SCCO · SOUTHERN COPPER CORP/

427 filings

SCCO SEC Filings

SOUTHERN COPPER CORP/ - 427 total filings

Filing record · 2016–202610-K1510-Q328-K86

Showing 1–50 of 427 filings

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Oct 21, 2026)

Southern Copper Corporation (SCCO) has reported strong financial results for the third quarter of 2026, with record-breaking net sales, net income, and adjusted EBITDA, driven by favorable metal prices across its product lines and a slight increase in zinc sales volume. This performance reflects significant year-over-year growth, with net sales up 39.1% and net income soaring by 62.7% compared to the third quarter of 2025. The company also announced a quarterly cash dividend of $1.30 per share and a stock dividend of 0.0106 shares per share, underscoring its commitment to returning value to shareholders. SCCO continues to advance its long-term growth strategy, with major capital investments in its Peruvian and Mexican projects, including the Tia Maria and El Pilar projects, which are expected to significantly increase future copper production capacity. The company is also focused on operational efficiency, evident in the substantial decrease in its operating cash cost per pound of copper, largely due to increased by-product revenue credits.

Oct 21, 2026 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q2 Ended Jun 30, 2026

Southern Copper Corporation (SCCO) reported a strong financial performance for the six months ended June 30, 2026, with net sales increasing by 38.4% to $8.54 billion and net income attributable to SCC soaring by 69.2% to $3.25 billion compared to the same period in 2025. This robust growth was primarily driven by a significant surge in metal prices, particularly copper, molybdenum, and silver, which offset a slight decrease in overall copper sales volume. The company also demonstrated effective cost management, with operating costs rising at a considerably lower rate than net sales, leading to a substantial increase in operating income and net income. SCCO continues to invest heavily in its capital expenditure program, with $864.7 million spent in the first half of 2026, focusing on expansion projects in Peru and Mexico. The company's liquidity remains strong, with a significant increase in cash provided by operating activities.

Jul 31, 2026 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Jul 22, 2026)

Southern Copper (SCCO) reported record second-quarter 2026 results, with net sales of $4,289.0 million (up 40.6% year over year), net income of $1,670.0 million (up 71.6%, a 38.9% margin), and adjusted EBITDA of $2,856.0 million (up 59.5%, a 66.6% margin). The growth was driven mainly by sharply higher metal prices: LME copper rose 39.8%, molybdenum 43.1%, zinc 30.8%, and silver 118.6% year over year. Copper sales volumes fell 1.5% and copper mined output dropped 3.5% quarter over quarter, with Peruvian production down 12.0%. Operating cash cost net of by-product credits was just $0.05 per pound in Q2, reflecting strong by-product revenue. Cash generation and balance sheet strength stood out. Six-month operating cash flow rose 116.9% to $3,683.0 million, helped by a $718.5 million smaller working capital drag. Cash and short-term investments reached about $7.33 billion at June 30, 2026, against $7,994.4 million of long-term debt, after the company issued $1.25 billion of 10-year notes at 5.350% in June to fund the Tía María project and other SPCC capital needs. Capital investments are rising, with a decade-long program above $20.5 billion, including roughly $10.3 billion in Peruvian projects and $10.2 billion in Mexican investments. The Board declared a quarterly cash dividend of $1.10 per share plus a stock dividend of 0.0120 shares per share, for an estimated total of $3.23 per share, payable August 27, 2026 to holders of record on August 11, 2026. The filing is a Form 8-K furnished under Item 2.02, so the press release is not deemed "filed" for Section 18 purposes. Management also signaled support for the incoming Peruvian administration. The main risks flagged are the Peru project pipeline's dependence on permitting and political transition, the Peruvian production decline, and the company's heavy exposure to metal price swings.

Jul 22, 2026 8-K

SOUTHERN COPPER CORP/ 8-K Report, Shareholder Vote Results (Jul 17, 2026)

Southern Copper Corporation (SCCO) filed an 8-K on July 17, 2026, detailing the outcomes of its 2026 Annual Meeting of Stockholders held on May 29, 2026. The meeting saw strong participation, with approximately 97.35% of outstanding voting shares represented. Key resolutions passed overwhelmingly, including the election of all eight director nominees and the ratification of the appointment of Galaz, Yamazaki, Ruiz Urquiza S.C. (a Deloitte Touche Tohmatsu Limited member firm) as the independent accountants for calendar year 2026. Furthermore, the company's executive compensation was approved by a significant non-binding advisory vote. The high voting turnout and decisive approval of these proposals indicate strong shareholder confidence in the current board of directors, auditing firm, and executive compensation structure.

Jul 17, 2026 8-K

SOUTHERN COPPER CORP/ 8-K Report, Corporate Update (Jun 26, 2026)

Southern Copper Corporation (SCCO) filed a Form 8-K on June 26, 2026 under Item 8.01 (Other Events) to furnish a press release from its Peruvian branch, Southern Peru Copper Corporation (SPCC), announcing it raised US$1.25 billion through a New York bond offering. The proceeds are primarily earmarked for development of the Tía María copper project. The notes carry a 5.35% annual coupon and mature in 2036. The filing is informational: it contains no earnings, guidance, or material financial statement data, and the company states the information is furnished rather than filed under Section 18 of the Exchange Act. The Tía María project, located in Arequipa, is expected to produce 120,000 metric tons per year of refined copper using SX-EW technology, with operations beginning in the third quarter of 2027. The total capital budget is US$1.8 billion, of which US$948 million has already been committed, so the new financing covers a substantial share of the remaining requirement. Management cites projected 20-year export revenues of about US$24.1 billion and US$6.2 billion in taxes and royalties at current copper prices, though these are forward-looking estimates tied to copper price assumptions. For investors, the key takeaways are that SCCO's Peruvian growth pipeline is being funded through debt capital markets and that the Tía María timeline is advancing. The release also references the Michiquillay project (about 225,000 tpy of copper, first production targeted for 2032, roughly US$2.5 billion capex). Because the notes were issued by a Peruvian branch, the release does not specify whether they are guaranteed by the parent, and the filing does not discuss how the added debt affects SCCO's consolidated leverage.

Jun 26, 2026 8-K

SOUTHERN COPPER CORP/ 8-K Report, Material Agreement (Jun 25, 2026)

Southern Copper Corporation (SCCO) has successfully completed a registered public offering, raising approximately U.S.$1.241 billion in net proceeds through the sale of U.S.$1.25 billion aggregate principal amount of 5.350% notes due 2036. This issuance, detailed in an 8-K filing dated June 25, 2026, aims to bolster the company's financial position and fund key strategic initiatives. The net proceeds are earmarked for significant development projects, including the Tia Maria project, capital expenditures for its Peruvian operations (SPCC), and general corporate purposes. This move signals SCCO's commitment to expanding its operations and managing its financial resources effectively to support its long-term growth strategy.

Jun 25, 2026 8-K

SOUTHERN COPPER CORP/ 8-K Report, Corporate Update (Jun 17, 2026)

Southern Copper Corporation (NYSE/LSE: SCCO) priced an underwritten, registered public offering of US$1.25 billion in 5.350% senior unsecured notes due 2036 on June 16, 2026, as disclosed in an 8-K filed June 17, 2026. The transaction is expected to close on or about June 24, 2026, subject to customary closing conditions. The notes will be general unsecured obligations of the Company and rank equally with all existing and future unsecured, unsubordinated debt. The key point for investors is the use of proceeds. The net proceeds are earmarked for Southern Peru Copper Corporation's Peruvian branch (SPCC), specifically for development of the Tia Maria project, financing SPCC's capital expenditure program, and/or general corporate purposes including working capital and near-term expenses. This signals that the company is pre-funding a sizeable growth and capex program in Peru, with Tia Maria as a central project. The filing does not disclose the offering's pricing spread, the use of proceeds split among these purposes, or the project's updated cost and timeline, so those details would need to come from the prospectus supplement or subsequent company disclosures. The offering adds $1.25 billion of fixed-rate debt at a 5.35% coupon, which will increase the company's gross leverage and fixed interest obligations, though the filing does not state the resulting debt total. Investors should weigh the funding of Tia Maria and SPCC capex against the added debt service burden, especially given the company's ownership structure, with 88.9% held by Grupo Mexico, which may influence capital allocation decisions.

