Southern Copper Corporation Highlights Southern Copper Corporation Highlights January 2009 January 2009

0 Safe Harbor Statement

This presentation contains ‘‘forward-looking statements,’’ as defined by federal securities laws, with respect to our financial condition, results of operations and business, and our expectations or beliefs concerning future events. These statements include words such as, but not limited to, ‘‘expect,’’ ‘‘anticipate,’’ ‘‘believe,’’ ‘‘intend,’’ ‘‘plan,’’ ‘‘seek,’’ ‘‘forecast,’’ ‘‘estimate,’’ ‘‘continue,’’ ‘‘may,’’ ‘‘will,’’ ‘‘would,’’ ‘‘could,’’ ‘‘likely,’’ and similar expressions. These forward-looking statements reflect management’s current expectations and assumptions regarding ftfuture eventsand operating and financi a l performance and are bdbased on currently available information. However, actual results are subject to risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements.

Many risks and uncertainties are inherent in the copper industry. Others are more specific to our operations. Additional information about risks and uncertainties that could affect our future results are contained in our SEC filings, including our reportsonForms 8-K, 10-Q,and 10-K and aregitistrati on stttatement on Form S-3 relating to our proposed public offering of common stock. 1 I. Introduction

2 Management Presenters

Presenters Title Raúl Jacob f Manager of Financial Planning & IR

3 Corporate Structure

79.1%

Public Float

20.9%

99.29 % 99.95 %

SCC Peru Branch Minera México

4 Metal Market

Copper Molybdenum

• Slowdown in demand due to concerns • 92% of world reserves and production about industrial production. capacity are concentrated in: Mexico, Peru, USA, China, and Chile. • Supply constraints and cash cost increases. • Demand largely driven by special steel alloys consumption. • Strong long-term fundamentals from BRIC’ s and N-11. LME Copper Molybdenum Prices Cash Price vs. Inventories

$4.50 1,000,000.00 $45 $4.00 900,000.00 $40 800,000.00 $35 $3.50 $30 700,000.00 $3.00 $25 600,000.00 $20 $2.50 $15 500,000.00 $10 $2.00 $5 400,000.00 $0 $1.50 300,000.00

$1.00 200,000.00

$0.50 100,000.00 000/01/07 001/01/07 002/01/07 003/01/07 004/01/07 005/01/07 006/01/07 007/01/07 008/01/07 22 22 22 22 22 22 22 22 22

$0.00 - FOB North America price US$ per lb 01/05/00 04/04/00 07/11/00 10/09/00 01/09/01 04/09/01 07/12/01 10/16/01 01/22/02 04/22/02 07/24/02 10/21/02 01/23/03 04/23/03 07/22/03 10/17/03 01/21/04 04/20/04 07/20/04 10/15/04 01/21/05 04/25/05 07/25/05 10/21/05 01/24/06 04/25/06 07/25/06 10/20/06 01/23/07 04/24/07 07/24/07 10/22/07 01/22/08 04/22/08 07/23/08 10/21/08 5 3 month price US$ per ton Registered inventories in tons Southern Copper Strengths

`Long life rese rv es an d ex pl or ati on pr ojects

`Excellent organic growth projects

`Low cost fully integrated operations

`Experienced management team

`Strong fi nanci al perf ormance / i nvest ment grad e

`Outstanding dividend history

`Good long-term copper & molybdenum fundamentals

6 II. Overview of Operations

7 Company Overview

Copper Reserves 1: 49.1 mmt Mexico For December 2008 Cananea La Caridad Santa Eulalia Copper Production: 489 kt Buenavista Santa Barbara El Arco San Martin Sales: $ 4,851 M Charcas San Luis Potosi EBITDA: $ 2,557 M Angangueo Cash Cost: $ 0.34 / lb. Taxco Peeuru

2 #2 copper company by reserves Key #7 copper producer 3 Mines Tantahuatay Smelters and Refineries 3 #8 copper smelter Projects

Los Chancas Tia Maria Cuajone Source: Company Filings Notes: 1 Copper contained in reserves based on US$1.20 per pound of copper as of December 31, 2007 Ilo Toquepala 2 Based on available companies reports 3CRU

