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Southern Copper Corporation Company News Alert 1:3 stock split comes into effect NYSE Common Stock
Ticker: Target price: Current price: Price change since last report

11 July 2008

HOLD

On 10 July 2008, Southern Copper Direct accessinitialthe full Corporation (Southern on 19 June 2008. In 1:3 split of its common to announcement by the company Copper) at report free of charge completed a line with this, we have shares, as per an adjusted our common stock and Peruvian stock target prices, which were originally derived in http://www.iirgroup.com/researchoracle/viewreport/show/20299 our 1Q 08 update report, dated 06 June 2008. Going forward, we continue to expect lower profitability in FY 2008, due to falling zinc prices and rising operating expenses. However, as our current target price no longer supports a SELL, we upgrade the NYSE common stock to a HOLD.

PCU US$30.42 US$33.46 (8.4%)

We will reassess our NYSE common stock rating for Southern Copper after it releases its 2Q 08 results in July 2008. We assume no currency impact on the Peruvian stock, as it trades in US dollars. Given that our target price no longer supports a SELL, we upgrade the Peruvian stock to a HOLD.

Peruvian Stock
Ticker: Target price: Current price: Price change since last report

HOLD

SPC.LM US$30.42 US$33.60 (7.9%) We will reassess our Peruvian stock rating for Southern Copper after it releases its 2Q 08 results in July 2008.

Analyst: Bhavesh Chauhan Editor: James Smithies Global Research Director: Satish Betadpur, CFA Next news due: 2Q 08 results, July 2008

Investment horizon - short term actionable trading strategies
This report addresses the needs of strategic investors with a long term investment horizon of 6-12 months. If this report is provided to you by your broker under the Global Settlement, you may now also access (free of charge) the short term trading outlook that we publish from time to time for this issuer, looking at the coming 5-30 days for readers with a shorter trading horizon. These are available on-line only at www.researchoracle.com.

On 10 July 2008, Southern Copper completed a 1:3 split of its common shares, in accordance with its initial announcement on 19 June 2008. We have adjusted our target prices, originally derived in our 1Q 08 update report, dated 06 June 2008, to reflect this move. We continue to expect lower profitability in FY 2008, due to falling zinc prices and rising operating expenses. However, following the recent decline in the NYSE common stock price, our target price no longer supports a SELL. Therefore, we upgrade the NYSE common stock to a HOLD.

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