Filed by Americas Mining Corporation
Filed by Grupo México, S.A.B. de C.V.
Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: Southern Copper Corporation
Commission File No.: 001-14066

ADDITIONAL INFORMATION AND WHERE TO FIND IT

Americas Mining Corporation (AMC) and Southern Copper Corporation (Southern Copper) will file an Information Statement/Prospectus with the Securities and Exchange Commission. Investors and security holders are urged to read carefully the Information Statement/Prospectus regarding the proposed transaction when it becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the Information Statement/Prospectus (when it is available) and other documents containing information about Southern Copper, without charge, at the SEC’s web site at http://www.sec.gov. Free copies of the Information Statement/Prospectus may be obtained by directing a request to Americas Mining Corporation, 1150 North 7^th Avenue, Tucson, AZ 85705, USA, Attention: General Counsel. Free copies of Southern Copper Corporation’s filings may be obtained by directing a request to Southern Copper Corporation, 11811 North Tatum Blvd., Suite 2500, Phoenix, AZ 85028, USA, Attention: Investor Relations Department.

FORWARD-LOOKING STATEMENTS

Statements in this transcript that are “forward-looking statements” are based on currently available information, operating plans and projections about future events and trends. They inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statements. Such risks and uncertainties include, but are not limited to: AMC’s ability to enter into definitive agreements with respect to the proposed transaction; the results of a due diligence review of Southern Copper; AMC’s ability to achieve the synergies and value creation contemplated by the proposed transaction; AMC’s ability to promptly and effectively integrate the businesses of Southern Copper and ASARCO; the costs associated with the proposed transaction; the timing to consummate the proposed transaction; any necessary actions to obtain required regulatory approvals; the ability to obtain existing lender and other required third-party consents; increased costs; metal prices; unfavorable economic conditions; changes in the legal and regulatory environment; and unstable political conditions, civil unrest or other developments. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Neither Grupo México nor AMC undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

*****

The following is a press release issued by Grupo México on October 28, 2010.

Third Quarter 2010 Results

Mexico City, October 28, 2010 — Grupo México, S.A.B. de C.V. (“Grupo México” — BMV: GMEXICOB) reports its results for the third quarter of 2010 (“3Q10”).

Financial Highlights for Grupo Mexico

		Third Quarter								Variance									January - September								Variance
(Thousand US Dollars)		2010				2009				US$000				%					2010				2009				US$000				%
Sales			2,003,023				1,413,761				589,262				41.7					5,832,131				3,343,054				2,489,077				74.5
Cost of Sales			998,823				703,941				294,882				41.9					2,975,566				1,830,014				1,145,552				62.6
Operating Income			807,473				570,708				236,765				41.5					2,272,217				1,109,690				1,162,527				104.8
EBITDA			962,566				691,427				271,139				39.2					2,780,580				1,426,929				1,353,651				94.9
Margin EBITDA (%)			48.1	%			48.9	%												47.7	%			42.7	%
Net Income			451,578				286,352				165,226				57.7					1,110,437				544,766				565,671				103.8
Margin Profit (%)			22.5	%			20.3	%												19.0	%			16.3	%
Investments / Capex			157,684				146,868				10,816				7.4					363,897				437,908				(74,010	)			(16.9	)
Employees			23,803				19,541				4,262				21.8					23,803				19,541				4,262				21.8

Number of Shares Outstanding 7,785,000,000 as of September 30, 2010

1		All figures are expressed in US dollars following GAAP accounting principles, unless otherwise stated.

Third Quarter 2010 Results

Highlights

Mining Division

Americas Mining Corporation (AMC)

•

Combination of Operations of Asarco and Southern Copper Corporation (SCC) under Common Ownership. — On August 10, 2010, SCC formed a special committee of independent directors to evaluate the AMC proposal on behalf of the public stockholders of SCC. The special committee has retained independent legal and financial advisors to assist with this transaction and help the special committee with the evaluation of the proposal. GMexico believes that the combination of SCC and Asarco will provide important synergies, including cost reductions in operations, transportation, and overhead, and capital expenditure savings, which would benefit all stockholders of the combined entity.

