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REVENUE: | 3 Months Ended
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Mar. 31, 2020
REVENUE: |
REVENUE: | ​ ​ NOTE 13 — REVENUE: ​ The Company’s net sales were $1,719.7 million in the three months ended March 31, 2020, compared to $1,753.4 million in the same period of 2019. The geographic breakdown of the Company’s sales is as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2020
​ | ​ | ​ | ​ | Mexican | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mexican | ​ | IMMSA | ​ | Peruvian | ​ | Corporate & | ​ | ​ | ​
​ |  | Open-Pit |  | Unit |  | Operations |  | Elimination |  | Consolidated
The Americas: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mexico | ​ | $ | 363.6 | ​ | $ | 99.2 | ​ | $ | — | ​ | $ | (26.8) | ​ | $ | 436.0
United States | ​ |  | 258.2 | ​ |  | 0.2 | ​ |  | 40.9 | ​ |  | — | ​ |  | 299.3
Peru | ​ |  | — | ​ |  | 3.0 | ​ |  | 73.1 | ​ |  | — | ​ |  | 76.1
Brazil | ​ |  | — | ​ |  | 3.5 | ​ |  | 54.5 | ​ |  | — | ​ |  | 58.0
Chile | ​ |  | 1.9 | ​ |  | — | ​ |  | 48.2 | ​ |  | — | ​ |  | 50.1
Other American countries | ​ |  | 8.3 | ​ |  | 0.9 | ​ |  | 0.2 | ​ |  | — | ​ |  | 9.4
Europe: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Switzerland | ​ |  | 172.5 | ​ |  | 14.9 | ​ |  | 66.5 | ​ |  | — | ​ |  | 253.9
Italy | ​ |  | — | ​ |  | 3.4 | ​ |  | 66.8 | ​ |  | — | ​ |  | 70.2
Spain | ​ |  | 46.6 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 46.6
Other European countries | ​ |  | 20.3 | ​ |  | 6.1 | ​ |  | 52.9 | ​ |  | — | ​ |  | 79.3
Asia: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Singapore | ​ |  | 61.7 | ​ |  | 3.2 | ​ |  | 135.8 | ​ |  | — | ​ |  | 200.7
Japan | ​ |  | 9.4 | ​ |  | — | ​ |  | 98.7 | ​ |  | — | ​ |  | 108.1
Other Asian countries | ​ |  | 11.2 | ​ |  | 0.1 | ​ |  | 20.7 | ​ |  | — | ​ |  | 32.0
Total | ​ | $ | 953.7 | ​ | $ | 134.5 | ​ | $ | 658.3 | ​ | $ | (26.8) | ​ | $ | 1,719.7
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2019
​ | ​ | ​ | ​ | ​ | Mexican | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mexican | ​ | IMMSA | ​ | Peruvian | ​ | Corporate & | ​ | ​ | ​
​ |  | Open-Pit |  | Unit |  | Operations |  | Elimination |  | Consolidated
The Americas: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mexico | ​ | $ | 351.3 | ​ | $ | 86.8 | ​ | $ | — | ​ | $ | (19.9) | ​ | $ | 418.2
United States | ​ |  | 279.0 | ​ |  | 1.4 | ​ |  | 6.7 | ​ | ​ | — | ​ | ​ | 287.1
Peru | ​ |  | 1.6 | ​ |  | — | ​ |  | 85.7 | ​ | ​ | — | ​ | ​ | 87.3
Brazil | ​ |  | — | ​ |  | 7.2 | ​ |  | 48.3 | ​ | ​ | — | ​ | ​ | 55.5
Chile | ​ |  | 1.1 | ​ |  | — | ​ |  | 20.0 | ​ | ​ | — | ​ | ​ | 21.1
Other American countries | ​ |  | 12.8 | ​ |  | 0.5 | ​ |  | 1.8 | ​ | ​ | — | ​ | ​ | 15.1
Europe: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Switzerland | ​ | ​ | 225.4 | ​ | ​ | 12.0 | ​ | ​ | 110.4 | ​ | ​ | — | ​ | ​ | 347.8
Italy | ​ | ​ | 29.2 | ​ | ​ | 5.5 | ​ | ​ | 47.3 | ​ | ​ | — | ​ | ​ | 82.0
Spain | ​ | ​ | 45.5 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 45.5
Other European countries | ​ | ​ | 22.9 | ​ | ​ | 5.8 | ​ | ​ | 53.9 | ​ | ​ | — | ​ | ​ | 82.6
Asia: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Singapore | ​ | ​ | 58.5 | ​ | ​ | 1.8 | ​ | ​ | 52.6 | ​ | ​ | — | ​ | ​ | 112.9
Japan | ​ | ​ | 9.8 | ​ | ​ | — | ​ | ​ | 117.5 | ​ | ​ | — | ​ | ​ | 127.3
Other Asian countries | ​ | ​ | 35.0 | ​ | ​ | 0.1 | ​ | ​ | 35.9 | ​ | ​ | — | ​ | ​ | 71.0
Total | ​ | $ | 1,072.1 | ​ | $ | 121.1 | ​ | $ | 580.1 | ​ | $ | (19.9) | ​ | $ | 1,753.4
​ The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three months ended March 31, 2020 and 2019 (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2020
​ |  | ​ | ​ | Mexican | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mexican |  | IMMSA |  | Peruvian |  | Corporate, Other & |  | Total
