$SCCO
SOUTHERN COPPER CORP/

2020 Q3 Form 10-Q Financial Statement

#000155837020008790 Filed on July 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $2.129B $1.785B $1.818B
YoY Change 14.5% -1.79% -1.05%
Cost Of Revenue $948.9M $976.7M $867.3M
YoY Change 4.68% 12.61% 1.83%
Gross Profit $1.180B $808.7M $751.9M
YoY Change 56.8% 7.55% -8.63%
Gross Profit Margin 55.43% 45.3% 41.36%
Selling, General & Admin $33.40M $31.40M $30.90M
YoY Change 4.38% 1.62% 17.94%
% of Gross Profit 2.83% 3.88% 4.11%
Research & Development $6.900M $6.200M $7.400M
YoY Change 0.0% -16.22% -18.68%
% of Gross Profit 0.58% 0.77% 0.98%
Depreciation & Amortization $196.0M $193.8M $198.8M
YoY Change -2.15% -2.52% 22.26%
% of Gross Profit 16.61% 23.96% 26.44%
Operating Expenses $33.40M $31.40M $30.90M
YoY Change 4.38% 1.62% 17.94%
Operating Profit $943.9M $577.2M $713.6M
YoY Change 32.24% -19.11% -9.4%
Interest Expense -$86.40M -$87.80M -$79.60M
YoY Change 9.78% 10.3% 20.97%
% of Operating Profit -9.15% -15.21% -11.15%
Other Income/Expense, Net -$14.00M -$1.000M $23.00M
YoY Change 122.22% -104.35% -841.94%
Pretax Income $843.5M $488.4M $657.0M
YoY Change 34.14% -25.66% -8.58%
Income Tax $338.5M $224.4M $251.1M
% Of Pretax Income 40.13% 45.95% 38.22%
Net Earnings $508.1M $260.9M $404.4M
YoY Change 29.85% -35.48% -1.63%
Net Earnings / Revenue 23.86% 14.61% 22.24%
Basic Earnings Per Share
Diluted Earnings Per Share $654.5K $335.7K $520.6K
COMMON SHARES
Basic Shares Outstanding 773.1M 773.1M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.146B $1.809B $753.0M
YoY Change 10.85% 140.29% -30.47%
Cash & Equivalents $2.145B $1.809B $752.2M
Short-Term Investments $600.0K $600.0K $800.0K
Other Short-Term Assets $45.60M $18.10M $27.80M
YoY Change -5.79% -34.89% -76.64%
Inventory $977.3M $980.4M $1.069B
Prepaid Expenses
Receivables $955.5M $854.0M $787.1M
Other Receivables $81.00M $84.00M $149.0M
Total Short-Term Assets $4.338B $3.860B $3.098B
YoY Change 3.83% 24.58% -2.27%
LONG-TERM ASSETS
Property, Plant & Equipment $9.145B $9.197B $9.415B
YoY Change -2.67% -2.31% 2.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $110.0M $106.9M $103.0M
YoY Change 1.95% 3.79% 3.0%
Other Assets $78.50M $78.00M $90.10M
YoY Change -16.49% -13.43% -93.79%
Total Long-Term Assets $11.91B $11.95B $12.25B
YoY Change -3.3% -2.46% 12.6%
TOTAL ASSETS
Total Short-Term Assets $4.338B $3.860B $3.098B
Total Long-Term Assets $11.91B $11.95B $12.25B
Total Assets $16.25B $15.81B $15.34B
YoY Change -1.49% 3.0% 9.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $566.8M $554.8M $630.8M
YoY Change -1.43% -12.05% 12.24%
Accrued Expenses $405.0M $293.0M $283.0M
YoY Change 7.43% 3.53% 21.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $399.6M
YoY Change -100.0%
Total Short-Term Liabilities $1.162B $891.8M $1.385B
YoY Change -18.89% -35.63% 37.71%
LONG-TERM LIABILITIES
Long-Term Debt $6.543B $6.543B $5.562B
YoY Change 0.05% 17.63% -6.66%
Other Long-Term Liabilities $137.2M $134.4M $75.30M
YoY Change -0.29% 78.49% -84.15%
Total Long-Term Liabilities $8.018B $8.044B $7.171B
YoY Change -2.13% 12.17% 11.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.162B $891.8M $1.385B
Total Long-Term Liabilities $8.018B $8.044B $7.171B
Total Liabilities $9.179B $8.935B $8.556B
YoY Change -4.62% 4.43% 13.78%
SHAREHOLDERS EQUITY
Retained Earnings $6.643B $6.446B $6.359B
YoY Change 3.16% 1.37%
Common Stock $3.435B $3.427B $3.416B
YoY Change 0.29% 0.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.048B $3.042B $3.032B
YoY Change 0.27% 0.3% 0.77%
Treasury Stock Shares
Shareholders Equity $7.019B $6.822B $6.740B
YoY Change
Total Liabilities & Shareholders Equity $16.25B $15.81B $15.34B
YoY Change -1.49% 3.0% 9.25%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $508.1M $260.9M $404.4M
YoY Change 29.85% -35.48% -1.63%
Depreciation, Depletion And Amortization $196.0M $193.8M $198.8M
YoY Change -2.15% -2.52% 22.26%
Cash From Operating Activities $793.5M $419.3M $414.1M
YoY Change 35.59% 1.26% 1.94%
INVESTING ACTIVITIES
Capital Expenditures $134.5M $113.3M $180.4M
YoY Change -26.38% -37.2% -28.95%
Acquisitions
YoY Change
Other Investing Activities -$800.0K $10.00M -$100.0K
YoY Change 700.0% -10100.0% -100.81%
Cash From Investing Activities -$133.7M -$103.2M -$85.60M
YoY Change 104.12% 20.56% -67.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $400.0M
YoY Change
Cash From Financing Activities -308.9M -554.8M -309.0M
YoY Change -146.28% 79.55% 33.36%
NET CHANGE
Cash From Operating Activities 793.5M 419.3M 414.1M
Cash From Investing Activities -133.7M -103.2M -85.60M
Cash From Financing Activities -308.9M -554.8M -309.0M
Net Change In Cash 336.6M -242.8M 15.20M
YoY Change -71.55% -1697.37% -142.58%
FREE CASH FLOW
Cash From Operating Activities $793.5M $419.3M $414.1M
Capital Expenditures $134.5M $113.3M $180.4M
Free Cash Flow $659.0M $306.0M $233.7M
