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Modernization of the copper smelter

The Company issued an additional $400 million of notes from its 30-year program, and the issue proceeds were used in its expansion programs. As part of the modernization of the copper smelter in Ilo (Peru), blister production was replaced by anode production. The sulfides capture increased from 33% to more than 92%, in accordance with the commitment made with the Peruvian Government in 1997.

Southern Peru Copper Corporation merges with Minera Mexico

In April Southern Peru Copper Corporation merges with Minera Mexico and subsidiaries, consolidating itself as the most important mining company in Mexico and Peru, as well as the company with the largest copper reserves among companies listed on the stock exchange and one of the largest mining-metallurgical corporations in the world. Cerro Trading Company, Inc., SPC Investors L.L.C., Phelps Dodge Overseas Capital Corporation and Climax Molybdenum B.V., subsidiaries of two of SCC’s founding shareholders, sold their 14%(Phelps Dodge) and 14.2% Cerro) stakes in SCC. In order to adequately reflect the scope of operations of the consolidated Company, the Board of Directors approved the change of corporate name from Southern Peru Copper Corporation (SPCC) to Southern Copper Corporation (SCC) and received investment grade from S&P and Fitch. Subsequently, Moody’s granted SCC investment grade.

Environmental Management Adaptation Program

The Environmental Management Adaptation Program (PAMA) was approved by the Peruvian government. According to it, the operations of Toquepala and Cuajone had a term of five years to adapt to what was established in the PAMA. For the Ilo smelting operation, the established term was ten years.

SPCC began trading its shares

SPCC began trading its common shares on the first business day of 1996, both on the New York Stock Exchange (NYSE) and the Lima Stock Exchange (BVL), under the symbol PCU, which was replaced in 2010 by SCCO to reflect the global character of Southern Copper Corporation.

La Caridad began its operations

The LESDE Plant in La Caridad began operations in 1995 with a capacity of 60 t/day, while the sulfuric acid plant in Ilo started operations with a design capacity of 140,600 t/year, with the aim of reducing gas emissions and provide acid for leaching operations.