10-Q 1 scco-20210930x10q.htm 10-Q
0.10.1SOUTHERN COPPER CORP/0001001838--12-312021Q3false0001001838srt:ParentCompanyMember2021-09-300001001838srt:ParentCompanyMember2020-12-3100010018382008-12-310001001838srt:ParentCompanyMemberus-gaap:TreasuryStockMember2021-01-012021-09-300001001838srt:ParentCompanyMemberus-gaap:TreasuryStockMember2020-07-012020-09-300001001838srt:ParentCompanyMemberus-gaap:TreasuryStockMember2020-01-012020-09-300001001838us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001001838us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001001838us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001001838us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001001838srt:ParentCompanyMemberus-gaap:TreasuryStockMember2021-09-300001001838scco:HoldingCompanyMemberus-gaap:TreasuryStockMember2021-09-300001001838us-gaap:TreasuryStockMember2021-09-300001001838us-gaap:RetainedEarningsMember2021-09-300001001838us-gaap:ParentMember2021-09-300001001838us-gaap:NoncontrollingInterestMember2021-09-300001001838us-gaap:AdditionalPaidInCapitalMember2021-09-300001001838us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001001838srt:ParentCompanyMemberus-gaap:TreasuryStockMember2021-06-300001001838scco:HoldingCompanyMemberus-gaap:TreasuryStockMember2021-06-300001001838us-gaap:RetainedEarningsMember2021-06-300001001838us-gaap:ParentMember2021-06-300001001838us-gaap:NoncontrollingInterestMember2021-06-300001001838us-gaap:CommonStockMember2021-06-300001001838us-gaap:AdditionalPaidInCapitalMember2021-06-300001001838us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001001838srt:ParentCompanyMemberus-gaap:TreasuryStockMember2020-12-310001001838scco:HoldingCompanyMemberus-gaap:TreasuryStockMember2020-12-310001001838us-gaap:RetainedEarningsMember2020-12-310001001838us-gaap:ParentMember2020-12-310001001838us-gaap:NoncontrollingInterestMember2020-12-310001001838us-gaap:CommonStockMember2020-12-310001001838us-gaap:AdditionalPaidInCapitalMember2020-12-310001001838us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001001838srt:ParentCompanyMemberus-gaap:TreasuryStockMember2020-09-300001001838scco:HoldingCompanyMemberus-gaap:TreasuryStockMember2020-09-300001001838us-gaap:TreasuryStockMember2020-09-300001001838us-gaap:RetainedEarningsMember2020-09-300001001838us-gaap:ParentMember2020-09-300001001838us-gaap:NoncontrollingInterestMember2020-09-300001001838us-gaap:AdditionalPaidInCapitalMember2020-09-300001001838us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001001838srt:ParentCompanyMemberus-gaap:TreasuryStockMember2020-06-300001001838scco:HoldingCompanyMemberus-gaap:TreasuryStockMember2020-06-300001001838us-gaap:RetainedEarningsMember2020-06-300001001838us-gaap:ParentMember2020-06-300001001838us-gaap:NoncontrollingInterestMember2020-06-300001001838us-gaap:CommonStockMember2020-06-300001001838us-gaap:AdditionalPaidInCapitalMember2020-06-300001001838us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001001838srt:ParentCompanyMemberus-gaap:TreasuryStockMember2019-12-310001001838scco:HoldingCompanyMemberus-gaap:TreasuryStockMember2019-12-310001001838us-gaap:RetainedEarningsMember2019-12-310001001838us-gaap:ParentMember2019-12-310001001838us-gaap:NoncontrollingInterestMember2019-12-310001001838us-gaap:CommonStockMember2019-12-310001001838us-gaap:AdditionalPaidInCapitalMember2019-12-310001001838us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001001838scco:DirectorsStockAwardPlanMember2021-09-300001001838scco:EmployeeStockPurchase2018PlanMember2020-12-310001001838scco:EmployeeStockPurchase2015PlanMember2020-12-310001001838scco:EmployeeStockPurchase2018PlanMember2019-12-310001001838scco:EmployeeStockPurchase2015PlanMember2019-12-310001001838scco:OtherLarreaFamilyCompaniesMember2021-01-012021-09-300001001838srt:MaximumMemberscco:OperadoraDeCinemasSDeCVMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:ZincMemberscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:PeruvianOperationsMemberus-gaap:ReportableSubsegmentsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAmericanCountriesMemberscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAmericanCountriesMemberscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MolybdenumMemberscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MolybdenumMemberscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanOpenPitMemberus-gaap:ReportableSubsegmentsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanIMMSAUnitMemberus-gaap:ReportableSubsegmentsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:PEscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:PEscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:MXscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:MXscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:MXscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:JPscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:JPscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:ITscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:ITscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:ESscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:ESscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:CLscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:CLscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:BRscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:BRscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838us-gaap:IntersegmentEliminationMemberscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838scco:CorporateAndEliminationsMemberscco:ZincMember2021-07-012021-09-300001001838scco:CorporateAndEliminationsMemberscco:SilverMember2021-07-012021-09-300001001838scco:CorporateAndEliminationsMemberscco:OtherMember2021-07-012021-09-300001001838scco:CorporateAndEliminationsMemberscco:CopperMember2021-07-012021-09-300001001838scco:CorporateAndEliminationsMembercountry:MX2021-07-012021-09-300001001838us-gaap:ReportableSubsegmentsMember2021-07-012021-09-300001001838us-gaap:IntersegmentEliminationMember2021-07-012021-09-300001001838scco:ZincMember2021-07-012021-09-300001001838scco:SilverMember2021-07-012021-09-300001001838scco:OtherMember2021-07-012021-09-300001001838scco:OtherEuropeanCountriesMember2021-07-012021-09-300001001838scco:OtherAsianCountriesMember2021-07-012021-09-300001001838scco:OtherAmericanCountriesMember2021-07-012021-09-300