peruvian Nuevos Soles and Mexican Pesos. We convert the Peruvian Nuevos Soles and Mexican
Pesos into U.S. dollars using the average exchange rate for the applicable period. The average rate for Peruvian Nuevos Soles was 3.126 Nuevos Soles for each U.S. dollar. The average rate for Mexican
Pesos was 10.9266 Mexican Pesos for each U.S. dollar.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Messrs.&nbsp;Gonz&aacute;lez
Rocha and Chirinos received a bonus in shares valued at $4,167 and $615, respectively, in 2007 under the Employee Stock Purchase Plan of Grupo
Mexico.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>All
Other Compensation for Mr.&nbsp;Oscar Gonz&aacute;lez Rocha consists mainly of: </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (i) Cash Compensation Mandated by Peruvian Law:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$565,250
in 2007 as profit sharing in the profits of our Peruvian Branch;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$82,334
in 2007 as Peruvian legal holiday bonus; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$49,394
in 2007 as termination of employment or CTS. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (ii) Cash Compensation Under Company Sponsored Programs:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$38,716
as vacation bonus and travel paid by us in 2007; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$22,801
in 2007 as five percent benefit or Quinquenio. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B> (iii) Personal Benefits:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Use
of our corporate Lima residence in 2007;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Travel
benefits not directly related to the performance of Mr.&nbsp;Oscar Gonz&aacute;lez Rocha's functions in 2007. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_da10701_1_23"> </A>
<UL>
<UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>All
Other Compensation for Mr.&nbsp;J. Eduardo Gonz&aacute;lez F&eacute;lix consists mainly of: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (i) Cash Compensation Mandated by Mexican Law:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$18,344
in 2007 as profit sharing in the profits of our Mexican operations;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>2007
Mexican legal holiday bonus; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>2007
vacation bonus. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (ii) Cash Compensation Under Company Sponsored Programs:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>2007
contributions under our Mexican pension and savings plan. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>All
Other Compensation for Mr.&nbsp;Jos&eacute; N. Chirinos consists mainly of: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (i) Cash Compensation Mandated by Peruvian Law:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$311,489
in 2007 as profit sharing in the profits of our Peruvian Branch;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$44,339
in 2007 as Peruvian legal holiday bonus; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$25,448
in 2007 as termination of employment or CTS. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (ii) Cash Compensation Under Company Sponsored Programs:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$17,471
in 2007 as vacation bonus and travel; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$65,675
in 2007 as five percent benefit or Quinquenio. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>All
Other Compensation for Mr.&nbsp;Xavier Garc&iacute;a de Quevedo Topete consists mainly of: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (i) Cash Compensation Mandated by Mexican Law:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$39,024
in 2007 as Mexican legal holiday bonus; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>2007
vacation bonus. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B> (ii) Cash Compensation Under Company Sponsored Programs:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$12,307
in 2007 as contribution under our Mexican pension plan; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>2007
contribution under our Mexican savings plan. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B> (iii) Director Fees:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$22,000
in 2007 as director's fees. </FONT></DD></DL>
</UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>All
Other Compensation for Mr.&nbsp;Armando Ortega G&oacute;mez consists mainly of: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (i) Cash Compensation Mandated by Mexican Law:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$16,568
in 2007 as profit sharing in the profits of our Mexican operations; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$21,693
in 2007 as Mexican legal holiday bonus. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (ii) Cash Compensation Under Company Sponsored Programs:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>2007
contributions under our Mexican pension and savings plans. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

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<UL>
<UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>All
Other Compensation for Mr.&nbsp;Mario Vinageras Barroso consists mainly of: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (i) Cash Compensation Mandated by Mexican Law:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>2007
profit sharing in the profits of our Mexican operations;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$17,900
in 2007 as Mexican legal holiday bonus; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>2007
vacation bonus. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B> (ii) Cash Compensation Under Company Sponsored Programs:  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>2007
contributions under our Mexican pension and savings plans. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Option Grants, Exercises, and Fiscal Year-End Values  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No options were granted in 2007. The Stock Incentive Plan, under which options and stock awards could have been granted, expired by its terms on January&nbsp;1,
2006. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Option Exercises and Fiscal Year-End Values  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No options were exercised in 2007. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Retirement Plans  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of our executive officers are covered by our pension plans. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>Severance Benefit  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described above in the Compensation Discussion and Analysis, we provide severance benefits as required by Peruvian and Mexican law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da10701_compensation_committee_interlo__com03512"> </A>
<A NAME="toc_da10701_2"> </A>
<BR></FONT><FONT SIZE=2><B>COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION IN COMPENSATION DECISIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messrs.&nbsp;Germ&aacute;n Larrea Mota-Velasco, Alfredo Casar P&eacute;rez, Alberto de la Parra Zavala, Juan Rebolledo Gout, and
Daniel Mu&ntilde;iz Quintanilla, our directors representing Grupo Mexico, are executive officers of Grupo Mexico or its affiliates. Messrs.&nbsp;Germ&aacute;n Larrea
Mota-Velasco, Oscar Gonz&aacute;lez Rocha, Xavier Garc&iacute;a de Quevedo Topete, and Gilberto Perezalonso Cifuentes comprise the Compensation Committee of the Board. See
also "Certain Transactions." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da10701_related_party_transactions"> </A>
<A NAME="toc_da10701_3"> </A>
<BR></FONT><FONT SIZE=2><B>RELATED PARTY TRANSACTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2007, we had entered into certain transactions in the ordinary course of business with parties that are controlling stockholders or their affiliates. These
transactions include the lease of office space, air transportation and construction services and products and services relating to mining and refining. We lend and borrow funds among affiliates for
acquisitions and other corporate purposes. These financial transactions bear interest and are subject to review and approval by senior management, as are all related party transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo
M&eacute;xico, our ultimate parent and our majority indirect stockholder, and our affiliates, provide various services to us. In 2007, these services were principally
related to accounting, legal, tax, financial, treasury, human resources, price risk assessment and hedging, purchasing, procurement and logistics, sales and administrative and other support services.
We pay Grupo M&eacute;xico Servicios,&nbsp;S.A. de C.V., a subsidiary of Grupo Mexico, for these services. The total amount paid by us to Grupo M&eacute;xico Servicios,&nbsp;S.A.
de C.V. for such services in 2007 was $13.8&nbsp;million, of which $7&nbsp;million were paid by our </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2>Peruvian
operations and the balance of $6.8&nbsp;million by our Mexican operations. We expect to continue to pay for these support services in the future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Mexican operations paid fees of $11&nbsp;million in 2007, primarily for freight services provided by Ferrocarril Mexicano,&nbsp;S.A. de C.V., a subsidiary of Grupo Mexico. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, our Mexican operations paid $14.5&nbsp;million in 2007 for construction services provided by M&eacute;xico Constructora Industrial,&nbsp;S.A. de C.V., an
indirect subsidiary of Grupo Mexico. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Larrea family controls a majority of the capital stock of Grupo Mexico, and has extensive interests in other businesses, including oil drilling services, construction, aviation and
real estate. We engage in certain transactions in the ordinary course of business with other entities controlled by the Larrea family relating to mining and refining services, the lease of office
space, and air transportation and construction services. In connection with this, we paid fees of $2.5&nbsp;million in 2007 for maintenance services and sale of vehicles provided by
M&eacute;xico Compa&ntilde;&iacute;a de Productos Automotrices,&nbsp;S.A. de C.V., a company controlled by the Larrea family. Also, in 2007, we paid fees of
$0.8&nbsp;million for drilling services provided by Perforadora M&eacute;xico, S.A de C.V, a company controlled by the Larrea family. Additionally, in the third quarter of 2006, one of our
Mexican subsidiaries provided a short-term interest bearing loan of $10.6&nbsp;million to M&eacute;xico Transportes A&eacute;reos,&nbsp;S.A. de C.V. ("MexTransport")
for the purchase of an airplane, which was paid in the first quarter of 2007. MexTransport, a company controlled by the Larrea family, provides aviation services to our Mexican operations. Our Mexican
subsidiaries have provided a guaranty for a new $10.8&nbsp;million loan obtained by MexTransport. The guaranty provided to MexTransport is backed up by the transport services provided by
MexTransport to our Mexican subsidiaries. The Company paid fees of $1.2&nbsp;million in 2007 to MexTransport for aviation services. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
in 2007 we purchased $6.3&nbsp;million of industrial material from Higher Technology S.&nbsp;A.&nbsp;C., and paid $0.7&nbsp;million for maintenance services to
Servicios y Fabricaciones Mec&aacute;nicas S.&nbsp;A.&nbsp;C., companies in which Mr.&nbsp;Carlos Gonz&aacute;lez, a son of our President and Chief Executive Officer, has a
proprietary interest. In addition, we purchased $0.7&nbsp;million in 2007 of industrial material from Sempertrans France Belting Technology and $0.3&nbsp;million from PIGOBA,
S.&nbsp;A.&nbsp;de&nbsp;C.&nbsp;V. Mr.&nbsp;Alejandro Gonz&aacute;lez, a son of our President and Chief Executive Officer, is employed as a sales representative of Sempertrans and
has a proprietary interest in PIGOBA. The Company purchased $3.6&nbsp;million in 2007 of industrial material and services from Breaker,&nbsp;S.A. de&nbsp;C.V., a company in which
Mr.&nbsp;Jorge Gonz&aacute;lez has a proprietary interest.
Mr.&nbsp;Jorge Gonz&aacute;lez is the son-in-law of our President and Chief Executive Officer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is anticipated that in the future we will enter into similar transactions with such parties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2007, the Audit Committee reviewed and did not object to any of the related party transactions reported in this proxy statement. Our Audit Committee recognizes that related party
transactions present a heightened risk of conflicts of interest and/or improper valuation (or the perception thereof) and therefore adopted a policy on January&nbsp;24, 2007, and amended it on
February&nbsp;23, 2007, which is followed in connection with all of our related party transactions. This policy formalizes the procedures followed by the Audit Committee for previous years. Related
parties are those defined as such by the SEC. Our policy requires us to report all related party transactions in our filings with the SEC and as required by accounting requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is our policy that the Audit Committee shall review all related party transactions. The Company is prohibited from entering or continuing a material related party transaction that has
not been reviewed and approved or ratified by the Audit Committee. Our Certificate specifically provides that the Company is prohibited from engaging in any material affiliate transaction unless the
transaction has been reviewed by a committee of at least three members of the Board of Directors, each of whom must satisfy the independence standards of the NYSE (or any other exchange or association
on which the Common Stock is listed). A material affiliate transaction is defined as a transaction, business dealing or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_da10701_1_26"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>material
financial interest in any transaction, or any series of transactions between Grupo M&eacute;xico or one of its affiliates (other than us or any of our subsidiaries), on the one hand,
and us or one of our subsidiaries, on the other hand, that involves an aggregate consideration of more than $10,000,000. We believe that the Audit Committee is best suited to review any material
affiliate transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee may delegate authority to grant such approvals or ratifications to one or more members of the Audit Committee with the requirement that such member or members present
any decisions made pursuant to such delegated authority to the full Audit Committee at its next scheduled meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
reports all related party transactions to the Audit Committee at each meeting. Material related party transactions are reported to the full Board of Directors. There is a
presumption that the Audit Committee has approved or ratified the related party transaction if it has reviewed the transaction and made no observations or objections to same. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reviewing a related party transaction the Audit Committee considers all of the relevant factors surrounding the transaction including: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>whether
there is a valid business reason for us to enter into the related party transaction consistent with the best interests of the Company and our stockholders;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>whether
the transaction is negotiated on an arm's length basis on terms comparable to those provided to unrelated third parties or on terms comparable to those provided to employees
generally;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>whether
the Audit Committee determines that it has been duly apprised of all significant conflicts that may exist or may otherwise arise on account of the transaction, and it
believes, nonetheless, that we are warranted in entering into the related party transaction and have developed an appropriate plan to manage the potential conflicts of interest;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>whether
the rates or charges involved in the transaction are determined by competitive bids, or the transaction involves the rendering of services as a common or contract carrier, or
public utility, at rates or charges fixed in conformity with law or governmental authority;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>whether
the transaction involves services as a bank depositary of funds, transfer agent, registrar, trustee under a trust indenture, or similar services; and/or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>whether
the interest of the related party or that of a member of the immediate family of the related party arises solely from the ownership of our class of equity securities and all
holders of that class of our equity securities received the same benefit on a pro rata basis. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da10701__controlled_company__exception_to_nyse_rules"> </A>
<A NAME="toc_da10701_4"> </A>
<BR></FONT><FONT SIZE=2><B>"CONTROLLED COMPANY" EXCEPTION TO NYSE RULES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A company of which more than 50% of the voting power is held by a single entity, a "controlled company," need not comply with the requirements of the NYSE
corporate governance rules requiring a
majority of independent directors and independent compensation and nomination/corporate governance committees. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are a controlled company as defined by the rules of the NYSE. Grupo Mexico currently owns indirectly 75.09% of our stock. We have taken advantage of the exceptions to the corporate
governance rules of the NYSE. We have four special independent directors nominated by the Special Nominating Committee, Messrs.&nbsp;Harold S. Handelsman, Luis Miguel Palomino Bonilla, Gilberto
Perezalonso Cifuentes, and Carlos Ruiz Sacrist&aacute;n. Mr.&nbsp;Emilio Carrillo Gamboa is our fifth independent director. At its meeting on January&nbsp;24, 2008, the Board of Directors
determined that Messrs.&nbsp;Harold S. Handelsman, Luis Miguel Palomino Bonilla, Gilberto Perezalonso Cifuentes, Carlos Ruiz Sacrist&aacute;n and Emilio Carrillo Gamboa are independent of
management in accordance with the requirements of the NYSE as such requirements are interpreted by our Board of Directors in its business judgment. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

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 </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc10701_corporate_governance"> </A>
<A NAME="toc_dc10701_1"> </A>
<BR></FONT><FONT SIZE=2><B>CORPORATE GOVERNANCE    <BR>    </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Corporate Governance Guidelines, Committee Charters and Code of Ethics  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have adopted Corporate Governance Guidelines for the Board of Directors and charters for the Audit, Special Nominating, Governance, and Compensation
Committees. We also have in place a Code of Business Conduct and Ethics that apply to our principal executive officer, principal financial officer, comptroller, all officers, directors and our
employees, including the persons performing accounting or financial functions. The Corporate Governance Guidelines, Code of Business Conduct and Ethics, and Committee charters, may be accessed free of
charge by visiting our web site at </FONT><FONT SIZE=2><I>www.southerncoppercorp.com</I></FONT><FONT SIZE=2>. Copies of these documents are also available in print by written request directed to our
Secretary, at Southern Copper Corporation, 11811&nbsp;North Tatum Blvd., Suite&nbsp;2500, Phoenix, AZ 85028, or at Southern Copper Corporation, Av. Caminos del Inca 171, Chacarilla del Estanque,
Santiago de Surco, Lima-33, Peru or at Southern Copper Corporation at Edificio Parque Reforma, Campos Eliseos No.&nbsp;400, 12<SUP>th</SUP>&nbsp;Floor, Col. Lomas de Chapultepec,
Mexico City, Mexico. We intend to report any amendments to, or waiver from, a provision of the Code of Business Conduct and Ethics that applies to the principal executive officer, principal financial
officer, principal accounting officer, comptroller and other persons performing similar functions. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Executive Session of Non-Management Directors  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Section&nbsp;303A.03 of the corporate governance rules of the NYSE, an executive session of non-management directors is scheduled
on the occasion of each of our regularly scheduled Board meetings. For such purpose, our Chairman invites the non-management directors to hold the executive session and all other members
are asked to leave the boardroom. The non-management directors decide on each occasion if there are matters that warrant holding the executive session and the directors designate for each
session, the director who will preside at each executive session. This policy is disclosed in Section&nbsp;5.4 of
our Corporate Governance Guidelines posted on the Company's web site at </FONT><FONT SIZE=2><I>www.southerncoppercorp.com.</I></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Corporate Governance Committee  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary functions of the Corporate Governance Committee are (a)&nbsp;to consider and make recommendations to the Board concerning the appropriate function
and needs of the Board, (b)&nbsp;to develop and recommend to the Board corporate governance principles, and (c)&nbsp;to oversee evaluation of the Board and management. The Committee is comprised
of Messrs.&nbsp;Germ&aacute;n Larrea-Mota Velasco, Oscar Gonz&aacute;lez Rocha, Xavier Garc&iacute;a de Quevedo Topete, and Emilio Carrillo Gamboa. The Committee
did not meet in 2007. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee has the authority to delegate any of its authority to subcommittees designated by the Corporate Governance Committee, to the extent permitted by law. The Corporate
Governance Committee has the sole authority to retain and terminate any counsel or other advisors, including sole authority to approve the fees and other retention terms. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Special Independent Directors/Special Nominating Committee  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Special Nominating Committee functions as a special committee to nominate special independent directors to the Board. Pursuant to our Certificate, a special
independent director is any director who (i)&nbsp;satisfies the independence requirements of the NYSE Listed Company Manual (or any other exchange or association on which the Common Stock is listed)
and (ii)&nbsp;is nominated by the Special Nominating Committee. The Special Nominating Committee has the right to nominate a number of special independent directors based on the percentage of our
Common Stock owned by all holders of our Common Stock, other than Grupo Mexico and its affiliates. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

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<A NAME="page_dc10701_1_28"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Nominating Committee consists of three directors, two (2)&nbsp;of whom are Luis Miguel Palomino and Carlos Ruiz Sacrist&aacute;n (each an "Initial Member" and,
together with their successors, "Special Designees") and such other director, currently Xavier Garc&iacute;a de Quevedo Topete, as may be appointed by the Board of Directors or the "Board
Designee". The Board Designee will be selected annually by the Board of Directors. The Special Designees will be selected annually by the members of
the Board who are special independent directors or Initial Members. Only special independent directors can fill vacancies on the Special Nominating Committee. Any member of the Special Nominating
Committee may be removed at any time by the Board of Directors for cause. The unanimous vote of all members of the nominating committee will be necessary for the adoption of any resolution or the
taking of any action. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Certificate provides that the number of special independent directors on the Board of Directors at any given time shall be equal to (a)&nbsp;the total number of directors on the
Board of Directors multiplied by (b)&nbsp;the percentage of Common Stock owned by all of the stockholders (other than Grupo Mexico and its affiliates), rounded up to the next whole number.
Notwithstanding the foregoing, the total number of persons nominated as special independent directors cannot be less than two or greater than six. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Nominating Committee has nominated Messrs.&nbsp;Harold S. Handelsman, Luis Miguel Palomino Bonilla, Gilberto Perezalonso Cifuentes, and Carlos Ruiz Sacrist&aacute;n
as special independent directors. Mr.&nbsp;Emilio Carrillo is our fifth independent director. At its meeting on January&nbsp;24, 2008, the Board of Directors approved the nomination of special
independent directors made by the Special Nominating Committee and endorsed the determination made by the Special Nominating Committee that Messrs.&nbsp;Harold S. Handelsman, Luis Miguel Palomino
Bonilla, Gilberto Perezalonso Cifuentes, and Carlos Ruiz Sacrist&aacute;n are independent of management in accordance with the requirements of the NYSE, as such requirements are interpreted by
the Special Nominating Committee and our Board of Directors in their respective business judgments. The Board of Directors also determined that Mr.&nbsp;Emilio Carrillo is independent of management
in accordance with the requirements of the NYSE as such requirements are interpreted by our Board of Directors in its business judgment. Notwithstanding the foregoing, the power of the Special
Nominating Committee to nominate special independent directors is subject to the rights of the stockholders to make nominations in accordance with our by-laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Nominating Committee did not meet in 2007, except to make the above-mentioned nominations and determinations prior to the 2007 annual meeting of stockholders. The Special
Nominating Committee considers and makes recommendations to the Board of Directors with respect to the nominations for special independent directors. The Committee considers recommendations for
special independent director nominees to the Board of Directors from all sources. Recommendations for special independent director nominees should be sent in writing to our Secretary. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Nominating Committee's Charter sets forth that it shall have the authority to: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>consider
and recruit candidates to fill the positions on the Board allocated to special independent directors taking into account the Board's current composition and core
competencies and the needs of the Board as a whole;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>apply
criteria for Board membership that require special independent directors to satisfy the independence requirements, possess financial and business competency, high
ethical standards and integrity, intelligence and judgment, sufficient time to devote to our matters, and a history of achievement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>review
and consider candidates from all sources;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>conduct
appropriate and necessary inquiries into the backgrounds and qualifications of possible candidates; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=31,EFW="2183770",CP="SOUTHERN COPPER CORP.",DN="1",CHK=63124,FOLIO='28',FILE='DISK127:[08ZAH1.08ZAH10701]DC10701A.;17',USER='JLAWRENA',CD='14-MAR-2008;11:32' -->
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<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>recommend
the special independent director nominees for approval by the Board and you;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>fill
any vacancy created by the removal, resignation or retirement from the Board of any special independent director; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>evaluate
annually the Committee's own performance and the adequacy of the charter, and report on the same to the Board. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee has the authority to delegate any of its authority to subcommittees designated by the Committee, to the extent permitted by law. However, the Committee has the sole
authority to retain and terminate any advisor, including counsel and any search firm used to identify special independent director candidates, and to approve the fees and other retention terms of said
advisors. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc10701_compensation_of_direct__dc102184"> </A>
<A NAME="toc_dc10701_2"> </A>
<BR></FONT><FONT SIZE=2><B>COMPENSATION OF DIRECTORS<BR>  <BR>    2007 Director Compensation Table    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="52%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Fees Earned or Paid in Cash ($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Stock Awards ($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Total ($)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Germ&aacute;n Larrea Mota-Velasco(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,120</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>76,120</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Oscar Gonz&aacute;lez Rocha</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Emilio Carrillo Gamboa(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>86,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,120</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>118,120</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Alfredo Casar P&eacute;rez(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,120</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>76,120</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Jaime Fernando Collazo Gonz&aacute;lez(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,120</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>76,120</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Alberto de la Parra Zavala(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,120</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54,120</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Xavier Garc&iacute;a de Quevedo Topete(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Harold S. Handelsman(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,120</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>76,120</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Genaro