Southern Copper Corporation

	•		Cananea. — Cananea mine has restarted operations and full production capacity of 180,000 tons is expected to be reached by February 2011. The (i) SX/EW plant produced 4,985 tons of copper cathode during the third quarter. We have hired 4,200 contractors and workers for (i) major reconstruction and ramp-up of the mining and metallurgical operations, (ii) construction of the new leaching plant (SX/EW III) and its Quebalix (crushing and conveying system for the leaching material) facility and, (iii) development of social, educational and recreational infrastructure for the benefit of the communities.
	•		Capital Expenditures. — The Company has an investment program underway for a total of US $5.6 billion for mining and metallurgical expansions in the coming 5 years, out of which US$3.8 billion will be invested in Mexico and US$1.8 billion in Peru.
			For Cananea’s new SX/EW III leaching plant with Quebalix, ICA-Fluor is reviewing the basic engineering project that began in 2006 and the revised project is expected to be completed by December 2010. The detailed engineering studies will start in 1Q11.
			Through September 30, 2010 SCC has invested US$115 million in the expansion of the concentrator at the Toquepala mine in Peru. The engineering plan is under review and the Environmental Impact Study is expected be finalized by the end of this year. The project will increase annual copper production by 100,000 tons in 2012.
			With respect to Tía María, SCC has provided the Peruvian government additional information on the project, including the possibility of using seawater. A decision by the government regarding the environmental impact of the Tía María project is expected during the fourth quarter of this year, which would allow to begin of construction in 1Q11 and production by mid-2012.
	•		Cost Reduction. — Operating costs (cash cost) were cut more than half to US$0.145 per pound in 3Q10 from US$0.369 in 3Q09. This improvement is the result of greater productivity and operating efficiencies, in addition to better prices and increased volumes of byproducts.
	•		Copper Hedging. — The Company has recently entered into copper hedge contracts to reduce price volatility and protect sales value. For 4Q10, SCC has hedged 58% of its production through swaps at an average price of US $3.67 per pound. For 2011, it has hedged 11% of its copper production through swaps at an average price of US $3.73 per pound and 16% of its production through zero-cost collars with an average floor price of US $3.00 per pound and an average cap price of US $4.54 per pound.

3Q10		www.gmexico.com		Page 2

Third Quarter 2010 Results

	•		Labor Matters. — In September, SCC signed three-year collective bargaining agreements with three of the eight unions in Peru. The collective bargaining agreements with the five remaining unions are in effect until 2013.
			The Mexican Authorities have reestablished the rule of law by securing access roads to our La Caridad metallurgical facilities, activities at these operations have normalized with full assistance of the work force. The disruption in our metallurgical operations had no material impact on our results as we sold copper concentrates at outstanding market conditions.
	•		IMMSA receives Clean Industry recognition. — The PROFEPA (Federal Attorney Of Environmental Protection) awarded Clean Industry certification to Industrial Minera México’s Zinc Electrolyte Refinery, Charcas mine, and Santa Bárbara mine.

Asarco

	•		Copper Hedging. — Asarco has recently entered into copper hedge contracts to reduce price volatility and protect sales value. For 4Q10, Asarco has hedged 50% of its production through swap contracts at prices averaging US $3.50 per pound and 50% of its production through zero- cost collars with a an average floor price of US $3.00 per pound and an average cap of US $4.00 per pound. For 2011, Asarco has hedged 37% of its production through swap contracts at prices averaging US $3.70 per pound and 47% of its production through zero-cost collars with a an average floor price of US $3.00 per pound and an average cap of US $4.45 per pound.
	•		Cost Reduction. — Asarco continued to reduce its operating costs (cash cost), lowering its unit cost to US$1.19 per pound in 3Q10 from US$1.65 in 3Q09. This improvement resulted from greater productivity and operating efficiencies, in addition to greater contributions from byproducts.

Transportation Division

	•		Ferromex. — The railroad division reported significant growth, led by increased intermodal freight, mainly in Manzanillo, as well as higher border interchanges, which for the first time in its history interchanged more loaded cars than the Nuevo Laredo and Matamoros borders operated by KCSM. By September, Ferromex had interchanged 241,815 cars, representing a growth of 30% compared to 2009 and 51.6% of the total loaded rail cars interchanged at Mexico-US borders.
			During 3Q09, the volume of loaded cars was 208,876, a 11% increase than the previous record set in 2008’s third quarter. Also, 11.779 billion tons/kilometer were transported, 10% over the previous record set in the third quarter of 2008.
			In general rail freight (excluding Intermodal), Ferromex was the railroad with the second largest volume growth in North America during the first nine months of 2010, growing 18.1% over 2009, slightly less than Canadian National. According to the Association of American Railroads, US railroads grew an average of 8.4% during the same period.
	•		Ferrosur. — Ferrosur also reported significant growth in 3Q10. Sales were US$69.7 million, a 20% increase from the US$57.9 million posted in 3Q09. EBITDA increased 35% to US$19.3 million compared to US$14.3 million during the same period in the previous year. The nine month cumulative sales amounted to US$203.9 million, 24% above the previous year, while cumulative EBITDA of US$54.6 million represented an increase of 24%. The energy segment

3Q10		www.gmexico.com		Page 3

Third Quarter 2010 Results

			increased loaded cars by 156% due to the start of diesel traffic from Minatitlán, Veracruz to San Martín Texmelucan, Puebla, while the metals segment increased 38% and automotive 34%, reflecting the strong increase in exportations seen in this industry.
	•		Railroad Capital Expenditures. — The Railroad Division (including Ferrosur) invested US$67 million during the first nine months of the year to improve infrastructure throughout its routes, aiming to modernize its operating systems for greater safety and improve its commercial systems. Due to the strong growth in 2010, the Board of Directors approved in July an extraordinary capital expenditure of US$170 million, US$100 million for the purchase of 44 new model locomotives and US$70 million for the expansion of 8 current sidings and the construction of 17 new sidings. The locomotives have been ordered and are expected to be delivered in May 2011. The sidings expansion and construction began in October, taking advantage of the dry season, and is expected to begin operating in 1Q11.
			In July 2010, Ferrosur purchased 9 locomotives to transport the Pemex traffic more efficiently and to handle the current increase in volume. The locomotives are expected to be delivered on December 2010.

