EX-99.1 2 a08-1465_4ex99d1.htm EX-99.1

EXHIBIT 99.1

SOUTHERN COPPER CORPORATION

11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028

Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317

 

Southern Copper Corporation Reports

Fourth Quarter and 2007 Results

 

Phoenix, January 25, 2008- Southern Copper Corporation (SCC) (NYSE and LSE: PCU)

 

2007 FOURTH QUARTER HIGHLIGHTS

 

·                  Sales for 2007 reached a historic high of $6,085.7 million, an increase of 11.5% over 2006 despite copper prices were only 5.9% higher on average year-to-year. In the fourth quarter 2007 (“4Q07”) net sales decreased by $355.4 million compared to the fourth quarter of 2006 (“4Q06”).

 

·                  EBITDA also reached a record in 2007 increasing $448.4 million to $3,764.7 million, equivalent to 61.9% of net sales, compared to an EBITDA of $3,316.3 million or 60.7% of sales in 2006. 4Q07 EBITDA decreased by $307.7 million to $711.9 million equivalent to 55.0% of sales, compared to an EBITDA of $1,019.6 million, or 61.8% of sales in the 4Q06.

 

·                  Net Earnings for 2007 totaled $2,216.7 million, an increase of 8.8% year-to-year. 4Q07 net earnings decreased to $311.2 million, 52.5% lower than the 4Q06.

 

·                  Dividend payments increased by $493 million to $2,002 million, 32.6% higher than 2006. These dividend payments represent 90.3% of the net earnings of the Company in 2007.  Additionally, on January 24, 2008 the Board of Directors authorized a dividend of $1.40 per share to be paid on February 29, 2008 to shareholders of record as of February 12, 2008.

 

·                  After giving effect to the 2007 capital and exploration expenditures of $356.0 million and dividend distributions of $2,002 million, net debt (debt minus cash) amounted to $40.5 million at December 31, 2007, compared to $505.3 million at December 31, 2006.  At the same time, stockholders’ equity at the end of 2007 amounted to $3.9 billion, an increase of 5.1% over the last year.

 

·                  For the full year 2007 molybdenum production increased in 36.8% compared to 2006. For the 4Q07 molybdenum production increased by 14.6% when compared with the same period of 2006.

 

SOUTHERN COPPER CORPORATION

11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028

Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317

 

1


 

 

·                  The new Ilo smelter modernization, continues producing satisfactory results. The facility is currently operating at full capacity. The Company expects to smelt 1.1 million tons of concentrates in 2008. The average sulfur capture in 2007 was over 95%, higher than the 92% required by Peruvian regulations.

 

·                  A new $2,108 million investment program was announced in 2007 that will increase Southern’s annual copper production by 270,000 tons by 2011, a 39% increase from current production level. The Company is evaluating the best options to finance these projects.

 

·                  Feasibility studies for Tia Maria are finished. A new operating unit with annual production of 120,000 tons of SX-EW copper is being developed with a total capital cost of $934 million.  Operations are expected to begin at the fourth quarter of 2010.

 

·                  The LME and COMEX copper prices increased to an average of $3.23 and $3.22 per pound in 2007, respectively, compared to $3.05 and $3.09 respectively, in 2006.  Metals Week’s dealer oxide molybdenum price for 2007 was $29.91 per pound, compared to $24.38 per pound in 2006.

 

·                  Since January 11, 2008 the Cananea mine is open and is preparing to gradually resume normal operations in the near future.  The mine was reopened based on a ruling by the labor authorities who declared the strike illegal for the second consecutive time. While the Cananea union later obtained an injunction from a federal judge preventing the Company from firing workers that do not return to work immediately, the same judge did explicitly safeguard the rights of any worker that wishes to return to work at the mine and the right of the Company to conduct operations in the ordinary course of business.

 

SOUTHERN COPPER CORPORATION

11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028

Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317

 

2


 

 

SUMMARY FINANCIAL TABLE

 

 

 

Fourth Quarter

 

Twelve Months

 

 

 

2007

 

2006

 

Var.

 

%

 

2007

 

2006

 

Var.

