XML 34 R21.htm IDEA: XBRL DOCUMENT v3.25.3

REVENUE:

9 Months Ended

Sep. 30, 2025

REVENUE:

REVENUE:

​

​

NOTE 13 — REVENUE:

​

The Company’s net sales were $3,377.3 million and $9,550.2 million in the three and nine-month periods ended September 30, 2025, compared to $2,930.9 million and $8,649.0 million in the same periods of 2024. The geographic breakdown of the Company’s sales is attributed to countries based on location of customer, and is summarized as follows (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2025

​

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexican

​

IMMSA

​

Peruvian

​

Segment

​

Corporate &

​

​

​

​

Open-Pit

Unit

Operations

​

Total

Elimination

Consolidated

The Americas:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexico

​

$

795.6

​

$

181.2

​

$

—

​

$

976.8

​

$

(69.1)

​

$

907.7

United States

​

384.0

​

​

—

​

​

80.6

​

464.7

​

—

​

464.7

Peru

​

—

​

​

0.1

​

​

207.6

​

207.7

​

0.1

​

207.8

Brazil

​

—

​

​

8.4

​

​

92.4

​

100.8

​

—

​

100.8

Chile

​

—

​

​

—

​

​

157.7

​

157.7

​

—

​

157.7

Other American countries

​

11.8

​

​

—

​

​

8.3

​

20.2

​

—

​

20.2

Europe:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Switzerland

​

290.0

​

​

5.8

​

​

178.4

​

474.2

​

—

​

474.2

Italy

​

—

​

​

4.1

​

​

65.4

​

69.5

​

—

​

69.5

Spain

​

137.6

​

​

—

​

​

74.3

​

212.0

​

—

​

212.0

Other European countries

​

34.2

​

​

0.3

​

​

142.0

​

176.5

​

—

​

176.5

Asia:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

China

​

​

209.6

​

​

—

​

​

87.5

​

​

297.1

​

​

—

​

​

297.1

Singapore

​

(0.7)

​

​

—

​

​

108.1

​

107.5

​

—

​

107.5

Japan

​

63.3

​

​

—

​

​

84.0

​

147.3

​

—

​

147.3

Other Asian countries

​

19.3

​

​

—

​

​

15.1

​

34.3

​

​

—

​

34.3

Total

​

$

1,944.9

​

$

199.8

​

$

1,301.6

​

$

3,446.3

​

$

(69.0)

​

$

3,377.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

​

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexican

​

IMMSA

​

Peruvian

​

Segment

​

Corporate &

​

​

​

​

Open-Pit

Unit

Operations

​

Total

Elimination

Consolidated

The Americas:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexico

​

$

694.0

​

$

138.2

​

$

8.6

​

$

840.8

​

$

(44.9)

​

$

795.9

United States

​

281.1

​

0.4

​

134.8

​

416.3

​

—

​

416.3

Peru

​

—

​

1.7

​

169.0

​

170.7

​

(1.8)

​

169.0

Brazil

​

—

​

8.2

​

113.1

​

121.3

​

—

​

121.3

Chile

​

—

​

—

​

117.0

​

117.0

​

—

​

117.0

Other American countries

​

11.6

​

—

​

6.6

​

18.2

​

—

​

18.2

Europe:

​

​

​

​

​

​

​

​

​

​

​

​

​

Switzerland

​

​

180.4

​

24.9

​

195.5

​

400.9

​

—

​

400.9

Italy

​

​

—

​

7.6

​

86.3

​

93.9

​

—

​

93.9

Spain

​

​

97.8

​

—

​

22.3

​

120.2

​

—

​

120.2

Other European countries

​

​

(1.6)

​

3.7

​

166.5

​

168.7

​

—

​

168.7

Asia:

​

​

​

​

​

​

​

​

​

​

​

​

​

China

​

​

251.1

​

​

0.1

​

​

51.8

​

​

303.0

​

​

—

​

​

303.0

Singapore

​

​

20.2

​

(*)

​

28.4

​

48.5

​

—

​

48.5

Japan

​

​

57.1

​

—

​

86.0

​

143.1

​

—

​

143.1

Other Asian countries

​

​

10.9

​

—

​

4.1

​

15.0

​

​

—

​

15.0

Total

​

$

1,602.7

​

$

184.9

​

$

1,189.9

​

$

2,977.6

​

$

(46.6)

​

$

2,930.9

(*) Less than $0.1 million.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexican

​

IMMSA

​

Peruvian

​

Segment

​

Corporate &

​

​

​

​

Open-Pit

Unit

Operations

​

Total

Elimination

Consolidated

The Americas:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexico

​

$

2,235.5

​

$

468.1

​

$

0.2

​

$

2,703.8

​

$

(178.3)

​

$

2,525.5

United States

​

947.6

​

0.2

​

281.9

​

1,229.8

​

—

​

1,229.8

Peru

​

—

​

1.0

​

645.4

​

646.4

​

(0.9)

