• Southern Copper average gross margin for 2023 was 53.32%, a 8.42% increase from 2022.
• Southern Copper average gross margin for 2022 was 58.22%, a 4.12% decline from 2021.
• Southern Copper average gross margin for 2021 was 60.72%, a 24.68% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.