Southern Copper holds annual meeting, elects directors

Southern Copper Corporation (NYSE:SCCO), a major player in the metal mining industry with a market capitalization of $74.3 billion, reported the outcomes of its 2025 Annual Meeting of Stockholders on May 23, 2025. The company, headquartered in Phoenix, Arizona, boasts a perfect Piotroski Score of 9 according to InvestingPro data, indicating exceptional financial strength. Approximately 97.05% of the eligible shares voted at the meeting.

During the meeting, shareholders voted on several key proposals, including the election of nine directors to serve until the 2026 annual meeting. All director nominees were elected, with votes for each ranging from approximately 732 million to 759 million. The withheld votes for each director were significantly lower, and broker non-votes were reported at around 12 million for each nominee.

Additionally, shareholders approved amendments to the company’s Directors’ Stock Award Plan and agreed to extend the plan for three years. The proposal received a favorable vote of approximately 759 million shares, with 686,232 votes against and 198,738 abstentions. Broker non-votes for this proposal also amounted to 12 million shares. This strong shareholder support aligns with the company’s track record of maintaining dividend payments for 30 consecutive years, as noted by InvestingPro.

The appointment of Galaz, Yamazaki, Ruiz Urquiza S.C., a member firm of Deloitte Touche Tohmatsu Limited, as the company’s independent accountants for the calendar year 2025, was ratified with over 771 million votes in favor, 714,954 against, and 123,747 abstentions.

Furthermore, the non-binding advisory vote on executive compensation was approved, with around 755 million votes in favor, 4.4 million against, and 280,996 abstentions. Broker non-votes were reported at 12 million shares for this proposal as well.

The detailed results of the meeting indicate strong shareholder support for the current direction of the company’s leadership and governance practices. Southern Copper did not report any other items that would require immediate attention or action from the shareholders beyond these proposals.

This report is based on the official SEC filing of Southern Copper Corporation and provides a factual summary of the key decisions made at the company’s annual meeting.

In other recent news, Southern Copper Corporation reported impressive financial results for the first quarter of 2025. The company exceeded analysts’ expectations with an earnings per share of $1.19, surpassing the forecasted $1.10. Revenue also outperformed projections, reaching $3.12 billion compared to the anticipated $2.94 billion. Despite these strong earnings, Southern Copper’s stock experienced a decline in after-hours trading. The company noted a 29% year-over-year increase in net income, totaling $946 million, and adjusted EBITDA rose by 23% to $1.746 billion.

Southern Copper’s robust performance was highlighted by a 20% increase in net sales, reaching $3 billion, and a 9% rise in cash from operations, amounting to $721 million. The company also announced plans for significant capital investments, including over $600 million in Mexico for 2025. Analysts from Jefferies and Wolfe Research participated in the earnings call, expressing interest in the company’s cost management strategies and future project developments. Southern Copper remains optimistic about future growth, with plans to boost copper production to over 1 million tons by 2028.

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