Copper costs turn negative for Southern, Vale as byproducts soar
Market Trends · Mining.com ·
For copper miners Southern Copper Corp. and Vale SA, surging prices of byproducts like gold and silver have created an unusual situation: the cost of producing the red metal has turned negative. Southern Copper reported a cash cost net of byproduct credits of minus 11 cents a pound in Q1 2026, versus 77 cents a year earlier, reflecting the surge in gold, silver, molybdenum and zinc prices found alongside copper.