Southern Copper Corp. Files 2023 Annual Report on Form 10-K

Ticker: SCCO · Form: 10-K · Filed: Feb 29, 2024 · CIK: 1001838

Southern Copper CORP/ 10-K Filing Summary
FieldDetail
CompanySouthern Copper CORP/ (SCCO)
Form Type10-K
Filed DateFeb 29, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $500 million, $3 billion, $2.9 billion, $3.53
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Southern Copper, Mining, Financial Report, Commodities

TL;DR

<b>Southern Copper Corp. has filed its 2023 10-K report detailing financial performance and operational data.</b>

AI Summary

SOUTHERN COPPER CORP/ (SCCO) filed a Annual Report (10-K) with the SEC on February 29, 2024. Southern Copper Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the company's operations and financial performance for the year. Key financial data and disclosures are included in the report. The report details various allowances, including for credit losses and deferred tax assets. Information on tax credit carryforward expiration dates through 2033 is provided.

Why It Matters

For investors and stakeholders tracking SOUTHERN COPPER CORP/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Southern Copper Corp.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed disclosures on allowances and tax credits offer insights into the company's risk management and tax strategies, which can impact profitability and financial stability.

Risk Assessment

Risk Level: medium — SOUTHERN COPPER CORP/ shows moderate risk based on this filing. The company operates in the mining industry, which is subject to significant commodity price volatility, environmental regulations, and geopolitical risks in the regions where it operates (Peru, Mexico, USA), as indicated by the geographical data and the nature of the business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's exposure to commodity price fluctuations and regulatory changes.

Key Numbers

Key Players & Entities

FAQ

When did SOUTHERN COPPER CORP/ file this 10-K?

SOUTHERN COPPER CORP/ filed this Annual Report (10-K) with the SEC on February 29, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by SOUTHERN COPPER CORP/ (SCCO).

Where can I read the original 10-K filing from SOUTHERN COPPER CORP/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SOUTHERN COPPER CORP/.

What are the key takeaways from SOUTHERN COPPER CORP/'s 10-K?

SOUTHERN COPPER CORP/ filed this 10-K on February 29, 2024. Key takeaways: Southern Copper Corp. filed its 10-K report for the fiscal year ending December 31, 2023.. The filing covers the company's operations and financial performance for the year.. Key financial data and disclosures are included in the report..

Is SOUTHERN COPPER CORP/ a risky investment based on this filing?

Based on this 10-K, SOUTHERN COPPER CORP/ presents a moderate-risk profile. The company operates in the mining industry, which is subject to significant commodity price volatility, environmental regulations, and geopolitical risks in the regions where it operates (Peru, Mexico, USA), as indicated by the geographical data and the nature of the business.

What should investors do after reading SOUTHERN COPPER CORP/'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's exposure to commodity price fluctuations and regulatory changes. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,480 words · 18 min read · ~15 pages · Grade level 9.3 · Accepted 2024-02-29 10:15:22

Key Financial Figures

Filing Documents

Business

Business 3 - 165 Item 1A

Risk factors

Risk factors 16 - 27 Item 1B Unresolved Staff Comments 288 Item 1C Cybersecurity 288 - 30 Item 2

Properties

Properties 31 - 90 Item 3

Legal Proceedings

Legal Proceedings 900 Item 4 Mine Safety Disclosure 900 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 91 - 92 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 93 - 119 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 120 - 1201 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 122 - 180 Item 9. Changes in and Disagreements with Accountant on Accounting and Financial Disclosure 181 Item 9A.

Controls and Procedures

Controls and Procedures 1811 Item 9B. Other Information 18383 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 183 PART III. Item 10. Directors, Executive Officers and Corporate Governance 1844 - 1866 Item 11.

Executive Compensation

Executive Compensation 1844 - 1866 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 1844 - 1866 Item 13. Certain Relationships and Related Transactions and Director Independence 1844 - 1866 Item 14. Principal Accounting Fees and Services 1844 - 1866 PART IV. Item 15. Exhibits, Financial Statement Schedule 186 - 1888 Supplemental information 189 - 1922

Signatures

Signatures 193 2 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS THE COMPANY We believe Southern Copper Corporation ("SCC", "Southern Copper" or the "Company") is one of the largest integrated copper producers in the world. Our major production includes copper, molybdenum, zinc and silver. All of our mining, smelting and refining facilities are located in Peru and Mexico and we conduct exploration activities in those countries and in Argentina, Chile and Ecuador. See Item 2 "Properties—Review of Operations" for maps of our principal mines, smelting facilities and refineries. The considerable scale of our operations makes us one of the largest mining companies in Peru and Mexico. We believe we have the largest copper reserves in the world. We were incorporated in Delaware in 1952 and have conducted copper mining operations since 1960. Since 1996, our common stock has been listed on both the New York and Lima Stock Exchanges. Our Peruvian copper operations involve mining, milling and flotation of copper ore to produce copper concentrates and molybdenum concentrates; the smelting of copper concentrates to produce blister and anode copper; and the refining of anode copper to produce copper cathodes. As part of this production process, we also produce significant amounts of molybdenum concentrate and sulfuric acid. Our precious metals plant at the Ilo refinery produces refined silver, gold, and other materials. Additionally, we produce refined copper using solvent extraction/electrowinning technology ("SX-EW"). We operate the Toquepala and Cuajone open-pit mines high in the Andes Mountains, approximately 860 kilometers southeast of the city of Lima, Peru. We also operate a smelter and refinery west of the Toquepala and Cuajone mines in the coastal city of Ilo, Peru. Our Mexican operations are conducted through our subsidiary, Minera Mexico, S.A. de C.V. ("Minera Mexico"), which we acquired in 2005. Minera Mexico engages primarily in the mining and processing of copper, molybdenum, zinc, silver, gold and lead. Mi

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