REVENUE:

9 Months Ended

Sep. 30, 2024

REVENUE:

REVENUE:

NOTE 12 — REVENUE:

The Company’s net sales were $2,930.9 million and $8,649.0 million in the three and nine-month period ended September 30, 2024, compared to $2,505.6 million and $7,600.2 million in the same period of 2023. The geographic breakdown of the Company’s sales is as follows (in millions):

	Three Months Ended September 30, 2024
			Mexican
	Mexican		IMMSA		Peruvian		Corporate &
	Open-Pit		Unit		Operations		Elimination		Consolidated
The Americas:
Mexico	$	694.0	$	138.2	$	8.6	$	(44.9)	$	795.9
United States		281.1		0.4		134.8		—		416.3
Peru		—		1.7		169.0		(1.8)		169.0
Brazil		—		8.2		113.1		—		121.3
Chile		—		—		117.0		—		117.0
Other American countries		11.6		—		6.6		—		18.2
Europe:
Switzerland		180.4		24.9		195.5		—		400.9
Italy		—		7.6		86.3		—		93.9
Spain		97.8		—		22.3		—		120.2
Other European countries		(1.6)		3.7		166.5		—		168.7
Asia:
China		251.1		0.1		51.8		—		303.0
Singapore		20.2		(*)		28.4		—		48.5
Japan		57.1		—		86.0		—		143.1
Other Asian countries		10.9		—		4.1		—		15.0
Total	$	1,602.7	$	184.9	$	1,189.9	$	(46.6)	$	2,930.9

(*) Less than $0.1 million.

	Three Months Ended September 30, 2023
			Mexican
	Mexican		IMMSA		Peruvian		Corporate &
	Open-Pit		Unit		Operations		Elimination		Consolidated
The Americas:
Mexico	$	712.6	$	113.1	$	—	$	(36.6)	$	789.1
United States		257.4		—		144.7		—		402.1
Peru		—		9.6		113.1		(9.6)		113.1
Brazil		—		9.3		91.0		—		100.3
Chile		—		—		90.9		—		90.9
Other American countries		13.1		—		5.7		—		18.8
Europe:
Switzerland		81.7		8.6		146.7		—		237.0
Italy		0.5		3.6		95.9		—		100.0
Spain		106.8		—		18.3		—		125.1
Other European countries		35.7		5.7		64.9		—		106.3
Asia:
China		166.7		0.4		25.8		—		192.9
Singapore		45.3		3.2		64.2		—		112.7
Japan		15.5		—		74.0		—		89.5
Other Asian countries		26.9		0.1		0.8		—		27.8
Total	$	1,462.2	$	153.6	$	936.0	$	(46.2)	$	2,505.6

	Nine Months Ended September 30, 2024
			Mexican
	Mexican		IMMSA		Peruvian		Corporate &
	Open-Pit		Unit		Operations		Elimination		Consolidated
The Americas:
Mexico	$	1,939.9	$	365.5	$	25.8	$	(119.2)	$	2,212.0
United States		878.7		2.4		237.0		—		1,118.1
Peru		—		20.7		503.2		(20.9)		502.9
Brazil		—		30.2		357.0		—		387.2
Chile		—		—		343.3		—		343.3
Other American countries		32.3		—		17.9		—		50.2
Europe:
Switzerland		494.5		65.6		444.4		—		1,004.5
Italy		(*)		20.1		270.0		—		290.1
Spain		339.4		—		68.0		—		407.4
Other European countries		86.0		9.1		406.0		—		501.1
Asia:
China		761.4		3.6		221.7		—		986.7
Singapore		83.5		(0.6)		99.3		—		182.1
Japan		138.4		—		432.2		—		570.6
Other Asian countries		53.0		—		39.7		—		92.7
Total	$	4,807.2	$	516.6	$	3,465.4	$	(140.1)	$	8,649.0

(*) Less than $0.1 million.

	Nine Months Ended September 30, 2023
			Mexican
	Mexican		IMMSA		Peruvian		Corporate &
	Open-Pit		Unit		Operations		Elimination		Consolidated
The Americas:
Mexico	$	1,902.9	$	368.0	$	—	$	(105.5)	$	2,165.4
United States		851.9		8.6		397.0		—		1,257.5
Peru		—		17.4		386.5		(17.5)		386.4
Brazil		—		24.7		267.1		—		291.8
Chile		(8.4)		—		260.5		—		252.1
Other American countries		33.3		0.6		20.7		—		54.6
Europe:
Switzerland		393.0		20.6		431.2		—		844.8
Italy		0.7		13.1		306.3		—		320.1
Spain		319.3		—		37.8		—		357.1
Other European countries		109.4		16.5		162.1		—		288.0
Asia:
China		459.3		1.4		84.4		—		545.1
Singapore		154.2		3.2		173.4		—		330.8
Japan		107.6		—		313.3		—		420.9
Other Asian countries		77.1		0.2		8.3		—		85.6
Total	$	4,400.3	$	474.3	$	2,848.6	$	(123.0)	$	7,600.2