Jun 17, 2026 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q1 Ended Mar 31, 2026

Southern Copper Corporation (SCCO) reported a strong first quarter for 2026, with net income attributable to SCC soaring by 66.7% year-over-year to $1,576.9 million, translating to earnings per share of $1.92. This significant growth was primarily driven by robust increases in net sales, up 36.2% to $4,251.4 million, fueled by higher metal prices across the board, including copper, silver, molybdenum, and zinc. The company demonstrated effective cost management, with operating income increasing by a substantial 61.5%. Despite a slight decrease in copper sales volume, the overall positive performance was bolstered by strong by-product contributions, particularly from silver, which saw a remarkable price increase of over 157%. SCCO also continued its commitment to strategic capital investments, spending $441.9 million in the quarter to support future growth and operational enhancements, including significant progress on key projects like Tia Maria in Peru.

Apr 30, 2026 8-K

SOUTHERN COPPER CORP/ 8-K Report, Executive Changes (Apr 29, 2026)

Southern Copper Corporation (SCCO) has filed an 8-K reporting the unexpected passing of its President, CEO, and Board member, Oscar Gonzalez Rocha, on April 13, 2026. This marks the end of a significant era for the company, with Mr. Rocha's 50-year career noted for his transformative leadership in the mining industry. The Board of Directors has acted swiftly, appointing Mr. Leonardo Contreras Lerdo de Tejada as the new Chief Executive Officer, effective April 23, 2026. Mr. Contreras Lerdo de Tejada will retain his position on the Board. Investors are assured that, as of this filing, no changes to his existing compensation package have been made in conjunction with this appointment, with further disclosures to follow should any material compensatory arrangements be agreed upon.

Apr 29, 2026 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Apr 29, 2026)

Southern Copper (SCCO) reported a record first quarter 2026, with net sales of $4,251.4 million (up 36.2% year over year), net income attributable to SCC of $1,576.9 million (up 66.7%), and adjusted EBITDA of $2,712.8 million (up 55.4%) at a 63.8% margin. Growth was driven by higher metal prices (copper +37.5%, silver +157.9%, molybdenum +24.2%, zinc +14.0% versus 1Q25) and higher silver and zinc sales volumes. Operating cash cost net of by-product credits turned negative at -$0.11 per pound of copper, versus $0.77 a year earlier, as by-product revenues rose sharply. Operating cash flow rose 135% to $1,694.5 million, and the company held $4.9 billion in cash at quarter-end. The main operational negative was copper production, which fell 4.0% on mined volumes, driven by a 9.8% decline at Peruvian operations due to lower ore grades and recoveries. Management expects ore grades to recover by the end of 2026. Capital investments rose 39% to $441.9 million, and the program for this decade exceeds $20.5 billion, including Tia Maria (32.5% complete, operations expected 3Q27). Governance also changed: Oscar Gonzalez Rocha, CEO, died on April 7, 2026, and the Board appointed Leonardo Contreras Lerdo de Tejada as CEO on April 23, 2026. For shareholders, the Board declared a quarterly cash dividend of $1.00 per share plus a stock dividend of 0.0100 shares per share, payable May 29, 2026, to holders of record on May 13, 2026. Investors should weigh the exceptional margins and cash generation against the reliance on elevated metal prices, the Peruvian grade-driven production shortfall, and the pace of large-scale project execution and permitting, particularly at Los Chancas, where illegal mining has stalled progress.

Apr 29, 2026 8-K

SOUTHERN COPPER CORP/ 8-K Report, Executive Changes (Apr 17, 2026)

Southern Copper Corporation (SCCO) has filed an 8-K report on April 17, 2026, to announce a significant leadership change. The company reported the unexpected passing of its President and Chief Executive Officer, Oscar Gonzalez Rocha. This development represents a material event for investors, as CEO transitions can impact strategic direction, operational execution, and investor confidence. In response to this unforeseen event, the Board of Directors has appointed Leonardo Contreras Lerdo de Tejada as interim Chief Executive Officer, effective April 16, 2026. Mr. Contreras Lerdo de Tejada, who also remains on the Board, will lead the company during this transitional period. The company is actively engaged in its succession planning to identify and appoint a permanent CEO, a process that investors will be closely monitoring.

Apr 17, 2026 8-K

SOUTHERN COPPER CORP/ 8-K Report, Corporate Update (Apr 13, 2026)

Southern Copper Corporation (SCCO) has filed an 8-K to report the unexpected passing of its President, Chief Executive Officer, and Board member, Mr. Oscar Gonzalez Rocha, on April 7, 2026. This significant leadership change will necessitate the appointment of a successor or interim CEO by the Board of Directors. Investors should closely monitor the company's upcoming communications for updates on the leadership transition and its potential impact on strategic direction and operational continuity.

Apr 13, 2026 10-K

SOUTHERN COPPER CORP/ Annual Report, Year Ended Dec 31, 2025

Southern Copper Corporation (SCCO) reported strong financial performance for the year ended December 31, 2025, driven by record net sales and net income. This growth was primarily fueled by higher metal prices for copper, silver, and molybdenum, coupled with increased sales volumes for by-products like zinc and silver. The company's robust operational execution, including effective cost management, contributed significantly to its profitability. SCCO continues to focus on its organic growth plan to increase copper production and has approved a substantial capital investment program for 2026, signaling confidence in future production and market demand. The company also highlighted its commitment to ESG practices, noting improvements in sustainability ratings and a continued focus on occupational health and safety, which resulted in a reduction in lost-time injuries. The robust cash flow generation supports ongoing capital investments and shareholder returns.

Feb 27, 2026 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Jan 28, 2026)

Southern Copper (SCCO) reported record fourth-quarter and full-year 2025 results, with net sales, net income, and adjusted EBITDA all at all-time highs. Q4 2025 net sales rose 39.0% year over year to $3,869.8 million, and Q4 net income attributable to SCC rose 64.7% to $1,307.9 million, a 33.8% margin. For full-year 2025, net sales reached $13,420.0 million (+17.4%), net income $4,334.9 million (+28.4%), and adjusted EBITDA $7,822.4 million (+22.1%, a 58.3% margin). Growth came from higher volumes of molybdenum, zinc, and silver and from stronger prices for copper, molybdenum, zinc, and silver. Operating cash cost net of by-product credits fell to $0.58 per pound for the year from $0.89 in 2024, mainly because by-product revenue credits rose sharply. The 8-K itself is a furnished (not filed) report that attaches the earnings press release and discloses a Board-authorized dividend. The Board approved a quarterly cash dividend of $1.00 per share plus a stock dividend of 0.0085 shares per share, with a record date of February 10, 2026 and payment on February 27, 2026. Fractional shares will be settled in cash at $179.93, the January 22, 2026 average of the day's high and low prices. Full-year 2025 dividends paid totaled $3.50 per share, versus $2.10 in 2024, and cash dividends paid were $2,485.1 million. The main investor considerations are the capital program and the balance sheet. Management says the decade capital program exceeds $20.5 billion, including about $10.3 billion in Peru and about $10.2 billion in Mexico. Tia Maria is 24% complete with $790 million committed against an estimated $1.8 billion budget, with operations targeted for 2027. Los Chancas remains stalled by illegal mining in the project area. Operating cash flow of $4,752.1 million less capital investments of $1,325.3 million implies roughly $3.4 billion of free cash flow for 2025. Cash and short-term investments totaled about $4.9 billion at year-end, against long-term debt of $6,750.7 million.