001001838scco:MolybdenumMember2021-07-012021-09-300001001838scco:CopperMember2021-07-012021-09-300001001838country:US2021-07-012021-09-300001001838country:SG2021-07-012021-09-300001001838country:PE2021-07-012021-09-300001001838country:MX2021-07-012021-09-300001001838country:JP2021-07-012021-09-300001001838country:IT2021-07-012021-09-300001001838country:ES2021-07-012021-09-300001001838country:CL2021-07-012021-09-300001001838country:CH2021-07-012021-09-300001001838country:BR2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:ZincMemberscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:PeruvianOperationsMemberus-gaap:ReportableSubsegmentsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAmericanCountriesMemberscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAmericanCountriesMemberscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAmericanCountriesMemberscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MolybdenumMemberscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MolybdenumMemberscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanOpenPitMemberus-gaap:ReportableSubsegmentsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanIMMSAUnitMemberus-gaap:ReportableSubsegmentsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:PEscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:PEscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:MXscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:MXscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:MXscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:JPscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:JPscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:ITscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:ITscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:ITscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:ESscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:ESscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:CLscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:CLscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:BRscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMembercountry:BRscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838us-gaap:IntersegmentEliminationMemberscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838scco:CorporateAndEliminationsMemberscco:ZincMember2021-01-012021-09-300001001838scco:CorporateAndEliminationsMemberscco:SilverMember2021-01-012021-09-300001001838scco:CorporateAndEliminationsMemberscco:OtherMember2021-01-012021-09-300001001838scco:CorporateAndEliminationsMemberscco:CopperMember2021-01-012021-09-300001001838scco:CorporateAndEliminationsMembercountry:MX2021-01-012021-09-300001001838us-gaap:ReportableSubsegmentsMember2021-01-012021-09-300001001838us-gaap:IntersegmentEliminationMember2021-01-012021-09-300001001838scco:ZincMember2021-01-012021-09-300001001838scco:SilverMember2021-01-012021-09-300001001838scco:OtherMember2021-01-012021-09-300001001838scco:OtherEuropeanCountriesMember2021-01-012021-09-300001001838scco:OtherAsianCountriesMember2021-01-012021-09-300001001838scco:OtherAmericanCountriesMember2021-01-012021-09-300001001838scco:MolybdenumMember2021-01-012021-09-300001001838scco:CopperMember2021-01-012021-09-300001001838country:US2021-01-012021-09-300001001838country:SG2021-01-012021-09-300001001838country:JP2021-01-012021-09-300001001838country:IT2021-01-012021-09-300001001838country:ES2021-01-012021-09-300001001838country:CL2021-01-012021-09-300001001838country:CH2021-01-012021-09-300001001838country:BR2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:ZincMemberscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:PeruvianOperationsMemberus-gaap:ReportableSubsegmentsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAmericanCountriesMemberscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAmericanCountriesMemberscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAmericanCountriesMemberscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MolybdenumMemberscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MolybdenumMemberscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanOpenPitMemberus-gaap:ReportableSubsegmentsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanIMMSAUnitMemberus-gaap:ReportableSubsegmentsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:PEscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:PEscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:MXscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:MXscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:JPscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:JPscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:ITscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:ITscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:ESscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:CLscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:BRscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:BRscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838us-gaap:IntersegmentEliminationMemberscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838scco:CorporateAndEliminationsMemberscco:ZincMember2020-07-012020-09-300001001838scco:CorporateAndEliminationsMemberscco:SilverMember2020-07-012020-09-300001001838scco:CorporateAndEliminationsMemberscco:OtherMember2020-07-012020-09-300001001838scco:CorporateAndEliminationsMemberscco:CopperMember2020-07-012020-09-300001001838scco:CorporateAndEliminationsMembercountry:MX2020-07-012020-09-300001001838us-gaap:ReportableSubsegmentsMember2020-07-012020-09-300001001838us-gaap:IntersegmentEliminationMember2020-07-012020-09-300001001838scco:ZincMember2020-07-012020-09-300001001838scco:SilverMember2020-07-012020-09-300001001838scco:OtherMember2020-07-012020-09-300001001838scco:OtherEuropeanCountriesMember2020-07-012020-09-300001001838scco:OtherAsianCountriesMember2020-07-012020-09-300001001838scco:OtherAmericanCountriesMember2020-07-012020-09-300001001838scco:MolybdenumMember2020-07-012020-09-300001001838scco:CopperMember2020-07-012020-09-300001001838country:US2020-07-012020-09-300001001838country:SG2020-07-012020-09-300001001838country:PE2020-07-012020-09-300001001838country:MX2020-07-012020-09-300001001838country:JP2020-07-012020-09-300001001838country:IT2020-07-012020-09-300001001838country:ES2020-07-012020