SOUTHERN COPPER CORP/

Southern Copper raised $1.25 billion of 5.35% notes due 2036, with the proceeds going to its Peruvian branch for the Tia Maria copper project, its wider capital-spending program and general working needs - money finally flowing towards a project stalled since 2011.

debt financing

Southern Copper raised $2 billion in its largest bond offering to date ($500M due 2025, $1.5B due 2045), again for general corporate purposes and capital spending.

debt financing

Southern Copper raised another $1.5 billion in a bond offering ($300M due 2022, $1.2B due 2042) for general corporate purposes and its ongoing capital expenditure program.

debt financing

Grupo Mexico withdrew AMC's 15-month-old proposal to combine Southern Copper with AMC and ASARCO, following discussions with Southern Copper's special committee of independent directors. The all-stock combination -- which would have folded ASARCO into the public company -- will not proceed; Southern Copper and ASARCO remain separately held.

business combination

Southern Copper reported Q1 2011 results and declared a $0.56/share dividend. Separately, it disclosed that Peru's government suspended the Tia Maria copper project after activist disruptions and environmental objections; the company said it would keep working with regulators to address concerns and resume the project.

merger communication

Southern Copper's controlling parent, Americas Mining Corporation (AMC, a Grupo Mexico subsidiary), proposed an all-stock combination of Southern Copper and AMC -- which also owns U.S. copper miner ASARCO -- offering public Southern Copper shareholders 1.237 AMC shares per Southern Copper share. The deal would have folded ASARCO into the public company, but would also have diluted public shareholders' effective stake (from ~20% of Southern Copper to ~16.6% of the combined AMC).

business combination

Southern Copper raised $1.5 billion in a public bond offering ($400M due 2020, $1.1B due 2040) to fund general corporate purposes, including capital spending on its growth pipeline (Tia Maria, Toquepala expansion, El Arco).

material agreement

Illegal work stoppages by a minority of workers halted operations at three of Southern Copper's Mexican mining units -- Cananea, Taxco and San Martin -- prompting the company to seek a government ruling that the strikes were unlawful.

production update