Jan 28, 2026 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q3 Ended Sep 30, 2025

Southern Copper Corporation (SCCO) reported strong financial results for the nine months ended September 30, 2025, with net sales increasing by 10.4% to $9.55 billion and net income attributable to SCC rising by 17.2% to $3.03 billion, compared to the same period in 2024. This growth was driven by higher sales volumes of key by-products like molybdenum, silver, and zinc, coupled with improved pricing for copper, molybdenum, silver, and zinc. Despite a slight decrease in copper sales volume, the company demonstrated robust operational performance and effective cost management, leading to a significant reduction in its operating cash cost per pound of copper, net of by-product revenues. The company continues to invest strategically in its capital projects, with significant expenditures in both its Peruvian and Mexican operations aimed at increasing production, reducing costs, and addressing environmental and social commitments. Importantly, SCCO received authorization for the commencement of exploitation activities for the Tía María project, a significant development that is expected to contribute substantially to future revenues and regional development. Overall, SCCO's financial health remains strong, supported by favorable market conditions for its key commodities and a proactive approach to operational efficiency and strategic growth.

Oct 31, 2025 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Oct 29, 2025)

Southern Copper (SCCO) reported record third-quarter 2025 results, with net sales of $3,377.3 million (up 15.2% year over year), net income of $1,107.6 million (up 23.5%), and adjusted EBITDA of $1,975.4 million (up 17.3%, margin 58.5%). Growth was driven mainly by higher by-product volumes and prices (zinc mined output +46.3%, silver +16.4%, molybdenum +8.3%) and higher metal prices, partly offset by a 6.9% quarter-over-quarter decline in mined copper to 234,892 tonnes. Operating cash cost net of by-product credits fell to $0.42/lb from $0.76/lb a year earlier, which management highlights as one of the industry's lowest. Cash flow from operations rose 8.4% to $1,559.6 million, while capital investments increased 41.7% to $349.2 million. The Board declared a quarterly cash dividend of $0.90 per share plus a stock dividend of 0.0085 shares per share, payable November 28, 2025 to holders of record on November 12, 2025. Cash-dividend and stock-dividend payouts in 3Q25 were $0.80 and $1.00 per share, respectively, on the reported basis. Dividends paid in cash totaled $643.3 million in the quarter. Long-term debt rose to $6,749.4 million from $5,758.5 million at year-end 2024 after a $493.8 million debt issuance, and cash plus short-term investments reached $4,525.5 million. Management continues to pursue a capital program exceeding $15 billion this decade, including Tia Maria (construction 23% complete, with exploitation authorization received October 14, 2025), Los Chancas, Michiquillay, and Mexican projects. Investors should note that the filing is furnished rather than filed under Section 18, and that the company is 88.9% owned by Grupo Mexico, which concentrates control. Management also noted that recent US tariff changes have had a limited impact so far.

Oct 29, 2025 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q2 Ended Jun 30, 2025

Southern Copper Corporation (SCCO) reported its financial results for the quarter and six months ended June 30, 2025. The company demonstrated resilience with net sales for the first six months of 2025 increasing by 8.0% year-over-year to $6.17 billion, driven by higher sales volumes across key metals like zinc, copper, molybdenum, and silver, alongside favorable price movements for copper, silver, and zinc. Net income attributable to SCC saw a significant increase of 13.8% for the first six months of 2025, reaching $1.92 billion, supported by revenue growth and a substantial 89.2% surge in interest income. The company's operational efficiency is highlighted by a decrease in operating cash costs per pound of copper produced, both before and net of by-product revenues, reflecting effective cost management and strong by-product contributions. Significant capital investments continue, with $553.5 million deployed in the first half of 2025, primarily in Mexican and Peruvian operations, aimed at enhancing production, reducing costs, and addressing environmental commitments.

Jul 31, 2025 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Jul 29, 2025)

Southern Copper's second-quarter 2025 results, furnished under Item 2.02, show a company with lower top-line sales but stronger profitability year to date. Q2 net sales were $3,051.0 million, down 2.2% year over year, mainly on lower copper sales volumes and lower LME copper prices, partly offset by higher zinc, molybdenum and silver volumes and higher silver prices. Net income attributable to SCC rose 2.4% to $973.4 million, with a net margin of 31.9%, while adjusted EBITDA was roughly flat at $1,790.9 million (margin 58.7%). For the first six months, net sales rose 8.0%, net income rose 13.8% and adjusted EBITDA rose 10.0% to $3,536.5 million. Operating cash cost net of by-product credits fell 23.6% year to date to $0.70 per pound, which management attributes to lower unit production costs and higher zinc and silver credits. The board declared a quarterly cash dividend of $0.80 per share plus a stock dividend of 0.0101 shares per share, payable September 4, 2025 to holders of record on August 15, 2025. Using the $99.47 reference price, the stock component is worth roughly $1.00 per share, so the total declared distribution is roughly $1.80 per share on an implied basis. Dividends paid in the first half were $1,110.7 million. Balance sheet changes merit attention: long-term debt rose to $6,748.2 million from $5,758.5 million at year-end 2024, and the current portion of debt was repaid. Cash and short-term investments totaled about $4.0 billion at June 30, 2025. The company reaffirmed a capital program exceeding $15 billion over the coming decade, including Tia Maria (budget $1,802 million, targeted 2027 start), Los Chancas ($2.6 billion, 2030-2031), and Michiquillay ($2.5 billion, around 2032). Management is monitoring U.S. trade policy and possible tariff effects, and is engaging with the current Mexican administration on permits that were placed on hold. The filing also discloses the appointment of Patricio Ovejas Simon as Executive Vice President effective July 24, 2025.

Jul 29, 2025 8-K

SOUTHERN COPPER CORP/ 8-K Report, Shareholder Vote Results (May 29, 2025)

Southern Copper Corporation (SCCO) filed an 8-K report detailing the outcomes of its 2025 Annual Meeting of Stockholders, held on May 23, 2025. The meeting saw overwhelming participation, with approximately 97.05% of outstanding shares voted, indicating strong shareholder engagement. Key resolutions passed with significant support, reflecting management's alignment with investor interests. All nine director nominees were elected to serve until the 2026 annual meeting. Shareholders also overwhelmingly approved amendments to the Company's Directors' Stock Award Plan, extending its term by three years, and ratified the selection of Galaz, Yamazaki, Ruiz Urquiza S.C. as the independent accountants for 2025. Furthermore, the executive compensation plan received strong approval in a non-binding advisory vote. These outcomes suggest continued confidence in the company's leadership and governance.

May 29, 2025 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q1 Ended Mar 31, 2025

Southern Copper Corporation (SCCO) reported robust financial results for the first quarter of 2025, with net sales increasing by 20.1% year-over-year to $3,121.9 million. This growth was driven by higher sales volumes and increased prices for key commodities, particularly copper, molybdenum, silver, and zinc. Net income attributable to SCC saw a significant jump of 28.5% to $945.9 million, translating to earnings per share of $1.19, up from $0.95 in the prior year's quarter. The company's operational efficiency was highlighted by a substantial reduction in its net operating cash cost per pound of copper, reflecting effective cost management and strong by-product revenues. SCCO also demonstrated a strong commitment to shareholder returns, increasing its total dividend per share (cash and stock) by 75.0%. The company continues to advance its strategic capital investment projects in Mexico and Peru, underscoring its focus on future growth and operational optimization.