-09-300001001838country:CL2020-07-012020-09-300001001838country:CH2020-07-012020-09-300001001838country:BR2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:ZincMemberscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:SilverMemberscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:PeruvianOperationsMemberus-gaap:ReportableSubsegmentsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherMemberscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherEuropeanCountriesMemberscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAsianCountriesMemberscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAmericanCountriesMemberscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAmericanCountriesMemberscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:OtherAmericanCountriesMemberscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MolybdenumMemberscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MolybdenumMemberscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanOpenPitMemberus-gaap:ReportableSubsegmentsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanIMMSAUnitMemberus-gaap:ReportableSubsegmentsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:CopperMemberscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:USscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:SGscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:PEscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:PEscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:MXscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:MXscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:JPscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:JPscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:ITscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:ITscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:ESscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:CLscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:CLscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:CHscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:BRscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMembercountry:BRscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838us-gaap:IntersegmentEliminationMemberscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838scco:CorporateAndEliminationsMemberscco:ZincMember2020-01-012020-09-300001001838scco:CorporateAndEliminationsMemberscco:SilverMember2020-01-012020-09-300001001838scco:CorporateAndEliminationsMemberscco:OtherMember2020-01-012020-09-300001001838scco:CorporateAndEliminationsMemberscco:CopperMember2020-01-012020-09-300001001838scco:CorporateAndEliminationsMembercountry:MX2020-01-012020-09-300001001838us-gaap:ReportableSubsegmentsMember2020-01-012020-09-300001001838us-gaap:IntersegmentEliminationMember2020-01-012020-09-300001001838scco:ZincMember2020-01-012020-09-300001001838scco:SilverMember2020-01-012020-09-300001001838scco:OtherMember2020-01-012020-09-300001001838scco:OtherEuropeanCountriesMember2020-01-012020-09-300001001838scco:OtherAsianCountriesMember2020-01-012020-09-300001001838scco:OtherAmericanCountriesMember2020-01-012020-09-300001001838scco:MolybdenumMember2020-01-012020-09-300001001838scco:CopperMember2020-01-012020-09-300001001838country:US2020-01-012020-09-300001001838country:SG2020-01-012020-09-300001001838country:JP2020-01-012020-09-300001001838country:IT2020-01-012020-09-300001001838country:ES2020-01-012020-09-300001001838country:CL2020-01-012020-09-300001001838country:CH2020-01-012020-09-300001001838country:BR2020-01-012020-09-300001001838scco:OperadoraDeCinemasSDeCVMember2021-01-012021-09-300001001838scco:MexicoTransportesAereosSADeCVMember2021-01-012021-09-300001001838scco:MexicoProyectosYDesarrollosSaDeCvAndAffiliatesMember2021-01-012021-09-300001001838scco:MexicoGeneradoraDeEnergiaSDeRLMember2021-01-012021-09-300001001838scco:IntermodalMexicoS.a.DeC.v.Member2021-01-012021-09-300001001838scco:GrupoMexicoServiciosSBDeCVAndAffiliatesMember2021-01-012021-09-300001001838scco:GrupoMexicoSABDeCVMember2021-01-012021-09-300001001838scco:FerrocarrilMexicanoSADeCVMember2021-01-012021-09-300001001838scco:BoutiqueBowlingDeMexicoSDeCVMember2021-01-012021-09-300001001838scco:OperadoraDeCinemasSDeCVMember2020-01-012020-09-300001001838scco:MexicoTransportesAereosSADeCVMember2020-01-012020-09-300001001838scco:MexicoProyectosYDesarrollosSaDeCvAndAffiliatesMember2020-01-012020-09-300001001838scco:MexicoGeneradoraDeEnergiaSDeRLMember2020-01-012020-09-300001001838scco:GrupoMexicoServiciosSBDeCVAndAffiliatesMember2020-01-012020-09-300001001838scco:GrupoMexicoSABDeCVMember2020-01-012020-09-300001001838scco:FerrocarrilMexicanoSADeCVMember2020-01-012020-09-300001001838scco:BoutiqueBowlingDeMexicoSDeCVMember2020-01-012020-09-300001001838scco:MolybdenumMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001001838scco:MolybdenumMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001001838scco:CopperMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001001838scco:CopperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001001838scco:MolybdenumMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001001838scco:MolybdenumMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001001838scco:CopperMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001001838scco:CopperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001001838us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001001838us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001001838srt:NaturalGasPerThousandCubicFeetMemberus-gaap:SwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-09-300001001838srt:NaturalGasPerThousandCubicFeetMemberus-gaap:CallOptionMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-09-300001001838us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-09-300001001838us-gaap:CostOfSalesMember2021-01-012021-09-300001001838scco:ExplorationExpenseMember2021-01-012021-09-300001001838us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-09-300001001838us-gaap:CostOfSalesMember2020-01-012020-09-300001001838scco:ExplorationExpenseMember2020-01-012020-09-300001001838scco:BuenavistaDelCobreSaDeCVMember2021-09-300001001838us-gaap:FairValueInputsLevel2Member2021-09-300001001838us-gaap:FairValueInputsLevel1Member2021-09-300001001838us-gaap:FairValueInputsLevel2Member2020-12-310001001838us-gaap:FairValueInputsLevel1Member2020-12-310001001838srt:MaximumMember2021-07-012021-09-300001001838srt:MaximumMember2020-07-012020-09-300001001838srt:MaximumMember2020-01-012020-09-300001001838scco:AsarcoMember2020-01-012020-09-300001001838scco:CompaniaMineraCoimolacheSAMember2021-09-300001001838scco:ApuCoropunaS.r.l.Member2021-09-300001001838scco:EmployeeStockPurchase2018PlanMember2021-09-300001001838scco:EmployeeStockPurchase2015PlanMember2021-09-300001001838scco:EmployeeStockPurchase2018PlanMember2020-09-300001001838scco:EmployeeStockPurchase2015PlanMember2020-09-300001001838scco:OperadoraDeCinemasSDeCVMember2021-09-300001001838scco:MexicoCompaniaConstructoraSaDeCVMember2021-09-300001001838scco:FerrocarrilMexicanoSADeCVMember2021-09-300001001838scco:EolicaElRetiroMember2021-09-300001001838scco:BoutiqueBowlingDeMexicoSDeCVMember2021-09-300001001838scco:MexicoTransportesAereosSADeCVMember2020-12-310001001838scco:MexicoCompaniaConstructoraSaDeCVMember2020-12-310001001838scco:GrupoMexicoServiciosSBDeCVAndAffiliatesMember2020-12-310001001838scco:FerrocarrilMexicanoSADeCVMember2020-12-310001001838scco:EolicaElRetiroMember2020-12-310001001838srt:MaximumMemberscco:OperadoraDeCinemasSDeCVMember2021-09-300001001838scco:MexicoTransportesAereosSADeCVMember2021-09-300001001838scco:MexicoProyectosYDesarrollosSADeCVAndAffiliatesMember2021-09-300001001838scco:MexicoGeneradoraDeEnergiaSDeRLMember2021-09-300001001838scco:GrupoMexicoServiciosSBDeCVAndAffiliatesMember2021-09-300001001838scco:GrupoMexicoSABDeCVAndAffiliatesMember2021-09-300001001838scco:CompaniaPerforadoraMexicoSAPIDeCVMember2021-09-300001001838scco:AsarcoMember2021-09-300001001838scco:OperadoraDeCinemasSDeCVMember2020-12-310001001838scco:MexicoProyectosYDesarrollosSADeCVAndAffiliatesMember2020-12-310001001838scco:MexicoGeneradoraDeEnergiaSDeRLMember2020-12-310001001838scco:GrupoMexicoSABDeCVAndAffiliatesMember2020-12-310001001838scco:CorporateAndEliminationsMember2020-12-310001001838scco:CompaniaPerforadoraMexicoSAPIDeCVMember2020-12-310001001838scco:BoutiqueBowlingDeMexicoSDeCVMember2020-12-310001001838scco:AsarcoMember2020-12-310001001838us-gaap:RetainedEarningsMember2021-07-012021-09-300001001838us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001001838us-gaap:RetainedEarningsMember2021-01-012021-09-300001001838us-gaap:NoncontrollingInterestMember2021-01-012021-09-300001001838us-gaap:RetainedEarningsMember2020-07-012020-09-300001001838us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001001838us-gaap:RetainedEarningsMember2020-01-012020-09-300001001838us-gaap:NoncontrollingInterestMember2020-01-012020-09-300001001838srt:NaturalGasPerThousandCubicFeetMemberus-gaap:CallOptionMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300001001838srt:NaturalGasPerThousandCubicFeetMemberus-gaap:SwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300001001838scco:DefinedBenefitPostretirementHealthCarePlanMember2020-01-012020-09-300001001838us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-09-300001001838scco:DefinedBenefitPostretirementHealthCarePlanMember2021-01-012021-09-300001001838us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-09-300001001838scco:AsarcoMember2021-01-012021-09-300001001838scco:AsarcoMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-09-300001001838scco:MexicoGeneradoraDeEnergiaSDeRLMember2020-05-012020-05-310001001838us-gaap:OperatingSegmentsMemberscco:PeruvianOperationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanOpenPitMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanIMMSAUnitMember2021-07-012021-09-300001001838scco:CorporateAndEliminationsMember2021-07-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:PeruvianOperationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanOpenPitMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanIMMSAUnitMember2021-01-012021-09-300001001838scco:CorporateAndEliminationsMember2021-01-012021-09-300001001838us-gaap:OperatingSegmentsMemberscco:PeruvianOperationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanOpenPitMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanIMMSAUnitMember2020-07-012020-09-300001001838scco:CorporateAndEliminationsMember2020-07-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:PeruvianOperationsMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanOpenPitMember2020-01-012020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanIMMSAUnitMember2020-01-012020-09-300001001838scco:CorporateAndEliminationsMember2020-01-012020-09-300001001838us-gaap:SubsequentEventMember2021-11-232021-11-2300010018382021-06-3000010018382020-06-300001001838us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001001838us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001001838us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-09-300001001838us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-09-300001001838us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-09-300001001838us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-09-300001001838us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-12-310001001838us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2020-12-310001001838us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-12-310001001838us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2020-12-310001001838us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001001838us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001001838us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001001838us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001001838scco:CorporateAndEliminationsMember2021-09-300001001838us-gaap:OperatingSegmentsMemberscco:PeruvianOperationsMember2020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanOpenPitMember2020-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanIMMSAUnitMember2020-09-300001001838scco:CorporateAndEliminationsMember2020-09-300001001838country:MX2020-01-012020-12-310001001838country:PE2019-01-012019-12-3100010018382020-09-3000010018382019-12-310001001838scco:EmployeeStockPurchase2018PlanMember2020-01-012020-09-300001001838scco:EmployeeStockPurchase2015PlanMember2020-01-012020-09-300001001838scco:MexicoGeneradoraDeEnergiaSDeRLMember2020-05-310001001838scco:AsarcoMember2019-09-300001001838us-gaap:OperatingSegmentsMemberscco:PeruvianOperationsMember2021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanOpenPitMember2021-09-300001001838us-gaap:OperatingSegmentsMemberscco:MexicanIMMSAUnitMember2021-09-300001001838us-gaap:OperatingSegmentsMemberscco:PeruvianOperationsMember2020-12-310001001838us-gaap:OperatingSegmentsMemberscco:MexicanOpenPitMember2020-12-310001001838us-gaap:OperatingSegmentsMemberscco:MexicanIMMSAUnitMember2020-12-310001001838scco:MarineTerminalInGuaymasMember2019-07-092019-07-090001001838scco:HoldingCompanyMemberus-gaap:TreasuryStockMember2021-07-012021-09-300001001838scco:HoldingCompanyMemberus-gaap:TreasuryStockMember2020-07-012020-09-300001001838scco:HoldingCompanyMemberus-gaap:TreasuryStockMember2021-01-012021-09-300001001838scco:HoldingCompanyMemberus-gaap:TreasuryStockMember2020-01-012020-09-300001001838country:PEscco:LaborMattersMember2021-06-012021-06-300001001838scco:EmployeeStockPurchase2018PlanMember2018-11-012018-11-300001001838scco:EmployeeStockPurchase2015PlanMember2015-01-012015-01-310001001838scco:DirectorsStockAwardPlanMember2018-04-262018-04-260001001838scco:DirectorsStockAwardPlanMember2021-01-012021-09-300001001838scco:EmployeeStockPurchase2018PlanMember2021-01-012021-09-300001001838scco:EmployeeStockPurchase2015PlanMember2021-01-012021-09-300001001838scco:MichiquillayMemberscco:CopperMembercountry:PE2021-09-300001001838country:MXscco:MexicoGeneradoraDeEnergiaSDeRLMember2021-01-012021-09-300001001838scco:EolicaElRetiroMember2021-01-012021-09-300001001838country:MXscco:MexicoGeneradoraDeEnergiaSDeRLMember2020-01-012020-09-300001001838scco:EolicaElRetiroMember2020-01-012020-09-300001001838scco:SanMartinMembercountry:MX2021-09-300001001838scco:MolybdenumMember2021-09-300001001838scco:CopperMember2021-09-300001001838scco:October2021ThroughFebruary2022Memberscco:CopperMember2021-01-012021-09-300001001838scco:October2021ThroughDecember2021Memberscco:MolybdenumMember2021-01-012021-09-300001001838scco:ParqueEolicoDeFeniciasS.DeR.l.DeC.vMembercountry:MXscco:PowerPurchaseAgreementMember2020-02-202020-02-200001001838scco:KallpaGeneracionSaMembersrt:MaximumMembercountry:PEscco:PowerPurchaseAgreementMember2016-05-012016-05-310001001838scco:KallpaGeneracionSaMembercountry:PEscco:PowerPurchaseAgreementMember2014-07-012014-07-310001001838scco:ElectroperuSaMembercountry:PEscco:PowerPurchaseAgreementMember2014-06-012014-06-300001001838country:PEscco:LaborMattersMember2021-12-012021-12-310001001838country:PEscco:LaborMattersMember2021-09-012021-09-300001001838scco:EolicaElRetiroMember2014-08-040001001838country:PEscco:LaborMattersMember2021-09-300001001838scco:MarineTerminalInGuaymasMember2021-01-012021-09-3000010018382015-12-310001001838scco:New2021GrantMember2021-01-012021-09-300001001838country:MXscco:MexicoGeneradoraDeEnergiaSDeRLMember2012-01-012012-12-310001001838scco:MariaelenaherediabustamanteetalmartineligioortizgamezetalandmariadelosangelesenriquezbacameetalMembercountry:MX2021-01-012021-09-300001001838scco:PeruMiningExplorationAndDevelopmentCompanyMember2021-01-012021-09-300001001838scco:DefensaColectivaMember2021-01-012021-09-300001001838scco:AccionesColectivasDeSinaloaMember2021-01-012021-09-300001001838scco:TiaMariaMember2021-01-012021-09-300001001838country:PEscco:LaborMattersMember2021-01-012021-09-300001001838scco:TiaMariaMembercountry:PEscco:EducationalProjectMember2021-01-012021-09-3000010018382015-01-012015-12-310001001838scco:TiaMariaMembercountry:PE2019-07-152019-07-1500010018382015-01-012015-06-300001001838scco:BuenavistaDelCobreSaDeCVMember2018-12-3100010018382017-12-310001001838scco:BuenavistaDelCobreSaDeCVMember2016-12-310001001838scco:BuenavistaDelCobreSaDeCVMember2015-12-310001001838scco:NorbertoBustamanteEtAlMember2021-01-012021-09-300001001838scco:MariaelenaherediabustamanteetalmartineligioortizgamezetalandmariadelosangelesenriquezbacameetalMember2016-07-012016-09-300001001838scco:FranciscaGarciaEnriquezMember2015-01-012015-12-310001001838scco:October2021ThroughFebruary2022Memberscco:CopperMember2021-09-300001001838scco:October2021ThroughDecember2021Memberscco:MolybdenumMember2021-09-300001001838country:PE2020-01-012020-09-300001001838country:MX2021-01-012021-09-300001001838country:MX2020-01-012020-09-300001001838scco:ClimateChangeMember2021-01-012021-09-300001001838country:MX2011-01-012011-12-310001001838scco:SulfuricAcidMember2021-01-012021-09-300001001838scco:MolybdenumConcentratesMember2021-01-012021-09-300001001838scco:CopperConcentratesMember2021-01-012021-09-300001001838scco:CopperCathodesMember2021-01-012021-09-300001001838srt:MinimumMember2021-01-012021-09-300001001838srt:MaximumMember2021-01-012021-09-300001001838scco:GrupoMexicoSABDeCVAndAffiliatesMember2021-01-012021-09-300001001838scco:GrupoMexicoSABDeCVAndAffiliatesMember2020-01-012020-09-3000010018382021-07-012021-09-3000010018382020-07-012020-09-300001001838scco:MichiquillayMemberscco:CopperMembercountry:PE2021-06-012021-06-300001001838scco:MichiquillayMemberscco:CopperMembercountry:PE2018-06-3000010018382020-01-012020-09-3000010018382020-01-012020-12-310001001838country:PE2021-01-012021-09-300001001838scco:TiaMariaMembercountry:PE2021-01-012021-09-300001001838scco:MichiquillayMemberscco:CopperMembercountry:PE2018-06-012018-06-300001001838scco:TiaMariaMembercountry:PE2021-09-300001001838scco:ToquepalaConcentratorExpansionMembercountry:PEscco:SocialInvestmentForTaxesMember2021-01-012021-09-300001001838scco:ToquepalaConcentratorExpansionMembercountry:PEscco:EducationalProjectMember2021-01-012021-09-300001001838scco:DevelopmentFundMoqueguaRegionMembercountry:PEscco:WaterTreatmentMember2021-01-012021-09-300001001838scco:DevelopmentFundMoqueguaRegionMembercountry:PEscco:SocialInvestmentForTaxesMember2021-01-012021-09-300001001838scco:DevelopmentFundMoqueguaRegionMembercountry:PEscco:EducationalProjectMember2021-01-012021-09-300001001838scco:ToquepalaConcentratorExpansionMembercountry:PE2021-01-012021-09-300001001838scco:DevelopmentFundMoqueguaRegionMembercountry:PE2021-01-012021-09-300001001838country:PEscco:LaborMattersMember2021-07-120001001838country:PEscco:LaborMattersMember2021-07-222021-07-2200010018382021-09-3000010018382020-12-3100010018382021-11-0100010018382021-01-012021-09-30iso4217:USDscco:itemutr:lbscco:lawsuitscco:categoryscco:complaintutr:MWiso4217:MXNxbrli:sharesiso4217:USDxbrli:sharesscco:employeeutr:m3xbrli:sharesutr:MMBblsscco:claimiso4217:USDscco:segmentscco:itemiso4217:PENutr:Txbrli:pureiso4217:USDutr:lbscco:planscco:person

