Summary
Southern Copper Corporation (SCCO) has announced a quarterly dividend of $0.34 per share, payable on December 5, 2008, to shareholders of record on November 18, 2008. This regular dividend payment signals continued commitment to returning capital to shareholders, even amidst a challenging economic climate. In addition to the dividend, SCCO has entered into an agreement to sell 350 million shares of Grupo Mexico, S.A.B. de C.V. (GMexico) to its parent company, GMexico. These shares, previously held within Minera Mexico's employee benefit plan, are expected to provide SCCO with substantial liquidity. The company views this as a strategic move to enhance its financial flexibility and optimize resource allocation in the current market conditions. The sale will be conducted at market price.
Key Highlights
- 1SCCO declared a quarterly dividend of $0.34 per share, payable on December 5, 2008.
- 2The dividend record date is November 18, 2008.
- 3SCCO will sell 350 million shares of GMexico to its parent company, GMexico.
- 4The sale of GMexico shares is expected to generate significant liquidity for SCCO.
- 5The transaction is intended to allow for a more effective use of SCCO's resources.
- 6The purchase price for GMexico shares will be the market price.
- 7SCCO's Share Repurchase Program has been increased from $300 million to $500 million.