01—Abstract
Summary
Summary of the 10-K/A filed March 1, 2023. Cited figures are marked; the original filing is the authoritative source.
This filing is Amendment No. 1 (Form 10-K/A) to Southern Copper Corporation's Annual Report for fiscal year 2022, which was originally filed on February 28, 2023.
The signature date on this amendment is also February 28, 2023, not March 1, 2023 as stated in the request. The amendment was filed solely to submit seven Technical Report Summaries (Exhibits 96.1, 96.2, 96.6, 96.7, 96.11, 96.12, and 96.13) that exceeded SEC file-size limits. It does not amend any other item, and it contains no income statement, balance sheet, cash flow, or MD&A content.
Investors looking for FY2022 financial results should consult the Original Filing. The content that is present covers filer status and capital structure. Southern Copper is a large accelerated filer with an effective internal control attestation, is not a shell company, and reports no error corrections or restatements.
As of February 28, 2023, 773,101,669 common shares were outstanding. The non-affiliate market value was approximately $4,274.5 milliona, measured at the June 30, 2022 closing price. The exhibit index also lists the company's senior notes outstanding, including $1.0 billion of 7.500% notes due 2035, $1.1 billion of 6.750% notes due 2040, 5.250% notes due 2042, 3.875% notes due 2025, and 5.875% notes due 2045.
The signing officer is CEO Oscar Gonzalez Rocha. The mineral technical reports in this amendment cover the Cuajone, Toquepala, Buenavista del Cobre, La Caridad, Charcas, Santa Barbara, and San Martin operations. These reports provide the reserve and resource support for the company's copper, molybdenum, zinc, silver, and other metal disclosures, which investors use to assess long-term production potential and asset life.
02—Key points
Key Highlights
- Filing type: This is a 10-K/A (Amendment No. 1) for FY2022, filed solely to add seven Technical Report Summaries that exceeded SEC file-size limits. It contains no financial statements.
- Date discrepancy: The filing is dated and signed February 28, 2023, which matches the Original Filing date, not March 1, 2023 as stated in the request.
- Capital structure: 773,101,669 common shares were outstanding at February 28, 2023, and non-affiliate market value was about $4,274.5 million at June 30, 2022.
- Filer status: Southern Copper is a large accelerated filer with an auditor attestation on internal controls. It reports no restatements and no incentive-compensation clawback analysis.
- Debt profile: The exhibit index lists senior notes including $1.0 billion of 7.500% notes due 2035, $1.1 billion of 6.750% notes due 2040, 5.250% notes due 2042, 3.875% notes due 2025, and 5.875% notes due 2045.
- Reserves and resources: New technical reports cover Cuajone, Toquepala, Buenavista del Cobre, La Caridad, Charcas, Santa Barbara, and San Martin, supporting mineral reserve and resource disclosures.
- Governance: Stockholders approved a 5-year extension of the Directors' Stock Award Plan at the 2022 Annual Meeting, after the plan expired on January 28, 2023.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2022, Southern Copper Corp kept $0.26.
- Revenue$10.05B100.0%
- Cost of revenue−$4.65B46.3%
- Gross profit$5.40B53.7%
- Operating costs−$963.0M9.6%
- Operating income$4.44B44.1%
- Interest, other & tax−$1.80B17.9%
- Net income$2.64B26.3%
Where FY2022 revenue went
$10.05B- Cost of revenue: $4.65B, 46% of revenue
- Net income: $2.64B, 26% of revenue
- Interest, other & tax: $1.80B, 18% of revenue
- SG&A: $125.0M, 1.2% of revenue
- Other operating costs: $838.0M, 8.3% of revenue
Kept 26% as net incomeSG&A $125.0M · 1.2%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2022filed March 1, 2023Financial Statements
FY2022 against FY2021
| Line item | FY2022FY2021 | Change |
|---|---|---|
| Revenue | $10.05B$10.93B | −8.1% |
| Cost of Revenue | $4.65B$3.89B | +19.4% |
| Gross Profit | $5.40B$7.04B | −23.3% |
| SG&A Expenses | $125.00M$125.20M | −0.2% |
| Operating Expenses | $5.61B$4.87B | +15.3% |
| Operating Income | $4.44B$6.07B | −26.9% |
| Net Income | $2.64B$3.40B | −22.3% |
| EPS (Basic) | $3.41$4.39 | −22.3% |
| EPS (Diluted) | $3.41$4.39 | −22.3% |
| Shares Outstanding (Basic) | 773.10M773.10M | 0.0% |
| Shares Outstanding (Diluted) | 773.10M773.10M | 0.0% |
05—Questions
Frequently Asked Questions
Does this amendment include Southern Copper's FY2022 revenue, earnings, or cash flow?
No. The amendment was filed only to submit Technical Report Summaries as exhibits. It states that it does not amend or update any other item in the Original Filing. Financial results must be taken from the Original 10-K filed February 28, 2023.
Why was this 10-K/A filed?
Exhibits 96.1, 96.2, 96.6, 96.7, 96.11, 96.12, and 96.13 exceeded the SEC's file-size limit for a single submission, so they were filed separately in this amendment.
What does the mineral technical report content mean for investors?
The reports document the mineral reserves and resources at the listed mines and projects. Investors use them to evaluate the expected mine life and long-term production potential of Southern Copper's operations, which are central to its valuation.
Are there any accounting restatements or control issues disclosed?
No. The filing indicates no error corrections and no restatements requiring incentive-compensation recovery analysis. It also reports an auditor attestation on internal control over financial reporting.
Who are the auditors and who signed the filing?
The auditor is Galaz, Yamazaki, Ruiz Urquiza, S.C., a member of Deloitte Touche Tohmatsu Limited in Mexico City. The filing was signed by CEO Oscar Gonzalez Rocha on February 28, 2023.
06—Continue