2024 Q1 Form 10-K Financial Statement

#000155837024002119 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.600B $2.296B $9.896B
YoY Change -6.95% -18.6% -1.51%
Cost Of Revenue $1.129B $1.142B $4.688B
YoY Change -5.45% -3.07% 0.83%
Gross Profit $1.471B $1.154B $5.208B
YoY Change -8.06% -29.74% -3.53%
Gross Profit Margin 56.57% 50.27% 52.63%
Selling, General & Admin $59.30M $61.60M $127.2M
YoY Change 95.07% -1.6% 1.76%
% of Gross Profit 4.03% 5.34% 2.44%
Research & Development $12.70M $15.50M $54.90M
YoY Change 6.72% 39.64% 31.97%
% of Gross Profit 0.86% 1.34% 1.05%
Depreciation & Amortization $209.0M $208.2M $833.6M
YoY Change 2.6% 4.78% 4.68%
% of Gross Profit 14.21% 18.04% 16.01%
Operating Expenses $281.0M $285.3M $127.2M
YoY Change 824.34% 4.74% 1.76%
Operating Profit $1.190B $868.7M $4.192B
YoY Change -12.11% -36.6% -5.49%
Interest Expense -$53.20M -$59.60M -$240.1M
YoY Change -13.36% -7.74% -21.3%
% of Operating Profit -4.47% -6.86% -5.73%
Other Income/Expense, Net $19.00M -$21.30M $3.600M
YoY Change 80.95% -133.97% -96.93%
Pretax Income $1.156B $787.8M $23.30M
YoY Change -11.31% -42.42% 4560.0%
Income Tax $423.4M $348.7M $1.519B
% Of Pretax Income 36.64% 44.26% 6518.88%
Net Earnings $736.0M $445.0M $2.435B
YoY Change -9.79% -50.69% -8.06%
Net Earnings / Revenue 28.31% 19.38% 24.6%
Basic Earnings Per Share $0.95 $3.14
Diluted Earnings Per Share $0.95 $0.58 $3.14
COMMON SHARES
Basic Shares Outstanding 773.1M 773.1M 773.1M
Diluted Shares Outstanding 773.1M 773.1M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.582B $1.152B $1.751B
YoY Change -31.24% -44.36% -23.14%
Cash & Equivalents $1.252B $1.152B $1.152B
Short-Term Investments $329.3M $200.0K $599.3M
Other Short-Term Assets $449.9M $38.10M $433.5M
YoY Change 704.83% -14.19% 2.73%
Inventory $1.014B $1.017B $1.017B
Prepaid Expenses
Receivables $1.294B $1.141B $1.141B
Other Receivables $101.1M $27.30M $87.20M
Total Short-Term Assets $4.441B $4.430B $4.430B
YoY Change -14.56% -14.62% -14.62%
LONG-TERM ASSETS
Property, Plant & Equipment $10.54B $9.783B $10.56B
YoY Change 9.64% 1.94% 1.06%
Goodwill $41.90M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $113.9M $108.2M $108.2M
YoY Change 9.62% -2.35% -2.35%
Other Assets $1.566B $121.3M $1.499B
YoY Change 1290.32% 28.22% 7.37%
Total Long-Term Assets $12.35B $12.30B $12.30B
YoY Change 1.84% 1.7% 1.7%
TOTAL ASSETS
Total Short-Term Assets $4.441B $4.430B $4.430B
Total Long-Term Assets $12.35B $12.30B $12.30B
Total Assets $16.79B $16.73B $16.73B
YoY Change -3.08% -3.2% -3.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $664.1M $652.6M $559.0M
YoY Change 0.23% -0.76% 4.02%
Accrued Expenses $449.2M $457.6M $457.6M
YoY Change -7.17% 4.0% 4.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.340B $1.389B $1.389B
YoY Change 7.43% 12.37% 12.37%
LONG-TERM LIABILITIES
Long-Term Debt $6.256B $6.255B $6.255B
YoY Change 0.06% 0.05% 0.05%
Other Long-Term Liabilities $1.438B $66.20M $1.469B
YoY Change 2055.92% -19.66% -0.92%
Total Long-Term Liabilities $7.694B $7.856B $7.723B
YoY Change -2.46% -0.5% -0.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.340B $1.389B $1.389B
Total Long-Term Liabilities $7.694B $7.856B $7.723B
Total Liabilities $9.248B $9.244B $9.307B
YoY Change 1.23% 1.24% 1.24%
SHAREHOLDERS EQUITY
Retained Earnings $7.157B $7.034B
YoY Change -7.56% -8.68%
Common Stock $3.550B $3.542B
YoY Change 1.25% 1.23%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.157B $3.149B
YoY Change 1.35% 1.33%
Treasury Stock Shares
Shareholders Equity $7.542B $7.418B $7.418B
YoY Change
Total Liabilities & Shareholders Equity $16.79B $16.73B $16.73B
YoY Change -3.08% -3.2% -3.2%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $736.0M $445.0M $2.435B
YoY Change -9.79% -50.69% -8.06%
Depreciation, Depletion And Amortization $209.0M $208.2M $833.6M
YoY Change 2.6% 4.78% 4.68%
Cash From Operating Activities $659.7M $541.0M $3.573B
YoY Change -44.34% -50.0% 27.5%
INVESTING ACTIVITIES
Capital Expenditures $213.8M $255.4M $1.009B
YoY Change -10.21% -12.2% 6.34%
Acquisitions
YoY Change
Other Investing Activities $270.0M -$351.6M -$1.200M
YoY Change 298.82% 71.6% -62.5%
Cash From Investing Activities $56.20M -$607.0M -$1.398B
YoY Change -132.98% 22.43% 109.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -620.1M -775.5M -3.101B
YoY Change -19.96% 12.77% 3.0%
NET CHANGE
Cash From Operating Activities 659.7M 541.0M 3.573B
Cash From Investing Activities 56.20M -607.0M -1.398B
Cash From Financing Activities -620.1M -775.5M -3.101B
Net Change In Cash 95.80M -841.5M -918.2M
YoY Change -58.37% 728.25% -1.51%
FREE CASH FLOW
Cash From Operating Activities $659.7M $541.0M $3.573B
Capital Expenditures $213.8M $255.4M $1.009B
Free Cash Flow $445.9M $285.6M $2.565B