Apr 30, 2025 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Apr 25, 2025)

Southern Copper (SCCO) reported strong first-quarter 2025 results, with net sales of $3,121.9 million, up 20.1% year over year and 12.1% sequentially. Growth was driven by higher sales volumes of copper (+3.6%), molybdenum (+9.9%), zinc (+42.4%) and silver (+14.1%), along with higher metal prices. Net income attributable to SCC rose 28.5% to $945.9 million, with a net margin of 30.3%, and adjusted EBITDA reached $1,745.6 million (55.9% margin), up 23.1% year over year. Operating cash cost net of by-product credits fell 28.5% to $0.77 per pound, helped by a 22.2% increase in by-product revenue credits, while operating cash flow rose 9.3% to $721.3 million. The Board authorized a quarterly cash dividend of $0.70 per share plus a stock dividend of 0.0099 shares per share, payable May 19, 2025 to holders of record on May 2, 2025. Management flagged copper market instability tied to shifting trade policies in major economies. Capital investments rose 48.6% to $317.8 million, and the company's long-term capital program for this decade exceeds $15 billion. Total debt increased materially during the quarter, with long-term debt rising to $6,747.0 million from $5,758.5 million at year-end 2024, while cash rose to $4,116.3 million. The 8-K furnishes the earnings release under Item 2.02 and is not deemed filed for Section 18 purposes. Investors should note the Los Chancas project disruption from illegal mining attacks in March 2025, and that the company is 88.9% owned by Grupo Mexico, which limits free float.

Apr 25, 2025 8-K

SOUTHERN COPPER CORP/ 8-K Report, Executive Changes (Apr 17, 2025)

Southern Copper Corporation (SCCO) announced a key leadership change in its exploration division via an 8-K filing on April 16, 2025, effective April 10, 2025. Mr. Juan Fernando Nuñez Chávez has been appointed as the new Vice President, Explorations, succeeding Mr. Edgard Corrales. This appointment signifies a continued focus on the company's growth and resource development strategies. Mr. Nuñez Chávez brings extensive experience, with over 40 years in the mining industry, specifically in the exploration of metallic mineral deposits. His long tenure as Explorations Manager at Southern Peru Copper Corporation and his academic background as a Geological Engineer and university professor underscore his deep expertise. While Mr. Corrales is transitioning to an Advising Director of New Projects role within a subsidiary, the elevation of Mr. Nuñez Chávez to this critical position highlights SCCO's commitment to leveraging seasoned talent for future exploration successes and project advancements.

Apr 17, 2025 10-K

SOUTHERN COPPER CORP/ Annual Report, Year Ended Dec 31, 2024

Southern Copper Corporation (SCCO) reported strong financial performance for the year ended December 31, 2024, driven by higher commodity prices and increased sales volumes across its key products, particularly copper and zinc. Net sales reached a record high of $11.43 billion, a 15.5% increase year-over-year, primarily due to a 7.8% rise in the average LME copper price and significant volume growth in zinc production, largely from the full operational capacity of the Buenavista Zinc concentrator. The company's proactive approach to cost management resulted in a decrease in operating cash costs per pound of copper, both before and net of by-product revenues. Despite a slight increase in overall operating costs, the strong revenue growth led to a substantial increase in operating income, which grew by 32.5% to $5.55 billion. Net income attributable to SCCO surged by 39.2% to $3.38 billion. SCCO also demonstrated a robust commitment to shareholder returns, with substantial dividend payments and ongoing share repurchase authorizations. The company continues to invest heavily in capital projects, aiming to expand production capacity and enhance operational efficiency, with a forward-looking capital investment program of $1.6 billion approved for 2025. SCCO's significant mineral reserves, located primarily in Peru and Mexico, coupled with its integrated mining, smelting, and refining operations, position it favorably within the global copper market. The company's focus on operational discipline, sustainability, and community engagement, as evidenced by its strong ESG ratings and investments in local development, further underscores its commitment to long-term value creation. While facing commodity price volatility and operational risks inherent in the mining industry, SCCO's strategic investments and robust operational execution in 2024 provide a positive outlook.

Mar 3, 2025 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Feb 12, 2025)

Southern Copper (SCCO) reported record 2024 net sales of $11,433.4 million, up 15.5% year over year, with fourth-quarter net sales of $2,784.3 million (+21.3%). Growth was driven by higher copper (+5.5%), zinc (+44.6%), and silver (+15.7%) sales volumes and by better copper, zinc, and silver prices, partly offset by lower molybdenum prices (-10.6%). Full-year net income attributable to SCC rose 39.2% to $3,376.8 million, and adjusted EBITDA grew 27.4% to $6,406.1 million, with the adjusted EBITDA margin expanding to 56.0% from 50.8%. Operating cash cost net of by-product credits fell to $0.89 per pound of copper from $1.03, helped by higher by-product revenue and a larger copper base. Operating cash flow rose 23.7% to $4,421.7 million. The filing itself (Item 2.02) is a furnished earnings release and dividend notice. The Board authorized a $0.70 per share quarterly cash dividend plus a 0.0073-share stock dividend per share, payable February 27, 2025, to holders of record on February 11, 2025, with fractional shares settled in cash at $95.86. Separately, subsidiary Minera Mexico issued a $1 billion 7-year senior unsecured note at 5.625% due 2032 on February 5, 2025, with orders of $3.5 billion (3.5x covered). Looking ahead, management guided 2025 copper output to 967,000 tons (roughly flat), zinc to 171,700 tons (+32%), silver to 23 million ounces (+10%), and molybdenum to 26,200 tons (-10%). The company reiterated a capital investment program exceeding $15 billion this decade, including Tia Maria (budget raised to $1,802 million, construction expected to begin in 2025) and Los Chancas, Michiquillay, and El Pilar projects. Net debt is manageable given cash of $3,258.1 million against total debt of roughly $6.26 billion at year-end.

Feb 12, 2025 8-K

SOUTHERN COPPER CORP/ 8-K Report, Corporate Update (Feb 10, 2025)

Southern Copper Corporation (SCCO), through its indirect subsidiary Minera Mexico, S.A. de C.V., has successfully priced a $1.0 billion offering of 5.625% Senior Notes due 2032. This issuance, conducted under Rule 144A and Regulation S, is a significant financing event for the company. The notes are set to close on February 12, 2025, and will provide the company with substantial capital to support its growth initiatives.

Feb 10, 2025 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q3 Ended Sep 30, 2024

Southern Copper Corporation (SCCO) reported strong financial results for the third quarter and first nine months of 2024, showcasing significant year-over-year growth in net sales and net income. Net sales increased by 17.0% to $2.93 billion for the quarter and 13.8% to $8.65 billion for the nine-month period, driven by higher sales volumes across key commodities including copper, molybdenum, silver, and zinc, coupled with favorable price increases for copper, zinc, and silver. Net income attributable to SCC saw a substantial increase of 44.7% to $896.7 million in the third quarter and 30.4% to $2.58 billion for the nine months. This profitability was supported by robust production levels, particularly in copper and zinc, and effective cost management, which led to a notable decrease in operating cash costs per pound of copper, both before and after by-product revenues. The company also highlighted progress on its capital investment projects and exploration activities, signaling a continued focus on growth and operational efficiency.

