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FINANCING: | 6 Months Ended
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Jun. 30, 2026
FINANCING: |
FINANCING: | NOTE 6 – FINANCING: ​ On June 24, 2026, the Company (including and acting exclusively for the benefit of its Peruvian branch Southern Peru Copper Corporation, Sucursal del Perú, “SPCC”) issued $1,250 million of fixed-rate senior unsecured notes. This debt was issued in one tranche, due in 2036 at an annual interest rate of 5.350%. These notes will be general unsecured obligations of the Company and will rank equally with all of its existing and future unsecured and unsubordinated debt. Interest on the notes will be paid semi-annually in arrears. The net proceeds from this offering will be used exclusively by SPCC for the development of the Tia Maria project, the financing of the capital expenditure program of SPCC, and/or for general corporate purposes of SPCC, including but not limited to working capital (and expenses due in the short term). The notes were issued with an issuance discount of $2.5 million. Additionally, estimated issuance costs of $6.3 million associated with these notes were deferred. The unamortized balance of the discount and the costs are presented net of the carrying value of the debt issued and are amortized as interest expense over the life of the loan. ​ Pursuant to an Indenture, dated April 16, 2010 (the “Indenture”), between the Company and Computershare Trust Company, National Association, as trustee (the “Trustee”), the Company and the Trustee entered into a Seventh Supplemental Indenture dated as of June 24, 2026 (the “Seventh Supplemental Indenture”). The Seventh Supplemental Indenture provides for the issuance and sets forth the terms of the notes described above. The Indenture and the Seventh Supplemental Indenture contain covenants that limit the Company’s ability to, among other things, incur certain liens securing indebtedness; engage in certain sale and leaseback transactions; and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all the Company’s assets. ​ Credit risk rating: ​ In June 2026, Moody’s investors service assigned its Baa1 as the debt rating on the new notes issued. Also on June 2026, Fitch and Standard & Poor’s ratings services assigned its ‘BBB+’, as the debt rating on the new notes issued. ​

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