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from        to        

Commission File Number: 1-14066

Graphic

SOUTHERN COPPER CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

    

13-3849074

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1440 East Missouri Avenue Suite 160 Phoenix, AZ

85014

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (602) 264-1375

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Common stock, par value $0.01 per share

SCCO

New York Stock Exchange

Lima Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

As of November 1, 2021 there were outstanding 773,081,269 shares of Southern Copper Corporation common stock, par value $0.01 per share.

Southern Copper Corporation (“SCC”)

INDEX TO FORM 10-Q

    

    

Page No.

Part I. Financial Information:

Item. 1

Condensed Consolidated Financial Statements (Unaudited)

3

Condensed Consolidated Statements of Earnings for the three and nine months ended September 30, 2021 and 2020

3

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020

4

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

5

Condensed Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2021 and 2020

6

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2021 and 2020

7

Notes to Condensed Consolidated Financial Statements

8-37

Item 2.

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

38-59

Item 3.

Quantitative and Qualitative Disclosure about Market Risk

60-61

Item 4.

Controls and procedures

62

Report of Independent Registered Public Accounting Firm

63

Part II. Other Information:

Item 1.

Legal Proceedings

64

Item 1A.

Risk Factors

64

Item 2.

Unregistered Sale of Equity Securities and Use of Proceeds

64

Item 4.

Mine Safety Disclosures

64

Item 6.