YoY Change -52.92% -63.89% 38.32%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;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;line-height:1.19;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">The Company is a majority-owned, indirect subsidiary of Grupo Mexico S.A.B. de C.V. (“Grupo Mexico”). At December 31, 2023, Grupo Mexico through its wholly-owned subsidiary Americas Mining Corporation (“AMC”) owned 88.9% of the Company’s capital stock. The consolidated financial statements presented herein consist of the accounts of Southern Copper Corporation ("SCC", "Southern Copper" 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;line-height:1.19;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><i style="font-style:italic;">Use of estimates—</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include the carrying value of mineral reserves that are the basis for future cash flow estimates and amortization calculations; environmental reclamation, closure and retirement obligations; estimates of recoverable copper in mill and leach stockpiles; asset impairments (including estimates of future cash flows); unrecognized tax benefits; valuation allowances for deferred tax assets; and fair value of financial instruments. Management bases its estimates on the Company's historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.</p>
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CY2022 scco Current Federal And State Tax Expense Benefit
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CY2023 scco Federal And State Income Tax Expense Benefit Continuing Operations
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CY2022 scco Uncertain Tax Position Foreign Income Tax Expenses Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 scco Effective Income Tax Rate Reconciliation Income Tax Rate Differential
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CY2022 scco Effective Income Tax Rate Reconciliation Income Tax Rate Differential
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Depletion
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Depletion
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CY2023 scco Effective Income Tax Rate Reconciliation Additional Valuation Allowance On Deferred Tax Assets Foreign Tax Credits And Deferred Tax Effects Percent
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CY2022 scco Effective Income Tax Rate Reconciliation Additional Valuation Allowance On Deferred Tax Assets Foreign Tax Credits And Deferred Tax Effects Percent
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CY2021 scco Effective Income Tax Rate Reconciliation Additional Valuation Allowance On Deferred Tax Assets Foreign Tax Credits And Deferred Tax Effects Percent
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2023 scco Number Of Jurisdictions Where Entity Files Income Tax Return
NumberOfJurisdictionsWhereEntityFilesIncomeTaxReturn
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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CY2022Q4 us-gaap Deferred Tax Assets Deferred Income
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q4 scco Deferred Tax Assets Accrued Royalty And Special Mining Tax
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DeferredTaxAssetsAccruedRoyaltyAndSpecialMiningTax
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
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DeferredTaxLiabilitiesSocialResponsibilityExpenses
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DeferredTaxLiabilitiesSocialResponsibilityExpenses
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CY2023Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2023 scco Maximum Percentage Of Expenses Excluding Cost Of Goods Sold
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CY2023 scco Withholding Taxes Tax Treaty
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2023Q4 scco Number Of New Taxes Or Tax Rate Increases
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CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2023 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2023 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2023 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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CY2023Q4 us-gaap Unrecognized Tax Benefits
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2023Q4 scco Number Of Major Tax Jurisdictions
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CY2022 scco Statutory Workers Participation Workers Participation Expenses Current
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CY2022 scco Statutory Workers Participation Workers Participation Expenses
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Asset Retirement Obligation
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CY2022Q4 us-gaap Asset Retirement Obligation
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CY2023Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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scco Number Of Times Senior Unsecured Notes Issued
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CY2015Q2 us-gaap Debt Instrument Face Amount
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CY2023Q4 scco Debt Discount Valuation
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CY2023 scco Defined Benefit Plan Number Of Expatriate Noncontributory Plans
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CY2023 scco Percentage Of Net Earnings Contribution
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33
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4
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1
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0.247
