<SEC-DOCUMENT>0001341004-12-001216.txt : 20121101
<SEC-HEADER>0001341004-12-001216.hdr.sgml : 20121101
<ACCEPTANCE-DATETIME>20120925080421
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001341004-12-001216
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120925

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHERN COPPER CORP/
		CENTRAL INDEX KEY:			0001001838
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				133849074
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1440 E. MISSOURI AVENUE
		STREET 2:		SUITE 160
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85014
		BUSINESS PHONE:		602-264-1375

	MAIL ADDRESS:	
		STREET 1:		1440 E. MISSOURI AVENUE
		STREET 2:		SUITE 160
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTHERN PERU COPPER CORP/
		DATE OF NAME CHANGE:	19960726

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTHERN PERU COPPER HOLDING CO
		DATE OF NAME CHANGE:	19951006
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt">Executive Presidency</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 22.05pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt; FONT-WEIGHT: normal; TEXT-DECORATION: underline">BY SOUTHERN COPPER CORPORATION</font></font></div>
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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-FAMILY: Arial; FONT-SIZE: 11pt">September 24, 2012</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">Ms. Tia L. Jenkins</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">Senior Assistant Chief Accountant</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">Office of Beverages, Apparel and Mining</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">United States Securities and Exchange Commission</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">100 F Street, N.E.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">Washington, DC 20549-7010</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt">Re:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt">Form 10-K for Fiscal Year Ended December 31, 2011</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt">Filed February 27, 2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt">Response Dated June 20, 2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt">File No. 001-14066</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">Dear Ms. Jenkins:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">On behalf of Southern Copper Corporation (the &#8220;Company&#8221;), I, Oscar Gonzalez Rocha, the Company&#8217;s President and Chief Executive Officer, submit our additional follow-up response to comment two in your letter dated July 26, 2012, relating to the above-referenced filing.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">To assist in the Staff&#8217;s review of the Company&#8217;s responses, we have preceded our response with the text (in bold type) of the comment as stated in your letter.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt; TEXT-DECORATION: underline">Form 10-K for Fiscal Year ended December 31, 2011</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt; TEXT-DECORATION: underline">Property Book Value, page 7</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2. In conjunction with the capitalization of costs associated with your Tia Maria development project, mineral reserves should be disclosed.&#160;&#160;Please include this disclosure in your filing or tell us why you are unable to do so.&#160;&#160;In this regard we reference paragraph (c) of the Instructions to 102 of Regulation S-K.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">We acknowledge the Staff&#8217;s comment.&#160;&#160;We do not believe, however, that disclosure of the reserve amounts related to the Tia Maria<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font>development project is required because Tia Maria is not a significant property as understood by paragraph (b) of Industry Guide 7 and Instruction 3 to Item 102 of Regulation S-K.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">In this regard, we note that the estimated Tia Maria reserve amounts provided confidentially and supplementally&#160;to the staff&#160;in response (&#8220;Supplemental Response&#8221;) to&#160;comment four in the letter dated May 24, 2012, represent an immaterial amount relative to the Company&#8217;s total disclosable reserves.&#160;&#160;In particular, the estimated Tia Maria reserves as of May 2011 were ***</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="3"><font style="DISPLAY: inline; FONT-FAMILY: Century Gothic, sans-serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">SOUTHERN COPPER CORPORATION</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="3"><font style="DISPLAY: inline; FONT-FAMILY: Century Gothic, sans-serif; FONT-SIZE: 9pt">1440 E. Missouri Avenue, Suite 160, Phoenix, AZ 85014</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="3"><font style="DISPLAY: inline; FONT-FAMILY: Century Gothic, sans-serif; FONT-SIZE: 9pt">Phone: 1 (602) 264-1375 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif">-</font>&#160;&#160;Fax: 1 (602) 264-1397</font></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font size="3"><font style="DISPLAY: inline; FONT-FAMILY: Century Gothic, sans-serif; COLOR: #0000ff; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; TEXT-DECORATION: underline">www.southerncoppercorp.com</font></font></font></div>

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<div><font style="FONT-FAMILY: arial; FONT-SIZE: 11pt; TEXT-DECORATION: underline">FOIA CONFIDENTIAL TREATMENT REQUESTED UNDER 17 CFR &#167; 200.83</font></div>

<div><font style="FONT-FAMILY: arial; FONT-SIZE: 11pt; TEXT-DECORATION: underline">BY SOUTHERN COPPER CORPORATION</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">thousand tons calculated at a refined long-term copper sales price of $1.80/lb based on mine operating costs similar to the Cuajone and Toquepala operations owned by the Company and based on estimated processing costs.&#160;&#160;Such estimated reserve amount comprised only ***% of 59,726 thousand tons of copper contained in the total reserves, as reported in the Company&#8217;s Form 10-K for the fiscal year ended December 31, 2010.&#160;&#160;Further, we believe that if the Tia Maria reserves are calculated at December 31, 2011, at the then current $3.26/lb price, the Tia Maria reserve estimate would amount to less than ***% of the 66,246 thousand tons of copper contained in the total reserves, as reported in the Company&#8217;s Form 10-K for the fiscal year ended December 31, 2011.&#160;&#160;Thus, given the estimates described above, we believe that the Tia Maria reserves do not rise to the level of significance that would require disclosure under either Item 102 of Regulation S-K or Industry Guide 7.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">In addition, the capitalized asset amounts attributable to the Tia Maria project represent only 5.4% of the Company's total assets at December 31, 2011, and the $310 million capitalized asset amount that remains attributable to the Tia Maria Project (i.e., has not been reassigned to other operations) constitutes only 3.7% of the Company's total assets at June 30, 2012.&#160;&#160;Further, as described previously in the Supplemental Response, only $*** million of the capitalized asset amounts attributable to the Tia Maria project was *** at December 31, 2011, ***.&#160;&#160;Thus, even if the Company were to incur an impairment loss due to unrecoverable amounts related to the Tia Maria project, any write-down would be ***, *** represents an immaterial sum.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">Accordingly, given the totality of the circumstances, the Company does not believe that the Tia Maria property is significant as understood by the disclosure provisions of Item 102 of Regulation S-K or Industry Guide 7.&#160;&#160;The Company will, however, continue to monitor the significance of the Tia Maria project and, to the extent appropriate, provide reserve disclosure with respect to the Tia Maria project in future filings.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">*&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;*</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 11pt">Should you have any questions about the responses in this letter, kindly contact our assistant legal counsel, Mr. Javier Gomez at +52-55-1103-5130 or our Comptroller, Mr. Raul Jacob at +(602) 264-1375 option 1.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt">Very truly yours,</font></div>
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<td valign="top" width="47%"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt">/s/ Oscar Gonzalez Rocha</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt">Oscar Gonzalez Rocha</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-SIZE: 11pt">President and Chief Executive Officer</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Century Gothic, sans-serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">SOUTHERN COPPER CORPORATION</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Century Gothic, sans-serif; FONT-SIZE: 9pt">1440 E. Missouri Avenue, Suite 160, Phoenix, AZ 85014</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Century Gothic, sans-serif; FONT-SIZE: 9pt">Phone: 1 (602) 264-1375 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif">-</font>&#160;&#160;Fax: 1 (602) 264-1397</font></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Century Gothic, sans-serif; COLOR: #0000ff; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; TEXT-DECORATION: underline">www.southerncoppercorp.com</font></font></font></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