8 Long Life Reserves

X First largest copper reserves of any publicly traded company X Long-life reserves with strong capacity expansion plans

Main Copper Reserves SCC Copper Reserves 60

50.3 49.1 50

) 69.9 40.0 70 40 42% 60 49.1 50 29% 30 25.6 22.9 38.2 SEC r Reserves (Mt

d in reserves (Mt) d in reserves 40 ee 20 17.3 16.5 30 2007 Copp 12.1 10.2 20 10 2006 10

0 Containe Copper 0 0.90 1.20 2.664 FCX SCC Xstrata Anglo

Codelco Copper prices ($/lb) Rio Tinto American CVRD-Inco Antofagasta BHP Billiton BHP

Source Annual Rep. 10K 10K 20F Annual Rep. 20F Reserve Rep. Annual Rep. Annual Rep. Period 06/12/31 07/12/31 07/12/31 07/06/30 07/12/31 07/12/31 07/06/30 07/12/31 07/12/31 Cu Price N/A $1.20 $1.20 $2.00 N/A $2.31 N/A N/A N/A

9 Low Cost Operations

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

0.6 f Management focus on cost efficiency

0.44 f Significant low cost SX-EW production 0.4 0.34 f High quality reserves f Strong by-product credits – 12M08: lb) // 0.2 0.18 0.16 – molybdenum (16% of revenues) (US$ 0.03 – zinc (4% of revenues) 0 – silver (4% of revenues) -0.13 – gold & others (3% of revenues) -0.2 2003 2004 2005 2006 2007 2008 – sulphuric acid (4% of revenues) Operating Cash Cost per Pound of Cost Structure Copper Produced

1.80 1.71 Operating Other Materials 1.38 12% 1.50 1.28 16%

1.20 1.01 Maintenance )) 0.85 15% Fuel 0.90 0.74 12%

(US$/lb 0.60 Labor 14% 0.30 Energy 31% 0.00 2003 2004 2005 2006 2007 2008 10 As of December 31, 2008 As of December 31, 2008 Low Cost of Operations

SCC’s cash cost as per Brook Hunt estimates is in the bottom quartile of global copper producers XHigh quality reserves, large scale open-pit mines, low cost SX-EW production, strong by-products credits, and management focus on cost efficiency are among SCC’s key low cost drivers

Top 8 Lowest Cash Cost Copper Producers1 Top 10 Lowest Cash Cost Copper Minesites1,2

100. 0 79.9 80.0 80.0 40.0 16.6 18.1 18.4 5.1 60.0 0.0

(22.7) (40.0) (29.9) 86.0 40.0 66.0 (c/lb) (80.0) (62.9) /lb) 57. 0 (82. 7) cc 54. 0 ( 20.0 39.7 (120.0)

(160.0) (145.3)

0.0 (174.5) (10.8) (2.0) (200.0) (16. 8)

-20.0 Sierrita Bagdad OK Tedi SCC SCC Cuajone Cananea Xstrata Antamina Anglo Codelco Toquepala Rio Tinto Rio Freeport La Caridad American BHP Billiton Chuquicamata

-40.0 Antofagasta Los Pelambres ingham Canyoningham BB

Source: Based on companies reports Notes: 1 Excludes minesites/facilities with annual Cu production less than 100 Mlbs. As of 12/31/07. 2 Operating cost net of by-product credits 11 Geographic and Product Diversification

2008 SCC Revenue by Product 2008 SCC Revenue by Market

Other Acid 3% Silver 4% Peru 4% 3% Zinc Asia 4% Europe 5% 24%

Molybdenum Molybdenum United States 16%19% Copper Mexico 27% 69% 23%

Other Latin American 18%

12 Expansion Projects

Tía María SX EW / Copper Ilo Metallurgical Operations Expansion f LBE for Operations: 4Q - 2010 f LBE for Operations: 2012 f Annual Copper Production: 120 ktpy f Additional Concentrates from f Estimated Capex: $934 M Cuajone & Toquepala, 445 ktpy Toquepala Concentrator Expansion f SltSmelter expansi ifon from 1 12MTPYt.2 MTPY to 1.8 MTPY f LBE for Operations: 2011 f Copper Anode production: 325 ktpy to f Annual Production: Copper = 100 490 ktpy ktpy; Moly = 3.1 ktpy f Copper Cathode production: From f Estimated Capex: $600 M 280 ktpy to 360 ktpy Cuajone Concentrator Expansion f Estimated Capex: $200 M f LBE for Operations: 2012 f Annual Production: Copper = 50 ktpy Molyypy = 0.7 ktpy f Estimated Capex: $374 M