​

645.5

Brazil

​

—

​

23.9

​

376.3

​

400.2

​

—

​

400.2

Chile

​

—

​

—

​

399.4

​

399.4

​

—

​

399.4

Other American countries

​

34.2

​

—

​

18.3

​

52.5

​

—

​

52.5

Europe:

​

​

​

​

​

​

​

​

​

​

​

​

Switzerland

​

731.3

​

26.5

​

534.3

​

1,292.1

​

—

​

1,292.1

Italy

​

—

​

13.2

​

274.5

​

287.7

​

—

​

287.7

Spain

​

382.9

​

—

​

151.8

​

534.7

​

—

​

534.7

Other European countries

​

37.9

​

1.5

​

408.8

​

448.2

​

—

​

448.2

Asia:

​

​

​

​

​

​

​

​

​

​

​

​

China

​

​

714.5

​

​

—

​

​

99.0

​

​

813.5

​

​

—

​

​

813.5

Singapore

​

41.1

​

—

​

157.6

​

​

198.6

​

—

​

198.6

Japan

​

270.5

​

—

​

364.3

​

634.8

​

—

​

634.8

Other Asian countries

​

53.4

​

—

​

34.1

​

87.5

​

—

​

87.5

Total

​

$

5,449.0

​

$

534.6

​

$

3,745.8

​

$

9,729.4

​

$

(179.2)

​

$

9,550.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

​

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexican

​

IMMSA

​

Peruvian

​

Segment

​

Corporate &

​

​

​

​

Open-Pit

Unit

Operations

​

Total

Elimination

Consolidated

The Americas:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexico

​

$

1,939.9

​

$

365.5

​

$

25.8

​

$

2,331.2

​

$

(119.2)

​

$

2,212.0

United States

​

878.7

​

2.4

​

237.0

​

1,118.1

​

​

—

​

​

1,118.1

Peru

​

—

​

20.7

​

503.2

​

523.8

​

​

(20.9)

​

​

502.9

Brazil

​

—

​

30.2

​

357.0

​

387.2

​

​

—

​

​

387.2

Chile

​

—

​

—

​

343.3

​

343.3

​

​

—

​

​

343.3

Other American countries

​

32.3

​

—

​

17.9

​

50.2

​

​

—

​

​

50.2

Europe:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Switzerland

​

​

494.5

​

​

65.6

​

​

444.4

​

1,004.5

​

​

—

​

​

1,004.5

Italy

​

​

(*)

​

​

20.1

​

​

270.0

​

290.1

​

​

—

​

​

290.1

Spain

​

​

339.4

​

​

—

​

​

68.0

​

407.4

​

​

—

​

​

407.4

Other European countries

​

​

86.0

​

​

9.1

​

​

406.0

​

501.1

​

​

—

​

​

501.1

Asia:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

China

​

​

761.4

​

​

3.6

​

​

221.7

​

​

986.7

​

​

​

​

​

986.7

Singapore

​

​

83.5

​

​

(0.6)

​

​

99.3

​

182.1

​

​

—

​

​

182.1

Japan

​

​

138.4

​

​

—

​

​

432.2

​

570.6

​

​

—

​

​

570.6

Other Asian countries

​

​

53.0

​

​

—

​

​

39.7

​

92.7

​

​

—

​

​

92.7

Total

​

$

4,807.2

​

$

516.6

​

$

3,465.4

​

$

8,789.1

​

$

(140.1)

​

$

8,649.0

​

The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three and nine-month periods ended September 30, 2025 and 2024 (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2025

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

Mexican

IMMSA

Peruvian

​

Segment

Corporate, Other &

Total

​

​

Open-pit

​

Unit

​

Operations

​

Total

​

Eliminations

​

Consolidated

Copper

​

$

1,441.0

​

$

36.3

​

$

998.1

​

$

2,475.5

​

$

(28.2)

​

$

2,447.2

Molybdenum

​

229.4

​

—

​

205.5

​

434.9

​

—

​

434.9

Silver

​

139.9

​

73.9

​

68.2

​

282.0

​

(31.8)

​

250.2

Zinc

​

68.4

​

65.7

​

—

​

134.1

​

(7.6)

​

126.5

Other

​

66.2

​

23.8

​

29.7

​

119.8

​

(1.3)

​

118.5

Total

​

$

1,944.9

​

$

199.8

​

$

1,301.6

​

$

3,446.3

​

$

(69.0)

​

$

3,377.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

Mexican

IMMSA

Peruvian

​

Segment

Corporate, Other &

Total

​

​

Open-pit

​

Unit

​

Operations

​

Total

​

Eliminations

​

Consolidated

Copper

​

$

1,284.1

​

$

26.9

​

$

968.1

​

$

2,279.0

​

$

(18.0)

