Southern Copper Benefits From Higher Prices in 4Q; We Maintain Our $14.50 FVE
In Southern Copper's fourth quarter, all of the company's primary drivers moved in the right direction versus the fourth quarter of 2015. Copper prices climbed, volume expanded (albeit slightly), and unit costs declined. In the first three quarters of 2016, Southern had at least one of those factors working against it. Fourth-quarter sales rose 11.5% year over year primarily thanks to copper prices, which were up 8%. For the quarter, EBITDA increased more than 90% compared with the prior-year qu...Southern Copper is a copper producer. The company's mining, smelting and refining facilities are located in Peru and Mexico and the company conducts exploration activities in those countries and in Argentina, Chile and Ecuador. The company's Peruvian copper operations involve mining, milling and flotation of copper ore to produce copper concentrates and molybdenum concentrates, the smelting of copper concentrates to produce blister and anode copper, and the refining of anode copper to produce copper cathodes. The company's Mexican operations are conducted through its subsidiary, Minera Mexico, S.A. de C.V., which engages primarily in the mining and processing of copper, molybdenum, zinc, silver, gold and lead.
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