Southern Copper Corporation February 2011

0 I. Introduction

1 Management Presenters

Presenters Title Raul Jacob
Manager of Financial Planning & IR

2 Corporate Structure

100.0% (*) AMERICAS MINING CORPORATION 80.0% (*) Public Float

20.0% (*)

99.29 % 99.95 %

SCC Peru Branch Minera México

(*) As of December 31, 2010 3 Copper – The Best Fundamental Story in Commodities

Improving Fundamentals Copper Consumption by Region

Japan All Other 5% ► Asia is now over 60% of world demand. China alone 9% 38%. Europe 20% ► Asia Ex China China’s monetary tightening should not derail the 20% country's sustained growth and copper demand.

► Evidence of gradual OECD demand recovery. USA 8% ► Limited production upside and falling grades result in a deficit market going forward.

► Possible 2011 deficit of 400 – 600 K. China 38% CRU Jan 2011 LME Copper Cash Price vs. Inventories Copper Consumption by End-use

Consumer 5.00 1,600,000 Transport Products Equipment 4.50 8% 1,400,000 13% 4.00 Industrial 1,200,000 Machinery 3.50 13% 1,000,000 3.00

2.50 800,000

2.00 600,000

1.50 400,000 1.00

200,000 0.50 Electrical 33% 0.00 - 09 10 08 08 08 09 09 10 10 10 08 08 08 08 08 09 09 09 09 10 10 10 10 10 10 11 08 09 08 09 ------Jul Jul Jul Apr Apr Oct Oct Jun - Oct Jan Apr Jun - Jan Jun - Feb Mar Feb Mar Feb Feb Dec Sep Aug Nov Dec Aug Sep Nov Dec ------May ------9 ------7 5 2 2 4 2 8 3 21 28 30 23 30 12 10 18 21 11 20 16 24 28 13 23 17 23 18 27 12 Building 33% Registered inventories in tons 3 month price US per ton 4 Brook Hunt 2009 Southern Copper Strengths

Highest copper reserves in the mining industry

Excellent organic growth projects

Low cost fully integrated operations

Experienced management team

Strong financial performance / investment grade

Outstanding dividend history

Good long-term copper & molybdenum fundamentals

5 II. Overview of Operations

6 Company Overview

Copper Reserves 1: 59.7 mmt Mexico Production capacity: 680 ktpy Buenavista Santa Eulalia La Caridad 2010 Copper Production: 479 kt Santa Barbara San Martin Charcas Sales: $ 5.2 B San Luis Potosi

EBITDA: $ 2.9 B Taxco

56% of Sales Peru 2010 Cash Cost: $ 0.17/lb.

Key 2 #1 copper company by reserves Copper open pit mines Underground mines 3 #8 copper producer Smelters and Refineries #12 copper smelter 3

Cuajone Source: Company Filings Notes: Ilo Toquepala 1 Copper contained in reserves based on US$1.80 per pound of copper as of December 31, 2010 2 Based on available companies reports 3 CRU information for Jan. 2011 + Buenavista at full capacity 7 World’s Largest Copper Reserves Support Substantial Organic Growth Potential

Copper Reserves as Reported SCC Highlights 70 59.7
#1 position in reported copper reserves 60 54.6 52.7
#1 mine life among copper producers 50
#8 world’s largest producer of mined copper 40
Highly diversified geographical presence

30 26.5
Four large -scale open -pit mines 23.1 20.0 20 15.7

Copper Reserves (Mt) (Mt) Reserves Reserves Copper Copper Mine Life 10.8 9.0 10 100

81 0 80

SCC 60 VALE Xstrata Anglo Codelco Freeport Rio Tinto Rio American 40 34 34 BHP Billiton BHP Antofagasta 25 21 21 Source 10K 10K Annual Rep. 20F Annual Rep. Reserve Rep. 20F 20F Annual Rep. 18 20 Period 12/31/10 12/31/10 12/31/09 06/30/10 12/31/09 06/30/10 12/31/09 12/31/09 12/31/09 Cu Price $1.80 $2.00 $1.98 $2.90 N/A N/A N/A $2.91 $1.70 0 SCC Anglo Codelco Freeport BHP Rio Tinto Xstrata American Billiton