YoY Change 63.73% 30.94% 53.45%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Southern Copper Corporation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Unaudited)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="background-color:#c0c0c0;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NOTE 1— DESCRIPTION OF THE BUSINESS:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">The Company is a majority-owned, indirect subsidiary of Grupo Mexico S.A.B. de C.V. (“Grupo Mexico”). As of June 30, 20</span>20, Grupo Mexico, through its wholly-owned subsidiary Americas Mining Corporation (“AMC”) owned 88.9% of the Company’s capital stock. The condensed consolidated financial statements presented herein consist of the accounts of Southern Copper Corporation (“Southern Copper”, "SCC" or the “Company”), a Delaware corporation, and its subsidiaries. The Company is an integrated producer of copper and other minerals, and operates mining, smelting and refining facilities in Peru and Mexico. The Company conducts its primary operations in Peru through a registered branch (the "Peruvian Branch" or “Branch” or “SPCC Peru Branch”). The Peruvian Branch is not a corporation separate from the Company. The Company's Mexican operations are conducted through subsidiaries. The Company also conducts exploration activities in Argentina, Chile, Ecuador, Mexico and Peru.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the Company’s financial position as of June 30, 2020 and the results of operations, comprehensive income, cash flows and changes in equity for the three and six months ended June 30, 2020 and 2019. The results of operations for the six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the full year. The December 31, 2019 balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements at December 31, 2019 and notes included in the Company’s 2019 annual report on Form 10-K.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">COVID – 19 PANDEMIC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Since the World Health Organization (“WHO”) declared the COVID-19 virus outbreak as a global pandemic, all the countries where the Company operates and conducts exploration activities, as well as the countries where its main customers and suppliers are located, have published health and safety rules and restrictions on individuals and business activities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">As of June 30, 2020, the Company‘s production facilities in Mexico and Peru were working at approximately 96% of their production capacity. The Company has developed a rigorous COVID-19 emergency protocol and the workforce are gradually returning to operations. At June 30, 2020, approximately 83% of the workforce in Mexico, was working on site or at home under strict safety measures; the remaining 17% of the workforce were not working, including all individuals at high risk due to age and/or prior medical conditions. At our Peruvian operations, approximately 64.0% of the workforce were working on site or at home under strict safety measures, while the remaining 36.0% were not working, including all individuals at high risk due to age and/or prior medical conditions. This headcount includes the Company´s personnel and contractors. Through June 30, 2020, SCC incurred approximately $10.5 million in COVID-19 related production costs that include protection equipment and labor costs. These costs have been expensed to cost of sales in the Company´s condensed consolidated statement of earnings.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Company’s exploration activities in Argentina and Chile have been reduced and their drilling teams are on stand-by. Meanwhile, in Ecuador, we resumed exploration activities at the end of the second quarter of 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The financial reporting process and the information required to prepare the Company’s financial statements suffered no interruption and the financial statements were prepared without restrictions or difficulties.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">SCC´s Corporate Crisis Committee as well as its Crisis Committees in Mexico and Peru continued to closely monitor the impact of the pandemic and to analyze and quickly resolve any issues that may arise. As of June 30, 2020, there were no </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">major delays in the supply of materials and services critical for the operations and sales. Also, shipments and collections have registered no known major delays.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">After completing the first stage of its capital programs at Buenavista in Mexico and Toquepala in Peru, the Company currently does not have major capital expenditures commitments (see Note 10 - Commitments and Contingencies). The Company paid the first tranche of its 2010 bonds of $400 million on April 15, 2020. The Company has no other major debt maturity until 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">At June 30, 2020 the Company has performed a qualitative analysis and has not identified any indicator of impairment. As the Company reported on its 2019 Annual report on Form 10-K, the results of its impairment sensitivity analysis showed projected discounted cash flows in excess of the carrying amounts of long lived assets by margins ranging from 1.2 to 4.8 times such carrying amount. This analysis included a stress test using a copper price assumption of $2.00 per pound and a molybdenum price assumption of $4.00 per pound. (Please see, Management´s Discussion and Analysis, Critical Policies and Estimates, Asset Impairments on the 2019 Form 10-K).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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6500000
scco Mining Royalty Tax Mexico
MiningRoyaltyTaxMexico
21400000
scco Mining Royalty Tax Mexico
MiningRoyaltyTaxMexico
35200000
scco Special Mining Tax
SpecialMiningTax
13700000
scco Special Mining Tax
SpecialMiningTax
18200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