Additional C opper P rod ucti on : 270 kt py; C apex : $2 .1B

LBE : Last Best Estimate 13 Tia Maria Project

X Estimated Capex : US $934 M X 120,000 MT of copper SX EW Cathodes per year X LBE for Operations : 2010, for 18 years 14 Tia Maria: New Operating Unit Overview

Highlights Key Operating Data f Located at 100 Km north of Ilo, Peru Key Metals: Copper f Annual production of 120 ktpy of copper SX-EW Plant Capacity: 120 ktpy f Cash cost estimated at ¢ 70-80 per Lb f Life of mine : 18 years

Resource Information Expansion

Resource: 2.5 MT of contained copper f Possible concentrator after 2021, when Average Copper Grade: 0.39% sulfide resources are reached Stripping Ratio: 1.00x

Source: SCC Note: (1) Reserves based on US$0.90 per pound of copper. 15 III. Financial Overview

16 SCC Financial Summary

(US$ MM) 2005 2006 2007 2008 Copper Price (LME) US$ per pound 1.67 3.05 3.23 3.16 Income Statement: Net Revenues $4,089 $5,460 $6,086 $4,851 EBITDA 2,335 3,316 3,766 2,557 EBITDA Margin 57% 61% 62% 53% Interest Expense 109 113 123 116 Net Income 1,400 2,038 2,216 1,407 Balance Sheet Statement: Cash & Equivalents $876 $1,023 $1,409 $717 Total Assets 5,688 6,376 6,581 5,730 1 Total Debt 1,172 1,528 1,450 1,290 Total Liabilities 2,349 2,696 2,716 2,331 Total Shareholders' Equity 3,326 3,667 3,848 3,385 Cash Flow Statement: 2 Capital Expenditures $471 $456 $316 $517 3 FChFlFree Cash Flow 1, 193 1, 604 2, 388 1, 204 Key Credit Ratios Net Debt / EBITDA 0.1x 0.2x 0.01x 0.2x EBITDA / Interest Expense 21. 4 29. 3 30. 6 22. 0

1 Includes short-term and long-term debt including current portion 2 Includes capitalized stripping costs until 2005 17 3 Free Cash Flow defined as net cash from operating activities less capital expenditures Solid Financial Performance

Among the highest EBITDA margins and strongest leverage ratios in the metals & mining industry 2007 EBITDA Margin (%) Net Debt//() 2007 EBITDA (x)

Antofagasta 72% Antofagasta-0.7x

Southern Copper 62% Southern Copper 0.01x

BHP Billiton 0.4x Anglo American 46%

Anglo American 0.5x Freeport 46%

FCX 0.7x

BHP Billiton 46% Xstrata 1.0x

Rio Tinto 42% CVRD - Inco 2.7x

Xstrata 39% Rio Tinto 3.2x

Source: SCC; Company Reports 18 Focus on Total Return to Investors

Disciplined approach to creating shareholder value

Current Dividend Yield1 (%) 3-Year Share Price Performance1 (%)

Southern Copper 12.1% 39% Southern Copper

Antofagasta 8.9% 23% BHP Billiton

Freeport 7.4% 14% Antofagasta

Rio Tinto 6.8% 13% CVRD

Anglo American 5.6% -36% Anglo American

In 2008, SCC paid CVRD 4.6% US$1.7 Billion -53% Rio Tinto US$ 1.94 per share

BHP Billiton 3.3% -53% Xstrata

Xstrata 0.0% -57% Freeport

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% -60% -40% -20% 0% 20% 40% 60%

Source: Bloomberg; Company Filings Note: 1 Regular and special dividends declared over last twelve months by record date 1 As of December 31, 2008 19 divided by current share price as of December 31, 2008 (SCC = US$16.06) Capital Expenditure Forecast (US$M)

$107 $1,200 $199

$1,000

$800

$600 $1,200 $940 $400 $780 $517 $200 $393 $250 $0 2008 2009E 2010E 2011E 2012E 2013E

Source: SCC 20 SCC Debt Amortization Schedule

Millions of USD as of December 31, 2008 SCC is evaluating the best financing option for its projects.