*   *   *   *   *

Financing

The net financing cost as of September 30, 2010 was US$218 million.

Debt Profile

		As of September 30
		2010													2009
		Gross				Cash &				Net					Gross				Var.
(US$000)		Debt				Banks				Debt					Debt				Debt
Grupo Mexico			9,999				229,243				(219,244	)				—				—
Americas Mining Corporation			878,571				45,591				832,980					—				—
Southern Copper Corporation			2,765,263				2,236,698				528,565					1,285,182				115.2
Asarco			—				44,713				(44,713	)				—				—
Infraestructura y Transportes Mexico (ITM)			—				114,238				(114,238	)				—				—
GFM — Ferromex			356,230				155,695				200,535					368,146				(3.2	)
Grupo Mexico (Consolidated)			4,010,063				2,826,178				1,183,885					1,653,328				142.5

As of September 30, 2010 prepayments amounting to US$650 million were made on the US$1.5 billion syndicated loan that AMC entered into on December 9, 2009, in connection with the reorganization of Asarco, and the US$280 million asbestos note, due December 9, 2010. As a result of such prepayments, other than the US $879 million outstanding under the AMC syndicated loan, neither AMC nor Asarco have any financial debt outstanding.

Ferrosur’s debt amounted to US$144.7 million as of September 30, 2010, which represents a net debt of US$38.9 million after deducting the cash and cash equivalent balance of US$105.8 million.

3Q10		www.gmexico.com		Page 4

Third Quarter 2010 Results

Mining Division
Americas Mining Corporation

Metals Market

During 3Q10, the prices for almost all our metals continued to rise following the trend that began at the start of the year, given China’s consumption demand, the gradual recovery of the developed economies, a weak dollar, and investment flow in the commodities sector.

We believe that basic metals prices will remain volatile in the short term. However, looking into 2011 and beyond, we are confident about the good outlook for copper, based on limited offer, low inventory levels, sustained growth among the emerging economies, and the gradual economic recovery of the developed countries.

Average Metals Prices

						2Q				Third Quarter								Var.					Var. %					January - September								Var.
						2010				2010				2009				%					3Q10-2Q10					2010				2009				%
Copper		($cts/Pound)					318.76				328.53				265.76				23.6					3.1					325.11				210.93				54.1
Molybdenum		($dlls/Pound)					16.10				14.86				14.50				2.5					(7.7	)				15.58				10.78				44.5
Zinc		($cts/Pound)					91.90				91.32				79.90				14.3					(0.6	)				95.68				66.63				43.6
Silver		($dlls/Ounce)					18.35				18.98				14.76				28.6					3.5					18.08				13.71				31.9
Gold		($dlls/Ounce)					1,195.68				1,226.58				960.06				27.8					2.6					1,177.06				930.09				26.6
Lead		($cts/Pound)					88.47				92.18				87.44				5.4					4.2					93.80				69.31				35.3
Sulfuric Acid		($dlls/Ton)					58.73				56.31				48.15				16.9					(4.1	)				53.82				49.09				9.6

Source: Copper, Zinc & Gold — LME; Silver — COMEX; Molybdenum — Metals Week Dealer Oxide; - Sulfuric Acid — AMC

Mining Production and Sales

Copper production in 3Q10 was 177,968 tons, a 48% increase over the same period in 2009. The reincorporation of Asarco contributed with 52,776 tons, while Southern Copper’s production increased 4,953 tons due mainly to resumed production at Cananea of 4,985 tons of copper cathode.

						Third Quarter								Variance									January - September								Variance
Mining Division						2010				2009				US$000				%					2010				2009				US$000				%
Copper			(m.t.	)
Production							177,968				120,240				57,728				48.0					503,714				359,289				144,425				40.2
Sales							183,294				137,621				45,673				33.2					515,564				380,777				134,787				35.4
Molybdenum*			(m.t.	)
Production							5,009				5,190				(181	)			(3.5	)				15,273				13,635				1,638				12.0
Sales							5,007				5,134				(127	)			(2.5	)				15,326				13,565				1,761				13.0
Zinc*			(m.t.	)
Production							24,500				27,822				(3,322	)			(11.9	)				76,750				82,504				(5,754	)			(7.0	)
Sales							20,395				26,111				(5,716	)			(21.9	)				70,303				77,967				(7,664	)			(9.8	)
Silver		(Koz)
Production							3,863				3,331				532				16.0					11,296				9,839				1,458				14.8
Sales							5,411				4,949				462				9.3					15,400				13,221				2,179				16.5
Gold*		(Oz)
Production							4,280				3,660				620				16.9					12,288				11,145				1,143				10.3
Sales							18,031				17,216				815				4.7					56,036				45,815				10,221				22.3

*		Asarco does not produce this mineral.

