

Southern Copper vs Freeport-McMoRan
Major copper producer with operations in Peru and Mexico vs Major global copper miner with significant gold production. Which is the better buy for your portfolio in September 2026? Plain-English answer below.
Southern Copper operates some of the world's lowest-cost copper mines in Peru and Mexico with a majority shareholder that provides financial backing few rivals can match, while Freeport-McMoRan runs a more geographically diversified copper and gold operation with a heavier debt history. Copper price cycles hit both names hard, and Southern Copper vs Freeport-McMoRan is the comparison every metals investor wants to run before picking their primary copper position. Find out how reserve life, cost curves, and capital return policies separate these two copper giants.
Southern Copper operates some of the world's lowest-cost copper mines in Peru and Mexico with a majority shareholder that provides financial backing few rivals can match, while Freeport-McMoRan runs a...
Why It’s Moving

SCCO faces renewed pressure as cautious analyst ratings collide with a volatile copper market.
- A September 15 analyst update showed seven sell ratings, five holds and three buys among 15 analysts, underscoring unusually cautious sentiment toward SCCO.
- Shares fell about 7% on September 10 after reports that the White House’s refined-copper tariff plan had stalled, weakening a major support for U.S.-focused copper pricing and triggering profit-taking across miners.
- Copper subsequently remained volatile, with prices retreating from record highs as investors weighed tariff uncertainty, China-related demand risks and the possibility that SCCO’s premium valuation has moved ahead of its operating fundamentals.

FCX gains as copper-growth plans improve the outlook, but execution risks keep analysts cautious.
- Freeport-McMoRan outlined three growth levers at a September 16 investor conference: Grasberg’s recovery in Indonesia, a potential Bagdad expansion in Arizona, and expanded leaching technology.
- The company said leaching output could rise from roughly 200 million pounds annually toward 800 million pounds over several years, offering production growth without relying solely on new mines—but the target depends on field-test results and execution.
- Royal Bank of Canada raised its view of FCX’s valuation on September 16 while retaining a sector-perform rating, underscoring improving copper fundamentals but also signaling that analysts remain cautious about execution, project timing, and commodity-price volatility.

SCCO faces renewed pressure as cautious analyst ratings collide with a volatile copper market.
- A September 15 analyst update showed seven sell ratings, five holds and three buys among 15 analysts, underscoring unusually cautious sentiment toward SCCO.
- Shares fell about 7% on September 10 after reports that the White House’s refined-copper tariff plan had stalled, weakening a major support for U.S.-focused copper pricing and triggering profit-taking across miners.
- Copper subsequently remained volatile, with prices retreating from record highs as investors weighed tariff uncertainty, China-related demand risks and the possibility that SCCO’s premium valuation has moved ahead of its operating fundamentals.

FCX gains as copper-growth plans improve the outlook, but execution risks keep analysts cautious.
- Freeport-McMoRan outlined three growth levers at a September 16 investor conference: Grasberg’s recovery in Indonesia, a potential Bagdad expansion in Arizona, and expanded leaching technology.
- The company said leaching output could rise from roughly 200 million pounds annually toward 800 million pounds over several years, offering production growth without relying solely on new mines—but the target depends on field-test results and execution.
- Royal Bank of Canada raised its view of FCX’s valuation on September 16 while retaining a sector-perform rating, underscoring improving copper fundamentals but also signaling that analysts remain cautious about execution, project timing, and commodity-price volatility.
Investment Analysis

Southern Copper
SCCO
Pros
- Southern Copper reported strong Q3 2025 revenue growth, surpassing estimates and showing resilience in a challenging market.
- The company maintains a high dividend yield, projected at 6.4% for 2025, making it attractive for income-focused investors.
- Southern Copper benefits from robust production growth in zinc and silver, diversifying its revenue streams beyond copper.
Considerations
- Copper production declined slightly year-on-year, reflecting operational challenges and potential supply constraints.
- Analysts forecast a negative average price target for the stock, suggesting limited near-term upside and possible downside risk.
- The company faces headwinds from global trade tensions and potential tariffs on US copper imports, impacting future demand.
Pros
- Freeport-McMoRan holds a leading position in global copper mining, with significant stakes in major operations like Grasberg in Indonesia.
- The company benefits from a diversified asset base across North America, reducing reliance on any single region or commodity.
- Freeport-McMoRan has demonstrated strong operational efficiency and cost management in recent quarters.
Considerations
- Freeport-McMoRan's stock has underperformed over the past year, with a notable decline compared to sector peers.
- The company is exposed to geopolitical risks in key mining regions, which could disrupt operations and impact profitability.
- Freeport-McMoRan faces ongoing challenges related to environmental regulations and community relations at its mining sites.
Southern Copper (SCCO) Next Earnings Date
Southern Copper (SCCO) is currently expected to report its next earnings on October 27, 2026. The release is expected to cover the third quarter of fiscal 2026, ended September 30. The date remains an estimate and could shift by a day as the company finalizes its reporting schedule.
Freeport-McMoRan (FCX) Next Earnings Date
Freeport-McMoRan (FCX) is currently expected to report its next earnings on October 22, 2026. The report will cover the third quarter of fiscal 2026, ending September 30. The date remains an estimate, consistent with FCX’s typical practice of releasing third-quarter results in the second half of October.
Southern Copper (SCCO) Next Earnings Date
Southern Copper (SCCO) is currently expected to report its next earnings on October 27, 2026. The release is expected to cover the third quarter of fiscal 2026, ended September 30. The date remains an estimate and could shift by a day as the company finalizes its reporting schedule.
Freeport-McMoRan (FCX) Next Earnings Date
Freeport-McMoRan (FCX) is currently expected to report its next earnings on October 22, 2026. The report will cover the third quarter of fiscal 2026, ending September 30. The date remains an estimate, consistent with FCX’s typical practice of releasing third-quarter results in the second half of October.
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