01—Abstract
Summary
Summary of the 10-K/A filed March 8, 2022. Cited figures are marked; the original filing is the authoritative source.
This is Amendment No. 1 (Form 10-K/A) to Southern Copper Corporation's (SCCO) Annual Report for fiscal year 2021.
Its sole purpose, per the explanatory note, is to file Exhibits 96.1 through 96.9, the Technical Report Summaries for mineral reserves and resources at several mines and projects, which exceeded the SEC's file size limit for a single submission. The amendment does not change any other item or disclosure in the original 10-K. The filing provided contains no financial statements, MD&A, or operating results, so it cannot be used to assess 2021 revenue, earnings, cash flow, or balance sheet strength.
The note states the original report was filed March 7, 2022, although the submission date given is March 8, 2022. The cover page shows 773,086,869 common shares outstanding as of March 4, 2022. The aggregate market value of non-affiliate shares, based on the June 30, 2021 closing price, was approximately $5,519.0 milliona.
SCCO is a large accelerated filer with an auditor attestation on internal control over financial reporting. It is not a shell company. For investors, the main value of this amendment is the technical support for SCCO's reported reserve and resource base.
The reports cover the Cuajone, Toquepala, Tia Maria, Los Chancas, Michiquillay, Buenavista del Cobre, La Caridad, Pilares, and El Pilar projects. Four more reports (El Arco, Charcas, Santa Barbara, and San Martin, Exhibits 96.10 to 96.13) were deferred to a later amendment, so the mineral disclosure is not yet complete. Investors should review the full FY2021 Form 10-K for financial results and the Technical Report Summaries for reserve and resource detail.
02—Key points
Key Highlights
- Filing type: Amendment No. 1 to the FY2021 Form 10-K, filed solely to add Technical Report Summary exhibits (96.1 to 96.9) that exceeded SEC file size limits.
- No changes: The amendment does not modify any other item or disclosure in the original 10-K, and it contains no updated financial statements or operating results.
- Mineral disclosure scope: Technical reports cover Cuajone, Toquepala, Tia Maria, Los Chancas, Michiquillay, Buenavista del Cobre, La Caridad, Pilares, and El Pilar.
- Deferred exhibits: Technical reports for El Arco, Charcas, Santa Barbara, and San Martin (Exhibits 96.10 to 96.13) are to be filed by a later amendment.
- Capital structure: 773,086,869 common shares outstanding at March 4, 2022, with par value of $0.01 per share.
- Market value: Non-affiliate equity was approximately $5,519.0 million based on the June 30, 2021 NYSE closing price.
- Filer status: Large accelerated filer with a SOX 404(b) auditor attestation on internal control over financial reporting; not a shell company.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2021, Southern Copper Corp kept $0.31.
- Revenue$10.93B100.0%
- Cost of revenue−$3.89B35.6%
- Gross profit$7.04B64.4%
- Operating costs−$974.6M8.9%
- Operating income$6.07B55.5%
- Interest, other & tax−$2.67B24.4%
- Net income$3.40B31.1%
Where FY2021 revenue went
$10.93B- Cost of revenue: $3.89B, 36% of revenue
- Net income: $3.40B, 31% of revenue
- Interest, other & tax: $2.67B, 24% of revenue
- SG&A: $125.2M, 1.1% of revenue
- Other operating costs: $849.4M, 7.8% of revenue
Kept 31% as net incomeSG&A $125.2M · 1.1%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2021filed March 8, 2022Financial Statements
FY2021 against FY2020
| Line item | FY2021FY2020 | Change |
|---|---|---|
| Revenue | $10.93B$7.98B | +36.9% |
| Cost of Revenue | $3.89B$3.93B | −0.9% |
| Gross Profit | $7.04B$4.06B | +73.6% |
| SG&A Expenses | $125.20M$126.20M | −0.8% |
| Operating Expenses | $4.87B$4.86B | +0.1% |
| Operating Income | $6.07B$3.12B | +94.4% |
| Net Income | $3.40B$1.57B | +116.3% |
| EPS (Basic) | $4.39$2.03 | +116.3% |
| EPS (Diluted) | $4.39$2.03 | +116.3% |
| Shares Outstanding (Basic) | 773.10M773.10M | 0.0% |
| Shares Outstanding (Diluted) | 773.10M773.10M | 0.0% |
05—Questions
Frequently Asked Questions
Does this amendment change SCCO's 2021 financial results?
No. The explanatory note states that the amendment only adds Exhibits 96.1 to 96.9 and does not amend, update, or change any other item in the original FY2021 10-K filed March 7, 2022. Financial results should be taken from the original filing.
Why was this amendment filed?
The Technical Report Summaries for mineral reserves and resources were too large to submit as part of the original filing under SEC file size limits, so they were filed separately as Exhibits 96.1 to 96.9.
What do the Technical Report Summaries cover?
They provide independent technical support for SCCO's mineral reserve and resource estimates at its mines and projects, including Cuajone, Toquepala, Tia Maria, Buenavista del Cobre, La Caridad, and several development-stage projects such as Los Chancas, Michiquillay, Pilares, and El Pilar.
Are any technical reports still missing?
Yes. Exhibits 96.10 to 96.13, covering El Arco, Charcas, Santa Barbara, and San Martin, were marked as to be filed by a future amendment.
How many shares are outstanding and what is the public float?
As of March 4, 2022, there were 773,086,869 shares of common stock outstanding. Non-affiliate market value was approximately $5,519.0 million based on the June 30, 2021 closing price.
06—Continue