Oct 31, 2024 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Oct 22, 2024)

Southern Copper Corporation (SCCO) has filed an 8-K report detailing two key events. The primary information for investors relates to the company's third-quarter financial results for the period ending September 30, 2024, as announced in a press release on October 21, 2024. While the specific financial details are not provided within this 8-K's text, the issuance of this press release signifies an upcoming disclosure of their operational and financial performance. Investors should look for the full press release to understand revenue, profitability, production levels, and any forward-looking guidance. Additionally, the report notes the resignation of Mr. Gilberto Perezalonso Cifuentes from the Board of Directors, effective October 16, 2024, due to his pursuit of other professional interests. The company stated there were no disagreements associated with his departure and expressed gratitude for his service.

Oct 22, 2024 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Oct 22, 2024)

Southern Copper Corporation (SCCO) reported strong third-quarter 2024 results, with net sales of $2,930.9 million, up 17.0% year over year, and net income attributable to SCC of $896.7 million, up 44.7%. Growth was driven by higher sales volumes across all products (copper +7.7%, zinc +50.1%, silver +19.0%, molybdenum +5.7%) and higher prices for copper (+10.0% LME), zinc (+14.5%), and silver (+24.7%), partly offset by lower molybdenum prices (-8.1%). Adjusted EBITDA rose 30.5% to $1,684.6 million, and the adjusted EBITDA margin expanded to 57.5% from 51.5%. Operating cash cost net of by-product credits fell 22.6% to $0.76 per pound of copper, and the year-to-date figure was $0.86 per pound. The board declared a quarterly cash dividend of $0.70 per share plus a stock dividend of 0.0062 shares per share, payable November 21, 2024 to holders of record on November 6, 2024. Cash will be paid in lieu of fractional shares based on a $112.43 reference price. Balance sheet liquidity improved, with cash and equivalents of $2,654.8 million at September 30, 2024, compared with $1,151.5 million at year-end 2023. Total debt was about $6.26 billion, including $499.6 million current. Operating cash flow was $1,439.5 million in the quarter, up 37.1%, and 9M24 capital investments were $792.0 million. Looking ahead, management reiterated a capital program exceeding $15 billion this decade, centered on Mexico and Peru. Key projects include Tia Maria (120,000 tons per year of SX-EW cathode, with construction expected to begin in 2025 and operations in 2027), Los Chancas (estimated $2.6 billion, operations expected in 2031), and Michiquillay (estimated $2.5 billion, production start-up expected in 2032). The company is reviewing the Tia Maria budget, previously $1.4 billion, and will update it by year-end. The company is 88.9% owned by Grupo Mexico, and the free float is about 11.1%.

Oct 22, 2024 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q2 Ended Jun 30, 2024

Southern Copper Corporation (SCCO) reported robust financial results for the second quarter and first half of 2024, demonstrating significant year-over-year improvements. Net sales saw a substantial increase of 35.5% in Q2 2024 and 12.2% for the first half, driven by higher commodity prices, particularly for copper, and increased sales volumes across key metals like copper, molybdenum, zinc, and silver. Net income attributable to SCC surged by 73.6% in Q2 and 23.9% for the first half, reflecting strong operational performance and effective cost management. The company also announced the restart of construction activities for the Tia Maria project in Peru, a significant development for future growth. Dividends remain a focus for shareholders, with the Board authorizing both a cash and stock dividend for the upcoming payment. SCCO's operational highlights include significant production increases in copper, molybdenum, silver, and zinc, largely due to improved ore grades and the ramp-up of new facilities such as the Buenavista Zinc concentrator. The company continues to invest in capital projects aimed at increasing production and reducing costs, with substantial expenditures in both Mexican and Peruvian operations. Despite some increases in operating costs, driven by factors like repairs and labor, the company has managed to maintain competitive operating cash costs, especially when factoring in by-product revenues.

Aug 2, 2024 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Jul 19, 2024)

Southern Copper reported strong second-quarter 2024 results, with net sales of $3,118.3 million, up 35.5% year over year, and net income attributable to SCC of $950.2 million, up 73.6%. Adjusted EBITDA reached $1,797.0 million with a 57.6% margin, versus 48.5% a year earlier. Growth was driven by higher volumes of copper (+5.5%), molybdenum (+21.4%), silver (+31.6%) and zinc (+78.1%), together with higher metal prices (LME copper +14.8%, zinc +12.2%, silver +18.9%, molybdenum +3.9%). Operating cash cost net of by-product credits fell to $0.76 per pound in Q2 from $1.07 in Q1, helped by a 34% increase in by-product revenue credits. Cash generation was weaker than earnings. Six-month operating cash flow fell 18.2% to $1,621.8 million, pressured by a $511.0 million working capital build, mainly higher receivables at the Mexican operations. Capital investments were $331.8 million in Q2 and $545.6 million year to date. The company's capital program exceeds $15 billion, including Tia Maria, Los Chancas and Michiquillay in Peru and several Mexican projects. Tia Maria restarted activities on July 1, 2024, with operations targeted for 2027. The company is reviewing its $1.4 billion historical Tia Maria capex budget and will update it by year-end, so investors should watch that figure for cost risk. The Board authorized a quarterly cash dividend of $0.60 per share plus a stock dividend of 0.0056 shares per share, payable August 26, 2024 to holders of record on August 9, 2024. Cash will be paid in lieu of fractional shares at $106.54. The company had 781.2 million shares outstanding at June 30, 2024, and total debt of roughly $6.26 billion against about $2.20 billion in cash and short-term investments. Grupo Mexico owns 88.9% of the company, which matters for free float and governance. Figures are unaudited and the filing is furnished under Item 2.02, not filed.

Jul 19, 2024 8-K

SOUTHERN COPPER CORP/ 8-K Report, Corporate Update (Jul 5, 2024)

Southern Copper Corporation (SCCO) announced a significant development regarding its Tia Maria project in Peru. The company's Peruvian branch, Southern Peru Copper Corporation (SPCC), has decided to restart construction on the project, which had previously faced social and political hurdles. This decision comes after extensive discussions with the Peruvian government, indicating a potential resolution or mitigation of the concerns that had stalled progress.

Jul 5, 2024 8-K

SOUTHERN COPPER CORP/ 8-K Report, Shareholder Vote Results (May 28, 2024)

Southern Copper Corporation (SCCO) held its 2024 Annual Meeting of Stockholders on May 24, 2024, where key corporate governance matters were presented to shareholders for approval. The meeting saw a strong turnout, with approximately 96.82% of outstanding voting securities participating. Shareholders overwhelmingly approved the election of ten directors, ratified the appointment of Galaz, Yamazaki, Ruiz Urquiza S.C. as the independent accountants for 2024, and by a significant margin, approved the company's executive compensation through a non-binding advisory vote. The election of directors passed with substantial support, indicating shareholder confidence in the current board's leadership. The ratification of the independent auditors is a routine but important procedural step to ensure financial transparency and regulatory compliance. The advisory vote on executive compensation also received strong backing, suggesting that compensation packages are aligned with shareholder expectations.

May 28, 2024 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q1 Ended Mar 31, 2024

Southern Copper Corporation (SCCO) reported its first quarter 2024 financial results, showing a decrease in net sales and net income compared to the same period last year, primarily driven by lower commodity prices. Net sales were $2,599.8 million, down 6.9% year-over-year, and net income attributable to SCC was $736.0 million, a decrease of 9.5%. Despite the top-line and bottom-line decline, the company demonstrated strong operational performance. Copper production increased by 7.6% to 529.6 million pounds, boosted by higher ore grades and recoveries at key Peruvian operations and the commencement of production at the Buenavista zinc concentrator in Mexico. The company also saw significant growth in zinc production, up 74.9%. Capital expenditures remained substantial at $213.8 million, focused on growth projects and operational improvements. Looking ahead, SCCO remains optimistic about long-term copper demand, driven by clean energy transitions and emerging technologies. While short-term commodity price volatility is a factor, the company's focus on cost control and production enhancement positions it to navigate market fluctuations and capitalize on future growth opportunities.

