Southern Copper Corporation

Last updated
Southern Copper Corporation
Company type Public company
BVL:  SCCO
NYSE:  SCCO
Russell 1000 Component
Industry Mining
Founded1952;73 years ago (1952)
Headquarters Phoenix, Arizona
Key people
 Oscar González Rocha (CEO)
Products Copper
Molybdenum
Zinc
Silver
RevenueIncrease2.svg US$11.433 billion (2024)
Increase2.svg US$3.376 billion (2024)
Total assets Increase2.svg US$18.713 billion (2024)
Total equity Increase2.svg US$9.238 billion (2024)
Owner Grupo México (88.9%)
Number of employees
16,133 (2024)
Website www.southerncoppercorp.com
Footnotes /references
[1]
The Toquepala mine in 2003, viewed from the International Space Station. The open pit was then 2.5 kilometers across. Toquepala mine.jpg
The Toquepala mine in 2003, viewed from the International Space Station. The open pit was then 2.5 kilometers across.

Southern Copper Corporation, organized in Delaware and headquartered in Phoenix, Arizona, owns copper mines, smelters, and refineries in Peru and Mexico, including the Cuajone mine, the Toquepala mine, and the Tia Maria mine in Peru and the Buenavista mine and the La Caridad Mine in Mexico. In 2024, the company mined 2.1 billion pounds of copper, 21 million ounces of silver, 64 million pounds of molybdenum, and 286 million pounds of zinc.

Contents

The company is 88.9% owned by Grupo México. [1]

The company has faced disruptions due to strike actions. [2] From 2007 to 2010, intermitent strikes at the Buenavista mine disrupted production; union members even threatened to blow up the mine. [3]

History

The company was founded in 1952 as a joint venture between ASARCO and Newmont. [4] In 1955, Edward McL. Tittmann was named president and CEO and the company received a $100 million loan from the Export–Import Bank of the United States to fund the Toquepala mine. [5]

It began copper mining operations in 1960. [1] In 1976, it opened the Cuajone mine, with a minority interest owned by Billiton. [6]

In 1995, ASARCO acquired an additional 10% of the company from Newmont for $116.4 million, raising its stake to 63%. [4] Southern Copper became a public company in January 1996 after a reorganization. [1] In 1999, Grupo México acquired ASARCO and became the majority owner of Southern Copper. [7]

In April 2005, the company acquired Grupo Minera in Mexico from Grupo México for $3.75 billion. In October 2005, it changed its name from Southern Peru to Southern Copper Corporation. [8] [9] In 2011, a court ruled that the price of Grupo Minera was unfair and Grupo Mexico was forced to return $1.3 billion in shares to Southern Copper. [10] In November 2011, Grupo México cancelled plans to merge Southern Copper with ASARCO after shareholder dissent. [11]

References

  1. 1 2 3 4 "Southern Copper Corporation 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission. March 3, 2025.
  2. ↑ Janjigian, Vahan (February 15, 2005). "Peruvian Copper: A Shiny New Buy" . Forbes .
  3. ↑ Emery, Alex (June 10, 2010). "Southern to Reach Full Copper Production Next Year" . Bloomberg News .
  4. 1 2 "COMPANY NEWS; ASARCO BUYS 10.7% STAKE IN SOUTHERN PERU COPPER". The New York Times . Reuters. April 6, 1995.
  5. ↑ "Southern Peru Copper Selects Its President". The New York Times . October 27, 1955.
  6. ↑ "PERU COPPER CORP. SETS JOINT VENTURE". The New York Times . January 6, 1975.
  7. ↑ Jamasmie, Cecilia (January 12, 2017). "Southern Copper's $1.2bn Peru mine expansion ready by year-end". Mining.com .
  8. ↑ "IN RE: SOUTHERN PERU COPPER CORPORATION Shareholder Derivative Litigation" – via FindLaw.
  9. ↑ "Mexico: Grupo Mexico Cleared". The New York Times . Reuters. September 3, 2008.
  10. ↑ Pearson, Sophia (October 18, 2011). "Grupo Mexico Ordered to Pay $1.3 Billion to Southern Copper" . Bloomberg News .
  11. ↑ Emery, Alex; Rodriguez, Carlos Manuel (November 1, 2011). "Grupo Mexico Scraps Southern Copper, Asarco Merger Proposal". Bloomberg News .
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