Southern Copper Corporation
A major copper producer with integrated mining, smelting, and refining operations in Peru and Mexico.
Last updated August 31, 2026
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Overview
Southern Copper Corporation is a Delaware-organized mining company headquartered in Phoenix, Arizona, whose principal business is the exploration, extraction, processing, smelting, and refining of copper. Its operating footprint is concentrated in Peru and Mexico, with assets and commercial activities also associated with Chile and the United States. The company is best known for its large open-pit copper operations in Peru, including the Toquepala and Cuajone mines, and for its Mexican assets, including Buenavista del Cobre and La Caridad. It also produces molybdenum, silver, zinc, and other mineral products associated with its copper operations. The business was established in 1952 as a joint venture involving ASARCO and Newmont. Its early development centered on the Toquepala project in Peru, which received substantial financing from the Export–Import Bank of the United States. Commercial copper mining began at Toquepala in 1960, giving the company the foundation for an integrated production system that later expanded into concentration, smelting, and refining. The Cuajone mine began operations in 1976 and became another important Peruvian production center. Ownership and corporate structure changed substantially over time. ASARCO increased its interest during the 1990s, and the company became publicly traded after a reorganization in January 1996. Grupo México acquired ASARCO in 1999 and thereby became Southern Copper's controlling shareholder. In 2005, Southern Copper acquired Grupo Minera's Mexican mining assets from Grupo México in a transaction valued at approximately $3.75 billion. Later that year, the company adopted the Southern Copper name, replacing Southern Peru Copper Corporation. The transaction and related ownership arrangements generated shareholder and court challenges, including a 2011 ruling concerning the fairness of the acquisition price. Southern Copper's business model is based on scale, long-lived mineral reserves, and vertical integration. Copper is sold in forms including concentrates, anode material, and refined cathode, while molybdenum, silver, and zinc provide additional revenue streams. In 2024, the company reported production of approximately 2.1 billion pounds of copper, 21 million ounces of silver, 64 million pounds of molybdenum, and 286 million pounds of zinc. Its large asset base gives it the profile of a low-cost, high-volume copper producer, although its operations are exposed to commodity prices, permitting requirements, labor relations, water availability, environmental regulation, and community opposition. The company has also faced operational and social challenges. Labor actions at the Buenavista mine disrupted production intermittently between 2007 and 2010, and the proposed Tía María project in Peru has been a focus of sustained public opposition and permitting controversy. Southern Copper remains controlled by Grupo México and is listed on the New York Stock Exchange under the symbol SCCO. Its strategic importance is tied to the continuing demand for copper in electrical infrastructure, construction, transportation, and energy-transition technologies.
History
Southern Copper Corporation was created in 1952 as a joint venture between ASARCO and Newmont. The company was established to develop copper resources in Peru, where the Toquepala project became its first major operating base. In 1955, Edward McL. Tittmann was appointed president and chief executive officer. During the same period, the company obtained a $100 million loan from the Export–Import Bank of the United States to support development of the Toquepala mine and related infrastructure. Copper mining began at Toquepala in 1960. The project provided the foundation for Southern Copper's later integrated operating model, in which ore is mined and concentrated before being processed through smelting and refining facilities. The company expanded its Peruvian production base with the Cuajone mine, which opened in 1976. Billiton held a minority interest in the Cuajone operation at the time of its development. The company's ownership structure evolved during the 1990s. In 1995, ASARCO acquired an additional 10 percent interest from Newmont for $116.4 million, increasing ASARCO's stake to 63 percent. Southern Copper became a public company in January 1996 through a corporate reorganization. In 1999, Grupo México acquired ASARCO and consequently became the controlling shareholder of Southern Copper. A major transformation occurred in 2005, when Southern Copper acquired Grupo Minera in Mexico from Grupo México. The transaction, valued at approximately $3.75 billion, brought Mexican mining assets into the company's portfolio and materially broadened its operating base. In October 2005, the company changed its name from Southern Peru Copper Corporation to Southern Copper Corporation, reflecting the enlarged geographic scope of the business. The Mexican portfolio included the Buenavista del Cobre and La Caridad operations, while the Peruvian portfolio included Toquepala, Cuajone, and the proposed Tía María project. The 2005 transaction later became controversial. In 2011, a court determined that the price paid for Grupo Minera was unfair and ordered Grupo México to return approximately $1.3 billion in Southern Copper shares. Also in November 2011, Grupo México cancelled plans to merge Southern Copper with ASARCO after shareholder dissent. These events preserved Southern Copper as a separately listed company under Grupo México's control. Operations have periodically been affected by labor and community issues. The Buenavista mine experienced intermittent strikes between 2007 and 2010, disrupting production and creating significant operational tension. Union members reportedly made threats to blow up the mine during this period. In Peru, the proposed Tía María copper project became the subject of sustained opposition and permitting controversy, illustrating the social and regulatory risks attached to developing new large-scale mines. Southern Copper's modern identity is that of a major, vertically integrated base-metals producer. It operates mines, concentrators, smelters, and refineries and sells copper in several intermediate and refined forms. Copper remains the core product, while molybdenum, silver, and zinc are important by-products. In 2024, the company mined approximately 2.1 billion pounds of copper, 21 million ounces of silver, 64 million pounds of molybdenum, and 286 million pounds of zinc. The company continues to be listed on the New York Stock Exchange under the ticker SCCO and remains 88.9 percent owned by Grupo México, according to the cited reference material.
