Summary
Southern Copper Corporation (SCCO) filed an 8-K on April 19, 2011, primarily to report on significant events and financial updates. The company's Board of Directors authorized a quarterly dividend of $0.56 per share, payable on May 18, 2011, to shareholders of record on May 4, 2011. This indicates a continued commitment to returning capital to shareholders. More critically for investors, the filing addresses the suspension of the Tia Maria project in Peru due to activist disruptions. SCCO stated that the Peruvian government has temporarily halted the project and that the company will provide requested information to the Ministry of Energy and Mines to address environmental concerns. SCCO expressed confidence in its environmental compliance and its ability to resume the project, contingent on Peruvian authorities' timely intervention and the restoration of stable investment conditions.
Key Highlights
- 1Southern Copper Corp. (SCCO) announced a dividend of $0.56 per share, payable May 18, 2011.
- 2The Peruvian government has suspended the Tia Maria project due to activist disruptions.
- 3SCCO plans to provide all requested information regarding the Environmental Impact Assessment to the Ministry of Energy and Mines.
- 4The company is confident in its environmental standards and expects concerns to be addressed.
- 5SCCO believes stable investment conditions in Peru are necessary to resume the Tia Maria project.
- 6The company is also preparing to file a Proxy Statement regarding a proposed transaction.
- 7The filing includes forward-looking statements about potential risks and uncertainties, including political instability and metal prices.