Summary
Southern Copper Corporation (SCCO) announced on March 16, 2010, the closure of its San Luis copper smelter in Mexico. This facility had been operational since around 1925 and underwent several upgrades throughout its history. The company stated that all approximately 300 employees have received termination benefits exceeding legal and contractual obligations, and all necessary notifications to Mexican authorities have been made. SCCO management has concluded that no material charges will result from this closure. Additionally, an environmental remediation project is underway, with the initial phase focusing on developing a sustainable plan for the area, including the creation of a park for the local community.
Key Highlights
- 1Southern Copper Corp. closed its San Luis copper smelter in Mexico on March 16, 2010.
- 2The smelter had been in operation for approximately 85 years.
- 3Approximately 300 workers were affected by the closure.
- 4Employees received termination benefits above legal and collective bargaining requirements.
- 5SCCO management anticipates no material charges associated with the closure.
- 6An environmental remediation project is in progress, including plans for a public park.
- 7The closure was formally announced in a public ceremony attended by Mexican authorities.