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SOUTHERN COPPER CORP/ Annual Report (Amendment), Year Ended Dec 31, 2001

Filing Date
Filed July 12, 2002
Period End
December 31, 2001
Security
SCCO
In the record · 2016–202610-K1510-Q328-K86

SCCO filed 15 annual reports (10-K), 32 quarterly reports (10-Q) and 86 current reports (8-K) between 2016 and 2026.

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01—Abstract

Summary

Summary of the 10-K/A filed July 12, 2002. Cited figures are marked; the original filing is the authoritative source.

This filing is a 10-K/A for fiscal 2001 from Southern Peru Copper Corporation (NYSE and Lima: SCCO), signed July 9, 2002.

It does not contain the company's full annual report. The amendment only adds the Form 11-K for the Savings Plan of Southern Peru Copper Corporation and Participating Subsidiaries, which was required under Rule 15d-21. The filing therefore offers no operating results, revenue, earnings, or balance sheet for the mining company itself.

The header's name, "SOUTHERN COPPER CORP/", differs from the registrant name on the cover page, which is Southern Peru Copper Corporation. The only financial data is for the employee savings plan, which is small relative to the company. Net assets in liquidation fell from $2,123,560 at December 31, 2000 to $1,043,308a at December 31, 2001.

The decline reflects $907,559b in benefit payments and a $219,138 net depreciation in investment value, partly offset by $46,445 in income. The plan's holding of SPCC common stock was worth $158,116 at year-end, down from $202,811. The plan made no company contributions in 2001.

The filing also shows the cover-page share count of 14,103,157 common shares and 65,900,833 Class A shares, which are convertible one-to-one. Non-affiliate market value was about $156 millionc as of February 28, 2002.

For investors, the amendment is largely administrative. It contains no new information about the company's business or financial condition, and the plan termination has no material bearing on the company's valuation.

02—Key points

Key Highlights

  1. The filing is a 10-K/A whose sole purpose is to add the Form 11-K for the employee Savings Plan. It contains no full-year operating or financial statements for Southern Peru Copper Corporation.
  2. Plan net assets in liquidation declined from $2,123,560 (2000) to $1,043,308 (2001), a drop of about 51%, driven mainly by $907,559 in benefit payments.
  3. The plan recorded a net investment loss of $172,693 in 2001, including $219,138 in net depreciation across mutual funds and common stock.
  4. The plan's SPCC Common Stock Fund held 17,433 units valued at $158,116 at December 31, 2001, down from $202,811 a year earlier.
  5. The plan was terminated effective November 15, 2000, with no further contributions after that date and no company matching contributions in 2001.
  6. At year-end 2001, 34 participants had not completed withdrawal paperwork, and the plan's termination is expected to be completed by year-end 2002.
  7. The cover page reports 14,103,157 common shares and 65,900,833 Class A shares outstanding as of February 28, 2002, with non-affiliate market value of roughly $156 million.

03—Questions

Frequently Asked Questions

  1. Does this filing contain Southern Peru Copper's 2001 financial results?

    No. The 10-K/A amends the 2001 annual report only to add the Form 11-K for the employee Savings Plan. It does not include the company's income statement, balance sheet, or cash flow statement, so investors should refer to the original 2001 Form 10-K for those results.

  2. Why did the savings plan's net assets fall so sharply in 2001?

    Net assets fell from $2,123,560 to $1,043,308. Most of the decline came from $907,559 in benefit payments to participants as the plan was wound down. Investment losses of $219,138 from depreciation in mutual funds and common stock also contributed. The plan had no new contributions after its termination in November 2000.

  3. Is the plan termination material to Southern Peru Copper's investors?

    Probably not. The plan is small, with about $1.0 million in net assets at year-end 2001, compared with the company's market value of about $156 million for non-affiliate shares alone. The termination mainly affects plan participants, and the filing does not indicate any material financial impact on the company.

  4. How much of Southern Peru Copper does the company's savings plan hold?

    The plan held 17,433 units of the SPCC Common Stock Fund, valued at $158,116 at December 31, 2001. This is a very small position compared with the company's roughly 80 million total shares outstanding across common and Class A stock.

04—Continue

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