 

%

 

 

 

(in millions, except per share amounts and %s)

 

Copper sold — pounds

 

292.6

 

404.2

 

(111.6

)

(27.6

)%

1,330.6

 

1,386.2

 

(55.6

)

(4.0

)%

Net sales

 

$

1,294.5

 

$

1,649.9

 

$

(355.4

)

(21.5

)%

$

6,085.7

 

$

5,460.2

 

$

625.5

 

11.5

%

Cost of sales

 

534.1

 

581.9

 

(47.8

)

(8.2

)%

2,122.9

 

2,019.8

 

103.1

 

5.1

%

Operating income

 

629.9

 

968.2

 

(338.3

)

(34.9

)%

3,496.3

 

3,054.3

 

442.0

 

14.5

%

EBITDA GAAP (1)

 

$

711.9

 

$

1,019.6

 

$

(307.7

)

(30.2

)%

$

3,764.7

 

$

3,316.3

 

$

448.4

 

13.5

%

EBITDA margin

 

55.0

%

61.8

%

(6.8

)%

(11.0

)%

61.9

%

60.7

%

1.2

%

2.0

%

Net earnings

 

$

311.2

 

$

655.2

 

$

(344.0

)

(52.5

)%

$

2,216.7

 

$

2,037.6

 

$

179.1

 

8.8

%

Earnings per share

 

$

1.06

 

$

2.23

 

$

(1.17

)

(52.5

)%

$

7.53

 

$

6.92

 

$

0.61

 

8.8

%

Capital expenditures

 

$

64.7

 

$

122.8

 

$

(58.1

)

(47.3

)%

$

315.7

 

$

455.8

 

$

(140.1

)

(30.7

)%

(1) Reconciliation of net earnings computed in accordance with GAAP to EBITDA

 

 

Fourth Quarter

 

Twelve Months

 

 

 

2007

 

2006

 

2007

 

2006

 

Net earnings

 

$

311.2

 

$

655.2

 

$

2,216.7

 

$

2,037.6

 

Add:

 

 

 

 

 

 

 

 

 

Minority interest

 

2.6

 

2.7

 

10.2

 

9.3

 

Income taxes

 

302.7

 

279.4

 

1,183.9

 

959.1

 

Interest expense

 

31.2

 

30.7

 

123.2

 

113.4

 

Depreciation, amortization and depletion

 

87.8

 

76.3

 

327.9

 

275.1

 

Less:

 

 

 

 

 

 

 

 

 

Interest income

 

(19.0

)

(15.8

)

(82.5

)

(50.2

)

Interest capitalized

 

(4.6

)

(8.9

)

(14.7

)

(28.0

)

EBITDA

 

$

711.9

 

$

1,019.6

 

$

3,764.7

 

$

3,316.3

 

 

 

SOUTHERN COPPER CORPORATION

11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028

Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317

 

3


 

 

Southern Copper Corporation reported net earnings for 2007 were $2,216.7 million, or earnings per share of $7.53, compared with $2,037.6 million or earnings per share of $6.92 in 2006. In the 4Q07 net earnings were $311.2 million, or earnings per share of $1.06 for the 4Q07 compared with $655.2 million, or earnings per share of $2.23, for the 4Q06.

 

Net sales in 2007 were $6,085.7 million, compared to $5,460.2 million in 2006, an increase of 11.5% and a record year for Southern Copper. Record sales result from higher prices of copper, molybdenum and silver.

 

Commenting on the Company’s results for the fourth quarter and full year 2007, Mr. German Larrea, Chairman of SCC said, “2007 earnings constitute a record high for SCC and are attributable to continued higher prices for most of our metals and the increase in molybdenum sales volume, despite the fourth quarter decrease in earnings due to the illegal strike at Cananea which began in the third quarter of 2007 and ended on January 11, 2008 with the decision of the Labor Authority ratified by a Federal judge”.

 

Net sales in the 4Q07 were $1,294.5 million compared with $1,649.9 million in 4Q06, a decrease of 21.5%. The average metal prices for our principal products were higher in the 4Q07 and the year 2007 than the comparable periods of 2006 except for zinc, which decreased in both 2007 periods. See price chart on page 6.

 

Mine copper production amounted to 277.6 million pounds in the 4Q07, a decrease of 118.3 million pounds compared with the 4Q06.

 

Molybdenum production increased 1.2 million pounds, from 8.2 million pounds in the 4Q06 to 9.4 million pounds in the 4Q07.  This increase is principally due to higher grades at our Peruvian mines. Mine zinc production amounted to 57.2 million pounds in the 4Q07, a 22.4% decrease from the 4Q06.