3Q10		www.gmexico.com		Page 5

Third Quarter 2010 Results

Molybdenum production was 5,009 tons in 3Q10, 3.5% below the same period in 2009. This decrease is primarily due to lower grades at Cuajone. However, Molybdenum production as of September 30, 2010, increased by 12% to 15,273 tons from 13,636 tons when compared to the same period in 2009.

Sales Distribution

The following chart reflects the cumulative sales share by metal as of September 30, 2010:

Southern Copper Corporation
Financial Highlights

		Third Quarter								Variance									January - September								Variance
(Thousand US Dollars)		2010				2009				US$000				%					2010				2009				US$000				%
Sales			1,257,864				1,151,769				106,095				9.2					3,650,509				2,598,276				1,052,233				40.5
Cost of Sales			542,503				529,893				12,610				2.4					1,563,999				1,324,824				239,175				18.1
Operating Income			602,898				508,731				94,167				18.5					1,752,092				956,055				796,037				83.3
EBITDA			676,049				591,757				84,292				14.2					1,979,929				1,197,885				782,044				65.3
Margin EBITDA (%)			53.7	%			51.4	%												54.2	%			46.1	%
Net Income			365,171				312,451				52,720				16.9					1,061,802				566,111				495,691				87.6
Margin Profit (%)			29.0	%			27.1	%												29.1	%			21.8	%
Investments / Capex			112,885				110,559				2,326				2.1					281,173				316,740				(35,567	)			(11.2	)

SCC sales in 3Q10 amounted to US$1.258 billion, compared to US$1.152 billion in the same period last year. This increase is due to better metals prices, which contributed to the EBITDA margin improvement to 54%.

3Q10		www.gmexico.com		Page 6

Third Quarter 2010 Results

Asarco²
Financial Highlights

		Third Quarter								Variance									January - September								Variance
(Thousand US Dollars)		2010				2009				US$000				%					2010				2009				US$000				%
Sales			414,617				303,312				111,305				36.7					1,227,373				793,836				433,537				54.6
Cost of Sales			224,014				179,132				44,882				25.1					749,978				562,408				187,570				33.4
Operating Income			140,411				107,355				33,056				30.8					334,506				184,313				150,193				81.5
EBITDA			187,766				117,265				70,501				60.1					545,060				221,304				323,756				146.3
Margin EBITDA (%)			45.3	%			38.7	%												44.4	%			27.9	%
Net Income			139,417				38,706				100,711				260.2					246,602				1,369				245,233				17,913.3
Margin Profit (%)			33.6	%			12.8	%												20.1	%			0.2	%
Investments / Capex			12,342				8,222				4,120				50.1					19,057				48,546				(29,489	)			(60.7	)

2		The Asarco operation consolidated again with GMexico results as of December 10, 2009. The figures for 3Q09 are provided for comparative purposes only.

Asarco’s copper production in 3Q10 was 52,776 tons, representing an increase of 15% compared to 3Q09. This increase is primarily due to better ore grades at the Mission and Ray mines, and also better recovery at Mission.

Asarco sales in 3Q10 were US$414.6 million, increasing 36.7% over the same period in 2009, mainly due to increased copper production and improved metals prices.

The cost of sales during 3Q10 was US$224.0 million, compared to US$179.1 million in 3Q09. Despite the increase in the quarter, cost of sales declined 5.9% from 2Q10 mainly because there were no adjustments made during this quarter for the inventory revaluation performed after December 10, 2009, when Asarco was reincorporated into GMéxico.

The September 30, 2010 cumulative production cost per pound of copper, net of byproduct gains, decreased to US$1.19 per pound, compared to US$1.65 in the same 2009 period. This improvement is the result of greater productivity, operating efficiencies, and better byproduct prices.

EBITDA in 3Q10 reached US$187.8 million, equivalent to 45.3% of sales, representing an increase of 60.1%, compared to 3Q09.

Capital expenditures during 3Q10 were US$12.3 million, an increase of 50.1% over 3Q09, primarily due to the purchase of four new 400-ton Liehberr trucks, reaching 17 new units bought under the program to purchase a total of 21 trucks. This will increase stripping activities at the Ray mine to expose greater areas of copper ore and maintain a low unit cost.

Asarco has remained debt-free as of 3Q10, after having prepaid the US$280 million note to the asbestos creditors.