​ | ​ | Open-pit | ​ | Unit | ​ | Operations | ​ | Eliminations | ​ | Consolidated
Copper | ​ | $ | 799.7 | ​ | $ | 18.0 | ​ | $ | 561.0 | ​ | $ | (12.9) | ​ | $ | 1,365.8
Molybdenum | ​ |  | 72.0 | ​ |  | — | ​ |  | 54.1 | ​ |  | — | ​ |  | 126.1
Silver | ​ |  | 44.6 | ​ |  | 35.4 | ​ |  | 20.0 | ​ |  | (11.9) | ​ |  | 88.1
Zinc | ​ |  | — | ​ |  | 65.4 | ​ |  | — | ​ |  | (0.5) | ​ |  | 64.9
Other | ​ |  | 37.4 | ​ |  | 15.7 | ​ |  | 23.2 | ​ |  | (1.5) | ​ |  | 74.8
Total | ​ | $ | 953.7 | ​ | $ | 134.5 | ​ | $ | 658.3 | ​ | $ | (26.8) | ​ | $ | 1,719.7
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2019
​ |  | ​ | ​ | Mexican | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mexican |  | IMMSA |  | Peruvian |  | Corporate, Other & |  | Total
​ | ​ | Open-pit | ​ | Unit | ​ | Operations | ​ | Eliminations | ​ | Consolidated
Copper | ​ | $ | 895.1 | ​ | $ | 11.0 | ​ | $ | 522.4 | ​ | $ | (12.9) | ​ | $ | 1,415.6
Molybdenum | ​ |  | 90.1 | ​ |  | — | ​ |  | 28.2 | ​ |  | — | ​ |  | 118.3
Zinc | ​ |  | — | ​ |  | 77.1 | ​ |  | — | ​ |  | (0.4) | ​ |  | 76.7
Silver | ​ |  | 50.4 | ​ |  | 17.3 | ​ |  | 14.9 | ​ |  | (5.8) | ​ |  | 76.8
Other | ​ |  | 36.5 | ​ |  | 15.7 | ​ |  | 14.6 | ​ |  | (0.8) | ​ |  | 66.0
Total | ​ | $ | 1,072.1 | ​ | $ | 121.1 | ​ | $ | 580.1 | ​ | $ | (19.9) | ​ | $ | 1,753.4
​ The opening and closing balances of receivables by reporting segment of the Company were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Mexican | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Mexican |  | IMMSA |  | Peruvian |  | Corporate & |  | ​ | ​
​ | ​ | Open-Pit | ​ | Unit | ​ | Operations | ​ | Elimination | ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of March 31, 2020: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Trade receivables | ​ | $ | 411.1 | ​ | $ | 44.4 | ​ | $ | 254.2 | ​ | $ | — | ​ | $ | 709.7
Related parties, current | ​ |  | 27.4 | ​ |  | — | ​ |  | — | ​ |  | 7.9 | ​ |  | 35.3
Related parties, non-current | ​ | ​ | 59.0 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 59.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2019: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Trade receivables | ​ | $ | 477.8 | ​ | $ | 38.0 | ​ | $ | 317.1 | ​ | $ | — | ​ | $ | 832.9
Related parties, current | ​ |  | 22.1 | ​ |  | — | ​ |  | — | ​ |  | 7.9 | ​ |  | 30.0
Related parties, non-current | ​ | ​ | 59.5 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 59.5
​ As of March 31, 2020, the Company has long-term contracts with promises to deliver the following products in 2020: ​
​ | ​ | ​
Copper concentrates (in tons) |  | 870,000
Copper cathodes (in tons) | ​ | 48,000
Molybdenum concentrates (in tons) |  | 24,061
Sulfuric acid (in tons) |  | 292,400
​ Provisionally priced sales: At March 31, 2020, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the March 31, 2020 market price per pound. These sales are subject to final pricing based on the average monthly London Metal Exchange (“LME”), or New York Commodities Exchange (“COMEX”), copper prices and Dealer Oxide molybdenum prices in the future month of settlement. ​ Following are the provisionally priced copper and molybdenum sales outstanding at March 31, 2020:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Sales volume |  | Priced at |  | ​
​ | ​ | (million lbs.) | ​ | (per pound) | ​ | Month of settlement
Copper | ​ | 83.5 | ​ | 2.24 | ​ | April 2020 through July 2020
Molybdenum | ​ | 14.8 | ​ | 8.43 | ​ | April 2020 through July 2020
​ The provisional sales price adjustment included in accounts receivable and net sales at March 31, 2020 includes negative adjustments of $15.3 million and $20.6 million for copper and molybdenum, respectively. ​ Management believes that the final pricing of these sales will not have a material effect on the Company’s financial position or results of operations.

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