Southern Copper Corp. Files Q2 2024 10-Q

TL;DR

SCC Q2 2024 10-Q filed. Financials and ops details out.

AI Summary

Southern Copper Corp. reported its Q2 2024 results on August 2, 2024. The company's filing covers the period ending June 30, 2024. Key financial data and operational details for this period are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational updates for Southern Copper Corp., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a mining company, Southern Copper Corp. is subject to commodity price volatility, operational risks, and environmental regulations.

Key Numbers

• Q2 2024 — Quarterly Reporting Period (The filing details financial and operational performance for the second quarter of 2024.)
• June 30, 2024 — End of Reporting Period (This date marks the end of the period covered by the financial statements in the 10-Q.)

Key Players & Entities

• SOUTHERN COPPER CORP/ (company) — Filer
• 20240630 (date) — Period of Report
• 20240802 (date) — Filing Date
• 0001001838 (company) — Central Index Key
• PE (location) — Country of Operation
• MX (location) — Country of Operation

FAQ

Key Financial Figures

• $0.01 — registered: Common stock , par value $0.01 per share SCCO New York Stock Exchan

Filing Documents

• scco-20240630x10q.htm (10-Q) — 4449KB
• scco-20240630xex15d0.htm (EX-15.0) — 5KB
• scco-20240630xex31d1.htm (EX-31.1) — 11KB
• scco-20240630xex31d2.htm (EX-31.2) — 11KB
• scco-20240630xex32d1.htm (EX-32.1) — 6KB
• scco-20240630xex32d2.htm (EX-32.2) — 7KB
• scco-20240630x10q001.jpg (GRAPHIC) — 9KB
• 0001558370-24-010710.txt ( ) — 16103KB
• scco-20240630.xsd (EX-101.SCH) — 79KB
• scco-20240630_cal.xml (EX-101.CAL) — 64KB
• scco-20240630_def.xml (EX-101.DEF) — 317KB
• scco-20240630_lab.xml (EX-101.LAB) — 590KB
• scco-20240630_pre.xml (EX-101.PRE) — 422KB
• scco-20240630x10q_htm.xml (XML) — 4139KB

Financial Information

Part I. Financial Information : Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Earnings for the three and six-month period ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and six-month period ended June 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the three and six-month period ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Equity for the three and six-month period ended June 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8-35 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 37-58 Item 3. Quantitative and Qualitative Disclosure about Market Risk 59-60 Item 4.

Controls and procedures

Controls and procedures 61 Report of Independent Registered Public Accounting Firm 62

Other Information

Part II. Other Information : Item 1.

Legal Proceedings

Legal Proceedings 63 Item 1A.

Risk Factors

Risk Factors 63 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 63 Item 4. Mine Safety Disclosures 63 Item 6. List of Exhibits 64-67

Signatures

Signatures 68 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements Southern Copper Corporation CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in millions, except for per share amounts) Net sales (including sales to related parties, see note 5) $ 3,118.3 $ 2,300.7 $ 5,718.1 $ 5,094.6 Operating cost and expenses: Cost of sales (exclusive of depreciation, amortization and depletion shown separately below) 1,248.9 1,147.7 2,406.5 2,341.9 Selling, general and administrative 33.9 31.0 64.8 61.4 Depreciation, amortization and depletion 209.6 209.2 418.6 412.9 Exploration 18.6 12.1 31.2 24.0 Total operating costs and expenses 1,511.0 1,400.0 2,921.1 2,840.2 Operating income 1,607.3 900.7 2,797.0 2,254.4 Interest expense ( 94.1 ) ( 94.0 ) ( 188.3 ) ( 188.2 ) Capitalized interest 10.8 12.4 24.5 23.9 Other income (expense) ( 19.9 ) 5.6 ( 0.9 ) 16.1 Interest income 26.5 23.2 53.8 44.5 Income before income taxes 1,530.6 847.9 2,686.2 2,150.7 Income taxes (including royalty taxes, see Note 4) 578.8 294.5 1,002.1 774.9 Net income before equity earnings of affiliate 951.8 553.4 1,684.0 1,375.8 Equity (loss) earnings of affiliate, net of income tax 2.0 ( 3.8 ) 8.6 ( 10.2 ) Net income 953.8 549.6 1,692.6 1,365.6 Less: Net income attributable to the non-controlling interest 3.6 2.1 6.4 4.9 Net income attributable to SCC $ 950.2 $ 547.5 $ 1,686.2 $ 1,360.7 Per common share amounts attributable to SCC: Net earnings-basic and diluted $ 1.22 $ 0.71 $ 2.17 $ 1.76 Weighted average shares outstanding-basic and diluted 777.9 773.1 775.5 773.1 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents Southern Copper Corporation CONDENSED CONSOLIDATED ST

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View this 10-Q filing on SEC EDGAR