8 Geographic Footprint & Product Diversification

2010 Revenue by Product 2010 Revenue by Market

Other Acid Zinc 3% 1% Silver 4% Europe 6% 21% Asia 10%

Peru United States Molybdenum 25% 13% 6%

Mexico Copper 17% 73% Other Latin American 21%

9 Low Cost Operations

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

0.7
Fully integrated low cost operations

0.5 0.36
World class assets 0.3 0.22 0.17
Significant SX-EW production

(US$/lb) 0.1
Strong by-product credits -0.1 2007 2008 2009 2010 -0.25 -0.3
Management focus on cost efficiency

Operating Cash Cost per Pound of Cost Structure (1) Copper Produced

2.00 Other 13% Operating 1.57 1.51 Materials 17% 1.50 1.29 1.36

1.00 Maintenance Fuel 12%

(US$/lb) 17%

0.50

0.00 Labor 2007 2008 2009 2010 17% Power 24% 1010 (1) 2010 Operational Update - Buenavista Minesite

Buenavista Minesite Operating Capacity Key Metal: Copper
Largest copper mine worldwide in terms of Concentrator Production: 125 ktpy reserves SX-EW Plant Capacity: 55 ktpy
Estimated repair cost : US$ 114 M Total: 180 ktpy
Should be at full capacity by 1Q 2011 Reserve Information Reserves (1): 25.1 MT Expansion to 450 ktpy Average Copper Grade:
Board of Directors approved investment of Sulfide: 0.505% $2.1 billion to expand Buenavista’s Leachable Materials: 0.209% production from 180ktpy to 450ktpy of Stripping Ratio: 2.17x copper Production (kt) New Concentrator +188K SXEW III & IV 88K Capacity Increase 276K 164 174 183 99
Molybdenum circuit, 2 ktpy 16 0 21 2006 2007 2008 2009 2010 2011E 2012E Source: SCC Note: (1) Reserves based on US$1.80 per pound of copper. 11 III. Financial Overview

12 SCC Financial Summary

(US$ MM) 2008 2009 2010

Copper Price (LME) US$ per pound 3.16 2.34 3.42 Income Statement: Net Revenues $4,851 $3,734 $5,150 EBITDA 2,546 1,814 2,907 EBITDA Margin 52% 49% 56% Net Income 1,407 929 1,554 Dividends paid per share 1.94 0.44 1.68 Balance Sheet Statement: Cash & Equivalents $717 $772 $2,193 Total Assets 5,764 6,063 8,199 Total Debt 1 1,290 1,280 2,760 Total Liabilities 2,369 2,169 4,293 Total Shareholders' Equity 3,381 3,876 3,886 Cash Flow Statement: Capital Expenditures $524 $415 $409 Free Cash Flow 2 1,204 548 1,491 Dividends paid to common shareholders 1,711 376 1,428

Net Debt / EBITDA 0.2x 0.3x 0.2x

1 Includes short-term and long-term debt 2 Free Cash Flow defined as net cash from operating activities less capital expenditures 1313 Solid Financial Performance

Top Tier Margins and Conservative Leverage for Increased Financial Flexibility

2010 EBITDA Margin (%) 2010 Total Debt / EBITDA (x) No Amortizations Until 2015

2 Antofagasta 60% 1 Freeport 0.47 2011 $10

1 SCC 56% 1 BHP 0.64 2012 $10

1 Freeport 53% 1 Xstrata 0.91 2013 $10 1 BHP Billiton 46% 1 SCC 0.95 2015 $200

Rio Tinto 44% 2 Rio Tinto 1.37 2020 $400

VALE 41% 2 Antofagasta 1.70 2028 $56

Anglo 36% 2 Anglo 2.44 2035 $1,000 1 Xstrata 34% 2 Vale 6.48 2040 $1,100

Source: Company Reports Source: Company Reports 1 2010 Results 1 2010 Results 2 1H Results 2 1H10 Results 14 Investment Program to Significantly Increase Production