$1,000

$200

$56 $0 $10 $10 $10 $10 $10

2008 2009 2010 2011 2012 2013 2015 2028 2035

Mitsui Yankee Bonds 10 & 30 year Bonds

21 IV. Appendix

22 Estimated Production Capacity Growth

(Ktpy) 1,579 1,579

1,342 237 1,276 66 1,086 190 970 920 116 50 820 100 120

700

2008 Full Capacity 2010 - Tía María 2012 - Toquepala 2012 - Cuajone 2014 - Los 2014 - El Arco SX 2014 - Cananea SX 2016 - New 2016 - Total Production SX EW (120 ktpy Concentrator Concentrator (33 Chancas SX EW EW + EW + Cananea Production Cu) Expansion (100 ktpy Cu) + SX EW (100 ktpy Cu) 2011 Concentrator (190 Concentrator Concentrator (160 ktpy Cu) (17 ktpy Cu) - Angangueo (16 ktpy Cu) Expansion (66 ktpy Cu) 2013 - ktpy Cu) ktpy Cu) Buena Vista Mine (22 ktpy Cu)

2008 2010 - 2012 2014 2016 Stage 1D1D 1D 2P 2P 2P 2P

Source: SCC 23 Other Expansion Projects

El Arco (SX EW + Concentrator) Los Chancas (SX EW + Concentrator)

f LBE for Operations: 2014 f LBE for Operations: 2014 f Annual Copper Production: f Annual Copper Production: SX-EW = 35 ktpy; Conc.= 155 ktpy SX-EW = 20 ktpy Conc .= 80 ktpy f Annual Gold Production= 81 kozpy f Annual Moly= 4.7 ktpy f Estimated Capex: $1,800 M f Estimated Capex: $1,200 M

Angangueo f LBE for Operations: 2014 f Capacity 2000 tpd (Cu, Zn, Ag). f Annual Copper Production: 16 ktpy f Estimated Capex: $145 M

Additional Copper Production : 306 ktpy; Capex : $1.9B

Source: SCC LBE : Last Best Estimate 24 Operational Update - Cananea Minesite

Highlights Operating Statistics (2008) f Largest mine in Mexico Key Metals: Copper f Fourth largest copper mine worldwide in Concentrator Capacity: 77 ktpd terms of reserves (similar to Escondida) SX-EW Plant Capacity: 55 ktpy f Recent LOM study shows operations Copper Production: 16 kt throug h 2070 UiUnique d eposit : no evidence of decline in ore grades at Reserve Information (2007) deeper stratas Reserves (1): 19.0 MT Expansion Average Copper Grade: f Several projects underway or planned to Sulfide: 0.577% increase production to an estimated 66kt Leachable Materials: 0.267% per year: Stripping Ratio: 2.23x - SX-EW III 33 ktpy Production (kt) - Concentrator expppyansion 33 ktpy f Molybdenum circuit, 4 ktpy f Possible second expansion to increase 173 175 164 capacity by an additional 160 ktpy 99 Source: SCC 16 Note: (1) Reserves based on US$1.20 per pound of copper. 2004 2005 2006 2007 200825 Operational Update - Caridad Minesite

Operating Statistics (2008) Highlights Key Metals: Copper, Mo, Au, Ag Concentrator Cappyacity: 90 ktpd fSecond largest mine in Mexico SX-EW Plant Capacity: 22 ktpy f Recent LOM study shows operations Copper Production: 119 kt through 2044 Molybdenum Production: 7287.28 kt f Increasing Mo grades with depth potentially allows conversion of Reserve Information (2007) (1) operations to a copper equivalent mine Reserves :5.2 MT Average Copper Grade: Sulfide: 0.348% Expansion Leachable Materials: 0.161% f PtPoten tilttial to increase copper an d Stripping Ratio: 1.73x molybdenum recoveries f Future moly plant expansion due to Production (kt) higher ore grade