3Q10		www.gmexico.com		Page 7

Third Quarter 2010 Results

Transportation Division

ITM/Ferromex
Financial Highlights

		Third Quarter								Variance									January - September								Variance
(Thousand US Dollars)		2010				2009				US$000				%					2010				2009				US$000				%
Load Volume (MillionTons/Km)			11,779				10,040				1,739				17.3					34,144				28,892				5,252				18.2
Sales			303,749				237,604				66,145				27.8					877,239				668,147				209,092				31.3
Cost of Sales			202,626				158,830				43,796				27.6					569,431				448,876				120,555				26.9
Operating Income			69,143				47,811				21,332				44.6					208,611				131,266				77,345				58.9
EBITDA			93,962				66,342				27,620				41.6					291,042				192,608				98,434				51.1
Margin EBITDA (%)			30.9	%			27.9	%												33.2	%			28.8	%
Net Income			46,742				28,029				18,713				66.8					137,319				87,644				49,675				56.7
Margin Profit (%)			15.4	%			11.8	%												15.7	%			13.1	%
Investments / Capex			29,011				21,131				7,880				37.3					54,719				76,730				(22,011	)			(28.7	)

Note: ITM does not consolidate Ferrosur as the resolution from the CFC remains pending

The volume transported during 3Q10 increased 17.3%, transporting 11.779 billion net tons/kilometer, compared to 10.040 billion transported during the same period last year. The sectors that reported the strongest recovery were: intermodal with 48%, agricultural with 35%, siderurgical with 18%, and automotive with 17%.

Revenues for the Transportation Division increased 27.8% to reach US$303.7 million in 3Q10, compared to US$237.6 million in 3Q09. This improvement is explained by the above mentioned volume increase as a result of the economic recovery in addition to the combination of more favorable rates and improved traffics.

The following chart shows revenue contribution by segment, as of September 30, 2010:

The operating cost for 3Q10 was US$202.6 million, 27.6% higher than 3Q09. This increase is due to increased freight volume, a 9.8% increase in the peso price of diesel, the damages and suspended service as a result of Hurricane Alex, and exchange rate effects, all of which were partially mitigated by better performance of our locomotives.

EBITDA for 3Q10 was US$94 million, representing an increase of 41.6% compared to 3Q09.

3Q10		www.gmexico.com		Page 8

Third Quarter 2010 Results

Ferrosur
Financial Highlights

		Third Quarter								Variance									January - September								Variance
(Thousand US Dollars)		2010				2009				US$000				%					2010				2009				US$000				%
Load Volume (MillionTons/Km)			1,762				1,730				32				1.8					5,327				5,138				189				3.7
Sales			69,677				57,911				11,766				20.3					203,855				165,056				38,799				23.5
Cost of Sales			47,385				39,987				7,398				18.5					140,501				114,819				25,682				22.4
Operating Income			13,463				9,936				3,527				35.5					37,030				27,277				9,753				35.8
EBITDA			19,282				14,332				4,950				34.5					54,604				44,196				10,408				23.5
Margin EBITDA (%)			27.7	%			24.7	%												26.8	%			26.8	%
Net Income			7,271				5,164				2,107				40.8					19,981				16,877				3,104				18.4
Margin Profit (%)			10.4	%			8.9	%												9.8	%			10.2	%
Investments / Capex			5,662				6,874				(1,212	)			(17.6	)				11,917				12,984				(1,066	)			(8.2	)

Ferrosur’s sales in 3Q10 were US$69.7 million, 20.3% higher than 3Q09. This gain was driven by a 1.8% increase in the net tons/kilometer transported, which increased from US $1.730 billion in 3Q09 to US $1.762 billion in 3Q10.

EBITDA for Ferrosur for 3Q10 was US$19.3 million, 34.5% higher than in the same 2009 period, representing a margin of 27.7%.

The following chart shows revenue contribution by segment, as of September 30, 2010:

The average exchange rate in 3Q10 was $12.81, compared to $13.26 for the same 2009 period, which had a negative impact given the higher cost of sale for materials in pesos.

*   *   *   *   *

3Q10		www.gmexico.com		Page 9

Third Quarter 2010 Results

Company Profile

Grupo México (“GMéxico”) is a holding company whose main activities are: (i) mining, being one of the world’s largest integrated copper producers; (ii) railroad service with the most extensive network in Mexico; and (iii) drilling, engineering, procurement, and construction services. These lines of business are grouped under the following subsidiaries:

The mining division of GMéxico is represented by its subsidiary Americas Mining Corporation (“AMC”), whose principal subsidiaries are Southern Copper Corporation (“SCC”) in Mexico and Peru, and Asarco in the United States. The sum of both companies holds the world’s largest copper reserves. SCC trades on the New York and Lima stock exchanges. Its stockholders, directly or through subsidiaries, are: GMéxico (80%) and other stockholders (20%). The company has mines, metallurgic plants, and exploration projects in Peru, Mexico, and Chile. Asarco, our wholly-owned US subsidiary, was reincorporated into GMéxico on December 9, 2009. Asarco has 3 mines and 1 smelting plant in Arizona and 1 refinery in Texas.

