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.