Apr 30, 2024 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Apr 26, 2024)

Southern Copper reported first-quarter 2024 results that were strong sequentially but weaker year over year. Net sales were $2,599.8 million, up 13.3% from 4Q23 on higher copper and silver volumes and firmer metal prices, but down 6.9% from 1Q23 on lower copper, molybdenum and zinc prices. Net income attributable to SCC was $736.0 million ($0.95 per share), up 65.4% sequentially but down 9.5% year over year. Adjusted EBITDA was $1,417.7 million at a 54.5% margin, compared with 46.0% in 4Q23 and 56.1% in 1Q23. Operating cash cost net of by-product credits fell to $1.07 per pound from $1.25 in 4Q23, helped by higher molybdenum credits and a 2.2% rise in copper output. Cash generation was mixed. Operating cash flow was $659.9 million, up 22.0% sequentially but down 55.7% from 1Q23, mainly because a $310.8 million increase in working capital, driven largely by Mexican operations, absorbed cash. Capital investments were $213.8 million, down 10.2% year over year. Copper production rose 7.7% year over year to 240,679 tons, supported by the new Buenavista zinc concentrator, which began operating in 1Q24 and produced 9,695 tons of zinc in the quarter. The company also reiterated a capital program of more than $15 billion for the decade, with Tia Maria, Los Chancas and Michiquillay in Peru and several Mexican projects. The Board approved a quarterly stock dividend of 0.0104 shares per share of common stock, payable May 23, 2024 to holders of record on May 8, 2024. Based on the $115.13 reference price, this equals roughly $1.20 per share in value, which is less than the $1.00 per share cash dividend paid in 1Q23 but is paid in stock rather than cash. This filing furnishes the earnings press release under Item 2.02 and is not deemed filed under the Exchange Act.

Apr 26, 2024 10-K

SOUTHERN COPPER CORP/ Annual Report, Year Ended Dec 31, 2023

Southern Copper Corporation (SCCO) reported a solid operational performance for the fiscal year ending December 31, 2023, despite a slight decrease in net sales primarily due to lower copper and zinc prices and reduced sales volumes for silver and zinc. However, these were partially offset by increased copper and molybdenum sales volumes and higher prices for molybdenum and silver. The company's net income attributable to SCC was $2.43 billion, a decrease from $2.64 billion in 2022, mainly influenced by increased costs of sales and slightly lower sales volumes. SCCO maintained its position as a leading global copper producer with robust production figures, with copper mine production increasing by 1.8% year-over-year, driven by higher grades at its Peruvian operations and contributions from new projects like Pilares. The company is strategically investing in its growth program, with capital investments of $1.01 billion in 2023, targeting increased copper production to 1.3 million tonnes by the end of the decade. Key development projects include the Buenavista Zinc project in Mexico and the Tia Maria project in Peru, with significant social and community investments highlighted as part of their development. Financially, the company reported total debt of $6.25 billion at year-end 2023. SCCO's commitment to shareholder returns is evident through its consistent dividend payouts, with a $4.00 per share dividend paid in 2023. The company maintains a strong focus on ESG practices, achieving high sustainability ratings and demonstrating commitment to environmental stewardship and community development.

Feb 29, 2024 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Feb 2, 2024)

Southern Copper's (SCCO) 8-K, furnished under Item 2.02, reports fourth-quarter and full-year 2023 results. For FY2023, net sales were $9,895.8 million, down 1.5% year over year, and net income attributable to SCC was $2,425.2 million, down 8.1%. Adjusted EBITDA was $5,029.5 million (50.8% margin) versus 53.2% in 2022. Results were weighed down by a $406.0 million year-end accounting adjustment for lower metal prices. Excluding that adjustment and the copper anode inventory build, management says sales would have been 3.2% higher than 2022. Operating cash flow rose 27.5% to $3,573.1 million, driven mainly by a working capital reduction, and capital investments rose 6.3% to $1,008.6 million. Fourth-quarter performance was weaker. Net sales fell 18.6% to $2,295.6 million, net income fell 50.7% to $445.0 million, and adjusted EBITDA fell 35.3% to $1,055.5 million. The quarter also carried a $168.4 million accounting adjustment for lower metal prices. The operating cash cost per pound of copper net of by-product credits rose to $1.03 for the year from $0.78 in 2022, and to $1.25 in 4Q23. Management highlighted the Pilares expansion reaching full capacity and the Buenavista zinc concentrator starting ramp-up, and guided to 935,900 tons of copper production in 2024 (+2.7%). The company also declared a $0.80 per share dividend payable February 29, 2024, to holders of record on February 13, 2024. For investors, the key takeaways are a softer earnings year and quarter driven by metal price adjustments and higher unit costs, offset by strong cash generation and a clear growth pipeline. The more than $15 billion capital program for this decade, including Tia Maria, Los Chancas and Michiquillay in Peru, carries execution and permitting risk, and the Buenavista water-supply constraint is a near-term operational watch item. Grupo Mexico owns 88.9% of the company, which is relevant to minority shareholders.

Feb 2, 2024 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q3 Ended Sep 30, 2023

Southern Copper Corporation (SCCO) reported a solid third quarter for 2023, with net sales increasing by 16.2% year-over-year to $2.51 billion. This growth was primarily driven by higher metal prices, particularly for copper (up 8.0% on LME), molybdenum (up 47.4%), and silver (up 23.6%), along with an increase in molybdenum sales volumes. Net income attributable to SCC also saw a healthy increase of 19.4% to $619.5 million, or $0.80 per diluted share. For the first nine months of 2023, net sales grew 5.2% to $7.60 billion, and net income attributable to SCC rose 14.1% to $1.98 billion. The company maintained strong operating cash flows, with $3.03 billion generated year-to-date. Capital expenditures for the nine months totaled $753.2 million, reflecting ongoing investments in production capacity and operational improvements in both Peru and Mexico. The company also announced a quarterly dividend of $1.00 per share, payable in November 2023.

Nov 1, 2023 8-K

SOUTHERN COPPER CORP/ 8-K Report, Code of Ethics Amendment (Oct 25, 2023)

Southern Copper Corporation (SCCO) filed a Form 8-K on October 25, 2023 to disclose an amendment and restatement of its Code of Business Conduct and Ethics (the "Ethics Code"). The Board of Directors approved the revised code on October 20, 2023. The principal change is an update to the portal used for the reporting management system. The company describes the remaining amendments as technical, administrative, and non-substantive. The filing discloses the amendment out of caution, in case any changes were deemed more than technical, and the company states that any substantive changes are not material. The Ethics Code applies to all directors, officers, and employees of the company and its subsidiaries, business units, branches, and affiliates, as well as other entities related to its mining operations. It sets out the basic standards of business practice and of professional and personal conduct expected of covered persons. The full amended code is available on the company's website under the "Corporate Governance" tab and is filed as Exhibit 14.1 to the 8-K. For investors, this is a routine governance filing with no reported financial impact. It contains no financial results, guidance, operational updates, or transactions. The filing is relevant mainly as evidence of ongoing compliance-policy maintenance, and it does not signal any operational or financial change at the company.

