<SEC-DOCUMENT>0001104659-15-031719.txt : 20150605
<SEC-HEADER>0001104659-15-031719.hdr.sgml : 20150605
<ACCEPTANCE-DATETIME>20150429175411
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-15-031719
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150429

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
<FILENAME>filename1.htm
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:11.0pt;">Executive   Presidency</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:11.0pt;">April&nbsp;29, 2015</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Ms.&nbsp;Tia L. Jenkins</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Senior Assistant Chief Accountant</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Office of Beverages, Apparel and Mining</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">United States Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Washington, D.C. 20549-7010</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Re:</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Southern Copper   Corporation</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Form&nbsp;10-K for the   Year Ended December&nbsp;31, 2014</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Filed March&nbsp;2, 2015</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">File No.&nbsp;001-14066</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Dear Ms.&nbsp;Jenkins:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:11.0pt;">On behalf of Southern Copper Corporation (the &#147;Company&#148;),&nbsp;I, Oscar Gonzalez Rocha, the Company&#146;s President and Chief Executive Officer, submit our response to your letter dated April&nbsp;15, 2015, relating to the above-referenced filing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:11.0pt;">To assist in the Staff&#146;s review of the Company&#146;s responses, we have preceded our response with the text (in bold type) of the comment as stated in your letter.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Form&nbsp;10-K for the Year Ended December&nbsp;31, 2014</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Financial Statements and Supplemental Data, page&nbsp;92</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Notes to Consolidated Financial Statements, page&nbsp;99</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 2 - Summary of Significant Accounting Policies, page&nbsp;99</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Long-term Inventory - Leachable Material, page&nbsp;100</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">1.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">We note your disclosure of the changed method in which the cost attributed to the leach material was charged to cost of sales from a straight line basis over a five-year period to the units of production method. Please provide a preferability letter from your independent auditor as required by Item 601(B)(18) of Regulation S-K.</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Arial" style="font-size:11.0pt;">We appreciate the Staff&#146;s comment and kindly inform you that as per our disclosed accounting policy related to long-term leachable inventory, we have considered the</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1<a name="PB_1_022744_3020"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">SOUTHERN COPPER CORPORATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1440 E. Missouri Avenue, Suite&nbsp;160, Phoenix, AZ 85014</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Phone: 1 (602) 264-1375&#160; -&#160; Fax: 1 (602) 264-1397</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">www.southerncoppercorp.com</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:11.0pt;">Executive   Presidency</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Arial" style="font-size:11.0pt;">change from straight-line amortization to units of production amortization a change in estimate effected by a change in accounting principle.&#160; We have based this conclusion on the definition of a change in accounting estimate effected by a change in accounting principle in ASC 250-10-20 and further guidance provided by ASC 250-10-45-18.&#160; The guidance therein indicates that often times it is difficult to distinguish a change in accounting policy from a change in accounting estimate and includes as an example of a change in accounting estimate effected by a change in accounting principle a change in depreciation method for long-lived non-financial assets, where the change in such methods may be inseparable from a change in estimate.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Arial" style="font-size:11.0pt;">As was the case in our situation, we adopted a new amortization method for our long-term leachable inventory, due to our estimated changes in the pattern and timing of which we expect to receive the benefits from that inventory in the future, as a result of the completion of a new plant 2014.&#160; The new plant has and will continue to allow us to achieve better efficiencies in and greater levels of production and use of leachable inventory.&#160; Accordingly, upon completion of the plant, we determined it appropriate to revisit our estimates for depreciation of long-term leachable inventory.&#160; We determined that the change to units of production is a preferable method as it provides a better matching of costs to revenues of the improved production levels and efficiencies we expect to obtain.&#160; Based on the aforementioned analysis and guidance, we concluded that this change was appropriately classified as a change in estimate effected by a change in accounting policy.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Arial" style="font-size:11.0pt;">Item 601(b)(18) of Regulation S-K requires a preferability letter only if there is a change in accounting principle. Additionally, the Division&#146;s Financial Reporting Manual, Section&nbsp;4230.2.c.4 states that a preferability letter is not required for a change in accounting estimate effected by a change in accounting principle.&#160; Accordingly, we do not believe that any preferability letter is required.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2<a name="PB_2_022744_7748"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">SOUTHERN COPPER CORPORATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1440 E. Missouri Avenue, Suite&nbsp;160, Phoenix, AZ 85014</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Phone: 1 (602) 264-1375&#160; -&#160; Fax: 1 (602) 264-1397</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">www.southerncoppercorp.com</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:11.0pt;">Executive   Presidency</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-16.55pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Closing Comments</font></u></b></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-16.55pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">As requested by the Staff, the Company acknowledges that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:11.0pt;">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:11.0pt;">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:11.0pt;">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:11.0pt;">Should you have any questions about the responses in this letter, kindly contact our Chief Financial Officer, Mr.&nbsp;Raul Jacob, at +(602) 264-1375, option 1 (Rjacob@southernperu.com.pe), or our General Counsel, Mr.&nbsp;Javier Gomez, at +52-55-1103-5127 (Javier.Gomez@mm.gmexico.com).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:11.0pt;">Very truly   yours,</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:11.0pt;">/s/ Oscar   Gonzalez Rocha</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:11.0pt;">Oscar   Gonzalez Rocha</font></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:11.0pt;">President   and Chief Executive Officer</font></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3<a name="PB_3_022744_141"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">SOUTHERN COPPER CORPORATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1440 E. Missouri Avenue, Suite&nbsp;160, Phoenix, AZ 85014</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Phone: 1 (602) 264-1375&#160; -&#160; Fax: 1 (602) 264-1397</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">www.southerncoppercorp.com</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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