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Southern Copper Corporation Tel. +44 (0)20 7232 3090 Fax +44 (0)20 7232 3099 www.iirgroup.com LSE:

Southern Copper Corporation

11 July 2008

Company News Alert

1:3 stock split comes into effect

NYSE

HOLD

Common

Stock

Ticker:

PCU

Target price:

US$30.42

Current price:

US$33.46

Price change since last report

(8.4%)

We will reassess our NYSE common stock rating for Southern Copper after it releases its 2Q 08 results in July 2008.

Peruvian

HOLD

Stock

Ticker:

SPC.LM

Target price:

US$30.42

Current price:

US$33.60

Price change since last report

(7.9%)

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.

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.