Attractive Organic Growth Prospects Board approved Other projects

2012 2013 2016 2017 2018 and on Tía María SX/EW El Arco 2H17 - Ilo smelter and 4Q12 - $934M 120K Pilares Mine - Cu Buenavista – Cu Tons Cu 1Q13 - $185M SX/EW IV Plant $1,730M 190K refinery Expansion 40K Tons 2Q16 - $200M Tons Cu and Toquepala Concentrator 105Koz Au Exp. 2H12 - $600M 44K Tons Cuajone 100K Tons Cu – 3.1K Empalme concentrator Tons Mo Cananea Buenavista – Cu Cu Smelter expansion to Buenavista SX/EW III 4Q12 Molybdenum Plant 2Q17 - $800M 105/120 ktpd $216M 44K Tons Cu Concentrator 1Q13 - $25M 1Q16 - $1,200M 350K Tons Cap . Los Chancas Cuajone: Variable cut-off 2K Tons Mo 188K Tons, Empalme Angangueo Grade + HPGR 2.6K Moly Cu Refinery 2H11 - $51M 15K Tons 2Q17 - $500M Buenavista Cu + 0.3K Tons Mo 330K Tons Cap. Zinc Refinery 2010-20152010 – 2015 Capex Capex Program Program Overview Overview Copper Production Forecast

$ MM ‘000 MT 1200 1,700 1,700 1,800 1,050

1,500 1000 900 900 850

1,200 800 700 950 630 900 600 700 560 600 400 300 300 200 - 2011 2012 2013 2014 2015 2016 0 15 Source: SCC 2011 2012 2013 2014 2015 2016 SCC’s Major Strengths

SCC is the Premier Copper Play • World class assets in investment grade countries • #1 in reserves with various exploration prospects - Increasing copper production • Capacity to deliver projects through flexible capital structure and significant cash generation capability • Fully integrated low cost operations - Strategic investments focused on cost competitiveness • Outstanding dividend history • Experienced management with proven track record

SCC EBITDA and % Margin (in US$ millions) $3,825 $3,329 $2,907 $2,348 $2,529 $1,814 61.0% 62.9% 57.4% 52.1% 48.6% 56.0%

2005 2006 2007 2008 2009 2010 16 Safe Harbor Statement

This presentation contains certain statements that are neither reported financial results nor other historical information. These estimates are forward-looking statements within the meaning of the safe-harbor provisions of the Mexican securities laws. These forward-looking estimates are subject to risk and uncertainties that could cause actual results to differ materially from the expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Grupo Mexico’s ability to control or estimate precisely, such as future market conditions, commodity prices, the behavior of other market participants and the actions of governmental regulators. Readers are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date of this presentation. Grupo Mexico does not undertake any obligation to publicly release any revision to these forward-looking estimates to reflect events or circumstances after the date of this presentation.

17 Proposed Combination of SCC and ASARCO under Ownership of AMC

Pre Transaction Post Transaction Simplified Overview Simplified Overview

Grupo M ééé xico Public Stockholders Grupo M ééé xico

100% 83.4% Americas Mining Public Stockholders 16.6% Corp. Americas Mining 20% Corp.

80% 100% 100% 100%

Southern Copper ASARCO Southern Copper ASARCO

Key Transaction Terms

► 1.237 AMC shares per SCC share ► ~16.6% aggregate ownership of newly-listed AMC by SCC’s public stockholders, as compared to ~20% aggregate ownership of SCC ► Assumes an implied ASARCO equity value of ~$5.94Bn ► Results in publicly listed (NYSE, Lima and Mexico Stock Exchange) AMC with wholly-owned subsidiaries SCC and ASARCO

18