Southern Copper Corporation
In 2005, Southern Peru Copper Corporation was renamed Southern Copper Corporation (SCCO) after it acquired Minera Mexico in an all-stock transaction. In this part of the series, we’ll learn more about Minera Mexico.
Minera Mexico’s timeline
In 1978, Grupo Industrial Minera Mexico was incorporated. The La Caridad concentrator plant began operations in 1979.
- Initially, the plant’s milling capacity was 72,000 metric tons per day, which was increased to 90,000 metric tons per day in 1986.
- A molybdenum plant was started at La Caridad in 1985 with a processing capacity of 2,000 metric tons per day.
- A smelter was opened at La Caridad in 1986 with a capacity of 493 metric tons per day. The capacity was later increased to 932 metric tons per day in 1998.
- Refining operations were started at La Caridad in 1997 with a capacity of 493 metric tons per day. The refining capacity was increased to 822 metric tons per day in 1998.
- The La Caridad rod plant started operations in 1998 with 300 metric tons per day capacity. In 2000, the plant’s capacity was increased to 150,000 metric tons per year.
- The La Caridad precious metals plant started operations in 1999.
In 1999, Minera Mexico purchased Asarco, which owned 54.2% stake in Southern Peru Copper Corporation.
After the merger of Southern Peru Copper Corporation and Minera Mexico in 2005, the combined entity was renamed Southern Copper Corporation (SCCO). SCCO is among the major copper producers today. Freeport-McMoRan (FCX), Rio Tinto (RIO), and BHP Billiton (BHP) are the other leading copper producers.
Together, BHP, RIO, and FCX form 8.22% of the SPDR S&P Global Natural Resources ETF (GNR).
In the next part, we’ll look at Southern Copper’s current corporate structure.