- 2024
Reported large-scale copper and by-product output
[1]The company reported production of approximately 2.1 billion pounds of copper, 21 million ounces of silver, 64 million pounds of molybdenum, and 286 million pounds of zinc.
- 2011
Court ruling and merger cancellation
[1]A court challenged the fairness of the Grupo Minera purchase price, while Grupo México cancelled a proposed Southern Copper–ASARCO merger after shareholder dissent.
- 2005
Mexican assets acquired and corporate name changed
[1]Southern Copper acquired Grupo Minera from Grupo México for approximately $3.75 billion and later changed its name from Southern Peru Copper Corporation.
- 1999
Grupo México becomes controlling shareholder
[1]Grupo México acquired ASARCO and thereby became the majority owner of Southern Copper.
- 1996
Southern Copper becomes publicly traded
[1]The company became a public company following a corporate reorganization in January.
- 1995
ASARCO increases its ownership
[1]ASARCO acquired an additional 10 percent from Newmont for $116.4 million, raising its stake to 63 percent.
- 1976
Cuajone mine opens
[1]The Cuajone mine in Peru entered operation, adding a second major Peruvian production center.
- 1960
Copper mining begins at Toquepala
[1]Southern Copper began copper mining operations at the Toquepala project in Peru.
- 1955
Toquepala financing secured
[1]Edward McL. Tittmann became president and chief executive officer, and the company received a $100 million Export–Import Bank loan to fund the Toquepala mine.
- 1952
Company founded as a joint venture
[1]Southern Copper was established as a joint venture between ASARCO and Newmont to develop copper resources in Peru.
Products and positioning
A large-scale, vertically integrated, comparatively low-cost copper producer with substantial by-product output and long-lived mining assets.
Copper mining and processing
Copper concentrates
Copper concentrate is produced by mining and milling sulfide ore at Southern Copper's open-pit operations. The material contains concentrated copper minerals and is transported for further smelting. It is a central intermediate product in the company's integrated production chain and supports the conversion of mined ore into anode copper and, ultimately, refined cathodes.
Refined copper
Refined copper cathodes
Copper cathodes are high-purity refined copper plates produced through smelting and refining or through leaching and electrowinning, depending on the ore and facility. They are sold for use in wire, cable, electrical equipment, construction products, and other industrial applications. Refined copper is Southern Copper's principal finished-metal product.
Smelted copper
Copper anodes
Copper anodes are intermediate products created during the smelting of copper concentrates. They are subsequently treated in an electrolytic refining process to produce cathodes. Anode production reflects the company's ownership of an integrated chain extending beyond mine extraction into metallurgical processing.
Mining by-product
Molybdenum
Molybdenum is recovered as a by-product of the company's copper mining and concentration activities. It is used in alloy steels, specialty materials, catalysts, and other industrial applications. Production of molybdenum diversifies Southern Copper's output beyond copper and increases the value recovered from its ore bodies.
Mining by-product
Silver
Silver is recovered alongside copper and other minerals during processing. The metal is sold into industrial, investment, jewelry, and electronics markets. Its role in Southern Copper's portfolio is that of a significant by-product rather than a standalone primary mining business.
Mining by-product
Zinc
Zinc is produced as an additional mineral output from the company's mining and processing operations. It is primarily used in galvanizing, alloys, die casting, and chemical applications. Zinc contributes to the company's broader base-metals production profile while remaining secondary to copper.
Brand decisions
2011
Cancel proposed Southern Copper–ASARCO mergerM&ABackground
Grupo México proposed combining Southern Copper with ASARCO, but the plan encountered opposition from shareholders.
Action taken
Grupo México cancelled the proposed merger in November 2011.
Aftermath
Southern Copper remained a separately listed company under Grupo México's control.
2005
Acquire Grupo Minera's Mexican assetsM&ABackground
Southern Copper sought to expand beyond its historical Peruvian base and obtain a larger operating presence in Mexico through the acquisition of Grupo Minera from Grupo México.
Action taken
The company acquired Grupo Minera in a transaction valued at approximately $3.75 billion and subsequently changed its corporate name to Southern Copper Corporation.
Aftermath
The acquisition substantially broadened the company's asset portfolio, but its valuation and related-party structure were later challenged in court.
Transaction value. $3.75 billion (2005)
Recent events
- 2024
Southern Copper reports 2024 production of copper and by-products[1]
Other
The company reported production of approximately 2.1 billion pounds of copper, 21 million ounces of silver, 64 million pounds of molybdenum, and 286 million pounds of zinc during 2024.
- 2011
Court challenges the price of Southern Copper's Mexican-asset acquisition[1]
Lawsuit · M&A
A court ruled that the price paid for Grupo Minera was unfair and required Grupo México to return approximately $1.3 billion in Southern Copper shares.
- 2011
Grupo México abandons proposed Southern Copper–ASARCO merger[1]
M&A · Leadership change
Grupo México cancelled plans to merge Southern Copper with ASARCO after shareholders opposed the proposed combination.
- 2007
Labor actions disrupt Buenavista mine operations[1]
Other
Intermittent strikes at the Buenavista mine affected production from 2007 through 2010. Union members also made threats involving the mine during the dispute period.
Sources2 sources
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