Southern Copper (SCCO) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Jan. 31, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	SOUTHERN COPPER CORP/
Entity Central Index Key	1,001,838
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 3,257.5
Entity Common Stock, Shares Outstanding		773,707,070
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF EARNINGS
Net sales (including sales to related parties, see note 17)	$ 5,045.9	$ 5,787.7	$ 5,952.9
Operating costs and expenses:
Cost of sales (exclusive of depreciation, amortization and depletion shown separately below)	2,927.6	2,840.5	2,871.3
Selling, general and administrative	99.4	103.4	102.5
Depreciation, amortization and depletion	510.7	445	396
Exploration	48.8	74.7	51
Environmental reclamation	45	91.4
Total operating costs and expenses	3,631.5	3,555	3,420.8
Operating income	1,414.4	2,232.7	2,532.1
Interest expense	(334)	(265.3)	(265.5)
Capitalized interest	123.2	126.7	68.9
Other (expense) income	(25.3)	(40.8)	17.1
Interest income	10.9	15.3	20
Income before income taxes	1,189.2	2,068.6	2,372.6
Income taxes (including royalty taxes, see note 8)	464.9	754.6	769.3
Net income before equity earnings of affiliate	724.3	1,314	1,603.3
Equity earnings of affiliate, net of income tax	16.8	23.9	20.9
Net income	741.1	1,337.9	1,624.2
Less: Net income attributable to the non-controlling interest	4.7	4.9	5.7
Net income attributable to SCC	$ 736.4	$ 1,333	$ 1,618.5
Per common share amounts attributable to SCC :
Net earnings - basic and diluted	$ 0.93	$ 1.61	$ 1.92
Dividends declared and paid	$ 0.34	$ 0.46	$ 0.68
Weighted average shares outstanding - basic and diluted	794.7	828.2	842.7

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
COMPREHENSIVE INCOME:
Net income	$ 741.1	$ 1,337.9	$ 1,624.2
Other comprehensive income (loss) net of tax:
(Increase) decrease in pension and other post-retirement benefits (net of income tax of $2.6, $0.8 and $(1.4), respectively)	(3.7)	(1.4)	2.2
Total other comprehensive income (loss)	(3.7)	(1.4)	2.2
Total comprehensive income	737.4	1,336.5	1,626.4
Comprehensive income attributable to the non-controlling interest	4.7	4.9	5.7
Comprehensive income attributable to SCC	$ 732.7	$ 1,331.6	$ 1,620.7

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Increase) decrease in pension and other post-retirement benefits, income tax	$ 2.6	$ 0.8	$ (1.4)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 274.5	$ 364
Restricted cash	4.3	19.5
Short-term investments	603.5	338.6
Accounts receivable trade	448.6	540.3
Accounts receivable other (including related parties 2015- $15.8 and 2014 - $32.8)	102.6	81.6
Inventories	857.2	836.4
Prepaid Taxes	165.8	144.8
Other current assets	27.7	33.6
Total current assets	2,484.2	2,358.8
Property and mine development, net	8,262.8	7,436.4
Ore stockpiles on leach pads	752.3	512.7
Intangible assets, net	155.1	123.6
Related parties receivable	111.2	161.2
Deferred income tax	614.2	540.6
Equity method investment	76.1	66.7
Other non-current assets	137.3	193.9
Total assets	12,593.2	11,393.9
Current liabilities:
Current portion of long-term debt		200
Accounts payable (including related parties 2015- $69.3 and 2014- $69.1)	646.6	546.9
Accrued income taxes	39.2	80.1
Accrued workers' participation	124.9	198
Accrued interest	87.1	73.6
Other accrued liabilities	22.4	39
Total current liabilities	920.2	1,137.6
Long-term debt	5,951.5	3,980.9
Deferred income taxes	196	266
Other liabilities and reserves	35.4	56.7
Asset retirement obligation	190.9	116.1
Total non-current liabilities	$ 6,373.8	$ 4,419.7
Commitments and contingencies (Note 13)
STOCKHOLDERS' EQUITY (NOTE 14)
Common stock par value $0.01; shares authorized, 2015 and 2014 - 2,000; shares issued, 2015 and 2014 - 884.6	$ 8.8	$ 8.8
Additional paid-in capital	3,349.8	3,344.7
Retained earnings	4,812.1	4,346.8
Accumulated other comprehensive income	1.1	4.8
Treasury stock, at cost, common shares	(2,908.9)	(1,900.6)
Total Southern Copper Corporation stockholders' equity	5,262.9	5,804.5
Non-controlling interest	36.3	32.1
Total equity	5,299.2	5,836.6
Total liabilities and equity	$ 12,593.2	$ 11,393.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Accounts receivable other, related parties	$ 15.8	$ 32.8
Accounts payable, related parties	$ 69.3	$ 69.1
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	2,000	2,000
Common stock, shares issued	884.6	884.6

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
OPERATING ACTIVITIES
Net income	$ 741.1	$ 1,337.9	$ 1,624.2
Adjustments to reconcile net earnings to net cash provided from operating activities:
Depreciation, amortization and depletion	510.7	445	396
Equity earnings of affiliate, net of dividends received	(9.4)	(9.6)	(10.1)
(Gain) loss on foreign currency transaction effect	(2.2)	(54)	13.1
(Benefit) provision for deferred income taxes	(153.2)	(233.8)	(97.2)
Other, net	2.6	2	1.9
Change in operating assets and liabilities:
Decrease (increase) in accounts receivable	91.6	(7)	136.1
Decrease (increase) in inventories	(260.3)	(260.1)	(143.6)
(Decrease) increase in accounts payable and accrued liabilities	(28.9)	109.6	(63.6)
Decrease (increase) in other operating assets and liabilities	(12.2)	25.9	2.3
Net cash provided by operating activities	879.8	1,355.9	1,859.1
INVESTING ACTIVITIES
Capital expenditures	(1,149.6)	(1,529.8)	(1,703.3)
Payment to acquire business, net of cash acquired	(100.4)
Purchase of short-term investments	(956.9)	(436.6)	(346.7)
Proceeds on sale of short-term investment	692.1	306.3	272.7
Loan repaid by (granted to) related parties	50		22.7
Other, net	3.8	4.9	9.7
Net cash used in investing activities	(1,461)	(1,655.2)	(1,744.9)
FINANCING ACTIVITIES
Proceeds from issuance of debt	2,045.8
Repayments of debt	(266)		(10)
Payments of debt issuance cost	(11.8)
Repurchase of common shares	(1,004.4)	(682.7)	(281.4)
Cash dividends paid to common stockholders	(271.2)	(381)	(573.8)
Distributions to non-controlling interest	(0.5)	(1)	(1.4)
Other, net	0.3	0.2	(0.6)
Net cash (used in) provided by financing activities	492.2	(1,064.5)	(867.2)
Effect of exchange rate changes on cash and cash equivalents	(0.5)	55.1	(33.8)
(Decrease) increase in cash and cash equivalents	(89.5)	(1,308.7)	(786.8)
Cash and cash equivalents, at beginning of year	364	1,672.7	2,459.5
Cash and cash equivalents, at end of year	274.5	364	1,672.7
Cash paid during the year for:
Interest	315.8	262	262.5
Income taxes	737.7	848.3	819.9
Workers' participation	192.5	202.4	276.4
Supplemental schedule of non-cash operating, investing and financing activities:
Decrease (increase) in pension and other post-retirement benefits	(3.7)	(1.4)	2.2
Capital expenditures incurred but not yet paid	51	$ 33.8	$ 28.8
Fair value of assets acquired	128.3
Cash paid for the capital stock	(100)
Liabilities assumed	28.3
Stingray
Supplemental schedule of non-cash operating, investing and financing activities:
Purchase consideration	$ 100