Exhibits

65-67

Signatures

68

2

PART I — FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

    

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

2021

2020

    

2021

    

2020

(in millions, except for per share amounts) 

Net sales (including sales to related parties, see note 5)

$

2,680.9

$

2,129.1

$

8,110.4

$

5,634.2

Operating cost and expenses:

Cost of sales (exclusive of depreciation, amortization and depletion shown separately below)

 

927.5

 

948.9

 

2,856.8

 

2,881.3

Selling, general and administrative

 

31.3

 

33.4

 

92.9

 

94.0

Depreciation, amortization and depletion

 

203.4

 

196.0

 

599.4

 

582.8

Exploration

 

10.9

 

6.9

 

26.7

 

21.8

Total operating costs and expenses

 

1,173.1

 

1,185.2

 

3,575.8

 

3,579.9

Operating income

 

1,507.8

 

943.9

 

4,534.6

 

2,054.3

Interest expense

 

(96.7)

 

(96.7)

 

(290.0)

 

(296.6)

Capitalized interest

 

7.8

 

7.5

 

22.2

 

18.7

Other income (expense)

 

(1.9)

 

(14.0)

 

(7.8)

 

(22.4)

Interest income

 

1.5

 

2.8

 

5.2

 

14.9

Income before income taxes

 

1,418.5

 

843.5

 

4,264.2

 

1,768.9

Income taxes (including royalty taxes, see Note 4)

 

548.6

 

338.5

 

1,703.8

 

784.7

Net income before equity earnings of affiliate

 

869.9

 

505.0

 

2,560.4

 

984.2

Equity earnings of affiliate, net of income tax

 

1.3

 

3.1

 

14.4

 

1.0

Net income

 

871.2

 

508.1

 

2,574.8

 

985.2

Less: Net income attributable to the non-controlling interest

 

3.6

 

2.1

 

10.6

 

4.9

Net income attributable to SCC

$

867.6

$

506.0

$

2,564.2

$

980.3

Per common share amounts attributable to SCC:

Net earnings-basic and diluted

$

1.12

$

0.65

$

3.32

$

1.27

Weighted average shares outstanding-basic and diluted

 

773.1

 

773.1

 

773.1

 

773.1

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

    

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2021

    

2020

    

2021

    

2020

(in millions)

Net income and comprehensive income

$

871.2

$

508.1

$

2,574.8

$

985.2

Derivative instruments classified as cash flow hedge:

- Unrealized gain of the period (net of income tax of $2.7 million in 2021)

 

6.4

 

6.4

Total other comprehensive income

 

6.4

 

6.4

 

Total comprehensive income

 

877.6

508.1

 

2,581.2

 

985.2

Comprehensive income attributable to the non-controlling interest

 

3.6

2.1

10.6

 

4.9

Comprehensive income attributable to SCC

$

874.0

$

506.0

$

2,570.6

$

980.3

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Southern Copper Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30, 

December 31, 

    

2021

    

2020

(in millions)

ASSETS

Current assets:

Cash and cash equivalents

$

2,583.7

$

2,183.6

Short-term investments

 

626.8

 

410.8

Accounts receivable trade

 

1,493.4

 

1,068.9

Accounts receivable other (including related parties 2021- $34.6 and 2020 - $23.3)

 

86.4

 

67.7

Inventories

 

912.5

 

950.2

Prepaid taxes

134.1

104.8

Other current assets

 

53.9

 

29.2

Total current assets

 

5,890.8

 

4,815.2

Property and mine development, net

 

9,476.1

 

9,458.7

Ore stockpiles on leach pads

 

1,171.1

 

1,125.0

Intangible assets, net

 

139.0

 

143.0

Right-of-use assets

 

926.6

 

979.0

Deferred income tax

 

286.7

 

230.0

Equity method investment

 

120.5

 

114.3

Other non-current assets

 

99.5

 

81.3

Total assets

$

18,110.3

$

16,946.5

LIABILITIES

Current liabilities:

Accounts payable (including related parties 2021- $112.7 and 2020- $104.3)

$

611.2

$

594.6

Accrued income taxes

 

654.9

 

340.9

Accrued workers’ participation

 

279.6

 

247.8

Accrued interest

 

131.2

 

98.6

Lease liabilities current

72.6

70.6

Other accrued liabilities

 

39.6

 

32.3

Total current liabilities

 

1,789.1

 

1,384.8

Long-term debt

 

6,546.7

 

6,544.2

Lease liabilities

854.0

908.4

Deferred income taxes

 

118.4

 

159.4

Non-current taxes payable

Other liabilities and reserves

 

89.1

 

128.7

Asset retirement obligation

 

559.6

 

545.0

Total non-current liabilities

 

8,167.8

 

8,285.7

Commitments and contingencies (Note 10)

STOCKHOLDERS’ EQUITY (NOTE 11)

Common stock par value $0.01; shares authorized, 2021 and 2020–2,000; shares issued, 2021 and 2020–884.6

 

8.8

 

8.8

Additional paid-in capital

 

3,460.2

 

3,441.5

Retained earnings

 

7,709.8

 

6,846.4

Accumulated other comprehensive income (loss)

 

(2.0)

 

(8.4)

Treasury stock, at cost, common shares

 

(3,080.8)

 

(3,063.5)