The transportation division of GMéxico is represented by its subsidiary Infraestructura y Transportes México, S.A. de C.V. (“ITM”), whose principal subsidiaries are (i) Grupo Ferroviario Mexicano, S.A. de C.V. (“GFM”), (ii) Ferrocarril Mexicano, S.A. de C.V. (“Ferromex”), (iii) Intermodal México, S.A. de C.V., and (iv) Texas Pacifico, LP, Inc. Ferromex is the largest railroad company with the most extensive coverage in Mexico. Ferromex has a network of 8,111 kilometers of track that cover approximately 71% of Mexico. Ferromex’s lines connect to five border points with the United States, four ports on the Pacific Coast and two on the Gulf of Mexico. Ferromex is controlled by GMéxico, holding 55.5%, with the remaining participation split between Union Pacific(26%) and Grupo Carso-Sinca Inbursa (18.5%). On November 24, 2005, GMéxico incorporated Ferrosur through Infraestructura y Transportes Ferroviarios, S.A. de C.V. (“ITF”); this acquisition is reported in the financial statements under the participation method. Ferrosur has a track network of 1,813 kilometers covering the central and southeastern part of the country, serving principally the states of Tlaxcala, Puebla, Veracruz, and Oaxaca, and has access to the ports of Veracruz and Coatzacoalcos on the Gulf of Mexico. Ferrosur is controlled by GMéxico, holding 74.99%, with Grupo Carso-Sinca Inbursa holding the remaining 25.01%.

The infrastructure and construction division of GMéxico is represented by its subsidiaries (i) México Proyectos y Desarrollos, S.A. de C.V. (“MPD”), (ii) México Constructora Industrial, SA de C.V. (“MCI”), (iii) México Compañía Constructora, S.A. de C.V. (“MCC”), (iv) Servicios de Ingeniería Consutec, S.A. de C.V.(“Consutec”), and (v) Compañía Perforadora México, S.A.P.I de C.V. (“PEMSA”). MPD, PEMSA, MCI, and MCC are wholly owned by GMéxico. MPD, MCI and MCC are active in engineering, procurement, and infrastructure works construction projects. PEMSA offers oil and water drilling services and related value added services such as cementation engineering and directional or slated drilling. Consutec engages in integral project engineering activities.

3Q10		www.gmexico.com		Page 10

Third Quarter 2010 Results

GRUPO MEXICO, S.A.B. DE C.V. (GM)
CONSOLIDATED FINANCIAL STATEMENTS (US GAAP)

