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Southern Copper Corporation (SCCO)

  • Feb. 20, 2013, 6:06 PM
    Southern Copper (SCCO) will sign a three-year labor agreement this week with its workers, agreeing to pay a 6.5% wage increase in the first year followed by annual 5% raises, according to Peru's smelter union leader. But there's always another strike just around the corner; Peru’s Mining Federation plans a national strike later this month.
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  • Feb. 19, 2013, 12:39 PM
    Copper investors are spooked after China authorities took steps to ease inflationary pressures, tightening liquidity by reversing policy on repos and draining $4.8B from the system. The move has affected shares of Freeport McMoRan (FCX -2.3%) and Southern Copper (SCCO -2.3%); China equities (FXI -2.1%) also are under pressure.
  • Feb. 4, 2013, 12:35 PM
    Union workers at Southern Copper's (SCCO) Peruvian operations reportedly have eased demands for higher wages during negotiations with the company for a new collective agreement. A union official says negotiations will continue for three more days, but a strike vote could be held if a deal isn't reached by the end of this week.
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  • Feb. 1, 2013, 6:17 PM
    Southern Copper (SCCO) says it will delay the projected startup of its $900M Tia Maria mine in Peru by a year to 2016 after taking longer than expected to complete a new environmental impact study. Also, SCCO plans to produce 640K metric tons of copper this year, little changed from 2012, cut third-party concentrate purchases by 29% to 10K tons and invest $1.8B in expansion projects in 2013.
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  • Jan. 31, 2013, 6:06 PM
    Southern Copper (SCCO): Q4 EPS of $0.63 beats by $0.01. Revenue of $1.65B (-1.1% Y/Y) in-line. 2012 copper mine production rose 8.5% Y/Y. Shares +0.7% AH. (PR)
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  • Jan. 28, 2013, 11:15 AM
    Southern Copper (SCCO -3.7%) is downgraded to Underweight from Hold by BB&T, citing the likelihood of reduced dividend payments, the stock's recent outperformance, a valuation that appears full on both an absolute and relative basis, expectations for negative free cash flow as it begins a major capex program, and the possibility of more labor strikes in Peru. Shares also are cut at Citi and J.P. Morgan.
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  • Jan. 14, 2013, 12:48 PM
    Unionized workers at Southern Copper's (SCCO +1.5%) Peruvian operations, who had threatened earlier to go on strike this week, reportedly are instead back in contract negotiations. The workers went on strike for two days in December over salary demands and had threatened to walk out Jan. 15, but a union official says no strike is planned now.
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  • Dec. 27, 2012, 2:53 PM
    Southern Copper (SCCO) says its mine and smelter operations are operating normally after workers ended a two-day strike but provides no information about any effect on copper production. Less than half the workers at the Cuajone and Toquepala copper mines and Ilo smelter participated in the strike, SCCO says.
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  • Dec. 24, 2012, 12:10 PM
    Unionized workers at Southern Copper's (SCCO) Cuajone and Toquepala mines and its Ilo smelter and refinery in Peru go on strike to back demands for salary increases. The union says the two-day walkout is a warning to the company; if no new contract is reached, then a general, indefinite strike will start Jan. 15.
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  • Dec. 21, 2012, 12:29 PM
    Peru will help Southern Copper (SCCO) and Newmont Mining (NEM) accelerate projects delayed by community protests, local reports say. The government reportedly will set up community consultation groups as it assesses the environmental impact of SCCO’s Tia Maria project, and NEM’s Conga project will receive a boost when it completes water and irrigation projects.
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  • Dec. 14, 2012, 3:22 PM
    Workers at Southern Copper's (SCCO +1%) Cuajone and Toquepala copper mines and Ilo smelter in Peru prepare to go on strike Dec. 24 after the company refused to accept a request for a 15% annual pay rise, a union official says. SCCO, which is seeking a four-year deal, offered a 5.5% annual wage increase.
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  • Dec. 12, 2012, 12:21 PM
    Shares of Southern Copper (SCCO -0.8%) turn lower as workers at the miner's main units in Peru say they plan to go on strike after wage talks failed.
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  • Dec. 6, 2012, 12:46 PM
    Southern Copper (SCCO +0.6%) is now Citigroup's preferred America's copper exposure and is raised to Buy in tandem with a downgrade of Freeport McMoRan (FCX -4.2%). SCCO operates true Tier 1 copper assets with cheap growth potential and minimal sustaining capex requirements, the firm writes; a near-term risk is that labor contracts in Peru need to be renegotiated in 2013.
  • Nov. 29, 2012, 9:36 AM
    Copper supply shortages will extend into the first half of next year, Barclays estimates, as an accelerating Chinese economy more than doubles the pace of growth in global consumption. Demand will outpace supply by 316K metric tons in H1, more than all copper in London Metal Exchange warehouses, before a surplus emerges in H2.
  • Oct. 29, 2012, 12:10 AM
    Notable earnings after Monday’s close: AGNC, APC, ARCT, AUY, BIDU, CRUS, FLS, FMC, FST, GEOY, HLF, HTZ, LEG, LIFE, MAS, MNKD, OII, PMCS, SCCO, VRTX, XCO
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  • Oct. 28, 2012, 5:35 PM
    Notable earnings after Monday’s close: AGNC, APC, ARCT, AUY, BIDU, CRUS, FLS, FMC, FST, GEOY, HLF, HTZ, LEG, LIFE, MAS, MNKD, OII, PMCS, SCCO, VRTX, XCO
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Company Description
Southern Copper Corp is producer of copper, molybdenum, zinc and silver. The Company's segments include Peruvian operations, Mexican open-pit operations, Mexican underground mining operations.
Industry: Copper
Country: United States