The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three and nine-month period ended September 30, 2024 and 2023 (in millions):

	Three Months Ended September 30, 2024
			Mexican
	Mexican		IMMSA		Peruvian		Corporate, Other &		Total
	Open-pit		Unit		Operations		Eliminations		Consolidated
Copper	$	1,284.1	$	26.9	$	968.1	$	(18.0)	$	2,261.0
Molybdenum		153.3		—		143.5		—		296.8
Silver		85.7		48.3		40.4		(22.7)		151.7
Zinc		28.5		89.3		—		(4.8)		113.0
Other		51.2		20.4		38.0		(1.1)		108.4
Total	$	1,602.7	$	184.9	$	1,189.9	$	(46.6)	$	2,930.9

	Three Months Ended September 30, 2023
			Mexican
	Mexican		IMMSA		Peruvian		Corporate, Other &		Total
	Open-pit		Unit		Operations		Eliminations		Consolidated
Copper	$	1,118.1	$	23.7	$	755.0	$	(22.2)	$	1,874.6
Molybdenum		230.3		—		112.8		—		343.1
Silver		62.4		40.1		23.5		(22.0)		104.0
Zinc		—		69.8		—		0.2		70.0
Other		51.4		20.0		44.7		(2.2)		113.9
Total	$	1,462.2	$	153.6	$	936.0	$	(46.2)	$	2,505.6

	Nine Months Ended September 30, 2024
			Mexican
	Mexican		IMMSA		Peruvian		Corporate, Other &		Total
	Open-pit		Unit		Operations		Eliminations		Consolidated
Copper	$	3,837.3	$	96.2	$	2,798.8	$	(60.9)	$	6,671.4
Molybdenum		511.2		—		438.4		—		949.6
Silver		243.8		136.0		111.4		(70.7)		420.5
Zinc		77.6		224.7		—		(4.3)		298.0
Other		137.3		59.8		116.7		(4.1)		309.7
Total	$	4,807.2	$	516.6	$	3,465.4	$	(140.1)	$	8,649.0

	Nine Months Ended September 30, 2023
			Mexican
	Mexican		IMMSA		Peruvian		Corporate, Other &		Total
	Open-pit		Unit		Operations		Eliminations		Consolidated
Copper	$	3,501.4	$	65.1	$	2,294.9	$	(56.5)	$	5,804.9
Molybdenum		561.5		—		337.6				899.1
Silver		181.9		121.1		74.2		(59.4)		317.8
Zinc		—		224.6		—		0.5		225.1
Other		155.5		63.5		141.9		(7.6)		353.3
Total	$	4,400.3	$	474.3	$	2,848.6	$	(123.0)	$	7,600.2

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

			Mexican
	Mexican		IMMSA		Peruvian		Corporate &
	Open-Pit		Unit		Operations		Elimination		Consolidated
As of September 30, 2024:
Trade receivables	$	874.7	$	78.6	$	577.0	$	—	$	1,530.2
Related parties, current		26.2		15.2		0.4		(29.5)		12.3
As of December 31, 2023:
Trade receivables	$	556.3	$	49.1	$	535.7	$	—	$	1,141.1
Related parties, current		25.7		0.9		0.8		(0.1)		27.3

As of September 30, 2024, the Company has long-term contracts with promises to deliver the following products in 2024:

Copper concentrates (in tonnes)	177,500
Copper cathodes (in tonnes)	48,000
Molybdenum concentrates (in tonnes)	21,315
Sulfuric acid (in tonnes)	251,143

Provisionally priced sales: At September 30, 2024, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the September 30, 2024 market price per pound. These sales are subject to final pricing based on the average monthly London Metal Exchange (“LME”), or New York Commodities Exchange (“COMEX”), copper prices and Dealer Oxide molybdenum prices in the future month of settlement.

Following are the provisionally priced copper and molybdenum sales outstanding at September 30, 2024:

	Sales volume	Priced at
	(million lbs.)	(per pound)	Month of settlement
Copper	153.8	4.4	October 2024 through January 2025
Molybdenum	17.2	21.7	October 2024 through January 2025

The provisional sales price adjustment included in accounts receivable and net sales as of September 30, 2024 incorporates a positive adjustment of 30.5 million for copper and a negative adjustment of 6.5 million for molybdenum.

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