Larrea Mota-Velasco(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,120</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>76,120</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Armando Ortega G&oacute;mez</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Luis Miguel Palomino Bonilla(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>86,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,120</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>118,120</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Gilberto Perezalonso Cifuentes(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>74,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,120</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>106,120</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Juan Rebolledo Gout(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,120</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>76,120</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Carlos Ruiz Sacrist&aacute;n(a)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,120</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>76,120</FONT></TD>
</TR>
</TABLE></DIV>
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<UL>
<UL>
<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Individuals
domiciled outside Peru are subject to a 30% income tax withholding. </FONT></DD></DL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
non-employee director receives compensation in the amount of $20,000 per year and $6,000 for attendance in person at each meeting. For attendance by telephone conference
the compensation is $1,000 for each meeting. All Directors are reimbursed by us for all meeting related expenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have a Directors' Stock Award Plan pursuant to which directors who are not compensated as our employees are entitled to an award of 400 shares of Common Stock upon election to the
Board and 400 additional shares of Common Stock following each annual meeting of stockholders thereafter. This reflects the two-for-one stock split, which became effective on
October&nbsp;2, 2006. This Plan will expire by its terms on January&nbsp;31, 2016. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc10701_attendance_of_directors"> </A>
<A NAME="toc_dc10701_3"> </A>
<BR></FONT><FONT SIZE=2><B>ATTENDANCE OF DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors met four times at its regularly scheduled meetings in 2007, with 100% attendance by all directors, except Mr.&nbsp;Gilberto Perezalonso,
which attended 75% of the meetings. Mr.&nbsp;Alberto de la Parra Zavala also had 100% attendance of the two meetings he was eligible to attend. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dc10701_1_30"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not have a policy requiring attendance by directors at the annual meeting of stockholders. Mr.&nbsp;Oscar Gonz&aacute;lez Rocha, our President, chaired the 2007 annual
meeting of stockholders. Messrs.&nbsp;Armando Ortega G&oacute;mez, Jaime Fernando Collazo Gonz&aacute;lez, and Juan Rebolledo Gout attended. The absence of all other directors was
excused. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc10701_shareholder_communications_with_directors"> </A>
<A NAME="toc_dc10701_4"> </A>
<BR></FONT><FONT SIZE=2><B>SHAREHOLDER COMMUNICATIONS WITH DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You or other persons wishing to write to our Board of Directors or a specified director or committee of the Board should send correspondence to our Secretary at
Southern Copper Corporation, 11811&nbsp;North Tatum Blvd., Suite&nbsp;2500, Phoenix, AZ 85028, or at Southern Copper Corporation, Av. Caminos del Inca 171, Chacarilla del Estanque, Santiago de
Surco, Lima-33, Peru, or at Southern Copper Corporation, Edificio Parque Reforma, Campos Eliseos No.&nbsp;400, 12<SUP>th</SUP>&nbsp;Floor, Col. Lomas de Chapultepec, Mexico City,
Mexico. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
communications so received from you or other interested parties will be forwarded to the members of the Board of Directors, or to a specific Board member or committee if so
designated by such person. Anyone who wishes to communicate with a specific Board member or committee should send instructions asking that the material be forwarded to the director or to the
appropriate committee chairman. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc10701_section_16(a)_benefici__dc102015"> </A>
<A NAME="toc_dc10701_5"> </A>
<BR></FONT><FONT SIZE=2><B>SECTION&nbsp;16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on our records and other information, we believe that all filing requirements of the SEC applicable to our executive officers, directors, and ten percent or
more owners were complied with for
2007, except that Mr.&nbsp;Luis Miguel Palomino Bonilla, one of our directors, filed one late report covering the disposition of 1,800 shares on August&nbsp;15, 2007 and Mr.&nbsp;Alberto de la
Parra Zavala, another one of our directors, filed one late report covering the disposition of 400 shares on September&nbsp;17, 2007. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc10701_approval_of_proposals_by_stockholders"> </A>
<A NAME="toc_dc10701_6"> </A>
<BR></FONT><FONT SIZE=2><B>APPROVAL OF PROPOSALS BY STOCKHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>The Board of Directors recommends that you vote FOR the following proposals.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc10701_proposal_to_elect_our_fourteen_directors"> </A>
<A NAME="toc_dc10701_7"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL TO ELECT OUR<BR>  FOURTEEN DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors recommends that you vote in favor of the election of Emilio Carrillo Gamboa, Alfredo Casar P&eacute;rez, Alberto de la Parra
Zavala, Xavier Garc&iacute;a de Quevedo Topete, Oscar Gonz&aacute;lez Rocha, Harold S. Handelsman, Germ&aacute;n Larrea Mota-Velasco, Genaro Larrea
Mota-Velasco, Daniel Mu&ntilde;iz Quintanilla, Armando Ortega G&oacute;mez, Luis Miguel Palomino Bonilla, Gilberto Perezalonso Cifuentes, Juan Rebolledo Gout, and Carlos
Ruiz Sacrist&aacute;n as directors of the Company to represent you. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc10701_proposal_to_amend_our_certific__pro03801"> </A>
<A NAME="toc_dc10701_8"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL TO AMEND OUR CERTIFICATE TO INCREASE THE<BR>  NUMBER OF AUTHORIZED SHARES OF COMMON STOCK    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;6, 2008, the Board of Directors unanimously adopted a resolution recommending that our stockholders approve an amendment to our Certificate to
increase the aggregate number of shares of Common Stock which we are authorized to issue from 320,000,000 shares to 2,000,000,000 shares. The Board urges you to carefully read the entire text of this
amendment, which is included in Appendix&nbsp;A to this proxy statement and incorporated herein by reference. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board of Directors believes that it is advisable and in our best interest to increase the number of authorized shares of Common Stock. The amendment will have the effect of allowing
the Company to issue more shares of Common Stock in the future, including in connection with any future stock </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>dividends