		Quarters													Accumulated
(Thousands of US Dollars)		Q3-10				Q3-09				Variance					2010				2009				Variance
STATEMENT OF EARNINGS
Net sales			2,003,023				1,413,761				589,262					5,832,131				3,343,054				2,489,077
Cost of sales			998,823				703,941				294,881					2,975,566				1,830,014				1,145,552
Gross profit			1,004,200				709,820				294,381					2,856,565				1,513,040				1,343,525
Gross margin			50	%			50	%												49	%			45	%
Administrative expenses			47,012				35,656				11,356					144,372				103,287				41,085
EBITDA			962,566				691,427				271,139					2,780,580				1,426,929				1,353,651
Depreciation and amortization			149,716				103,456				46,260					439,976				300,063				139,913
Operating income			807,473				570,708				236,765					2,272,217				1,109,690				1,162,527
Operating margin			40	%			40	%								39	%			33	%
Interest expense			82,381				34,301				48,081					228,633				93,166				135,467
Interest income			(5,212	)			(21,149	)			15,938					(10,597	)			(74,372	)			63,775
Financial coverage			1,194				518				676					3,457				(4,309	)			7,766
Other (income) expense, net			(6,574	)			(9,243	)			2,669					9,482				(19,691	)			29,174
Earnings before Tax			735,683				566,281				169,402					2,041,242				1,114,896				926,346
Taxes			186,720				204,614				(17,894	)				642,995				418,522				224,473
Participation in subsidiary not consolidated and associated			(8,898	)			(5,755	)			(3,143	)				(23,221	)			(19,184	)			(4,037	)
Net Earnings			557,861				367,422				190,439					1,421,468				715,558				705,910
Non controlling interest in consolidated subsidiaries			106,283				81,070				25,213					311,030				170,792				140,238
Consolidated Net Earnings			451,578				286,352				165,226					1,110,437				544,766				565,671
BALANCE SHEET
Cash and cash equivalents			2,826,178				1,537,501				1,288,677					2,826,178				1,537,501				1,288,677
Marketable securities			59,379				32,799				26,581					59,379				32,799				26,581
Restricted cash			224,362				—				224,362					224,362				—				224,362
Notes and accounts receivable			711,828				595,188				116,640					711,828				595,188				116,640
Inventories			785,057				450,383				334,674					785,057				450,383				334,674
Prepaid and others current assets			263,220				169,380				93,841					263,220				169,380				93,841
Total Current Assets			4,870,025				2,785,251				2,084,775					4,870,025				2,785,251				2,084,775
Property, plant and equipment, Net			6,682,132				5,059,932				1,622,200					6,682,132				5,059,932				1,622,200
Leachable material, net			187,100				119,520				67,580					187,100				119,520				67,580
Other long term assets			1,673,860				924,645				749,215					1,673,860				924,645				749,215
Total Assets			13,413,117				8,889,348				4,523,770					13,413,117				8,889,348				4,523,770
Liabilities and Stockholders’ Equity
Current portion of long-term debt			259,430				41,665				217,766					259,430				41,665				217,766
Accumulated liabilities			1,195,499				752,944				442,555					1,195,499				752,944				442,555
Current Liabilities			1,454,930				794,608				660,321					1,454,930				794,608				660,321
Long-term debt			3,750,633				1,611,663				2,138,971					3,750,633				1,611,663				2,138,971
Other non-current liabilities			898,614				330,977				567,637					898,614				330,977				567,637
Total Liabilities			6,104,176				2,737,248				3,366,929					6,104,176				2,737,248				3,366,929
Stockholders equity			2,000,446				2,000,446				—					2,000,446				2,000,446				—
Other equity accounts			(286,585	)			(141,300	)			(145,285	)				(286,585	)			(141,300	)			(145,285	)
Retaining earnings			4,117,063				2,994,822				1,122,242					4,117,063				2,994,822				1,122,242
Total Stockholders’ equity			5,830,924				4,853,967				976,957					5,830,924				4,853,967				976,957
Non controlling interest			1,478,017				1,298,133				179,884					1,478,017				1,298,133				179,884
Total Liabilities and Stockholders’ Equity			13,413,117				8,889,348				4,523,770					13,413,117				8,889,348				4,523,770
CASH FLOW
Net Income			557,861				367,422				190,439					1,421,468				715,558				705,910
Depreciation and amortization			149,716				103,455				46,261					439,976				300,063				139,913
Deferred income taxes			10,463				(17,408	)			27,871					(46,176	)			26,282				(72,458	)
Capitalized leachable material			(22,972	)			—				(22,972	)				(67,617	)			—				(67,617	)
Participation in subsidiary not consolidated and associated			(8,898	)			(5,755	)			(3,143	)				(23,221	)			(19,184	)			(4,037	)
Other Net			11,945				(68,162	)			80,107					69,544				(48,892	)			118,436
Changes in assets and liabilities			(9,634	)			306,816				(316,450	)				564,537				(136,635	)			701,172
Cash generated by operating activities			688,481				686,368				2,113					2,358,511				837,192				1,521,319
Add property & equipment			(157,684	)			(146,868	)			(10,816	)				(363,897	)			(437,908	)			74,011
Purchase of marketable securities			(9,233	)			7,933				(17,166	)				138,625				139,603				(978	)
Restricted cash			(53,016	)			—				(53,016	)				(28,011	)			—				(28,011	)
Capital reimbursement			(92,762	)			(98,513	)			5,751					(432,769	)			(257,386	)			(175,383	)
Cash used in investing activities			(312,695	)			(237,448	)			(75,247	)				(686,052	)			(555,691	)			(130,361	)
Debt incurred			137				70				67					1,500,011				210				1,499,801
Debt amortization			(7,444	)			(11,096	)			3,652					(960,085	)			(48,207	)			(911,878	)
Dividends paid			(174,463	)			(167,055	)			(7,408	)				(555,960	)			(323,890	)			(232,070	)
Other Net			—				(337	)			337					—				(124,332	)			124,332
Cash used in financing activities			(181,770	)			(178,418	)			(3,352	)				(16,034	)			(496,219	)			480,185
Effect of exchange rate changes on cash and cash equivalents			(1,650	)			(20,759	)			19,109					7,789				(33,194	)			40,983
Net increase (decrease) cash & cash equivalents			192,366				249,743				(57,377	)				1,664,214				(247,912	)			1,912,126
Cash & cash equivalents at begin yr.			2,633,811				1,287,758				1,346,053					1,161,964				1,785,413				(623,449	)
Cash & cash equivalents at yr. end			2,826,178				1,537,501				1,288,676					2,826,178				1,537,501				1,288,677

3Q10		www.gmexico.com		Page 11

Third Quarter 2010 Results

SOUTHERN COPPER CORPORATION
CONSOLIDATED FINANCIAL STATEMENTS (US GAAP)