Total Southern Copper Corporation stockholders’ equity

 

8,096.0

 

7,224.8

Non-controlling interest

 

57.4

 

51.2

Total equity

 

8,153.4

 

7,276.0

Total liabilities and equity

$

18,110.3

$

16,946.5

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

    

Three Months Ended

    

Nine Months Ended

    

September 30, 

September 30, 

2021

2020

2021

2020

(in millions)

OPERATING ACTIVITIES

Net income

$

871.2

$

508.1

$

2,574.8

$

985.2

Adjustments to reconcile net earnings to net cash provided from operating activities:

Depreciation, amortization and depletion

 

203.4

 

196.0

 

599.4

 

582.8

Equity earnings of affiliate, net of dividends received

 

2.8

 

(3.1)

 

(6.3)

(3.9)

(Gain) loss on foreign currency transaction effect

 

(36.6)

 

4.1

 

(50.0)

(24.8)

Benefit for deferred income taxes

 

(103.3)

 

(45.9)

 

(100.1)

(57.2)

Other, net

 

5.1

 

4.2

 

16.9

15.2

Change in operating assets and liabilities:

Increase in accounts receivable

 

(57.7)

 

(101.6)

 

(424.5)

(122.6)

(Increase) decrease in inventories

 

(9.5)

 

(0.6)

 

(8.3)

155.8

Increase in accounts payable and accrued liabilities

 

332.3

 

268.2

 

409.5

99.3

Decrease (increase) in other operating assets and liabilities

 

12.9

 

(35.9)

 

53.3

58.2

Net cash provided by operating activities

 

1,220.6

 

793.5

 

3,064.7

 

1,688.0

INVESTING ACTIVITIES

Capital expenditures

 

(243.1)

 

(134.5)

 

(695.5)

 

(348.8)

Proceeds from (purchase) sale of short-term investments, net

 

(81.0)

 

 

(216.0)

 

50.0

Other

 

9.9

0.8

 

(0.6)

1.2

Net cash used in investing activities

 

(314.2)

 

(133.7)

 

(912.1)

 

(297.6)

FINANCING ACTIVITIES

Repayments of debt

 

 

 

 

(400.0)

Capitalization of debt issuance cost

0.1

Cash dividends paid to common stockholders

 

(695.8)

 

(309.2)

(1,700.8)

 

(773.1)

Other, net

 

(1.6)

 

0.3

 

(4.3)

 

(2.1)

Net cash used in financing activities

 

(697.4)

 

(308.9)

 

(1,705.1)

 

(1,175.1)

Effect of exchange rate changes on cash and cash equivalents

(19.6)

 

(14.3)

 

(47.4)

 

5.0

Increase in cash and cash equivalents

 

189.4

 

336.6

 

400.1

 

220.3

Cash and cash equivalents, at beginning of period

 

2,394.3

 

1,808.8

 

2,183.6

 

1,925.1

Cash and cash equivalents, at end of period

$

2,583.7

$

2,145.4

$

2,583.7

$

2,145.4

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

    

Three Months Ended

    

Nine Months Ended

September 30, 

September 30, 

2021

2020

2021

2020

(in millions)

TOTAL EQUITY, beginning of period

$

7,972.8

$

6,869.6

$

7,276.0

$

6,858.2

STOCKHOLDERS’ EQUITY, beginning of period

 

7,917.5

 

6,821.5

 

7,224.8

 

6,810.3

CAPITAL STOCK:

Balance at beginning and end of period:

 

8.8

 

8.8

 

8.8

 

8.8

ADDITIONAL PAID-IN CAPITAL:

Balance at beginning of period

 

3,454.9

 

3,418.2

 

3,441.5

 

3,424.9

Other activity of the period

 

5.3

 

7.5

 

18.7

 

0.8

Balance at end of period

 

3,460.2

 

3,425.7

 

3,460.2

 

3,425.7

TREASURY STOCK:

Southern Copper common shares

Balance at beginning of the period

 

(2,767.4)

 

(2,767.9)

 

(2,767.5)

 

(2,767.9)

Used for corporate purposes

 

 

0.4

 

0.1

 

0.4

Balance at end of period

 

(2,767.4)

 

(2,767.5)

 

(2,767.4)

 

(2,767.5)

Parent Company common shares

Balance at beginning of period

 

(308.4)

 

(273.6)

 

(296.0)

 

(281.0)

Other activity, including dividend, interest and foreign currency transaction effect

 

(5.0)

 

(6.9)

 

(17.4)

 

0.5

Balance at end of period

 

(313.4)

 

(280.5)

 

(313.4)

 

(280.5)

Treasury stock balance at end of period

 

(3,080.8)

 

(3,048.0)

 

(3,080.8)

 

(3,048.0)

RETAINED EARNINGS:

Balance at beginning of period

 

7,538.0

 

6,446.1

 

6,846.4

 

6,435.6

Net earnings

 

867.6

 

506.0

 

2,564.2

 

980.3

Dividends declared and paid, common stock, per share, 2021- '$2.20, 2020– '$1.00

 

(695.8)

 

(309.2)

 

(1,700.8)

 

(773.1)

Other activity of the period

(0.1)

Balance at end of period

 

7,709.8

 

6,642.8

 

7,709.8

 

6,642.8</