or stock splits (though there can be no assurance that the Board of Directors will take any action to effect a stock dividend or stock split). When issued, the additional shares of Common
Stock will have the same rights and privileges as the shares of Common Stock currently authorized and outstanding. No holder of any of our shares of Common Stock has preemptive rights. Therefore, no
stockholder will have any preferential right to purchase any additional shares of our Common Stock when the new shares are issued. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Section&nbsp;242 of the DGCL, the amendment to our Certificate must be approved by the holders of a majority of our issued and outstanding shares of Common Stock. If
approved by the Common Stockholders, this proposed amendment will become effective upon the filing of a Certificate of Amendment with the Secretary of State of the State of Delaware. The amendment is
reflected in the Certificate of Amendment, which is included in Appendix&nbsp;A hereto and incorporated herein by reference. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc10701_proposal_to_ratify_the__dc102468"> </A>
<A NAME="toc_dc10701_9"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL TO RATIFY THE SELECTION OF INDEPENDENT ACCOUNTANTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers S.C. were our independent accountants continuously from 1962 until 1999. PricewaterhouseCoopers S.C. is a world-class global auditing firm
and is the world's leading auditing firm for the mining industry. They have been our independent accountants since 2003. On January&nbsp;23, 2008, the Audit Committee selected PricewaterhouseCoopers
S.C. as our independent accountants for 2008. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors recommends that you ratify the selection by the Audit Committee of the Board of Directors of PricewaterhouseCoopers S.C. as our independent accountants for the
calendar year 2008. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers
S.C. has advised us that neither the firm nor any of its members have any direct or material indirect financial interest in us or our subsidiaries. A
representative of PricewaterhouseCoopers S.C. will be present at the stockholders' meeting. The representative will have an opportunity to make a statement and will be available to respond to
appropriate questions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc10701_proposals_and_nominations_of_stockholders"> </A>
<A NAME="toc_dc10701_10"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSALS AND NOMINATIONS OF STOCKHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under SEC rules, proposals of stockholders intended to be presented at our 2009 annual meeting of stockholders must be received by us at our principal executive
office in the United States (11811&nbsp;North Tatum Blvd., Suite&nbsp;2500, Phoenix, AZ 85028, USA) by November&nbsp;28, 2008 to be considered for inclusion in our proxy statement and form of
proxy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Section&nbsp;2.03 of our by-laws, which deals with Notice of Stockholder Business and Nominations, provides that Common Stockholders seeking to nominate a
director or propose business to be considered at an annual meeting of stockholders must give written notice to our Secretary regarding the proposed nominee and/or proposed business to be considered no
less than 90&nbsp;days nor more than 120&nbsp;days prior to the first anniversary of the preceding year's annual meeting. Accordingly, your nominations or proposals intended to be presented at our
2008 annual meeting of stockholders must be received by us by January&nbsp;24, 2009 but not before December&nbsp;25, 2008 (unless the date of the 2009 annual meeting is advanced by more than
30&nbsp;days or delayed by more than 60&nbsp;days from the first anniversary of the 2008 meeting). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=34,EFW="2183770",CP="SOUTHERN COPPER CORP.",DN="1",CHK=1021241,FOLIO='31',FILE='DISK127:[08ZAH1.08ZAH10701]DC10701A.;17',USER='JLAWRENA',CD='14-MAR-2008;11:32' -->
<A NAME="page_dc10701_1_32"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc10701_other_information"> </A>
<A NAME="toc_dc10701_11"> </A>
<BR></FONT><FONT SIZE=2><B>OTHER INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are not aware of any other matters to be considered at the meeting. If any other matters properly come before the meeting, the persons named in the enclosed
form of proxy are ratified to and will vote said proxy in accordance with their judgment on such matters. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cost of soliciting proxies in the accompanying form will be borne by us. Georgeson Shareholder Communications&nbsp;Inc. has been employed to solicit proxies by mail, telephone or
personal solicitation for net fees to be paid by us of $1,000, plus reasonable out-of-pocket expenses. A number of our regular employees, without additional compensation, may
solicit proxies personally or by mail or telephone. </FONT></P>

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<TD WIDTH="47%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="53%" style="font-family:times;"><FONT SIZE=2><BR>
Southern Copper Corporation<BR>
Armando Ortega G&oacute;mez,<BR></FONT> <FONT SIZE=2><I>Secretary</I></FONT></TD>
</TR>
</TABLE>
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<P style="font-family:times;"><FONT SIZE=2>Phoenix,
AZ, March&nbsp;28, 2008 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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NAME="page_ka10701_1_1"> </A>


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<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ka10701_appendix_a"> </A>
<A NAME="toc_ka10701_1"> </A>
<BR></FONT><FONT SIZE=2><B>Appendix&nbsp;A    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ka10701_certificate_of_amendment_of_am__cer04751"> </A>
<A NAME="toc_ka10701_2"> </A>
<BR></FONT><FONT SIZE=2><B>CERTIFICATE OF AMENDMENT<BR>  OF<BR>  AMENDED AND RESTATED CERTIFICATE OF INCORPORATION, AS AMENDED<BR>  OF<BR>  SOUTHERN COPPER CORPORATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corporation (the "</FONT><FONT SIZE=2><I>Corporation</I></FONT><FONT SIZE=2>"), a corporation duly organized and existing under and by virtue of
the General Corporation Law of the State of Delaware ("</FONT><FONT SIZE=2><I>DGCL</I></FONT><FONT SIZE=2>"), DOES HEREBY CERTIFY: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
name of the corporation is Southern Copper Corporation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Amended and Restated Certificate of Incorporation, as amended, (the "</FONT><FONT SIZE=2><I>Charter</I></FONT><FONT SIZE=2>") of the Corporation is hereby amended by striking out
the first sentence of Article FOUR of the Charter and by substituting in lieu of said sentence of Article FOUR the following new sentence: </FONT></DD></DL>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>The
total number of shares of capital stock which the Corporation shall have authority to issue is 2,000,000,000 (two billion) shares, par value one cent ($0.01) per share. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
foregoing amendment to the Charter was duly adopted in accordance with the provisions of Sections&nbsp;242 of the DGCL. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the Corporation has caused this certificate to be executed by its authorized officer on this&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of April, 2008. </FONT></P>