		Quarters													Accumulated
(Thousands of US Dollars)		Q4-09				Q4-08				Variance					2009				2008				Variance
STATEMENT OF EARNINGS
Net sales			1,257,864				1,151,769				106,095					3,650,509				2,598,276				1,052,233
Cost of sales			542,503				529,893				12,610					1,563,999				1,324,824				239,175
Exploration			8,871				7,075				1,796					27,401				17,498				9,903
Gross profit			706,490				614,801				91,689					2,059,109				1,255,954				803,155
Gross margin			56	%			53	%								56	%			48	%
Administrative expenses			21,262				23,804				(2,542	)				64,944				60,697				4,247
EBITDA			676,049				591,757				84,292					676,049				591,757				84,292
Depreciation and amortization			82,330				82,266				64					242,073				239,202				2,871
Operating income			602,898				508,731				94,167					1,752,092				956,055				796,037
Operating margin			48	%			44	%								48	%			37	%
Interest expense			49,816				25,126				24,690					118,654				74,402				44,252
Interest capitalized			—				3,287				(3,287	)				—				(2,156	)			2,156
Interest income			(2,015	)			(845	)			(1,170	)				(5,395	)			(6,018	)			623
Financial coverage			—				37				(37	)				—				(4,144	)			4,144
Other (income) expense, net			9,180				(760	)			9,940					14,236				(2,628	)			16,864
Earnings before tax			545,917				481,886				64,031					1,624,597				896,599				727,998
Taxes			178,717				167,661				11,056					556,859				327,099				229,760
Net Earnings			367,200				314,225				52,975					1,067,738				569,500				498,238
Non controlling interest in consolidated subsidiaries			2,029				1,774				255					5,936				3,389				2,547
Consolidated Net Earnings			365,171				312,451				52,720					1,061,802				566,111				495,691
BALANCE SHEET
Cash and cash equivalents			2,236,698				413,280				1,823,418					2,236,698				413,280				1,823,418
Marketable securities			59,379				25,956				33,423					59,379				25,956				33,423
Notes and accounts receivable			391,796				449,373				(57,577	)				391,796				449,373				(57,577	)
Inventories			430,397				417,657				12,740					430,397				417,657				12,740
Prepaid and others current assets			144,797				96,756				48,041					144,797				96,756				48,041
Total Current Assets			3,263,067				1,403,022				1,860,045					3,263,067				1,403,022				1,860,045
Property, plant and equipment, Net			4,042,592				3,942,922				99,670					4,042,592				3,942,922				99,670
Leachable material, net			76,105				119,520				(43,415	)				76,105				119,520				(43,415	)
Other long term assets			229,658				211,056				18,602					229,658				211,056				18,602
Total Assets			7,611,422				5,676,520				1,934,902					7,611,422				5,676,520				1,934,902
Liabilities and Stockholders’ Equity
Current portion of long-term debt			10,000				10,000				—					10,000				10,000				—
Accumulated liabilities			667,231				402,107				265,124					667,231				402,107				265,124
Current Liabilities			677,231				412,107				265,124					677,231				412,107				265,124
Long-term debt			2,755,263				1,275,182				1,480,081					2,755,263				1,275,182				1,480,081
Other non-current liabilities			283,199				317,587				(34,388	)				283,199				317,587				(34,388	)
Total Liabilities			3,715,693				2,004,876				1,710,817					3,715,693				2,004,876				1,710,817
Stockholders equity			8,846				8,846				—					8,846				8,846				—
Other equity accounts			411,509				410,611				898					411,509				410,611				898
Retaining earnings			3,456,172				3,235,359				220,813					3,456,172				3,235,359				220,813
Total Stockholders’ equity			3,876,527				3,654,816				221,711					3,876,527				3,654,816				221,711
Non controlling interest			19,202				16,828				2,374					19,202				16,828				2,374
Total Liabilities and Stockholders’ Equity			7,611,422				5,676,520				1,934,902					7,611,422				5,676,520				1,934,902
CASH FLOW
Net income			367,201				314,225				52,976					1,067,738				569,500				498,238
Depreciation and amortization			82,331				82,266				65					242,074				239,202				2,872
Deferred Income taxes			(32,311	)			(13,274	)			(19,037	)				-46,823				40,116				(86,939	)
Other Net			5,991				-12,986				18,977					13,145				-50,638				63,783
Changes in assets and liabilities			110,653				10,392				100,261					92,725				-501,451				594,176
Cash generated by operating activities			533,865				380,623				153,242					1,368,859				296,729				1,072,130
Add property & equipment			-112,885				-110,559				(2,326	)				-281,173				-316,740				35,567
Other Net			(7,709	)			9,673				(17,382	)				-29,106				42,418				(71,524	)
Cash used in investing activities			(120,594	)			(100,886	)			(19,708	)				(310,279	)			(274,322	)			(35,957	)
Debt incurred			—				—				—					1,489,674				—				1,489,674
Debt amortization			—				—				—					(5,000	)			(5,000	)			—
Dividends paid			-316,189				-86,703				(229,486	)				-1,067,158				-224,698				(842,460	)
Purchase of share SCC			(20	)			(337	)			317					(223	)			(71,903	)			71,680
Other Net			-540				351				(891	)				-8,505				990				(9,495	)
Cash used in financing activities			(316,749	)			(86,689	)			(230,060	)				408,788				(300,611	)			709,399
Effect of exchange rate changes on cash and cash equivalents			-4,447				-15,308				10,861					-2,976				-25,256				22,280
Net increase (decrease) cash & cash equivalents			92,075				177,740				(85,665	)				1,464,392				(303,460	)			1,767,852
Cash & cash equivalents at begin yr.			2,144,623				235,540				1,909,083					772,306				716,740				55,566
Cash & cash equivalents at yr. end			2,236,698				413,280				1,823,418					2,236,698				413,280				1,823,418