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INCOME TAXES: | 6 Months Ended
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Jun. 30, 2026
INCOME TAXES: |
INCOME TAXES: | ​ NOTE 4 — INCOME TAXES: ​ The income tax provision and the effective income tax rate for the six-month periods ended June 30, 2026 and 2025 consisted of (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​
Statutory income tax provision | ​ | $ | 1,505.1 | ​ | $ | 930.0 | ​
Peruvian royalty | ​ |  | 69.7 | ​ |  | 33.3 | ​
Mexican royalty | ​ |  | 175.2 | ​ |  | 94.7 | ​
Peruvian special mining tax | ​ |  | 86.3 | ​ |  | 50.7 | ​
Total income tax provision | ​ | $ | 1,836.3 | ​ | $ | 1,108.7 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effective income tax rate | ​ | ​ | 36.4 | % | ​ | 36.7 | %
​ These provisions include income taxes for Peru, Mexico and the United States. The Mexican royalty, the Peruvian royalty and the Peruvian special mining tax are included in the income tax provision. The effective income tax rate for 2026 remained relatively consistent with that of the corresponding period in 2025. ​ Peruvian royalty and special mining tax: The Company has accrued $156.0 million and $84.0 million of royalty charge and special mining tax as part of the income tax provision for the first six months of 2026 and 2025, respectively. ​ Mexican mining royalty: The Company has accrued $175.2 million and $94.7 million of royalty taxes as part of the income tax provision for the first six months of 2026 and 2025, respectively. The year-over-year increase reported was driven by growth in sales, which was mainly attributable to higher metal prices. ​ Accounting for uncertainty in income taxes: In the second quarter of 2026, the Company made no payments for uncertain tax positions. The current and non-current liabilities recorded for the Peruvian jurisdiction increased the tax expense by approximately $15.4 million. The Company has a net current liability of $24.7 million in the Peruvian jurisdiction, which represents anticipated cash refunds or payments due within the next 12 months. The IRS and other tax authorities routinely audit the Company's tax returns. The Company believes it has adequately provided for uncertain tax positions in each jurisdiction. ​ U.S. Tax Law updates: ​ On July 4, 2025, “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14” (the “Act”) – and commonly referred to as the “One Big Beautiful Bill Act” (“OBBBA”) was signed into law. The Act includes changes to both international and domestic tax provisions but did not change the overall corporate tax rate. The Act reduces the deduction percentages for some income inclusions as well as foreign income taxes deemed paid, and limits the deductions that are allocated and apportioned to the foreign tax credit limitation within the Net CFC Tested Income (“NCTI”). The Act increases the Base Erosion and Anti-Abuse Tax (“BEAT”) rate. The Act makes changes to the foreign tax credit provisions for allocation and apportionment of expenses; treatment of certain dividends; and inclusion of income from Controlled Foreign Corporations (CFC’s). The tax law changes did not materially affect the Company’s financial statements. ​ Pillar Two (Organization for Economic Co-operation and Development “OECD”) updates: Large multinational businesses with more than €750 million in total revenue must pay a minimum effective tax rate under Pillar Two of 15% on taxable income arising in each jurisdiction where they operate. If jurisdictions want to implement Pillar Two, they will need to do so through domestic legislation. The countries in which the Company has significant operations have yet to enact Pillar Two into law and have not formally announced plans to implement these rules. Currently, the Company has not been impacted but will continue to monitor these developments and analyze any potential impact that Pillar Two may have on future results.

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