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Last $27.35 USD
Change Today +0.42 / 1.56%
Volume 2.5M
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

southern copper corp (SCCO) Key Developments

Southern Copper Corp. Provides CapEx Forecast for the Years 2015, 2016, 2017, 2018 and 2019

Southern Copper Corp. provided CapEx forecast for the years 2015, 2016, 2017, 2018 and 2019. The company expects $1.5 billion of capital expenditures for the year 2015. CapEx will be $2 billion for 2016, $1 billion for 2017, $500 million in 2018 and $360 million in 2019.

Southern Copper Corporation Approves Dividend, Payable on August 27, 2015; Announces Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended March 31, 2015

On July 23, 2015, the Board of Directors of Southern Copper Corporation authorized a dividend of $0.10 per share payable on August 27, 2015, to shareholders of record at the close of business on August 13, 2015. The company announced unaudited consolidated earnings and production results for the second quarter and six months ended March 31, 2015. For the quarter, total production of copper was 184,535 tons against 165,369 tons a year ago. Total production of molybdenum mined was 5,759 tons against 5,821 tons a year ago. Total production of Zinc mined was 13,979 tons against 16,498 tons a year ago. Total production of Silver mined was 3,217 tons against 3,212 tons a year ago. For the six months, total production of copper was 362,167 tons against 330,765 tons a year ago. Total production of molybdenum mined was 11,615 tons against 11,386 tons a year ago. Total production of Zinc mined was 29,174 tons against 37,316 tons a year ago. Total production of Silver mined was 6,416 tons against 6,632 tons a year ago. For the quarter, net sales were $1,382.9 million against $1,487.4 million a year ago. Operating income was $503.1 million against $597.2 million a year ago. Income before income tax was $450.5 million against $558.3 million a year ago. Net income attributable to company per common share amounts to $294.7 million against $337.3 million a year ago. Net income per share attributable to common shareholders – basic diluted was $0.37 against $0.40 a year ago. Net cash provided by operating activities was $334.8 million against $333.5 million a year ago. Capital investments were $284.9 million against $360.1 million a year ago. EBITDA was $637.4 million against $707.6 million a year ago. For the six months, net sales were $2,657.7 million against $2,841.8 million a year ago. Operating income was $940.1 million against $1,160.2 million a year ago. Income before income tax was $860.5 million against $1,081.0 million a year ago. Net income attributable to company per common share amounts to $577.1 million against $660.6 million a year ago. Net income per share attributable to common shareholders – basic diluted was $0.72 against $0.79 a year ago. Net cash provided by operating activities was $533.2 million against $681.8 million a year ago. Capital investments were $507.7 million against $697.0 million a year ago. EBITDA was $1,193.4 million, 13.3% lower than $1,376.8 million a year ago.

Southern Copper Corp., Q2 2015 Earnings Call, Jul 30, 2015

Southern Copper Corp., Q2 2015 Earnings Call, Jul 30, 2015

Southern Copper to Start Work on Toquepala Expansion in the Third Quarter

Southern Copper announced that it plans to start civil works in the third quarter on the USD 1.2 billion expansion of its Toquepala mine in Peru. The company, which secured a construction permit earlier this month for the expansion, will increase water recovery to avoid the conflicts that have plagued other projects in Peru. The expansion will add 100,000 t and 3,100 t molybdenum to annual production. Southern's USD 1.4 billion Tía María project, held up by environmental protests, will go ahead after talks with local communities who oppose the project. Once Southern completes its current project pipeline, it will study options to bring infrastructure to its El Arco project in Mexico, in addition to dusting off its Los Chancas project and Cuajone expansion in Peru and several unidentified zinc projects.

Southern Copper Corp. Announces Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015

Southern Copper Corp. announced unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. For the quarter, the company reported operating income of $436.9 million and net income attributable to common shareholders of the company of $282.4 million or $0.35 per basic and diluted share on sales of $1,274.8 million compared to operating income of $562.9 million and net income attributable to common shareholders of the company of $323.4 million or $0.39 per basic and diluted share on sales of $1,354.4 million reported in the same period last year. Net income before equity earnings of affiliate was $280.9 compared to $318.6 million a year ago. Income before income tax was $410.1 compared to $522.7 million a year ago. Net cash provided from operating activities was $221.5 million against $348.2 million reported last year. Capital expenditures were $245.8 million against $336.9 million reported last year. EBITDA was $556.1 million compared to $669.2 million a year ago. EBITDA margin was 43.6% compared to 49.4% a year ago. Net debt was $3,980,387,000. Copper production in the first quarter 2015 increased 8.9% to 177,616 tons from 163,168 tons in first quarter of 2014. This increase was mainly the result of higher production at the Buenavista and Toquepala mines, although it was partially offset by lower production at Cuajone mine. Molybdenum production increased 5.2% to 5,856 tons in first quarter 2015 from 5,564 tons in first quarter 2014 mainly due to higher production at Toquepala mine as result of higher grades and recoveries, partially offset by lower production at Buenavista and La Caridad mines. Mined silver production decreased 6.5% to 3.2 million ounces in first quarter 2015 from 3.4 million ounces in first quarter 2014. Also, zinc production decreased 27% to 15,195 tons in first quarter 2015 from 20,818 tons in first quarter 2014, as a result of lower production at IMMSA facilities due to a flooding in the Santa Eulalia mine which is in the final stage of resolution.

 

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SCCO

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Valuation SCCO Industry Range
Price/Earnings 17.8x
Price/Sales 3.9x
Price/Book 3.8x
Price/Cash Flow 12.7x
TEV/Sales 2.4x
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