 

The Company’s Ilo smelter modernization was completed in January 2007 and is fully operating. Average sulfur capture in 2007 was above the 92% required by Peruvian regulations. Performance tests are pending completion with the two major contractors.  These are expected to be completed in the first quarter 2008.

 

Additionally, the crushing and conveying system at Toquepala, the sedimentation, PLS and storm water retention dams and associated facilities at Toquepala all initiated operations in 2007. These facilities are reducing long-term haulage cost and will increase copper recovery at the Toquepala SX-EW plant in 2009.

 

As the Company previously announced, the expansion program will be focusing on Tia Maria SX-EW copper project in Peru, expansions of Toquepala and Cuajone concentrators, and the expansion of the Ilo smelter and copper refinery with a total investment of $2,108 million. These investments will increase our copper production by 270,000 tons per year by 2011, representing an increase of 39% of the current

 

 

SOUTHERN COPPER CORPORATION

11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028

Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317

 

4


 

 

production capacity. The Company is currently evaluating the best options to finance these projects.

 

Feasibility studies for the Tia Maria project were finished with indicative resources of 638 million tons of mineral with an average copper grade of 0.39%. The Company is conducting a bidding process for basic and detailed engineering as well as preparing to purchase major equipment. The Company expects to invest $65 million in this project during 2008. When completed at the end of 2010, the new operating unit will produce 120,000 tons of copper cathodes per year.

 

Regarding the Company’s exploration program, a pre-feasibility study at Los Chancas, a copper-molybdenum property in the southern part of Peru was completed and is being evaluated in order to determine the following steps. Also, the Company is planning to develop its Mexican assets at El Arco in Baja California and Angangueo in Michoacan.

 

 

SOUTHERN COPPER CORPORATION

11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028

Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317

 

5


 

 

 

 

 

LME

 

COMEX

 

 

 

 

 

 

 

 

 

 

 

Copper

 

Copper

 

Zinc

 

Silver

 

Gold

 

Molybdenum

 

Metals Price Average

 

($/lb)

 

($/lb)

 

($/lb)

 

($/Oz)

 

($/oz)

 

($/lb)

 

1Q 2007

 

2.69

 

2.70

 

1.57

 

13.29

 

650.27

 

25.81

 

2Q 2007

 

3.47

 

3.46

 

1.66

 

13.32

 

667.24

 

30.41

 

3Q 2007

 

3.50

 

3.48

 

1.46

 

12.70

 

681.12

 

31.33

 

4Q 2007

 

3.26

 

3.25

 

1.19

 

14.24

 

788.02

 

32.10

 

4Q 2006

 

3.21

 

3.19

 

1.91

 

12.59

 

614.47

 

25.11

 

Average 2007

 

3.23

 

3.22

 

1.47

 

13.39

 

696.66

 

29.91

 

Average 2006

 

3.05

 

3.09

 

1.49

 

11.54

 

604.34

 

24.38

 

Variance 4Q07 vs. 4Q06

 

1.6

%

1.9

%

(37.7

)%

13.1

%

28.2

%

27.8

%

Source: Silver — COMEX; Gold and Zinc — LME; Molybdenum — Metals Week Dealer Oxide.

 

Metal Production and Sales

 

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

 

 

2007

 

2006

 

%

 

2007

 

2006

 

%

 

Copper (000s pounds)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mined

 

277,600

 

395,900

 

(29.9

)%

1,305,500

 

1,335,200

 

(2.2

)%

Smelted

 

236,700

 

350,200

 

(32.4

)%

1,025,200

 

1,298,500

 

(21.0

)%

Refined

 

213,800

 

341,500

 

(37.4

)%

990,700

 

1,263,800

 

(21.6

)%

Rod

 

40,400

 

49,600

 

(18.5

)%

213,000

 

212,900

 

—

 

Sales

 

292,600

 

404,200

 

(27.6

)%

1,330,600

 

1,386,200

 

(4.0

)%

Silver (000s ounces)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mined

 

3,000

 

4,500

 

(33.3

)%

15,200

 

16,200

 

(6.2

)%

Refined

 

2,200

 

3,200

 

(31.2

)%

10,000

 

12,400

 

(19.4

)%

Sales

 

4,000

 

5,100

 

(21.6

)%

18,300

 

19,800

 

(7.6

)%

Molybdenum (000s pounds)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mined

 

9,400

 

8,200

 

