Summary
Southern Copper Corporation (SCCO) announced its first-quarter 2011 financial results and provided an update on its operations. A significant development is the suspension of its Tia Maria project in Peru due to activist disruptions. The company is cooperating with the Peruvian government, providing all requested environmental impact assessment information, and expresses confidence in resolving concerns to resume the project. This situation introduces a notable risk factor for future growth and investor sentiment regarding SCCO's expansion plans. In addition to operational updates, SCCO's Board of Directors authorized a dividend of U.S.$0.56 per share, payable on May 18, 2011, to shareholders of record on May 4, 2011. This consistent dividend payment signals the company's ongoing commitment to returning capital to shareholders, which may be a positive point for income-focused investors despite the operational challenges.
Key Highlights
- 1Tia Maria project in Peru suspended due to activist disruptions and government action.
- 2Company is providing requested environmental impact assessment information to the Peruvian Ministry of Energy and Mines.
- 3SCCO expresses confidence in resolving concerns and resuming the Tia Maria project.
- 4Board of Directors authorized a dividend of U.S.$0.56 per share, payable May 18, 2011.
- 5Shareholders of record on May 4, 2011, will receive the dividend.
- 6The company is asserting its commitment to high environmental standards.
- 7Filing is furnished and not deemed 'filed' for Section 18 purposes, meaning it doesn't automatically update previous filings.