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	CAPITAL STOCK:	ADDITIONAL PAID-IN CAPITAL:	TREASURY STOCK:Common Class A	TREASURY STOCK:Common Class B	TREASURY STOCK:	RETAINED EARNINGS:	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):	STOCKHOLDERS' EQUITY	NON-CONTROLLING INTEREST	Total
Balance at Dec. 31, 2012	$ 8.8	$ 3,321	$ (729.8)	$ (189)		$ 2,350.1	$ 4	$ 4,765.1	$ 24	$ 4,789.1
Increase (Decrease) in Stockholders' Equity
Other activity of the period		19.4
Share repurchase program			(281.4)							(281.4)
Used for corporate purposes			0.2
Other activity, including dividend, interest and foreign currency transaction effect				(16.5)
Other comprehensive (loss) income							2.2			1,626.4
Net earnings						1,618.5			5.7	1,618.5
Dividend/distribution declared and paid						(573.8)			(1.4)
Other activity									(0.1)
Balance at Dec. 31, 2013	8.8	3,340.4	(1,011)	(205.5)	$ (1,216.5)	3,394.8	6.2	5,533.7	28.2	5,561.8
Increase (Decrease) in Stockholders' Equity
Other activity of the period		4.3
Share repurchase program			(682.7)							(682.8)
Used for corporate purposes			0.2
Other activity, including dividend, interest and foreign currency transaction effect				(1.6)
Other comprehensive (loss) income							(1.4)			1,336.5
Net earnings						1,333			4.9	1,333
Dividend/distribution declared and paid						(381)			(0.9)
Other activity									(0.1)
Balance at Dec. 31, 2014	$ 8.8	3,344.7	(1,693.5)	(207.1)	(1,900.6)	4,346.8	4.8	5,804.5	32.1	5,836.6
Increase (Decrease) in Stockholders' Equity
Other activity of the period		5.1
Share repurchase program			(1,004.4)							(1,004.4)
Used for corporate purposes			0.3
Other activity, including dividend, interest and foreign currency transaction effect				(4.2)
Other comprehensive (loss) income							(3.7)			737.4
Net earnings						736.4			4.7	736.4
Dividend/distribution declared and paid						(271.1)			(0.5)
Balance at Dec. 31, 2015		$ 3,349.8	$ (2,697.6)	$ (211.3)	$ (2,908.9)	$ 4,812.1	$ 1.1	$ 5,262.9	$ 36.3	$ 5,299.2

CONSOLIDATED STATEMENTS OF CHA9

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends paid as cash dividend (in dollars per share)	$ 0.34	$ 0.46	$ 0.68
RETAINED EARNINGS:
Dividends paid as cash dividend (in dollars per share)	$ 0.34	$ 0.46	$ 0.68

DESCRIPTION OF THE BUSINESS_

DESCRIPTION OF THE BUSINESS:	12 Months Ended
	Dec. 31, 2015
DESCRIPTION OF THE BUSINESS:
DESCRIPTION OF THE BUSINESS:	NOTE 1-DESCRIPTION OF THE BUSINESS: The Company is a majority-owned, indirect subsidiary of Grupo Mexico S.A.B. de C.V. (“Grupo Mexico”). At December 31, 2015, Grupo Mexico through its wholly-owned subsidiary Americas Mining Corporation (“AMC”) owned 88.6% of the Company’s capital stock. The consolidated financial statements presented herein consist of the accounts of Southern Copper Corporation (“SCC” or the “Company”), a Delaware corporation, and its subsidiaries. The Company is an integrated producer of copper and other minerals, and operates mining, smelting and refining facilities in Peru and Mexico. The Company conducts its primary operations in Peru through a registered branch (the “Peruvian Branch” or “Branch” or “SPCC Peru Branch”). The Peruvian Branch is not a corporation separate from the Company. The Company’s Mexican operations are conducted through subsidiaries. The Company also conducts exploration activities in Argentina, Chile, Ecuador, Mexico and Peru.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:	12 Months Ended
	Dec. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:	NOTE 2-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Principles of consolidation— The consolidated financial statements include the accounts of subsidiaries of which the Company has voting control, in accordance with Accounting Standards Codification (“ASC”) 810 Consolidation . Such financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain prior year amounts have been reclassified to conform to the current year presentation. Use of estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include the carrying value of ore reserves that are the basis for future cash flow estimates and amortization calculations; environmental reclamation, closure and retirement obligations; estimates of recoverable copper in mill and leach stockpiles; asset impairments (including estimates of future cash flows); unrecognized tax benefits; valuation allowances for deferred tax assets; and fair value of financial instruments. Management bases its estimates on the Company’s historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Revenue recognition— Substantially all of the Company’s copper and non-copper products are sold under annual or other longer-term contracts. Revenue is recognized when title passes to the customer. The passing of title is based on terms of the contract, generally upon shipment. Copper and non-copper revenues are determined based on the monthly average of prevailing commodity prices according to the terms of the contracts. The Company provides allowances for doubtful accounts based upon historical bad debt and claims experience and periodic evaluation of specific customer accounts. For certain of the Company’s sales of copper and molybdenum products, customer contracts allow for pricing based on a month subsequent to shipping, in most cases within the following three months and occasionally in some cases a few additional months. In such cases, revenue is recorded at a provisional price at the time of shipment. The provisionally priced copper sales are adjusted to reflect forward LME or COMEX copper prices at the end of each month until a final adjustment is made to the price of the shipments upon settlement with customers pursuant to the terms of the contract. In the case of molybdenum sales, for which there are no published forward prices, the provisionally priced sales are adjusted to reflect the market prices at the end of each month until a final adjustment is made to the price of the shipments upon settlement with customers pursuant to the terms of the contract. These provisional pricing arrangements are accounted for separately from the contract as an embedded derivative instrument under ASC 815-30 “Derivatives and Hedging — Cash Flow Hedges.” The Company sells copper in concentrate, anode, blister and refined form at industry standard commercial terms. Net sales include the invoiced value of copper, zinc, silver, molybdenum, sulfuric acid and other metals and the corresponding fair value adjustment of the related forward contract of copper and molybdenum. Shipping and handling fees and costs— Amounts billed to customers for shipping and handling are classified as sales. Amounts incurred for shipping and handling are included in cost of sales (exclusive of depreciation, amortization and depletion). Cash and cash equivalents— Cash and cash equivalents include bank deposits, certificates of deposit and short-term investment funds with original maturities of three months or less at the date of purchase. The carrying value of cash and cash equivalents approximates fair value. Short-term investments— The Company accounts for short-term investments in accordance with ASC 320-10 “Investments Debt and Equity Securities — Recognition.” The Company determines the appropriate classification of all short-term investments as held-to-maturity, available-for-sale or trading at the time of purchase and re-evaluates such classifications as of each balance sheet date. Unrealized gains and losses on available-for-sale investments, net of taxes, are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity, unless such loss is deemed to be other than temporary. Inventories— The Company principally produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Metal inventories, consisting of work-in-process and finished goods, are carried at the lower of average cost or market. Costs incurred in the production of metal inventories exclude general and administrative costs. Once molybdenum, silver, zinc and other by-products are identified, they are transferred to their respective production facilities and the incremental cost required to complete production is assigned to their inventory value. Work-in-process inventories represent materials that are in the process of being converted into a saleable product. Conversion processes vary depending on the nature of the copper ore and the specific mining operation. For sulfide ores, processing includes milling and concentrating and results in the production of copper and molybdenum concentrates. Finished goods include saleable products (e.g., copper concentrates, copper anodes, copper cathodes, copper rod, molybdenum concentrate and other metallurgical products). Supplies inventories are carried at the lower of average cost or market. Long-term inventory — Ore stockpiles on leach pads. The leaching process is an integral part of the mining operations carried out at the Company’s open-pit mines. The Company capitalizes the production cost of leachable material at its Toquepala, La Caridad and Buenavista mines recognizing it as inventory. The estimates of recoverable mineral content contained in the leaching dumps are supported by engineering studies. As the production cycle of the leaching process is significantly longer than the conventional process of concentrating, smelting and electrolytic refining, the Company includes on its balance sheet current leach inventory (included in work-in-process inventories) and long-term leach inventory. Through 2013, the cost attributed to the leach material was charged to cost of sales over a five-year period, which was considered the average estimated recovery period based on the historical recovery percentages of each mine. During the fourth quarter of 2014, the Company completed the construction of a new plant that has resulted in increased efficiency in production and use of leachable material. Accordingly, the Company changed its method of amortization to the units of production method. This change in estimate effected by a change in accounting principle will result in a better matching of costs to revenues as a result of the improved production levels expected from the new plant and will result in a better estimate of current and long-term leachable material inventory. Property- Property is recorded at acquisition cost, net of accumulated depreciation and amortization. Cost includes major expenditures for improvements and replacements, which extend useful lives or increase capacity and interest costs associated with significant capital additions. Maintenance, repairs, normal development costs at existing mines and gains or losses on assets retired or sold are reflected in earnings as incurred. Buildings and equipment are depreciated on the straight-line method over estimated lives from five to 40 years or the estimated life of the mine if shorter. Mine development — Mine development includes primarily the cost of acquiring land rights to an exploitable ore body, pre-production stripping costs at new mines that are commercially exploitable, costs associated with bringing new mineral properties into production, and removal of overburden to prepare unique and identifiable areas outside the current mining area for such future production. Mine development costs are amortized on a unit of production basis over the remaining life of the mines. There is a diversity of practices in the mining industry in the treatment of drilling and other related costs to delineate new ore reserves. The Company follows the practices outlined in the next two paragraphs in its treatment of drilling and related costs. Drilling and other associated costs incurred in the Company’s efforts to delineate new resources, whether near-mine or Greenfield are expensed as incurred. These costs are classified as mineral exploration costs. Once the Company determines through feasibility studies that proven and probable reserves exist and that the drilling and other associated costs embody a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflow, then the costs are classified as mine development costs. These mine development costs incurred prospectively to develop the property are capitalized as incurred, until the commencement of production, and are amortized using the units of production method over estimated life of the ore body. During the production stage, drilling and other related costs incurred to maintain production are included in production cost in the period in which they are incurred. Drilling and other related costs incurred in the Company’s efforts to delineate a major expansion of reserves at an existing production property are expensed as incurred. Once the Company determines through feasibility studies that proven and probable incremental reserves exist and that the drilling and other associated costs embody a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflow, then the costs are classified as mine development costs. These incremental mine development costs are capitalized as incurred, until the commencement of production and amortized using the units of production method over the estimated life of the ore body. A major expansion of reserves is one that increases total reserves at a property by approximately 10% or more. For the years ended December 31, 2015, 2014 and 2013, the Company did not capitalize any drilling and related costs. Asset retirement obligations (reclamation and remediation costs)— The fair value of a liability for asset retirement obligations is recognized in the period in which the liability is incurred. The liability is measured at fair value and is adjusted to its present value in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying value of the related long-lived assets and depreciated over the asset’s useful life. Intangible assets— Intangible assets include primarily the excess amount paid over the book value for investment shares which are presented as mining concessions, and mining and engineering development studies. Intangible assets are carried at acquisition costs, net of accumulated amortization and are amortized principally on a unit of production basis over the estimated remaining life of the mines. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Debt issuance costs— In April 2015, the Financial Accounting Standards Board (“FASB”) issued the Accounting Standard Update (“ASU”) 2015-03: Interest — Imputation of interest as an amendment of ASC 835-30, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the treatment of a debt discount. The Company implemented this ASU in the second quarter of 2015 as permitted via early adoption and it is applied on a retrospective basis. As a consequence, the December 31, 2014 balance sheet has been modified to reflect this presentation. This change in accounting principle will result in a more transparent presentation of debt since debt issuance costs are similar to debt discounts and in effect reduce the proceeds of borrowings as well as impact the effective interest rate on the related debt. Before this change in accounting principle, debt issuance costs were included in other assets and amortized using the effective interest method over the term of the related debt. Ore reserves— The Company periodically reevaluates estimates of its ore reserves, which represent the Company’s estimate as to the amount of unmined copper remaining in its existing mine locations that can be produced and sold at a profit. Such estimates are based on engineering evaluations derived from samples of drill holes and other openings, combined with assumptions about copper market prices and production costs at each of the respective mines. The Company updates its estimate of ore reserves at the beginning of each year. In this calculation, the Company uses current metal prices which are defined as the average metal price over the preceding three years. The current price per pound of copper, as defined, was $2.99, $3.36 and $3.65 at the end of 2015, 2014 and 2013, respectively. The ore reserve estimates are used to determine the amortization of mine development and intangible assets. Once the Company determines through feasibility studies that proven and probable reserves exist and that the drilling and other associated costs embody a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflow, then the costs are classified as mine development costs and the Company discloses the related ore reserves. Exploration— Tangible and intangible costs incurred in the search for mineral properties are charged against earnings when incurred. Income taxes— Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes on temporary differences between the amount of taxable income and pretax financial income and between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized and settled as prescribed in ASC 740 “Income taxes.” As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Deferred income tax assets are reduced by any benefits that, in the opinion of management, are more likely not to be realized. The Company’s operations involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. The Company follows the guidance of ASC 740 “Income taxes” to record these liabilities. (See Note 8 “Income taxes” of the consolidated financial statements for additional information). The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If its estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If payment of these amounts ultimately proves to be less than the recorded amounts, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. The Company classifies income tax-related interest and penalties as income taxes in the financial statements, as well as interest and penalties, if any, related to unrecognized tax benefits. Foreign exchange— The Company’s functional currency is the U.S. dollar. As required by local law, both the Peruvian Branch and Minera Mexico maintain their books of accounts in Peruvian soles and Mexican pesos, respectively. Foreign currency assets and liabilities are remeasured into U.S. dollars at current exchange rates, except for non-monetary items such as inventory, property, intangible assets and other assets which are remeasured at historical exchange rates. Revenues and expenses are generally translated at actual exchange rates in effect during the period, except for those items related to balance sheet amounts that are remeasured at historical exchange rates. Gains and losses from foreign currency remeasurement are included in earnings of the period. Gains and (losses) resulting from foreign currency transactions are included in “Cost of sales (exclusive of depreciation, amortization and depletion).” Asset impairments - The Company evaluates long-term assets when events or changes in economic circumstances indicate that the carrying amount of such assets may not be recoverable. These evaluations are based on business plans that are prepared using a time horizon that is reflective of the Company’s expectations of metal prices over its business cycle. The Company is currently using a long-term average copper price and an average molybdenum price for impairment tests, reflective of what the Company believes is the lower level of the current price environment. The results of its impairment tests using these long-term copper and molybdenum prices show no impairment in the carrying value of their assets. In recent years testing using assumptions for long-term average prices have resulted in stricter evaluation for impairment analysis than would the higher three year average prices for copper and molybdenum prices. Should this situation reverse in the future with three year average prices below the long-term price assumption, the Company would assess the need to use the three year average prices in its evaluations. The Company uses an estimate of the future undiscounted net cash flows of the related asset or asset group over the remaining life to measure whether the assets are recoverable and measures any impairment by reference to fair value. Other comprehensive income— Comprehensive income represents changes in equity during a period, except those resulting from investments by owners and distributions to owners. During the fiscal years ended December 31, 2015, 2014 and 2013, the components of “other comprehensive income (loss)” were, the unrecognized gain (loss) on employee benefit obligations and realized gain (loss) included in net income. Business segments- Company management views Southern Copper as having three reportable segments and manages it on the basis of these segments. The segments identified by the Company are: 1) the Peruvian operations, which include the two open-pit copper mines in Peru and the plants and services supporting such mines, 2) the Mexican open-pit copper mines, which include La Caridad and Buenavista mine complexes and their supporting facilities and 3) the Mexican underground mining operations, which include five underground mines that produce zinc, copper, silver and gold, a coal mine and a zinc refinery. Please see Note 18 “Segments and Related Information.” Senior management officers of the Company focus on operating income as measure of performance to evaluate different segments, and to make decisions to allocate resources to the reported segments. These are common measures in the mining industry. ADOPTION OF NEW ACCOUNTING STANDARDS ASU 2015-03 : On April 7, 2015, the FASB issued ASU 2015-03 “Interest — Imputation of Interest” (Subtopic 835-30). The Company adopted this ASU in 2015, see Debt issuance costs above. ASU 2015-08 : In May 2015, the FASB issued ASU 2015-08 “Business Combination” (Topic 805). The objective is to amend various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115 related to push-down accounting. The amendments in this update are effective from the date of publication. The Company adopted this ASU in 2015, and it had no effect on the Company’s results. ASU 2015-17: On November 20, 2015, the FASB issued ASU 2015-17 “Income Taxes” (Topic 840 - balance sheet Classification of Deferred Taxes), to simplify the presentation of deferred income taxes. The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The amendments in this update apply to all entities that present a classified balance sheet. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. These amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption permitted. The Company has adopted this update retrospectively in December 2015.

SHORT-TERM INVESTMENTS_

SHORT-TERM INVESTMENTS:	12 Months Ended
	Dec. 31, 2015
SHORT-TERM INVESTMENTS:
SHORT-TERM INVESTMENTS:	NOTE 3- SHORT-TERM INVESTMENTS: Short-term investments were as follows ($ in millions): At December 31, 2015 2014 Trading securities $ $ Weighted average interest rate % % Available-for-sale $ $ Weighted average interest rate % % Total $ $ Trading securities consist of bonds issued by public companies and are publicly traded. Each financial instrument is independent of the others. The Company has the intention to sell these bonds in the short-term. Available-for-sale investments consist of securities issued by public companies. Each security is independent of the others and, as of December 31, 2015 and 2014, included corporate bonds and asset and mortgage backed obligations. As of December 31, 2015 and 2014, gross unrealized gains and losses on available-for-sale securities were not material. Related to these investments the Company earned interest, which was recorded as interest income in the consolidated statement of earnings. Also the Company redeemed some of these securities and recognized gains (losses) due to changes in fair value, which were recorded as other income (expense) in the consolidated statement of earnings. The following table summarizes the activity of these investments by category (in millions): Years ended December 31, 2015 2014 Trading: Interest earned $ $ Unrealized gain (loss) at December 31, $ ) $ Available-for-sale: Interest earned (* ) (* ) Investment redeemed $ $ (*) Less than $0.1 million At December 31, 2015 and 2014, contractual maturities of the available-for-sale debt securities are as follows (in millions): 2015 2014 One year or less $ $ Maturing after one year through five years — — Maturing after five years through ten years — Due after 10 years Total debt securities $ $

INVENTORIES_

INVENTORIES:	12 Months Ended
	Dec. 31, 2015
INVENTORIES:
INVENTORIES:	NOTE 4-INVENTORIES: At December 31, (in millions) 2015 2014 Inventory, current: Metals at average cost: Finished goods $ $ Work-in-process Ore stockpiles on leach pads Supplies at average cost Total current inventory $ $ Inventory, long-term: Ore stockpiles on leach pads $ $ Total leaching costs added as long-term inventory of ore stockpiles in leach pads amounted to $506.9 million, $401.3 million and $306.8 million in 2015, 2014 and 2013, respectively. Long-term leaching inventories recognized as cost of sales amounted to $274.1 million, $177.5 million and $109.3 million in 2015, 2014 and 2013, respectively.

PROPERTY_

PROPERTY:	12 Months Ended
	Dec. 31, 2015
PROPERTY:
PROPERTY:	NOTE 5-PROPERTY: At December 31, (in millions) 2015 2014 Buildings and equipment $ $ Construction in progress Mine development Mineral assets — Land, other than mineral Total property Accumulated depreciation, amortization and depletion ) ) Total property and mine development, net $ $ Construction in progress increased in 2015 as a result of the spending on the Company expansion projects. For more detailed information, please see Item 7 “Management Discussion and Analysis of Financial Condition and Results of Operations — Capital Investment Program.” Depreciation and depletion expense for the years ended December 31, 2015, 2014 and 2013, amounted to $503.6 million, $440.1 million and $393.6 million, respectively.

INTANGIBLE ASSETS_

INTANGIBLE ASSETS:	12 Months Ended
	Dec. 31, 2015
INTANGIBLE ASSETS:
INTANGIBLE ASSETS:	NOTE 6-INTANGIBLE ASSETS: At December 31, (in millions) 2015 2014 Mining concessions $ $ Mine engineering and development studies Software Accumulated amortization: Mining concessions ) ) Mine engineering and development studies ) ) Software ) ) ) ) Goodwill Intangible assets, net $ $ Amortization of intangibles for the years ended December 31, 2015, 2014 and 2013, amounted to $7.1 million, $4.9 million and $2.4 million, respectively. Estimated amortization are as follows: Estimated amortization expense (in millions): 2016-2020 $ Average annual $ Goodwill includes $24.4 million from the acquisition of El Pilar mine and $17.0 million generated in 1997 as a result of purchasing a third party interest in the Buenavista mine. The changes in the carrying amount of goodwill for the year 2015 are as follows (in millions): 2015 Balance as of January 1, $ Goodwill acquired Impairment losses — Balance as of December 31, $

ACQUISITION OF EL PILAR MINE_

ACQUISITION OF EL PILAR MINE:	12 Months Ended
	Dec. 31, 2015
ACQUISITION OF EL PILAR MINE
ACQUISITION OF EL PILAR MINE	NOTE 7- ACQUISITION OF EL PILAR MINE On July 6, 2015, the Company acquired 100% of the outstanding stock of Recursos Stingray de Cobre, S.A. de C.V. (“Stingray”) for $100.0 million, a company incorporated under the laws of Mexico whose principal holding is a 100% interest in the El Pilar mine concession. This acquisition is included in the Company’s financial statements as of the acquisition date. The property is located in Sonora, Mexico, approximately 45 kilometers from the Company´s Buenavista mine and 15 kilometers from the U.S. border. Related to this purchase the Company paid approximately $0.4 million of acquisition related costs which is included in selling, general and administrative expenses in the statement of income. The Company expects to develop the El Pilar mine with an estimated capital budget of approximately $300 million to produce copper cathodes using SX-EW technology. The project has an initial 13-year mine life, with the start of commercial operations forecasted by 2018. The project has received the necessary permits required to commence the 18-month construction period. Recognized amounts of identifiable assets acquired and liabilities assumed (in million) Financial assets $ Mineral assets Property, plant and equipment Deferred income taxes ) Financial liabilities ) Total identifiable net assets Goodwill Total paid $ Unless otherwise noted, all assets and liabilities acquired have been measured at fair value. However, certain items such as deferred taxes continue to be measured in accordance with other applicable accounting literature. The Company recognized the assets and liabilities of Stingray based on preliminary estimates of their acquisition date fair values. The determination of the fair values of the acquired assets and assumed liabilities (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. The Company has not completed its valuation analysis and calculations in sufficient detail necessary to arrive at the final estimates of the fair value of assets acquired and liabilities assumed, along with the identification of other intangible assets or related allocations to goodwill. The fair values of certain tangible assets, intangible assets, and residual goodwill are the most significant areas not yet finalized and therefore are subject to change. The Company expects to complete its final fair value determinations no later than June 30, 2016. Final fair value determinations may be significantly different than those reflected in these financial statements. Based on the preliminary estimate, the Company has recorded goodwill of $24.4 million, representing the amount of the purchase price in excess of the fair value of the net assets acquired. This goodwill is attributable to future benefits that the Company expects to realize from the mine. Accordingly, the Company is still in the process of identifying and if necessary, valuing the value beyond the proven and probable reserves of the mine, for which reason, the value of goodwill and the net assets acquired may change. Any resulting goodwill associated with this acquisition will not be deductible for income tax purposes.

INCOME TAXES_

INCOME TAXES:	12 Months Ended
	Dec. 31, 2015
INCOME TAXES:
INCOME TAXES:	NOTE 8 - INCOME TAXES: Since March 2009, Grupo Mexico, through its wholly-owned subsidiary AMC, owns an interest in excess of 80% of SCC. Accordingly, SCC’s results are included in the consolidated results of the Grupo Mexico subsidiary for U.S. federal income tax reporting. SCC provides current and deferred income taxes, as if it were filing a separate income tax return. The components of the provision for income taxes for the three years ended December 31, 2015, are as follows: (in millions) 2015 2014 2013 U.S. federal and state: Current $ — $ — $ — Deferred ) ) ) Uncertain tax positions — ) ) ) Foreign (Peru and Mexico): Current Deferred ) Total provision for income taxes $ $ $ The source of income is as follows: (in millions) 2015 2014 2013 Earnings by location: U.S. $ ) $ ) $ Foreign Peru Mexico Earnings before taxes on income $ $ $ The reconciliation of the statutory income tax rate to the effective tax rate for the three years ended December 31, 2015, is as follows (in percentage points): 2015 2014 2013 Expected tax at U.S. statutory rate % % % Foreign tax at other than statutory rate, net of foreign tax credit benefit (1) Percentage depletion ) ) ) Other permanent differences ) Increase (decrease) in unrecognized tax benefits for uncertain tax positions — Repatriated foreign earnings — ) ) Amounts (over) under provided in prior years ) Other Effective income tax rate % % % (1) Foreign tax at other than statutory rates, net of foreign tax credit benefit, also includes the effects of permanent differences in Peru and Mexico, that are determined at the local statutory rate. The Company files income tax returns in three jurisdictions, Peru, Mexico and the United States. For the three years presented above, the statutory income tax rate for Mexico was 30% and 35% for the United States. The Peruvian tax rate was 28% for 2015 and 30% for 2014 and 2013. While the largest components of income taxes are the Peruvian and Mexican taxes, the Company is a domestic U.S. entity. Therefore, the rate used in the above reconciliation is the U.S. statutory rate. For all of the years presented, both the Peruvian branch and Minera Mexico filed separate tax returns in their respective tax jurisdictions. Although the tax rules and regulations imposed in the separate tax jurisdictions may vary significantly, similar permanent items exist, such as items which are nondeductible or nontaxable. Some permanent differences relate specifically to SCC such as the allowance in the United States for percentage depletion. Deferred taxes include the U.S., Peruvian and Mexican tax effects of the following types of temporary differences and carryforwards: At December 31, (in millions) 2015 2014 Assets: Inventories $ $ Capitalized exploration expenses U.S. foreign tax credit carryforward, net of FIN 48 liability U.S. tax effect of Peruvian deferred tax liability Reserves Mexican tax on consolidated dividends — Other Total deferred tax assets Liabilities: Property, plant and equipment ) ) Deferred charges ) ) Mexican tax on consolidated dividends — ) Other ) ) Total deferred tax liabilities ) ) Total net deferred tax assets / (liabilities) $ $ U.S. Tax Matters— As of December 31, 2015, the Company considers its ownership of the stock of Minera Mexico to be essentially permanent in duration. The excess of the amount for financial reporting over the tax basis of the investment in this stock is estimated to be at least $5.9 billion. As of December 31, 2015, $22.6 million of the Company’s cash, cash equivalents, restricted cash and short-term investments of $882.2 million was held by foreign subsidiaries. The cash, cash equivalents and short-term investments maintained in the Company’s foreign operations are generally used to cover local operating and investment expenses. At December 31, 2015 and 2014, Minera Mexico has determined that it has no remittable earnings available for dividends to the United States due to its internal financial obligations and current expansion plans, and that at the end of 2015 it has met the indefinite reversal criteria of ASC 740-30-25-17 that it intends to reinvest its earnings indefinitely . Any distribution of earning from the Company’s Mexican subsidiaries to the United States is subject to a U.S. federal income tax that equates to approximately 10% of the amount of the distribution, after considering foreign tax credit utilization. Distributions of earnings from the Company’s Peruvian branch to the United States are not subject to repatriation taxes. The Company’s Peruvian operations are not foreign subsidiaries. Rather they are mainly comprised of operations that are treated as a branch of the Company’s U.S. operations from a tax perspective. At December 31, 2015, there were $580.7 million of foreign tax credits available for carryback or carryforward. These credits have a one year carryback and a ten year carryforward period and can only be used to reduce U.S. income tax on foreign earnings. There were no other unused U.S. tax credits at December 31, 2015. These credits can expire as follows: Year Amount 2016 $ 2018 2019 2020 2021 2022 2023 2024 2025 Total $ These foreign tax credits are presented above on a gross basis and have not been reduced here for any unrecognized tax benefits. In accordance with ASU 2013-11 the Company has recorded $393.3 million of an unrecognized tax benefit as an offset to the Company’s deferred tax asset for foreign tax credits. The remaining foreign tax credits of $187.4 million will be used to offset future liabilities but can expire if not utilized by 2024 ($2.9 million) and 2025 ($184.5 million). Peruvian Tax Matters- Royalty mining charge: The royalty charge is based on operating income margins with graduated rates ranging from 1% to 12% of operating profits, with a minimum royalty charge assessed at 1% of net sales. If the operating income margin is 10% or less, the royalty charge is 1% and for each 5% increment in the operating income margin, the royalty charge rate increases by 0.75%, up to a maximum of 12%. The minimum royalty charge assessed at 1% of net sales is recorded as cost of sales and those amounts assessed against operating income are included in the income tax provision. The Company has accrued $22.9 million, $32.4 million and $34.8 million of royalty charges in 2015, 2014 and 2013, respectively, of which $2.7 million and $7.5 million were included in income taxes in 2015 and 2014, respectively. Peruvian special Mining tax: This tax is based on operating income and its rate ranges from 2% to 8.4%. It begins at 2% for operating income margin up to 10% and increases by 0.4% of operating income for each additional 5% of operating income until 85% of operating income is reached. The Company recognized $18.1 million, $35.3 million and $25.5 million in 2015, 2014 and 2013, respectively, with respect to this tax. These amounts are included as “income taxes” in the consolidated statement of earnings. As of December 31, 2014, the income tax rate was 30% and the dividend tax rate was 4.1%. In the last quarter of 2014, the Peruvian congress enacted tax law changes to both the income tax and dividend tax rates that become effective on January 1, 2015. The new rates are as follows: Year Income Tax Rate Dividend Tax Rate 2015- 2016 % % 2017- 2018 % % 2019 and later % % The recalculation of the deferred tax liability for the Peruvian jurisdiction using the new tax rates did not have a material effect on the deferred tax liability or the financial statements of the Company. Mexican Tax Matters- In 2013, the Mexican Congress enacted tax law changes that became effective on January 1, 2014. Among other effects, the amounts that the subsidiary companies of Minera Mexico paid during 2015 were: · Mining royalty at the rate of 7.5% on taxable earnings before taxes: $49.5 million. · Additional royalty of 0.5% over gross income from sales of gold, silver and platinum: $0.8 million. · The cancellation of the consolidation regime, paid in March 2015: $0.5 million. · Income tax payable stemming from changes to tax consolidation: $5.6 million. A new tax bill enacted for 2016, presented by the President to the Congress, was approved by both Chambers of Congress on October 29, 2015 and released in the Official Gazette of the Federation on November 18, 2015. Most of the respective legislative amendments became effective as of January 1, 2016 and include amendments to the Federal Income Tax Law, to the Excise Law and to the Federal Tax Code. The most relevant changes applicable to Minera Mexico and subsidiaries are: i) new tax reporting and tax compliance obligations for corporations and financial institutions, mainly derived from the implementations of certain OECD´s (Organization of Economic Cooperation and Development) Base Erosion and Profit Shifting (BEPS) and automatic exchange of information initiatives; ii) relief measures and clarifications of rules dealing with the tax regime applicable to private equity and venture capital trusts and groups of companies that previously filed consolidated income tax returns. Accounting for Uncertainty in Income Taxes- The total amount of unrecognized tax benefits in 2015, 2014 and 2013, was as follows (in millions): 2015 2014 2013 Unrecognized tax benefits, opening balance $ $ $ Gross increases — tax positions in prior period — Gross decreases — tax positions in prior period — — — Gross increases — current-period tax positions — — Unrecognized tax benefits, ending balance $ $ $ The amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $400.0 million and $319.4 million at December 31, 2015 and 2014, respectively. These amounts relate entirely to U.S. income tax matters. The Company has no unrecognized Peruvian or Mexican tax benefits. As of December 31, 2015 the Company’s liability for uncertain tax positions included accrued interest and penalties of $1.9 million. As of December 31, 2014, the Company’s liability for uncertain tax positions included no amount for accrued interest and penalties due to the excess foreign tax credits. The following tax years remain open to examination and adjustment in the Company’s three major tax jurisdictions: Peru: 2011 up to 2015 U.S.: 2008 and all subsequent years Mexico: 2011 and all subsequent years Management does not expect that any of the open years will result in a cash payment within the upcoming twelve months ending December 31, 2016. The Company’s reasonable expectations about future resolutions of uncertain items did not materially change during the year ended December 31, 2015.

WORKERS' PARTICIPATION_

WORKERS' PARTICIPATION:	12 Months Ended
	Dec. 31, 2015
WORKERS' PARTICIPATION:
WORKERS' PARTICIPATION:	NOTE 9-WORKERS’ PARTICIPATION: The Company’s operations in Peru and Mexico are subject to statutory workers’ participation. In Peru, the provision for workers’ participation is calculated at 8% of pre-tax earnings. The current portion of this participation, which is accrued during the year, is based on the Peruvian Branch’s taxable income and is distributed to workers following determination of final results for the year. The annual amount payable to an individual worker is capped at the worker’s salary for an 18 month period. Amounts determined in excess of the 18 months of worker’s salary is no longer made as a payment to the worker and is levied first for the benefit of the “Fondo Nacional de Capacitacion Laboral y de Promocion del Empleo” (National Workers’ Training and Employment Promotion Fund) until this entity receives from all employers in its region an amount equivalent to 2,200 Peruvian taxable units (approximately $2.5 million in 2015). Any remaining excess is levied as payment for the benefit of the regional governments. These levies fund worker training, employment promotion, entrepreneurship and various other programs. In Mexico, workers’ participation is determined using the guidelines established in the Mexican income tax law at a rate of 10% of pre-tax earnings as adjusted by the tax law. In December 2013, the Mexican Congress approved some amendments to the tax law, as consequence the Company recorded a deferred workers’ participation provision of $16.3 million in 2014. The provision for workers’ participation is allocated to “Cost of sales (exclusive of depreciation, amortization and depletion)” and to “selling, general and administrative” in the consolidated statement of earnings, proportional to the number of workers in the production and administrative areas, respectively. Workers’ participation expense for the three years ended December 31, 2015 was as follows (in millions): 2015 2014 2013 Current $ $ $ Deferred ) ) $ $ $

ASSET RETIREMENT OBLIGATION_

ASSET RETIREMENT OBLIGATION:	12 Months Ended
	Dec. 31, 2015
ASSET RETIREMENT OBLIGATION:
ASSET RETIREMENT OBLIGATION:	NOTE 10 - ASSET RETIREMENT OBLIGATION: The Company maintains an estimated asset retirement obligation for its mining properties in Peru, as required by the Peruvian Mine Closure Law. In accordance with the requirements of this law, the Company’s closure plans were approved by the Peruvian Ministry of Energy and Mines (“MINEM”). As part of the closure plans, the Company is required to provide annual guarantees over the estimated life of the mines, based on a present value approach, and to furnish the funds for the asset retirement obligation. This law requires a review of closing plans every five years. Currently and for the near-term future, the Company has pledged the value of its Lima office complex as support for this obligation. The accepted value of the Lima office building for this purpose is $27.8 million. Through December 2015, the Company has provided guarantees of $21.7 million. The closure cost recognized for this liability includes the cost, as outlined in its closure plans, of dismantling the Toquepala and Cuajone concentrators, the smelter and refinery in Ilo, and the shops and auxiliary facilities at the three units. In 2015, we added $12.5 million related to the Toquepala expansion closure plan. In 2014, the Company reviewed ASC 410-20 Asset Retirement Obligation and adjusted the liability by $36.3 million at its Peruvian operations. A comparable adjustment was applied against the deferred asset recognized in property. The net effect of these adjustments did not change the Company’s net income. In 2010, the Company announced to the Mexican federal environmental authorities its closure plans for the copper smelter plant at San Luis Potosi. The Company initiated a program for plant demolition and soil remediation with a budget of $66.2 million, of which the Company has spent $64 million through December 31, 2015. Plant demolition and construction of a confinement area at the south of the property were completed in 2012 and the Company expects to complete soil remediation and the construction of a second confinement area during 2016. The Company expects that once the site is remediated, a decision will be made on whether sell or develop the property. The overall cost recognized for mining closure in Mexico includes the estimated costs of dismantling concentrators, smelter and refinery plants, shops and other facilities. In 2015, we added $59.7 million related to the new Buenavista projects closure plans. The following table summarizes the asset retirement obligation activity for years ended December 31, 2015 and 2014 (in millions): 2015 2014 Balance as of January 1 $ $ Changes in estimates ) Additions — Closure payments ) ) Accretion expense Balance as of December 31, $ $

FINANCING_

FINANCING:	12 Months Ended
	Dec. 31, 2015
FINANCING:
FINANCING:	NOTE 11-FINANCING: Long-term debt: In the second quarter of 2015, the Company adopted ASU 2015-03 and it was applied on a retrospective basis. As a consequence, the December 31, 2014 balance sheet has been modified to reflect this presentation, as follows: Face amount Issuance discount Issuance costs Carrying value as of December 31, 2015 5.375% Senior unsecured notes due 2020 $ $ ) $ ) $ 3.500% Senior unsecured notes due 2022 ) ) 3.875% Senior unsecured notes due 2025 ) ) 9.250% Yankee Bonds due 2028 — — 7.500% Senior unsecured notes due 2035 ) ) 6.750% Senior unsecured notes due 2040 ) ) 5.250% Senior unsecured notes due 2042 ) ) 5.875% Senior unsecured notes due 2045 ) ) Total $ $ ) $ ) Less, current portion — Total long-term debt $ Face amount Issuance discount Carrying value before adoption of ASU 2015-03 Issuance costs Restated carrying value as of December 31, 2014 6.375% Senior unsecured notes due 2015 $ $ ) $ $ ) $ 5.375% Senior unsecured notes due 2020 ) ) 3.500% Senior unsecured notes due 2022 ) ) 9.250% Yankee Bonds due 2028 — — 7.500% Senior unsecured notes due 2035 ) ) 6.750% Senior unsecured notes due 2040 ) ) 5.250% Senior unsecured notes due 2042 ) ) Total $ $ ) $ ) Less, current portion ) ) Total long-term debt $ $ The bonds, referred above as “Yankee bonds”, contain a covenant requiring Minera Mexico to maintain a ratio of EBITDA to interest expense of not less than 2.5 to 1.0 as such terms are defined in the debt instrument. At December 31, 2015, Minera Mexico was in compliance with this covenant. Between July 2005 and November 2012 the Company issued senior unsecured notes six times totaling $4.2 billion as listed above. Interest on the notes is paid semi-annually in arrears. The notes rank pari passu with each other and rank pari passu in right of payment with all of the Company’s other existing and future unsecured and unsubordinated indebtedness. On April 20, 2015, the Company issued $2.0 billion of fixed-rate senior unsecured notes. This debt was issued in two tranches, $500 million due 2025 at an annual interest rate of 3.875% and $1.5 billion due 2045 at an annual interest rate of 5.875%. These notes will be general unsecured obligations of the Company and will rank equally with all of its existing and future unsecured and unsubordinated debt. Net proceeds will be used for general corporate purposes, including the financing of the Company´s capital investment program. The notes were issued with an underwriters’ discount of $20.2 million. Additionally, issuance costs of $9.6 million associated with these notes were paid and deferred. The unamortized balance of the discount and the costs are presented net of the carrying value of the debt issued and are amortized as interest expense over the life of the loan. The indentures relating to the notes contain certain restrictive covenants, including limitations on liens, limitations on sale and leaseback transactions, rights of the holders of the notes upon the occurrence of a change of control triggering event, limitations on subsidiary indebtedness and limitations on consolidations, mergers, sales or conveyances. Certain of these covenants cease to be applicable before the notes mature if the Company obtains an investment grade rating. The Company obtained investment grade rating in 2005. The Company has registered these notes under the Securities Act of 1933, as amended. The Company may issue additional debt from time to time pursuant to certain of the indentures. If the Company experiences a “Change of Control Triggering Event”, the Company must offer to repurchase the notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any. A Change of Control Trigger Event means a Change of Control (as defined) and a rating decline (as defined), that is, if the rating of the notes, by at least one of the rating agencies shall be decreased by one or more gradations. At December 31, 2015, the Company was in compliance with the covenants of the notes. Aggregate maturities of the outstanding borrowings at December 31, 2015, are as follows: Years Principal Due (*) (in millions) 2016 $ — 2017 — 2018 — 2019 — Thereafter Total $ (*)Total debt maturities do not include the debt discount valuation account of $99.6 million.

BENEFIT PLANS_

BENEFIT PLANS:	12 Months Ended
	Dec. 31, 2015
BENEFIT PLANS:
BENEFIT PLANS:	NOTE 12-BENEFIT PLANS: Post retirement defined benefit plans The Company has two noncontributory defined benefit pension plans covering former salaried employees in the United States and certain former expatriate employees in Peru (the “Expatriate Plan”). Effective October 31, 2000, the Board of Directors amended the qualified pension plan to suspend the accrual of benefits. In October 2014, the Society of Actuaries (“SOA”) issued new mortality tables based on a comprehensive study of private retirement plans. Effective December 31, 2014, the Company elected to update the mortality assumption to the new SOA tables. In addition, the Company’s Mexican subsidiaries have a defined contribution pension plan for salaried employees and a non-contributory defined benefit pension plan for union employees (the “Mexican Plan”). The components of net periodic benefit costs calculated in accordance with ASC 715 “Compensation retirement benefits,” using December 31 as a measurement date, consist of the following: (in millions) 2015 2014 2013 Service cost $ $ $ Interest cost Expected return on plan assets ) ) ) Amortization of transition assets, net — Amortization of net actuarial loss ) ) ) Amortization of net loss/(gain) Net periodic benefit cost $ ) $ ) $ ) The change in benefit obligation and plan assets and a reconciliation of funded status are as follows: At December 31, (in millions) 2015 2014 Change in benefit obligation: Projected benefit obligation at beginning of year $ $ Service cost Interest cost Benefits paid ) ) Actuarial loss/ (gain) ) Actuarial gain assumption changes ) Inflation adjustment ) ) Projected benefit obligation at end of year $ $ Change in plan assets: Fair value of plan assets at beginning of year $ $ Actual return on plan assets ) Employer contributions ) ) Benefits paid ) ) Currency exchange rate adjustment ) ) Fair value of plan assets at end of year $ $ Funded status at end of year: $ $ ASC-715 amounts recognized in balance sheet consists of: Non-current assets $ $ Total $ $ ASC-715 amounts recognized in accumulated other comprehensive income (net of income taxes of $(3.2) million and $0.4 million in 2015 and 2014, respectively) consists of: Net loss (gain) $ $ ) Prior service cost Total $ $ The following table summarizes the changes in accumulated other comprehensive income for the years ended December 31, related to the defined benefit pension plan, net of income tax: (in millions) 2015 2014 Reconciliation of accumulated other comprehensive income: Accumulated other comprehensive income at beginning of plan year $ $ ) Net loss/(gain) amortized during the year Net loss/(gain) occurring during the year Amortization of transition obligation ) ) Currency exchange rate adjustment Net adjustment to accumulated other comprehensive income (net of income taxes of $(3.6) million and $(1.1) million in 2015 and 2014, respectively) Accumulated other comprehensive income at end of plan year $ $ The following table summarizes the amounts in accumulated other comprehensive income amortized and recognized as a component of net periodic benefit cost in 2015 and 2014, net of income tax: (in millions) 2015 2014 Net loss / (gain) $ $ Amortization of net (loss) gain Amortization of transition obligation ) ) Total amortization expenses $ $ The assumptions used to determine the pension obligations are: Expatriate Plan 2015 2014 2013 Discount rate % % % Expected long-term rate of return on plan asset % % % Rate of increase in future compensation level N/A N/A N/A Mexican Plan(*) 2015 2014 2013 Discount rate % % % Expected long-term rate of return on plan asset % % % Rate of increase in future compensation level % % % (*)These rates are based on Mexican pesos as pension obligations are denominated in pesos. The scheduled maturities of the benefits expected to be paid in each of the next five years, and thereafter, are as follows: Years Expected Benefit Payments (in millions) 2016 $ 2017 2018 2019 2020 2021 to 2025 Total $ Expatriate Plan The Company’s funding policy is to contribute amounts to the qualified plan sufficient to meet the minimum funding requirements set forth in the Employee Retirement Income Security Act of 1974 plus such additional amounts as the Company may determine to be appropriate. Plan assets are invested in a group annuity contract with Metropolitan Life Insurance Company (“MetLife”). The Contract invests in the MetLife General Account Payment Fund (the “Money Fund”) and the MetLife Broad Market Bond Fund (the “Bond Fund”) managed by BlackRock, Inc. The Money Fund seeks to earn interest and maintain a $1.00 per share net asset value, by investing in U.S. Dollar-denominated money market securities. The Bond Fund seeks to outperform the Barclays ® U.S. Aggregate Bond Index, net of fees, over a full market cycle. The Bond Fund invests in publicly traded, investment grade securities. These may include corporate securities, mortgage securities, treasuries and cash, agency securities, commercial mortgage backed securities and other investment vehicles adhering to the fund’s investment objectives. These investments are classified as Level 1 because they are valued using quoted prices of the same securities as they consist of instruments publicly traded. Plan assets are invested with the objective of maximizing returns with an acceptable level of risk and maintaining adequate liquidity to fund expected benefit payments. The Company’s policy for determining asset mix-targets to meet investment objectives includes periodic consultation with recognized third party investment consultants. The expected long-term rate of return on plan assets is reviewed annually, taking into consideration asset allocations, historical returns and the current economic environment. Based on these factors the Company expects its assets will earn an average of 4.50% per annum assuming its long-term mix will be consistent with its current mix. Mexican Plan Minera Mexico’s policy for determining asset mix targets includes periodic consultation with recognized third party investment consultants. The expected long-term rate of return on plan assets is updated periodically, taking into consideration assets allocations, historical returns and the current economic environment. The fair value of plan assets is impacted by general market conditions. If actual returns on plan assets vary from the expected returns, actual results could differ. The plan assets are managed by three financial institutions, Scotiabank Inverlat S.A., Banco Santander and IXE Banco, S.A. 21% of the funds are invested in Mexican government securities, including treasury certificates and development bonds of the Mexican government. The remaining 79% is invested in common shares of Grupo Mexico. The plan assets are invested without restriction in active markets that are accessible when required and are therefore considered as level 1, in accordance with ASC 820 “Fair Value Measurement.” These plans accounted for approximately 30% of benefit obligations. The following table represents the asset mix of the investment portfolio as of December 31: 2015 2014 Asset category: Equity securities % % Treasury bills % % % % The amount of contributions that the Company expects to pay to the plan during 2016 is $7.2 million, which includes $3.4 million of pending payments to former Buenavista workers. Post-retirement Health Care Plan: Peru: The Company adopted a post-retirement health care plan for retired salaried employees eligible for Medicare in 1996. The Company manages the plan and is currently providing health benefits to retirees. The plan is accounted for in accordance with ASC 715 “Compensation retirement benefits.” Mexico: Through 2007, the Buenavista unit provided health care services free of charge to employees and retired unionized employees and their families through its own hospital at the Buenavista unit. In 2011, the Company signed an agreement with the Secretary of Health of the State of Sonora to provide these services to its retired workers and their families. The new workers of Buenavista del Cobre will receive health services from the Mexican Institute of Social Security as is the case for all Mexican workers. The components of net period benefit costs for the three years ended December 31, 2015 are as follows: (in millions) 2015 2014 2013 Interest cost $ $ $ Amortization of prior service cost/ (credit) ) ) — Net periodic benefit cost $ $ $ The change in benefit obligation and a reconciliation of funded status are as follows: At December 31, (in millions) 2015 2014 Change in benefit obligation: Projected benefit obligation at beginning of year $ $ Interest cost Actuarial loss/ (gain) — claims cost ) ) Benefits paid ) ) Actuarial (gain)/loss ) ) Actuarial gain assumption changes ) Inflation adjustment ) ) Projected benefit obligation at end of year $ $ Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions Benefits paid ) ) Fair value of plan assets at end of year $ — $ — Funded status at end of year: $ ) $ ) ASC-715 amounts recognized in balance sheet consists of: Current liabilities $ ) $ ) Non-current liabilities ) ) Total $ ) $ ) ASC-715 amounts recognized in accumulated other comprehensive income consists of: Net loss (gain) $ ) $ ) Total (net of income taxes of $4.4 million and $3.3 million in 2015 and 2014, respectively) $ ) $ ) The following table summarizes the changes in accumulated other comprehensive income for the years ended December 31, related to the post- retirement health care plan, net of income tax: At December 31, (in millions) 2015 2014 Reconciliation of accumulated other comprehensive income: Accumulated other comprehensive income at beginning of plan year $ ) $ ) Net loss/(gain) occurring during the year ) ) Net loss/(gain) amortized during the year Currency exchange rate adjustment Net adjustment to accumulated other comprehensive income (net of income taxes of $4.4 million and $3.3 million in 2015 and 2014, respectively) ) ) Accumulated other comprehensive income at end of plan year $ ) $ ) The following table summarizes the amounts in accumulated other comprehensive income amortized and recognized as a component of net periodic benefit cost in 2015 and 2014, net of income tax: At December 31, (in millions) 2015 2014 Net loss / (gain) $ ) $ ) Amortization of net (loss) gain Total amortization expenses $ ) $ ) The discount rates used in the calculation of other post-retirement benefits and cost as of December 31 were: 2015 2014 2013 Expatriate health plan Discount rate % % % Mexican health plan Weighted average discount rate % % % The benefits expected to be paid in each of the next five years, and thereafter, are as follows: Year Expected Benefit Payments (in millions) 2016 $ 2017 2018 2019 2020 2021 to 2025 Total $ Expatriate Health Plan For measurement purposes, a 7.0% (Post-65 age - 8.2%) annual rate of increase in the per capita cost of covered health care benefits was assumed for 2015. The rate is assumed to decrease gradually to 4.2% (Post-65 age - 4.6%). Assumed health care cost trend rates can have a significant effect on amounts reported for health care plans. However, because of the size of the Company’s plan, a one percentage-point change in assumed health care trend rate would not have a significant effect. Mexican Health Plan For measurement purposes, a 4.5% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2015 and remains at that level thereafter. An increase in other benefit cost trend rates have a significant effect on the amount of the reported obligations, as well as component cost of the other benefit plan. One percentage-point change in assumed other benefits cost trend rates would have the following effects: One Percentage Point (in millions) Increase Decrease Effect on total service and interest cost components $ $ Effect on the post-retirement benefit obligation $ $

