SOUTHERN COPPER CORP
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 3, 2025
SCCO$176.02+5.2%Stored close · as of Nov 9, 2026
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Item 15. Exhibits, Financial Statement Schedule
ITEM 15. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULE.
The following documents are filed as part of this report:
| 1. | Financial Statements |
The following financial statements of Southern Copper Corporation and its subsidiaries are included at the indicated pages of the document as stated below:
| Report of Independent Registered Public Accounting Firm (PCAOB ID 1153) | 126 - 127 |
|---|---|
| Consolidated statements of earnings for the years ended December 31, 2024, 2023 and 2022 | 128 |
| Consolidated statements of comprehensive income for the years ended December 31, 2024, 2023 and 2022 | 129 |
| Consolidated balance sheets at December 31, 2024 and 2023 | 130 |
| Consolidated statements of cash flows for the years ended December 31, 2024, 2023 and 2022 | 131 |
| Consolidated statements of changes in equity for the years ended December 31, 2024, 2023 and 2022 | 132 |
| Notes to the consolidated financial statements | 133 - 182 |
| 2. | Exhibits: |
| 3.1 | | (a) Amended and Restated Certificate of Incorporation, filed on October 11, 2005. |
| | | (b) Certificate of Amendment of Amended and Restated Certificate of Incorporation dated May 2, 2006. |
| | | (c) Certificate of Amendment of Amended and Restated Certificate of Incorporation dated May 28, 2008. |
| 3.2 | | By-Laws, as last amended on January 27, 2022. |
| 4.1 | | (a) Indenture governing $600 million 7.500% Notes due 2035, by and among Southern Copper Corporation, The Bank of New York and The Bank of New York (Luxembourg) S.A. |
| | | (b) Indenture governing $400 million 7.500% Notes due 2035, by and among Southern Copper Corporation, The Bank of New York, and The Bank of New York (Luxembourg) S.A. |
| 4.2 | | Form of 6.375% Note (included in Exhibit 4.1). |
| 4.3 | | Form of New 7.500% Note (included in Exhibit 4.2(a)). |
| 4.4 | | Form of New 7.500% Note (included in Exhibit 4.2(b)). |
| 4.5 | | Indenture, dated as of April 16, 2010, between Southern Copper Corporation and Wells Fargo Bank, National Association, as trustee, pursuant to which $1.1 billion of 6.750% Notes due 2040 were issued. |
| 4.6 | | Second Supplemental Indenture, dated as of April 16, 2010, between Southern Copper Corporation and Wells Fargo Bank, National Association, as trustee, pursuant to which the 6.750% Notes due 2040 were issued. |
| 4.7 | | Form of 6.750% Notes due 2040. |
| 4.8 | | Fourth Supplemental Indenture, dated as of November 8, 2012, between Southern Copper Corporation and Wells Fargo Bank, National Association, as trustee, pursuant to which the 5.250% Notes due 2042 were issued. |
| 4.9 | | Form of 5.250% Notes due 2042. |
| 4.10 | | Fifth Supplemental Indenture dated as of April 23, 2015, between Southern Copper Corporation and Wells Fargo Bank, National Association, as trustee, pursuant to which the 3.875% Notes due 2025 were issued. |
| 4.11 | | Sixth Supplemental Indenture, dated as of April 23, 2015, between Southern Copper Corporation and Wells Fargo Bank, National Association, as trustee, pursuant to which the 5.875% Notes due 2045 were issued. |
| 4.12 | | Form of 3.875% Notes due 2025. |
| 4.13 | | Form of 5.875% Notes due 2045. |
| 4.14 | | Description of the Company’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended. |
| 10.1 | | Directors’ Stock Award Plan of the Company, as amended through January 27, 2028. |
| 10.2 | | Agreement and Plan of Merger, dated as of October 21, 2004, by and among Southern Copper Corporation, SCC Merger Sub, Inc., Americas Sales Company, Inc., Americas Mining Corporation and Minera Mexico S.A. de C.V. |
| 10.3 | | Tax Agreement entered into by the Company and Americas Mining Corporation, effective as of February 20, 2017. |
| 14.0 | | Code of Business Conduct and Ethics adopted by the Board of Directors on May 8, 2003 and amended on October 20, 2023. |
| 19.1 | | Securities Law Compliance Policy. |
| 21.1 | | Subsidiaries of the Company. |
| 23.1 | | Consent of Registered Public Accounting Firm (Galaz, Yamazaki, Ruiz Urquiza, S.C., Member of Deloitte Touche Tohmatsu, Limited) (PCAOB ID 1153). |
| 23.2 | | Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the Cuajone Mine. |
| 23.3 | | Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the Toquepala Mine. |
| 23.4 | | Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the Tia Maria Project. |
| 23.5 | | Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Los Chancas Project. |
| 23.6 | | Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Michiquillay Project. |
| 23.7 | | Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for Buenavista del Cobre. |
| 23.8 | | Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for La Caridad and Pilares. |
