8-KFinancial EventsExhibits & Filings

SOUTHERN COPPER CORP/ 8-K Report, Auditor Change (Mar 26, 2009)

Filed March 26, 2009For Securities:SCCO

Summary

Southern Copper Corporation (SCCO) announced a significant change in its independent auditor in this Form 8-K filing. As of March 20, 2009, the company's Audit Committee has dismissed PricewaterhouseCoopers, S.C. (PwC) and approved the appointment of Galaz, Yamazaki, Ruiz Urquiza, S.C., a member of Deloitte Touche Tohmatsu, as the independent auditors for 2009. This change follows a decision by the company to solicit proposals from various auditing firms. The filing emphasizes that the dismissal of PwC was not due to any disagreements on accounting principles, financial statement disclosures, or auditing procedures. Furthermore, there were no "reportable events" as defined by SEC regulations during the two most recent fiscal years and the period leading up to the auditor change. PwC's audit reports for the past two years also contained no adverse opinions or qualifications. The transition is expected to be orderly, with PwC potentially providing certain services during 2009. The appointment of the new auditor is subject to shareholder ratification at the upcoming Annual Meeting.

Key Highlights

  • 1Southern Copper Corp. has changed its independent auditor, dismissing PricewaterhouseCoopers (PwC).
  • 2Galaz, Yamazaki, Ruiz Urquiza, S.C. (member of Deloitte Touche Tohmatsu) has been appointed as the new independent auditor for 2009.
  • 3The auditor change was initiated by the company seeking proposals from multiple auditing firms.
  • 4There were no disagreements with the former auditor (PwC) on accounting matters or financial disclosures.
  • 5No 'reportable events' occurred that would necessitate disclosure in connection with the auditor change.
  • 6PwC's audit reports for the past two years were unqualified.
  • 7The appointment of the new auditor is subject to shareholder approval at the 2009 Annual Meeting.

Frequently Asked Questions

Southern Copper changed its auditor as part of a decision to seek proposals from independent auditing firms, indicating a proactive review of its auditing services.

No, the filing explicitly states there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

The appointment of Galaz, Yamazaki, Ruiz Urquiza, S.C. is subject to shareholder ratification at the company's 2009 Annual Meeting of Shareholders.

The company intends to continue to use PwC for certain necessary services during 2009 to ensure an orderly transition of auditors.