144 132 125 119 69 Source: SPCC Note: (1) Reserves based on US$1.20 per pound of copper. 2004 2005 2006 2007 200826 Operational Update - Cuajone Minesite

Operating Statistics (2008) Highlights Key Metals: Copper, Mo Concentrator Capacity: 87 ktpd f Second largest copper mine in Peru Copper Production: 196kt f Leachable ore sent to Toquepala by Molybdenum Production: 4.4 kt pipeline Reserve Information (2007) f LOM study shows expanded Reserves (1):9.1 MT operations through 2038 Averaggppe Copper Grade: f Highlbdbh molybdenum by-proddduct credits Sulfide: 0.566% Leachable Materials: 0.584% Expansion Stripping Ratio: 2.36x

f Concentrator expansion underway: Production (kt) – Copper : +50 ktpy – Mol ybd enum : +700 t py 194 196 182 174 164

Source: SPCC 2004 2005 2006 2007 2008 (1) Reserves based on US$1.20 per pound of copper. Includes sulfur ore reserves and in-pit leachable reserves. 27 Operational Update - Toquepala Minesite

Highlights Operating Statistics (2008) Key Metals: Copper, Mo f Third l argest copper mi ne i n P eru Concentrator Capacity: 60 ktpd f LOM study shows expanded operations SX-EW Plant Capacity: 56 ktpy through 2036 Copper Production: 153 kt f High molybdenum by-product credits Molybdenum Production: 4.7 kt f Installation of crusher / conveyor Reserves Information (2007) syypstem for leachable ore in operation Reserves (1): 16.0 MT Average Copper Grade: Expansion Sulfide: 0.598% Leachable Materials: 0.195% Stripping Ratio: 5.07x f Concentrator & SX EW expansion underway: Production (kt) – Copper : +100 ktpy – Molybdenum : +3.1 ktpy

203 194 188 178 153

Source: SPCC (1) Reserves based on US$1.20 per pound of copper. Includes sulfur ore reserves and in-pit leachable reserves. 2004 2005 2006 2007 200828 Operational Update - Caridad Metallurgical Complex

Highlights Operating Statistics (2008) f Consists of a smelter, electrolytic copper Smelter capacity: 1,000 ktpy refinery, precious metal refinery and a Anode capacity: 300 ktpy copper rod plant Cathode production: 140 kt f 10th largest copper smelter worldwide Rod plant capacity: 150 ktpy f 8th largest copper refinery worldwide f World-class facilities commissioned in Copper rod production: 76 kt 1997-09 Gold production: 666 kg Silver production: 136 tons f Plans for a 600 Megawatt coal-fired Sulfuric acid production: 578 kt power facility by 2012, to be built and operated by an independent power producer.

29 Operational Update - Ilo Metallurgical Complex

Highlights Operating Statistics (2008) f Consists of a smelter, anode plant, Smelter Capacity: 1,200 ktpy electrolytic plant and precious metals Copper Anode Production(1): 307 kt plant Cathode Capacity: 280 ktpy f 6th larggppest copper smelter worldwide f 9th largest copper refinery worldwide Cathode Production: 249 kt f Record production in 2005 Silver Production: 92 tons f Long-term power supply agreement GldPGold Prod ucti on: 153 kg with Enersur until 2017 Expansion f Ilo modernization completed in 1Q07 - 2¢/lb reduction in cash cost - Sulfuric acid production increased from 0.35 to 1.1 million tons f Potential to further increase capacity - Smelter: 1,800kt/y - Refinery: 360kt/y 30 (1) Blister production has been replaced by anode production as of January 2006. SLP Metallurgical Complex: Overview

Highlights Operating Statistics (2008) f Assets consist of copper smelter and zinc Zinc refinery capacity: 105 ktpy refinery Zinc production: 107 kt f One of the most cost-efficient zinc refineries Copper concentrate in the world fdfeed capac ity: 230 ktpy Expansion Copper concentrate feed: 41 kt f Possible 55kt/y expansion of the zinc Copper blister production: 19 kt refinery underway