| 23.9 | | Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the El Pilar Project. |
| 23.10 | | Consent of Qualified Persons for Technical Report Summary of Mineral Reserves and Mineral Resources for the El Arco Project. |
| 23.11 | | Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Charcas Mine. |
| 23.12 | | Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the Santa Barbara Mine. |
| 23.13 | | Consent of Qualified Persons for Technical Report Summary of Mineral Resources for the San Martin Mine. |
| 31.1 | | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2 | | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1 | | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C., Section 1350. This document is being furnished in accordance with SEC Release No. 33-8328. |
| 32.2 | | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C., Section 1350. This document is being furnished in accordance with SEC Release No. 33-8328. |
| 96.1 | | Technical Report Summary of Mineral Reserves and Mineral Resources for the Cuajone Mine. |
| 96.2 | | Technical Report Summary of Mineral Reserves and Mineral Resources for the Toquepala Mine. |
| 96.3 | | Technical Report Summary of Mineral Reserves and Mineral Resources for the Tia Maria Project. |
| 96.4 | | Technical Report Summary of Mineral Resources for the Los Chancas Project. |
| 96.5 | | Technical Report Summary of Mineral Resources for the Michiquillay Project. |
| 96.6 | | Technical Report Summary of Mineral Reserves and Mineral Resources for Buenavista del Cobre. |
| 96.7 | | Technical Report Summary of Mineral Reserves and Mineral Resources for La Caridad and Pilares. |
| 96.8 | | Technical Report Summary of Mineral Reserves and Mineral Resources for the El Pilar Project. |
| 96.9 | | Technical Report Summary of Mineral Reserves and Mineral Resources for the El Arco Project. |
| 96.10 | | Technical Report Summary of Mineral Resources for the Charcas Mine. |
| 96.11 | | Technical Report Summary of Mineral Resources for the Santa Barbara Mine. |
| 96.12 | | Technical Report Summary of Mineral Resources for the San Martin Mine. |
| 97 | | SCC Policy for the Recovery of Erroneous Compensation, effective as of November 30, 2023. |
| 101.INS | | XBRL Instance Document (submitted electronically with this report). The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | | XBRL Taxonomy Extension Schema Document (submitted electronically with this report). |
| 101.CAL | | XBRL Taxonomy Calculation Linkbase Document (submitted electronically with this report). |
| 101.DEF | | XBRL Taxonomy Extension Definition Linkbase Document (submitted electronically with this report). |
| 101.LAB | | XBRL Taxonomy Label Linkbase Document (submitted electronically with this report). |
| 101.PRE | | XBRL Taxonomy Presentation Linkbase Document (submitted electronically with this report). |
| 104 | | Cover page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
The exhibit listed as 10.1 is the management contract or compensatory plan or arrangement required to be filed pursuant to Item 15(b) of Form 10-K.
Attached as Exhibit 101 to this report are the following documents formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Statements of Earnings for the years ended December 31, 2024, 2023 and 2022; (ii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022; (iii) the Consolidated Balance Sheets at December 31, 2024 and 2023; (iv) the Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022; (v) the Consolidated Statements of changes in equity for the years ended December 31, 2024, 2023 and 2022, and (vi) the Notes to Consolidated Financial Statements tagged in detail. Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
- Schedule II
Valuation and Qualifying Accounts and Reserves (in millions):
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Additions | ||||||||||||
| · Balance at · Charged to · · · · | ||||||||||||
| · · beginning of · · costs and · · · · Deduction/ · · Balance at | ||||||||||||
| · · period · · expenses · · Additions · · Application · · end of period | ||||||||||||
| Reserve deducted in balance sheet to which applicable: | | | | | | | | | | | | |
| Accounts Receivable: | | | | | | | | | | | | |
| 2024 | $8.7 | | — | | — | | (0.1) | $8.6 | ||||
| 2023 | $8.8 | | 0.1 | | — | | (0.2) | $8.7 | ||||
| 2022 | $8.7 | | 0.1 | | — | | — | $8.8 | ||||
| | | | | | | | | | | | | |
| Notes issued under par: | | | | | | | | | | | | |
| 2024 | $61.3 | | 2.3 | | — | | — | $59.0 | ||||
| 2023 | $63.4 | | 2.1 | | — | | — | $61.3 | ||||
| 2022 | $65.6 | 2.2 | — | — | $63.4 | |||||||
| | | | | | | | | | | | | |
| Valuation allowance: | | | | | | | | | | | | |
| 2024 | | $2,301.7 | | 238.8 | | — | — | | $2,540.5 | |||
| 2023 | | $2,053.7 | | 248.0 | | — | — | | $2,301.7 | |||
| 2022 | | $1,820.0 | | 233.7 | | — | — | | $2,053.7 | |||
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