14.6

%

35,700

 

26,100

 

36.8

%

Sales

 

9,700

 

8,700

 

11.5

%

35,900

 

25,600

 

40.2

%

Zinc (000s pounds)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mined

 

57,200

 

73,700

 

(22.4

)%

266,800

 

301,100

 

(11.4

)%

Refined

 

57,700

 

47,000

 

22.8

%

200,100

 

112,500

 

77.9

%

Sales

 

58,400

 

74,600

 

(21.7

)%

251,800

 

281,100

 

(10.4

)%

 

 

SOUTHERN COPPER CORPORATION

11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028

Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317

 

6


 

 

Southern Copper Corporation

 

CONDENSED CONSOLIDATED STATEMENT OF EARNINGS

(Unaudited)

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2007

 

2006

 

VAR %

 

2007

 

2006

 

VAR %

 

 

 

(in thousands, except for per share amounts)

 

Net sales

 

$1,294,459

 

$1,649,943

 

(21.5

)%

$6,085,672

 

$5,460,221

 

11.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

534,113

 

581,851

 

(8.2

)%

2,122,907

 

2,019,840

 

5.1

%

Selling, general and administrative

 

25,083

 

15,783

 

58.9

%

98,359

 

88,274

 

11.4

%

Depreciation, amortization and depletion

 

87,796

 

76,275

 

15.1

%

327,898

 

275,062

 

19.2

%

Exploration

 

17,531

 

7,840

 

123.6

%

40,212

 

22,704

 

77.1

%

Total operating costs and expenses

 

664,523

 

681,749

 

(2.5

)%

2,589,376

 

2,405,880

 

7.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

629,936

 

968,194

 

(34.9

)%

3,496,296

 

3,054,341

 

14.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(31,235

)

(30,711

)

1.7

%

(123,204

)

(113,422

)

8.6

%

Interest capitalized

 

4,571

 

8,942

 

(48.9

)%

14,717

 

27,951

 

(47.3

)%

Gain (loss) on derivative instruments

 

(12

)

(11,595

)

(99.9

)%

(73,711

)

(11,595

)

535.7

%

Loss on debt prepayments

 

(16,571

)

(177

)

9,262.1

%

(16,571

)

(1,137

)

1,357.4

%

Other income (expense)

 

10,801

 

(13,134

)

(182.2

)%

30,759

 

(326

)

(9,535.3

)%

Interest income

 

18,987

 

15,761

 

20.5

%

82,519

 

50,217

 

64.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes and minority interest

 

616,477

 

937,280

 

(34.2

)%

3,410,805

 

3,006,029

 

13.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

302,652

 

279,407

 

8.3

%

1,183,851

 

959,087

 

23.4

%

Minority interest

 

2,595

 

2,672

 

(2.9

)%

10,235

 

9,302

 

10.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$311,230

 

$655,201

 

(52.5

)%

$2,216,719

 

$2,037,640

 

8.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings — basic and diluted

 

$1.06

 

$2.23

 

(52.5

)%

$7.53

 

$6.92

 

8.8

%

Dividends paid

 

$2.00

 

$1.38

 

45.5

%

$6.80

 

$5.13

 

32.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding
(Basic and diluted)

 

294,466

 

294,461

 

 

 

294,466

 

294,461

 

 

 

 

 

SOUTHERN COPPER CORPORATION

11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028

Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317

 

7


 

 

Southern Copper Corporation

 

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

 

 

 

December 31,

 

December 31,

 

 

 

2007

 

2006

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

1,409,272

 

$

1,022,778

 

Marketable securities

 

—

 

280,000

 

Accounts receivable

 

462,749

 

606,426

 

Inventories

 

448,283

 

413,652

 

Investments

 

117,903

 

—

 

Prepaid taxes and other assets

 

119,306

 

120,021

 

Total current assets

 

2,557,513

 

2,442,877

 

 

 

 

 

 

 

Property, net

 

3,568,311

 

3,538,295

 

Leachable material, net

 

220,243

 

231,516

 

Intangible assets, net

 

115,802

 

118,107

 

Other assets, net

 

40,692

 

45,619

 

Total assets

 

$

6,502,561

 

$

6,376,414

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Current portion of long-term debt

 

$

160,000

 

$

10,000

 

Accounts payable

 

255,357

 

271,064

 

Income taxes

 

131,754

 

226,047

 