446200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
489000000.0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.482
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.381
CY2020Q2 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
42100000
CY2019Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
30000000.0
CY2020Q2 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
125700000
CY2019Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
86400000
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
2600000
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1000000.0
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
1000000.0
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
900000
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
false
us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
false
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0364
us-gaap Operating Lease Expense
OperatingLeaseExpense
57700000
us-gaap Operating Lease Expense
OperatingLeaseExpense
57800000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
57700000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
115400000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
112600000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
111400000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
103600000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
826300000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1327000000.0
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
315800000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1011200000
scco Maximum Percentage Of Annual Guarantees Secured
MaximumPercentageOfAnnualGuaranteesSecured
0.50
scco Percentage Of Guarantee For Pledged Office Complex
PercentageOfGuaranteeForPledgedOfficeComplex
0.50
scco Percentage Of Security For Stand By Letter Of Credit
PercentageOfSecurityForStandByLetterOfCredit
0.50
CY2020Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
47100000
CY2019Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
262300000
CY2018Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
217700000
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
25200000
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
800000
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
400000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
7400000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
6200000
CY2020Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
268900000
CY2019Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
248700000
scco Defined Benefit Plan Number Of Expatriate Noncontributory Plans
DefinedBenefitPlanNumberOfExpatriateNoncontributoryPlans
2
us-gaap Environmental Costs Recognized Capitalized In Period
EnvironmentalCostsRecognizedCapitalizedInPeriod
13900000
us-gaap Environmental Costs Recognized Capitalized In Period
EnvironmentalCostsRecognizedCapitalizedInPeriod
32300000
scco Number Of Collective Action Lawsuits
NumberOfCollectiveActionLawsuits
6
scco Number Of Subsidiaries Against Which Lawsuits Filed
NumberOfSubsidiariesAgainstWhichLawsuitsFiled
2
scco Number Of Collective Action Lawsuits Dismissed
NumberOfCollectiveActionLawsuitsDismissed
2
scco Number Of Lawsuits In Process
NumberOfLawsuitsInProcess
4
CY2017Q4 scco Number Of Civil Actions Seeking Damages
NumberOfCivilActionsSeekingDamages
33
CY2015 scco Number Of Constitutional Action Lawsuits
NumberOfConstitutionalActionLawsuits
4
CY2015Q4 scco Number Of Subsidiaries To Which Environmental Impact Authorizations Granted
NumberOfSubsidiariesToWhichEnvironmentalImpactAuthorizationsGranted
1
scco Commitments For Capital Projects
CommitmentsForCapitalProjects
417000000.0
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
6940800000
CY2019Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
8451400000
CY2020Q2 us-gaap Treasury Stock Value
TreasuryStockValue
3041500000
CY2019Q2 us-gaap Treasury Stock Value
TreasuryStockValue
3032400000
CY2008Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000
CY2020Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
3000000000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
119500000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2900000000
CY2020Q2 scco Stock Repurchase Program Repurchase Price
StockRepurchaseProgramRepurchasePrice
39.77
CY2020Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
2100000
CY2020Q2 scco Percentage Of Ownership By Parent
PercentageOfOwnershipByParent
0.889
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
200000
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
3400000
CY2019Q4 us-gaap Minority Interest
MinorityInterest
47900000
CY2018Q4 us-gaap Minority Interest
MinorityInterest
45400000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2800000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3000000.0
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
2600000
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
100000
CY2020Q2 us-gaap Minority Interest
MinorityInterest
48100000
CY2019Q2 us-gaap Minority Interest
MinorityInterest
48300000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
6542600000
CY2020Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