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<TD WIDTH="47%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><FONT SIZE=2>SOUTHERN COPPER CORPORATION</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="40%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="40%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="40%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=36,EFW="2183770",CP="SOUTHERN COPPER CORP.",DN="1",CHK=774519,FOLIO='A-1',FILE='DISK127:[08ZAH1.08ZAH10701]KA10701A.;18',USER='BFLANNO',CD='13-MAR-2008;21:08' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SOUTHERN COPPER CORPORATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy
Solicited by Board of Directors for Annual Meeting of Stockholders to be Held April&nbsp;24,
2008.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned
hereby appoints OSCAR GONZALEZ ROCHA and ARMANDO ORTEGA GOMEZ, and each of
them, with power of substitution, the proxies of the undersigned to vote all
the shares the undersigned may be entitled to vote at the annual meeting of
stockholders of Southern Copper Corporation, to be held at Edificio Parque
Reforma, Campos Eliseos No.&nbsp;400, 12<sup>th</sup> Floor, Col. Lomas de
Chapultepec, Mexico City, Mexico, on April&nbsp;24, 2008, at 9:00&nbsp;A.M.,
Mexico City time, and at any adjournment thereof upon all matters specified in
the notice of said meeting as set forth on the reverse hereof, and upon such
other business as may lawfully come before the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of Common
Stock are entitled to elect fourteen directors at the meeting. Please refer to
the Proxy Statement for details.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLEASE
VOTE ON ALL PROPOSALS, SIGN, DATE AND RETURN THE PROXY
CARD PROMPTLY USING THE ENCLOSED ENVELOPE.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The
shares represented by this proxy will be voted as directed by the stockholder.
If a signed proxy is returned to the Company with no voting instructions given,
such shares will be voted FOR all nominees for election as directors, and FOR
proposals Nos. 2, and 3.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Continued on the other
  side.)</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SOUTHERN COPPER
  CORPORATION</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.O.&nbsp;Box 11179</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, N.Y.
  10203-0179</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.3%;">
  <p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.3%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Votes
  MUST be<br>
  indicated (x)&nbsp;in Black or <br>
  Blue ink.</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" valign="top" style="padding:0in .7pt 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Directors
  of Southern Copper Corporation recommend a vote &#147;For&#148; Proposals 1, 2 and 3.</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.12%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Election of Directors</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOR
  </font></b><font size="2" style="font-size:10.0pt;">all nominees<br>
  listed below</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&nbsp;o</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.74%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WITHHOLD
  AUTHORITY </font></b><font size="2" style="font-size:10.0pt;">to
  vote for all nominees listed below</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.94%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*EXCEPTIONS</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="padding:0in .7pt 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="padding:0in .7pt 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock Director
  Nominees: Emilio Carrillo Gamboa, Alfredo Casar P&#233;rez, Alberto de la Parra
  Zavala, Xavier Garc&#237;a de Quevedo Topete, Oscar Gonz&#225;lez Rocha, Harold S.
  Handelsman, Germ&#225;n Larrea Mota-Velasco, Genaro Larrea Mota-Velasco, Daniel
  Mu&#241;iz Quintanilla, Armando Ortega G&#243;mez, Juan Rebolledo Gout, Luis Miguel
  Palomino Bonilla, Gilberto Perezalonso Cifuentes, and Carlos Ruiz Sacrist&#225;n.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="padding:0in .7pt 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="padding:0in .7pt 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(INSTRUCTIONS:
  To withhold authority to vote for either individual nominee, mark the &#147;Exception&#148;
  box and write that nominee&#146;s name in the space provided below.)</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="padding:0in .7pt 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="padding:0in .7pt 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Exception:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="padding:0in .7pt 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0in .7pt 0in 0in;width:52.58%;">
  <p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">2.&nbsp;&nbsp;Approve
  an amendment to the Amended and Restated Certificate&nbsp;of Incorporation,
  as amended, to increase the number of shares of common stock which we are
  authorized to issue from 320,000,000 shares to 2,000,000,000 shares.</font></i></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in 0in;width:6.94%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOR</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in 0in;width:6.0%;">
  <p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt 24.5pt;text-indent:-.25in;"><b><i><font size="2" face="Wingdings" style="font-size:10.0pt;font-style:normal;font-weight:normal;">o</font></i></b></p>
  </td>
  <td width="11%" valign="top" style="padding:0in .7pt 0in 0in;width:11.94%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AGAINST</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in 0in;width:4.96%;">
  <p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt 24.5pt;text-indent:-.25in;"><b><i><font size="2" face="Wingdings" style="font-size:10.0pt;font-style:normal;font-weight:normal;">o</font></i></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in 0in;width:12.82%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ABSTAIN</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in 0in;width:4.76%;">
  <p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt 24.5pt;text-indent:-.25in;"><b><i><font size="2" face="Wingdings" style="font-size:10.0pt;font-style:normal;font-weight:normal;">o</font></i></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="7" valign="top" style="padding:0in .7pt 0in 0in;width:100.0%;">
  <p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt 24.5pt;text-indent:-.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0in .7pt 0in 0in;width:52.58%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&nbsp;&nbsp;Ratify
  the Audit Committee&#146;s selection of<br>
  PricewaterhouseCoopers S.C. as independent<br>
  accountants for 2008.</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in 0in;width:6.94%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOR</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">o</font></b></p>
  </td>