Due to affiliates

 

3,870

 

3,581

 

Accrued workers’ participation

 

312,308

 

299,892

 

Interest

 

37,325

 

37,140

 

Other accrued liabilities

 

19,587

 

11,847

 

Total current liabilities

 

920,201

 

859,571

 

 

 

 

 

 

 

Long-term debt

 

1,289,754

 

1,518,111

 

Deferred income taxes

 

175,025

 

194,759

 

Other liabilities

 

235,376

 

111,196

 

Asset retirement obligation

 

13,145

 

12,183

 

Total non-current liabilities

 

1,713,300

 

1,836,249

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Minority interest

 

16,658

 

13,989

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

Common stock

 

653,817

 

678,630

 

Accumulated comprehensive income

 

3,198,585

 

2,987,975

 

Total stockholders’ equity

 

3,852,402

 

3,666,605

 

Total liabilities, minority interest and stockholders’ equity

 

$

6,502,561

 

$

6,376,414

 

 

 

SOUTHERN COPPER CORPORATION

11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028

Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317

 

8


 

 

Southern Copper Corporation

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

 

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

 

 

2007

 

2006

 

2007

 

2006

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

Net earnings

 

$311,230

 

$655,201

 

$2,216,719

 

$2,037,640

 

Depreciation, amortization and depletion

 

87,796

 

76,275

 

327,898

 

275,062

 

Capitalized leachable material

 

—

 

(22,546

)

(45,903

)

(65,930

)

Minority interest

 

2,594

 

2,672

 

10,235

 

9,302

 

Cash provided from (used for) operating assets and liabilities

 

369,658

 

276,635

 

35,336

 

(178,470

)

Other, net

 

6,156

 

(21,958

)

159,171

 

(18,291

)

Net cash provided from operating activities

 

777,434

 

966,279

 

2,703,456

 

2,059,313

 

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(64,663

)

(122,787

)

(315,741

)

(455,818

)

Net proceed on marketable securities

 

270,585

 

—

 

287,398

 

—

 

Other

 

(118,527

)

(271,878

)

(217,636

)

(269,468

)

Net cash used for investing activities

 

87,395

 

(394,665

)

(245,979

)

(725,286

)

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

Debt incurred (repaid)

 

(73,600

)

(9,682

)

(78,600

)

356,046

 

Dividends paid

 

(588,932

)

(404,887

)

(2,002,312

)

(1,509,099

)

Distributions to minority interest

 

(2,618

)

(1,946

)

(7,211

)

(8,282

)

Other

 

380

 

(2,886

)

(224

)

(2,965

)

Net cash used for financing activities

 

(664,770

)

(419,401

)

(2,088,347

)

(1,164,300

)

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

14,005

 

(47,534

)

17,364

 

(22,952

)

 

 

 

 

 

 

 

 

 

 

Increase in cash and cash equivalent

 

$214,064

 

$104,679

 

$386,494

 

$146,775

 

 

 

SOUTHERN COPPER CORPORATION

11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028

Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317

 

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Company Profile

 

Southern Copper Corporation is one of the largest integrated copper producers in the world and has the largest copper reserve of any listed company.  We are a NYSE and Lima Stock Exchange (LSE) listed company that is 75.1% owned by Grupo Mexico, a Mexican company listed on the Mexican stock exchange.  The remaining 24.9% ownership interest is held by the international investment community.  We operate mining units and metallurgical facilities in Mexico and Peru and conduct exploration activities in Mexico, Peru and Chile.

 

Conference call

 

The Company’s fourth quarter earnings conference call will be held on January 29, 2008 beginning at 11:00 a.m. (EST — New York and Lima) (10:00 a.m. Mexico City).  To participate:

 

Dial-in number:

 

866-371-3858 in the U.S

 

 

832-445-1647 outside the U.S.

 

 

Genaro Guerrero, Chief Financial Officer

 

 

Raul Jacob, Head of Investor Relations

Conference ID:

 

ID 30491874 and “Southern Copper Fourth Quarter 2007 Results”

 

###

 

This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  In addition to the risks and uncertainties noted in this news release, there are certain factors that could cause results to differ materially from those anticipated by some of the statements made.  These factors include those listed in the Company’s most recently filed quarterly reports on Form 10-Q and annual report on Form 10-K.  The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

 

 

SOUTHERN COPPER CORPORATION

11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028

Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317

 

10