8180100000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3505100000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3571400000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1785400000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3505100000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1818000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3571400000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1785400000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3505100000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1818000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3571400000
CY2020Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
854000000.0
CY2020Q2 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
42100000
CY2020Q2 us-gaap Due From Related Parties Noncurrent
DueFromRelatedPartiesNoncurrent
58500000
CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
832900000
CY2019Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
30000000.0
CY2019Q4 us-gaap Due From Related Parties Noncurrent
DueFromRelatedPartiesNoncurrent
59500000
scco Long Term Contracts Table Text Bloc
LongTermContractsTableTextBloc
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">As of June 30, 2020, the Company has long-term contracts with promises to deliver the following products in 2020:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:81.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:81.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Copper concentrates (in tons)</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">    </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 870,000</p></td></tr><tr><td style="vertical-align:bottom;width:81.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Copper cathodes (in tons)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 48,000</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:81.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Molybdenum concentrates (in tons)</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 24,061</p></td></tr><tr><td style="vertical-align:bottom;width:81.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Sulfuric acid (in tons)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 293,150</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020Q2 us-gaap Cost Of Revenue
CostOfRevenue
976700000
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31400000
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
193800000
CY2020Q2 us-gaap Exploration Expense
ExplorationExpense
6300000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
577200000
CY2020Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-87800000
CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000000.0
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
224400000
CY2020Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-3100000
CY2020Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1400000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
259500000
CY2020Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
113300000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9197000000.0
CY2020Q2 us-gaap Assets
Assets
15805000000.0
us-gaap Cost Of Revenue
CostOfRevenue
1932400000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
60600000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
386800000
us-gaap Exploration Expense
ExplorationExpense
14900000
us-gaap Operating Income Loss
OperatingIncomeLoss
1110400000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-176600000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-8400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
446200000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-2100000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2800000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
474300000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
214300000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9197000000.0
CY2020Q2 us-gaap Assets
Assets
15805000000.0
CY2019Q2 us-gaap Cost Of Revenue
CostOfRevenue
867300000
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30900000
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
198800000
CY2019Q2 us-gaap Exploration Expense
ExplorationExpense
7400000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
713600000
CY2019Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-79600000
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
23000000.0
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
251100000
CY2019Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1500000
CY2019Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2000000.0
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
402400000
CY2019Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
180400000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9414600000
CY2019Q2 us-gaap Assets
Assets
15344600000
us-gaap Cost Of Revenue
CostOfRevenue
1711400000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
59400000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
380400000
us-gaap Exploration Expense
ExplorationExpense
12900000
us-gaap Operating Income Loss
OperatingIncomeLoss
1407300000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-153700000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
28300000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
489000000.0
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
700000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3000000.0
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
790600000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
353500000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9414600000
CY2019Q2 us-gaap Assets
Assets
15344600000

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