31 Comparable Company Analysis

Southern Copper Antofagasta Codelco Freeport Data as of: LTM 12/31/2008 LTM 06/30/2008 12/31/2007 LTM 12/31/2008 Current Rating Ba1 / BBB- / BB+ -- / -- / -- Aa3 / A / -- B1 / B+ / --

Income StStttatement Net Revenues $4,851 $4,292 $16,988 $17,796 EBIT 2,202 2,902 8,548 (12,710) EBIT Margin 45% 68% 50% -(71%) EBITDA $2,557 $2,986 $7,853 (11,202) EBITDA Margin 53% 70% 46% -(63%) Interest Expense $116 $16 $245 $584 Net Income 1,407 2,232 2,982 (11,341)

Balance Sheet Cash & Equivalents $717 $2,349 $2,074 $872 Total Assets 5,730 6,527 15,058 23,271 Total Debt 1,290 214 4,354 7,351 Net Debt 573 (2,135) 2,280 6,479 Total Liabilities 2,331 1,111 10,309 16,153 Minority Interest 14 1,018 3 1,328 Total Shareholders' Equity 3,385 5,416 4,744 5,790

Credit Ratios Total Debt / EBITDA 0.5x 0.1x 0.6x (0.66x) NtNet DDbtebt / EBITDA 0200.20 (0.7) 030.3 (0.6) EBITDA / Interest Expense 22.0 186.6 32.1 (19.2) 32 Source: Companies filings Summary of Reserves Data 1

The table below details SCC’s copper and molybdenum reserves as of

2 December 31, 2007 Cuajone Toquepala Cananea La Caridad Total Immsa Mineral Reserves (Peru) (Peru) (Mexico) (Mexico) Open-Pit Mines (Mexico)

Mineral Reserves

Metal Prices:

Copper ($/lb.) $1.20 $1.20 $1.20 $1.20 $1.20 $1.20

Molybdenum ($/lb.) $9.00 $9.00 $9.00 $9.00 $9.00 $9.00

Sulfide ore reserves (000's of tons) 1,594,589 1,940,206 2,511,484 932,191 6,978,470 40,781

Average Grade:

Copper 0.566% 0.598% 0.577% 0.348% 0.550% 0.490%

Molybdenum 0.020% 0.036% - 0.026% 0.028% -

Leachable Materials

Reserves iin stktock (000' (000' s of ft) tons) 20, 701 940 , 502 704, 587 513, 291 2, 179, 081081 -

Average copper grade 0.482% 0.143% 0.127% 0.252% 0.167% -

In-pit reserves (000's of tons) 10,902 2,117,946 1,670,689 1,189,125 4,988,662 -

Average copper grade 0584%0.584% 0195%0.195% 0267%0.267% 0161%0.161% 0. 212% -

Total leachable reserves (000's of tons) 31,603 3,058,448 2,375,276 1,702,416 7,167,743 -

Average copper grade 0.517% 0.179% 0.225% 0.188% 0.198% -

3 Copper contained in ore reserves ((000's of tons ) ) 9,089 15,732 18,952 5,159 48,932 200

Source: SCC Notes: 1 Reserves based on long-term price assumptions of US$1.20 per pound of copper and US$9.00 per pound of molybdenum. 2 The Immsa Unit includes the Charcas, Santa Bárbara, San Martin, Santa Eulalia and Taxco mines. 33 3 Copper contained in ore reserves for open-pit mine is (I) the product of sulfide ore reserves and the average copper grade plus (ii) the product of in-pit leachable reserves and the average grade of copper. Copper contained in ore reserves for underground mines is the product of sulfide ore reserves and the average copper grade. Debt Breakdown

US$ MM as of December 31, 2008 Type Maturity Amount Interest Rate

Yankee Bonds 9.25% Senior Unsecured Bonds Unsecured 2028 / bullet $56 9.25%

Sub-total $56

Unsecured Notes 6.375% Notes due 2015 1 Unsecured 2015 / bullet $200 6.375% 7.50% Notes due 2035 1 Unsecured 2035 / bullet $1,000 7.50%

Sub-total $1,200

Other Mitsui bank credit agreement Secured 2013 / amortizing $50 LIBO%O + 1.250%=aprox. 3.57 %

Sub-total $50

Total Debt $1,306

Source: SCC 1 At face value 34