  <td width="11%" valign="top" style="padding:0in .7pt 0in 0in;width:11.94%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AGAINST</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">o</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in 0in;width:12.82%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ABSTAIN</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="7" valign="top" style="padding:0in .7pt 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="7" valign="top" style="padding:0in .7pt 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&nbsp;&nbsp;In their
  discretion, the proxies are authorized to vote<br>
  upon such other matters as may properly come before<br>
  the meeting.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="71%" colspan="13" valign="top" style="padding:0in .7pt 0in 0in;width:71.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="6" valign="top" style="padding:0in .7pt 0in 0in;width:28.54%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Address
  Change</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" colspan="4" valign="top" style="padding:0in .7pt 0in 0in;width:17.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="7" valign="top" style="padding:0in .7pt 0in 0in;width:44.68%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comments</font></b></p>
  </td>
  <td width="32%" colspan="7" valign="top" style="padding:0in .7pt 0in 0in;width:32.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you have an Address
  Change, mark<br>
  here.</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in 0in;width:4.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" style="padding:0in 0in 0in 0in;width:5.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" style="padding:0in 0in 0in 0in;width:5.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" style="padding:0in 0in 0in 0in;width:12.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" style="padding:0in 0in 0in 0in;width:6.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" style="padding:0in 0in 0in 0in;width:6.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" style="padding:0in 0in 0in 0in;width:5.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" style="padding:0in 0in 0in 0in;width:2.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" style="padding:0in 0in 0in 0in;width:12.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" style="padding:0in 0in 0in 0in;width:4.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="38" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="44" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="30" style="border:none;"></td>
  <td width="96" style="border:none;"></td>
  <td width="37" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="52" style="border:none;"></td>
  <td width="52" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="44" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="96" style="border:none;"></td>
  <td width="35" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=38,EFW="2183770",CP="SOUTHERN COPPER CORP.",DN="1",CHK=516904,FOLIO='',FILE="DISK129:[08ZAH2.08ZAH10702]3107-2-BI_ZAH10702.CHC",USER="JTAM",CD='Mar 14 14:33 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you have any
  Comments on the reverse side of this card, <br>
  mark here.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please sign exactly as
  name or names appear on this proxy. If stock is held jointly, each holder
  should sign. If signing as attorney, trustee, executor, administrator,
  custodian, guardian or corporate officer, please give full title.</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.58%;">
  <p style="margin:0in 0in .0001pt 60.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;Date</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.58%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Share Owner sign here</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.58%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Co-Owner sign
  here</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
<!-- ZEQ.=1,SEQ=39,EFW="2183770",CP="SOUTHERN COPPER CORP.",DN="1",CHK=112676,FOLIO='',FILE="DISK129:[08ZAH2.08ZAH10702]3107-2-BI_ZAH10702.CHC",USER="JTAM",CD='Mar 14 14:33 2008' -->


<BR>
<P><br><A NAME="08ZAH10701_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc10701_1">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS To Be Held on April 24, 2008</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc10701_2">Your Vote is Important Please mark, sign, date, and return your enclosed proxy card</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ca10701_1">PROXY STATEMENT</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ca10701_2">VOTING SECURITIES</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ca10701_3">ELECTION OF DIRECTORS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ca10701_4">NOMINEES FOR ELECTION AS DIRECTORS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc10701_1">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc10701_2">BENEFICIAL OWNERSHIP OF MANAGEMENT</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc10701_3">Beneficial Ownership of Grupo Mexico Shares</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc10701_4">AUDIT COMMITTEE REPORT</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc10701_5">PRINCIPAL ACCOUNTANT FEES AND SERVICES</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc10701_6">COMPENSATION COMMITTEE REPORT</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc10701_7">COMPENSATION DISCUSSION AND ANALYSIS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_cc10701_8">EXECUTIVE COMPENSATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da10701_1">Summary Compensation Table(a)</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da10701_2">COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION IN COMPENSATION DECISIONS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da10701_3">RELATED PARTY TRANSACTIONS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da10701_4">"CONTROLLED COMPANY" EXCEPTION TO NYSE RULES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc10701_1">CORPORATE GOVERNANCE</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc10701_2">COMPENSATION OF DIRECTORS 2007 Director Compensation Table</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc10701_3">ATTENDANCE OF DIRECTORS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc10701_4">SHAREHOLDER COMMUNICATIONS WITH DIRECTORS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc10701_5">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc10701_6">APPROVAL OF PROPOSALS BY STOCKHOLDERS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc10701_7">PROPOSAL TO ELECT OUR FOURTEEN DIRECTORS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc10701_8">PROPOSAL TO AMEND OUR CERTIFICATE TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc10701_9">PROPOSAL TO RATIFY THE SELECTION OF INDEPENDENT ACCOUNTANTS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc10701_10">PROPOSALS AND NOMINATIONS OF STOCKHOLDERS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc10701_11">OTHER INFORMATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ka10701_1">Appendix A</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ka10701_2">CERTIFICATE OF AMENDMENT OF AMENDED AND RESTATED CERTIFICATE OF INCORPORATION, AS AMENDED OF SOUTHERN COPPER CORPORATION</A></FONT><BR>

<!-- SEQ=,FILE='QUICKLINK',USER=JTAM,SEQ=,EFW="2183770",CP="SOUTHERN COPPER CORP.",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
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