​

$

2,261.0

Molybdenum

​

153.3

​

—

​

143.5

​

296.8

​

—

​

296.8

Silver

​

85.7

​

48.3

​

40.4

​

174.4

​

(22.7)

​

151.7

Zinc

​

28.5

​

89.3

​

—

​

117.8

​

(4.8)

​

113.0

Other

​

51.2

​

20.4

​

38.0

​

109.6

​

(1.1)

​

108.4

Total

​

$

1,602.7

​

$

184.9

​

$

1,189.9

​

$

2,977.6

​

$

(46.6)

​

$

2,930.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

Mexican

IMMSA

Peruvian

​

Segment

Corporate, Other &

Total

​

​

Open-pit

​

Unit

​

Operations

​

Total

​

Eliminations

​

Consolidated

Copper

​

$

4,139.3

​

$

94.0

​

$

2,973.4

​

$

7,206.6

​

$

(67.9)

​

$

7,138.7

Molybdenum

​

586.0

​

—

​

504.1

​

1,090.1

​

—

​

1,090.1

Silver

​

355.8

​

184.0

​

168.2

​

708.0

​

(79.4)

​

628.6

Zinc

​

194.4

​

195.4

​

—

​

389.8

​

(28.8)

​

361.0

Other

​

173.6

​

61.2

​

100.1

​

334.9

​

(3.1)

​

331.8

Total

​

$

5,449.0

​

$

534.6

​

$

3,745.8

​

$

9,729.4

​

$

(179.2)

​

$

9,550.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

Mexican

IMMSA

Peruvian

​

Segment

Corporate, Other &

Total

​

​

Open-pit

​

Unit

​

Operations

​

Total

​

Eliminations

​

Consolidated

Copper

​

$

3,837.3

​

$

96.2

​

$

2,798.8

​

$

6,732.3

​

$

(60.9)

​

$

6,671.4

Molybdenum

​

511.2

​

—

​

438.4

​

949.6

​

—

​

949.6

Silver

​

243.8

​

136.0

​

111.4

​

491.2

​

(70.7)

​

420.5

Zinc

​

77.6

​

224.7

​

—

​

302.2

​

(4.3)

​

298.0

Other

​

137.3

​

59.8

​

116.7

​

313.8

​

(4.1)

​

309.7

Total

​

$

4,807.2

​

$

516.6

​

$

3,465.4

​

$

8,789.1

​

$

(140.1)

​

$

8,649.0

​

The opening and closing balances of receivables by reporting segment of the Company were as follows (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexican

IMMSA

Peruvian

​

Segment

Corporate &

​

​

​

​

Open-Pit

​

Unit

​

Operations

​

Total

​

Elimination

​

Consolidated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2025:

​

​

​

​

​

​

​

​

Trade receivables

​

$

1,027.4

​

$

57.4

​

$

634.7

​

$

1,719.4

​

$

—

​

$

1,719.4

Related parties, current

​

23.1

​

23.0

​

0.0

​

46.2

​

(31.7)

​

14.5

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2024:

​

​

​

​

​

​

Trade receivables

​

$

623.0

​

$

59.7

​

$

506.9

​

$

1,189.6

​

$

—

​

$

1,189.6

Related parties, current

​

39.7

​

25.1

​

1.3

​

66.2

​

(52.7)

​

13.5

​

As of September 30, 2025, the Company has long-term contracts with promises to deliver the following products in 2025:

​

​	​	​
Copper concentrates (in tonnes)		210,000
Copper cathodes (in tonnes)	​	48,000
Molybdenum concentrates (in tonnes)		24,647
Sulfuric acid (in tonnes)		301,593

​

Provisionally priced sales: As of September 30, 2025, the Company has recorded provisionally priced sales of copper and zinc at average forward prices per pound, and molybdenum at the September 30, 2025 market price per pound. These sales are subject to final pricing based on the average monthly London Metal Exchange (“LME”) or New York Commodities Exchange (“COMEX”) copper prices, LME zinc prices and Dealer Oxide molybdenum prices in the future month of settlement.

​

The following are the provisionally priced copper, molybdenum and zinc sales outstanding as of September 30, 2025:

​

​	​	​	​	​	​	​
​		Sales volume		Priced at		​
​	​	(million lbs.)	​	(per pound)	​	Month of settlement
Copper	​	268.3	​	4.65	​	October 2025 through February 2026
Molybdenum	​	17.0	​	24.98	​	October 2025 through January 2026
Zinc	​	34.3	​	1.35	​	October 2025 through December 2025

​

The provisional sales price adjustment included in accounts receivable and net sales as of September 30, 2025 incorporates positive adjustments of $58.4 million for copper, $20.7 million for molybdenum and $7.9 million for zinc.

​

Management believes that the final pricing of these sales will not have a material effect on the Company’s financial position or on operating results.

X

- References

No definition available.

+ Details

Name:	us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Name:	us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration