History
Southern Copper, controlled by Grupo Mexico, funded its growth with large bond issues, saw a merger bid with ASARCO proposed in 2010 and withdrawn in 2011, and in 2026 financed the long-stalled Tia Maria project.
2007-2011: Strikes, bonds and a merger bid
The record held here begins in July 2007, when illegal work stoppages by a minority of workers halted three of Southern Copper's Mexican mining units: Cananea, Taxco and San Martin. The company asked the government to rule the strikes unlawful.
In April 2010 it raised $1.5 billion through a public bond offering, $400 million due 2020 and $1.1 billion due 2040. The money was for general corporate purposes, including its capital expenditure program. The share count stood at 850 million at the end of both 2009 and 2010.
In July 2010 the controlling parent, Americas Mining Corporation (AMC, a Grupo Mexico subsidiary), proposed an all-stock combination that would have folded in AMC's U.S. copper miner ASARCO. Public shareholders were offered 1.237 AMC shares per Southern Copper share, and their effective stake would have fallen from about 20% to about 16.6%.
In April 2011 Peru's government suspended the Tia Maria project after activist disruptions and environmental objections. The company said it would work with regulators to resume it. In November 2011, after talks with Southern Copper's independent directors, Grupo Mexico withdrew the 15-month-old proposal. Southern Copper and ASARCO stayed separately held.
2012-2026: More bonds and Tia Maria financed
The company went back to the bond market twice more. In November 2012 it raised $1.5 billion ($300 million due 2022, $1.2 billion due 2042) for general purposes and its capital spending program. In April 2015 it raised $2 billion, its largest offering to that point ($500 million due 2025, $1.5 billion due 2045).
The record then goes quiet until 2026. In June of that year, Southern Copper raised $1.25 billion of 5.35% notes due 2036. The proceeds were directed to its Peruvian branch for the Tia Maria project, along with wider capital spending and general working needs. The project had been suspended by Peru's government in 2011.
As of 25 June 2026, Southern Copper had about 834 million shares on issue. The beats do not explain the changes in share count over the period. Grupo Mexico's current ownership was not confirmed; it was last recorded at 88.9% in October 2018.
Written from the 8 story beats below (2007 to 25 June 2026), which come from the company's own announcements and filings.