CY2023Q4 scco Number Of Productive Units
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3
CY2023Q4 scco Percentage Of Workers In Union Are In Process To Elect Its New Representatives
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0.257
CY2023 scco Period Of Litigation
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P12Y
CY2023 scco Commitments For Capital Projects
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348200000
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3107600000
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500000000
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86.07
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900000
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0.889
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0.889
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4435800000
CY2022 us-gaap Interest Income Expense Nonoperating Net
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scco Number Of Derivative Contracts Entered
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2
CY2023Q4 us-gaap Derivative Number Of Instruments Held
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CY2023Q4 us-gaap Long Term Debt
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CY2021Q3 scco Number Of Derivative Contracts Entered
NumberOfDerivativeContractsEntered
2
CY2023 scco Number Of Open Pit Copper Mines
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4
CY2023 scco Number Of Underground Poly Metal Mines
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5
CY2023 scco Number Of Smelters
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2
CY2023 scco Number Of Refineries
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9
CY2022 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
117100000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1596100000
CY2022 us-gaap Income Loss From Equity Method Investments
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CY2022 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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9500000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
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2638500000
CY2022 us-gaap Segment Expenditure Addition To Long Lived Assets
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948500000
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CY2022Q4 us-gaap Assets
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3
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3
CY2023 scco Number Of Countries Operating Open Pit Mines
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2
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3
CY2023 us-gaap Cost Of Revenue
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CY2023 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2023 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
9500000
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023 us-gaap Segment Expenditure Addition To Long Lived Assets
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CY2023Q4 us-gaap Assets
Assets
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 us-gaap Cost Of Revenue
CostOfRevenue
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CY2022 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
125000000.0
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
796300000
CY2022 us-gaap Exploration Expense
ExplorationExpense
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CY2021 us-gaap Cost Of Revenue
CostOfRevenue
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CY2021 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
125200000
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2021 us-gaap Exploration Expense
ExplorationExpense
43400000
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
6065100000
CY2021 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2021 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
13600000
CY2021 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
14100000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3397100000
CY2021 us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
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CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2021Q4 us-gaap Assets
Assets
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CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1141100000
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
27300000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1394100000
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
33300000
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10047900000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10934100000
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10047900000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10934100000
CY2023 scco Provisional Price Sales Adjustment In Net Sales
ProvisionalPriceSalesAdjustmentInNetSales
36000000.0
CY2022 scco Provisional Price Sales Adjustment In Net Sales
ProvisionalPriceSalesAdjustmentInNetSales
217100000
CY2023 dei Auditor Firm
AuditorFirmId
1153

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