Oct 25, 2023 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Oct 25, 2023)

Southern Copper's (SCCO) 3Q23 results, furnished under Item 2.02 of this 8-K and released October 24, 2023, show strong top-line and profit growth. Net sales rose 16.2% year over year to $2,505.6 million, driven mainly by higher molybdenum (+47.4%) and silver (+23.6%) prices and by LME copper prices (+8.0%). Net income attributable to SCC grew 19.4% to $619.5 million, and adjusted EBITDA rose 26.8% to $1,290.6 million, lifting the adjusted EBITDA margin to 51.5% from 47.2%. Year-to-date cash flow from operations increased 76.2% to $3,032.1 million. Operationally, copper production was 226,120 tons in the quarter, slightly down year over year, with lower Peruvian output at Cuajone offset partly by Toquepala. Operating cash cost per pound of copper, net of by-product credits, fell 12.4% sequentially to $0.98, helped by a 16.8% rise in by-product revenue credits. Management highlighted cost control and a 1.6 million ton copper capacity target over the next decade. For shareholders, the Board declared a $1.00 per share dividend payable November 22, 2023, to holders of record on November 8, 2023. Investors should note the capital program exceeds $15 billion this decade, and the Buenavista Zinc concentrator ramp-up slipped from 4Q23 to 1Q24. Tia Maria and Los Chancas remain subject to permitting and community issues in Peru. The filing itself is brief; the substantive content is in the furnished press release.

Oct 25, 2023 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q2 Ended Jun 30, 2023

Southern Copper Corporation (SCCO) reported its second quarter and first six months of 2023 financial results. For the second quarter, net sales were $2.30 billion, a slight decrease of 0.3% year-over-year, primarily due to lower metal prices, particularly for copper and zinc. However, net income attributable to SCC saw a significant increase of 26.6% to $547.5 million, driven by improved operating cost efficiencies and higher sales volumes of copper and zinc, which offset the impact of lower average metal prices. For the first six months of 2023, net sales increased by 0.5% to $5.09 billion. Net income attributable to SCC also grew by 11.8% to $1.36 billion, reflecting higher sales volumes across most metal products, cost reductions, and a notable decrease in income taxes. The company continues to invest in capital projects, with $490.6 million spent in the first half of 2023, and has announced a $1.00 per share dividend for the third quarter.

Aug 1, 2023 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Jul 28, 2023)

Southern Copper Corporation (SCCO) reported second-quarter 2023 results that were roughly flat on the top line but materially stronger on profitability. Net sales were $2,300.7 million, down only 0.3% year over year, as higher copper and zinc sales volumes (+12.1% and +12.9%) were offset by lower LME copper prices (-10.9%) and zinc prices (-35.4%). Net income attributable to SCC rose 26.6% to $547.5 million, with net margin expanding to 23.8% from 18.7%, driven largely by a 7.9% reduction in cost of sales tied to lower third-party copper concentrate purchases. Adjusted EBITDA increased 9.2% to $1,115.5 million, and operating cash flow for the first half rose 75.3% to $1,982.3 million, though part of that improvement reflected a working-capital swing linked to the prior-year Cuajone stoppage. Sequentially, second-quarter net income fell from $813.2 million in Q1 2023, reflecting lower copper prices and an accounting adjustment on 104,000 tons of open sales. Management guided to higher second-half output (481,300 tons of copper, 76,000 tons of zinc, 10.9 million ounces of silver) as the Buenavista zinc concentrator and Pilares project ramp up. The board declared a $1.00 per share dividend payable August 23, 2023 to holders of record on August 9, 2023, unchanged from the Q2 2023 quarterly rate and down from the $1.25 paid a year earlier. Investors should weigh the strong margin and cash generation against exposure to metal price volatility and the company's $15 billion-plus growth capital program, which remains heavily weighted toward Mexican and Peruvian projects with some permitting and social-license risk, notably Tia Maria and Los Chancas.

Jul 28, 2023 8-K

SOUTHERN COPPER CORP/ 8-K Report, Shareholder Vote Results (May 30, 2023)

Southern Copper Corporation (SCCO) filed an 8-K on May 29, 2023, detailing the outcomes of its 2023 Annual Meeting of Stockholders held on May 26, 2023. The meeting saw strong participation, with approximately 96.81% of outstanding shares eligible to vote being cast. The primary focus for investors in this filing is the shareholder voting results on key corporate governance matters. All proposals presented to shareholders passed with significant support. This includes the election of all nine directors, the ratification of the appointment of Galaz, Yamazaki, Ruiz Urquiza S.C. as the independent accountants, and the approval of the company's executive compensation. Furthermore, shareholders overwhelmingly recommended that future advisory votes on executive compensation be held annually.

May 30, 2023 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q1 Ended Mar 31, 2023

Southern Copper Corporation (SCCO) reported a modest increase in net sales for the first quarter of 2023, reaching $2.79 billion, a slight uptick from $2.76 billion in the prior year period. This growth was primarily driven by increased sales volumes of copper, silver, and zinc, alongside a significant surge in molybdenum prices. However, lower copper prices, coupled with reduced molybdenum sales volumes, tempered overall performance. Net income attributable to SCC saw a positive increase of 3.6% to $813.2 million, or $1.05 per diluted share, up from $784.7 million, or $1.02 per diluted share, in Q1 2022, indicating improved profitability despite a challenging pricing environment for key commodities. The company demonstrated strong operational execution with a 4.1% increase in mined copper production, largely due to improved performance at the Cuajone mine and normalized operations at Toquepala. Despite rising operating costs, particularly in its Mexican underground operations (IMMSA), SCCO managed its overall cost structure effectively, with operating cash costs per pound of copper produced (net of by-products) increasing to $0.76 from $0.55 year-over-year. Significant capital investments continue, with $238.1 million deployed in Q1 2023 towards growth projects in Mexico and Peru, underscoring the company's commitment to long-term production expansion.

May 2, 2023 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Apr 27, 2023)

Southern Copper (SCCO) reported first-quarter 2023 results on April 26, 2023, with net sales of $2,793.9 million, up 1.1% year over year, driven by higher copper (+10%), silver (+15.5%) and zinc (+6.4%) sales volumes, partly offset by lower molybdenum volumes (-7.9%) and weaker prices for most metals (LME copper down 10.6% year over year). Net income attributable to SCC rose 3.6% to $813.2 million, but adjusted EBITDA fell 6.6% to $1,567.9 million as the adjusted EBITDA margin contracted from 60.7% to 56.1%, largely because cost of sales rose 12.9% and operating cash costs per pound of copper, net of by-product credits, jumped 30.8% to $0.76. Operating cash flow increased 44.4% to $1,185.2 million, supported by higher sales and cost control. The Board declared a $1.00 per share dividend payable May 23, 2023 to holders of record on May 9, 2023, unchanged from the prior year. Management highlighted growth projects, including the Pilares mine (operating since 4Q22, adding 35,000 tons of annual copper capacity), the Buenavista zinc concentrator (targeted to start in 2H23, adding 100,000 tons of zinc and 20,000 tons of copper), and El Pilar (36,000 tons of copper, production expected in 2025). The company's capital program for the decade exceeds $15 billion, though several Peruvian projects, notably Tia Maria and Los Chancas, remain exposed to permitting and social or legal risks. This filing is an informational furnishing under Item 2.02, and the press release is not deemed filed under the Exchange Act.

Apr 27, 2023 10-K

SOUTHERN COPPER CORP/ Annual Report (Amendment), Year Ended Dec 31, 2022

This filing is Amendment No. 1 (Form 10-K/A) to Southern Copper Corporation's Annual Report for fiscal year 2022, which was originally filed on February 28, 2023. The signature date on this amendment is also February 28, 2023, not March 1, 2023 as stated in the request. The amendment was filed solely to submit seven Technical Report Summaries (Exhibits 96.1, 96.2, 96.6, 96.7, 96.11, 96.12, and 96.13) that exceeded SEC file-size limits. It does not amend any other item, and it contains no income statement, balance sheet, cash flow, or MD&A content. Investors looking for FY2022 financial results should consult the Original Filing. The content that is present covers filer status and capital structure. Southern Copper is a large accelerated filer with an effective internal control attestation, is not a shell company, and reports no error corrections or restatements. As of February 28, 2023, 773,101,669 common shares were outstanding. The non-affiliate market value was approximately $4,274.5 million, measured at the June 30, 2022 closing price. The exhibit index also lists the company's senior notes outstanding, including $1.0 billion of 7.500% notes due 2035, $1.1 billion of 6.750% notes due 2040, 5.250% notes due 2042, 3.875% notes due 2025, and 5.875% notes due 2045. The signing officer is CEO Oscar Gonzalez Rocha. The mineral technical reports in this amendment cover the Cuajone, Toquepala, Buenavista del Cobre, La Caridad, Charcas, Santa Barbara, and San Martin operations. These reports provide the reserve and resource support for the company's copper, molybdenum, zinc, silver, and other metal disclosures, which investors use to assess long-term production potential and asset life.

Mar 1, 2023 10-K

SOUTHERN COPPER CORP/ Annual Report, Year Ended Dec 31, 2022

Southern Copper Corporation (SCCO) reported solid financial results for the fiscal year ending December 31, 2022. While net sales saw a modest decrease compared to the record performance in 2021, primarily due to lower volumes and prices for copper and silver, the company maintained strong profitability. This was supported by higher prices for molybdenum and zinc, increased sales volumes for zinc, and effective cost management, despite rising fuel, energy, and contractor costs. SCCO continues its significant capital investment program, focusing on expanding production capacity and improving operational efficiencies. The company boasts substantial mineral reserves, positioning it favorably for long-term copper supply, particularly given copper's critical role in the clean energy transition. Key operational highlights include strong production across its Peruvian and Mexican segments, with ongoing efforts to optimize mining and processing methods. However, investors should note the company's exposure to commodity price volatility and operational risks in its primary mining jurisdictions of Peru and Mexico, including potential community relations and regulatory challenges.

Feb 28, 2023 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Feb 3, 2023)

Southern Copper (SCCO) reported 4Q22 net sales of $2,820.3 million, flat versus 4Q21, and net income of $902.4 million, up 8.3% year over year, with a 32.0% net income margin. For full-year 2022, results were weaker: net sales fell 8.1% to $10,047.9 million, net income declined 22.3% to $2,638.5 million, and adjusted EBITDA dropped 21.7% to $5,365.3 million. Lower copper volumes (-6.6% mined production, including the Cuajone stoppage), lower copper prices (-5.4% average) and a sharp drop in operating cash flow (-34.7% to $2,802.5 million) drove the annual decline. Quarterly sequential improvement was notable, with 4Q22 unit operating cash cost net of by-product credits at $0.45/lb, down from $1.03 in 3Q22, helped by a surge in molybdenum prices. The company declared a $1.00 per share dividend payable March 1, 2023 (record date February 14, 2023), and paid $3.50 per share in dividends during 2022. Management highlighted a capital investment program exceeding $15 billion this decade, with the Buenavista Zinc concentrator expected to start in 2H23 and the Pilares mine expected to feed the Caridad concentrator at full capacity in 2Q23. Management also flagged political unrest in Peru as a risk, though operations there were not affected as of the release date. Note that this 8-K furnishes the press release under Item 2.02 and is not deemed filed under Section 18 of the Exchange Act. For investors, the key takeaways are the strong 4Q22 cost position and cash generation offset by a challenging 2022 year, and a heavy growth capex cycle that will pressure free cash flow in the near term. Dividend payout of $3.50 in 2022 exceeded 2022 earnings per share of $3.41, and cash fell $932.3 million during the year, which investors should weigh against the dividend policy.

Feb 3, 2023 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q3 Ended Sep 30, 2022

Southern Copper Corporation (SCCO) reported a decrease in net sales and net income for the third quarter and first nine months of 2022 compared to the prior year, largely driven by lower average commodity prices, particularly for copper. While copper prices saw a significant decline, SCCO's sales volume for copper increased slightly year-over-year in the third quarter. By-product revenues, including molybdenum, silver, and zinc, also experienced price and volume decreases in many cases. Despite the revenue headwinds, the company's focus on cost control and operational efficiency remains evident. Operating costs increased, impacting profitability, with higher fuel, power, and foreign currency effects contributing to the rise. SCCO continues to invest in capital projects aimed at increasing production and reducing costs, with significant progress reported on projects in Mexico and Peru. The company also announced a quarterly dividend of $0.50 per share.

Oct 31, 2022 8-K

SOUTHERN COPPER CORP/ 8-K Report, Financial Results (Oct 28, 2022)

Southern Copper (SCCO) reported third-quarter 2022 results on October 27, 2022, showing a sharp year-over-year decline driven by lower metal prices and a 54-day illegal blockage at its Cuajone mine earlier in the year. Net sales were $2,156.9 million, down 19.5% from 3Q21, as copper prices fell 18.6%, molybdenum prices fell 13.2%, and silver prices fell 21.3%. Net income attributable to SCC was $519.0 million (down 40.2% year over year but up 20.1% sequentially), with a 24.1% net margin, and adjusted EBITDA was $1,017.9 million (47.2% margin), roughly flat versus 2Q22. Operating cash cost per pound of copper, net of by-product credits, rose to $1.03 from $0.58 in 3Q21 due to higher fuel, energy, and explosives costs and lower volumes, though it fell 5.7% sequentially. Operating cash flow improved to $590.1 million, up 90.4% from 2Q22, and capital investments were $227.9 million. Management said Peruvian operations are expected to reach 94% of the 2022 production plan of 360,900 tons after the Cuajone recovery, and copper production was 230,522 tons in the quarter, down 6.0% sequentially on lower ore grades and recoveries. The Board declared a $0.50 per share dividend payable November 23, 2022, to holders of record on November 9, 2022. Investors should weigh the strong cash generation and balance sheet (about $2.2 billion in cash against roughly $6.5 billion in total debt) against falling metal prices, rising unit costs, and ongoing project execution risk in Peru, including the Tia Maria and Los Chancas projects. The filing is furnished under Item 2.02 and is not deemed filed for Section 18 purposes, and it attaches the full earnings press release as Exhibit 99.1. The disclosure contains no new material corporate events beyond the earnings results and dividend declaration.

Oct 28, 2022 10-Q

SOUTHERN COPPER CORP/ Quarterly Report for Q2 Ended Jun 30, 2022

Southern Copper Corporation (SCCO) reported a notable decrease in net sales and net income for the second quarter and the first six months of 2022 compared to the prior year. Net sales declined by 20.4% in Q2 and 6.6% year-to-date, primarily driven by lower sales volumes across major products and a significant negative adjustment related to provisionally priced sales. Net income attributable to SCC fell by 53.7% in Q2 and 28.3% year-to-date, impacted by lower sales, increased operating costs due to inflation (fuel, power), and lower copper production, particularly due to the Cuajone mine stoppage in Peru. The Cuajone mine experienced a significant production loss from February to April 2022 due to a community protest and blockade, resulting in an estimated $228 million reduction in sales. While operations have resumed, this event highlights operational risks in certain regions. Despite these challenges, the company managed to fulfill all sales commitments. Looking ahead, SCCO anticipates lower copper production for 2022 but expects a rebound in 2023. The company also notes the volatility in commodity prices, particularly copper, citing concerns about global economic slowdowns while emphasizing the long-term positive outlook for copper demand driven by clean energy transitions.

Jul 27, 2022