COMMITMENTS AND CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES:	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES:
COMMITMENTS AND CONTINGENCIES:	NOTE 13-COMMITMENTS AND CONTINGENCIES: Environmental matters: The Company has instituted extensive environmental conservation programs at its mining facilities in Peru and Mexico. The Company’s environmental programs include, among others, water recovery systems to conserve water and minimize the impact on nearby streams, reforestation programs to stabilize the surface of the tailings dams and the implementation of scrubbing technology in the mines to reduce dust emissions. Environmental capital investments in years 2015, 2014 and 2013, were as follows (in millions): 2015 2014 2013 Peruvian operations $ $ $ Mexican operations Total $ $ $ Peruvian operations : The Company’s operations are subject to applicable Peruvian environmental laws and regulations. The Peruvian government, through the Ministry of Environment (“MINAM”) conducts annual audits of the Company’s Peruvian mining and metallurgical operations. Through these environmental audits, matters related to environmental obligation, compliance with legal requirements, atmospheric emissions, effluent monitoring and waste management are reviewed. The Company believes that it is in material compliance with applicable Peruvian environmental laws and regulations. Peruvian law requires that companies in the mining industry provide assurances for future closure and remediation. In accordance with the requirements of this law, the Company’s closure plans were approved by MINEM. As part of the closure plans, the Company is providing guarantees to ensure that sufficient funds will be available for the asset retirement obligation. See Note 10 “Asset retirement obligation,” for further discussion of this matter. In accordance with the requirements of the law, in 2015 the Company submitted the closure plans for the Tia Maria project and for the Toquepala expansion. The process of review and approval of closure plans usually takes several months. In 2008, the Peruvian government enacted environmental regulations establishing more stringent air quality standards (“AQS”) for daily sulfur dioxide (“SO2”) in the air for the Peruvian territory. These regulations, as amended in 2013, recognize distinct zones/areas, as atmospheric basins. Those areas with a mean 24-hour SO2 concentration equal or less than 20 micrograms per cubic meter (“ug/m3”) are required to develop programs to maintain this level of compliance. Those areas or cities exceeding the mean 24- hour SO2 concentration of 20 ug/m3 will be required to establish an action plan to address this problem and are required to achieve the 20 ug/m3 AQS in the future. Meanwhile they are required to achieve mean 24-hour AQS equal to 80 ug/m3 of SO2. MINAM has established three atmospheric basins that require further attention to comply with 80ug/m3 of SO2. The Ilo basin is one of these three areas and the Company’s smelter and refinery are part of the area. A supreme decree issued on April 8, 2014, indicates that mining companies should review their compliance with these regulations and develop a modification plan to reach compliance. The Company continues working with an environmental technical study group, established by a MINAM resolution to identify activities, goals, deadlines, timetables and to develop an action plan in order to achieve compliance. While the Company believes that a potential loss contingency may exist, it cannot currently estimate the amount of such contingency. The Company and other industries affected by this supreme decree believe that the lack of further regulations and direction from the government has delayed the full review and analysis of the necessary actions to establish compliance. Pending further government action, the Company will continue to work with its study group to analyze this issue. Furthermore, the Company does not believe it can estimate a reasonable range of possible costs until additional direction is received from the government. Therefore, currently the Company is not able to disclose a range of costs that is meaningful. In 2013, the Peruvian government enacted new soil environmental quality standards (“SQS”) applicable to any existing facility or project that generates or could generate risk of soil contamination in its area of operation or influence. In March 2014, MINAM issued a supreme decree which establishes additional provisions for the gradual implementation of SQS. Under this rule the Company had twelve months to identify contaminated sites in and around its facilities and present a report of identified contaminated sites. This report was submitted to MINEM in April 2015. After a review, MINEM should evaluate and issue a report to the Company which will allow it to continue with the next phase. Currently, the Company is awaiting an official response from MINEM. Once MINEM notifies the Company, it must prepare a characterization study to determine the depth, extent and physio-chemical composition of the contaminated areas and to define an appropriate remediation plan and the time-frame in which it will take place. In addition, the Company must submit for approval a Soil Decontamination Plan (SDP) within 24 months after being notified by the authority. This SDP shall include remediation actions, a schedule and compliance deadlines. Also, under this rule, if deemed necessary, the Company may request a one year extension for the decontamination plan, given sound justification. Soil confirmation tests must be carried out after completion of decontamination actions (within the approved schedule) and results must be presented to authorities within 30 days after receiving such results. Non-compliance with this obligation or with decontamination goals will carry penalties, although no specific sanctions have been established yet. During compliance schedule, companies cannot be penalized for non-compliance with the SQS. While the Company believes that there is a reasonable possibility that a potential loss contingency may exist, it cannot currently estimate the amount of the contingency. The Company believes that a reasonable determination of the loss will be possible once the characterization study and the SDP are substantially completed. Then the Company will be in a position to estimate the remediation cost. Further, the Company does not believe that it can estimate a reasonable range of possible costs until the noted studies have progressed substantially and therefore is not be able to disclose a range of costs that is meaningful. Mexican operations : The Company’s operations are subject to applicable Mexican federal, state and municipal environmental laws, to Mexican official standards, and to regulations for the protection of the environment, including regulations relating to water supply, water quality, air quality, noise levels and hazardous and solid waste. The principal legislation applicable to the Company’s Mexican operations is the Federal General Law of Ecological Balance and Environmental Protection (the “General Law”), which is enforced by the Federal Bureau of Environmental Protection (“PROFEPA”). PROFEPA monitors compliance with environmental legislation and enforces Mexican environmental laws, regulations and official standards. PROFEPA may initiate administrative proceedings against companies that violate environmental laws, which in the most extreme cases may result in the temporary or permanent closing of non-complying facilities, the revocation of operating licenses and/or other sanctions or fines. Also, according to the federal criminal code, PROFEPA must inform corresponding authorities regarding environmental non-compliance. In 2011, the General Law was amended, giving an individual or entity the ability to contest administrative acts, including environmental authorizations, permits or concessions granted, without the need to demonstrate the actual existence of harm to the environment because it will be sufficient to argue that the harm may be caused. In addition, in 2011, amendments to the Civil Federal Procedures Code (“CFPC”) were enacted. These amendments establish three categories of collective actions by means of which 30 or more people claiming injury derived from environmental, consumer protection, financial services and economic competition issues will be considered to be sufficient in order to have a legitimate interest to seek through a civil procedure restitution or economic compensation or suspension of the activities from which the alleged injury derived. The amendments to the CFPC may result in more litigation, with plaintiffs seeking remedies, including suspension of the activities alleged to cause harm. In 2013, the Environmental Liability Federal Law was enacted. The law establishes general guidelines in order to determine which environmental actions will be considered to cause environmental harm that will give rise to administrative responsibilities (remediation or compensations), criminal responsibilities as well as monetary fines. On August 6, 2014, an accidental spill of approximately 40,000 cubic meters of copper sulfate solution occurred at a leaching pond that was under construction ten kilometers away from the mine of Buenavista del Cobre, S.A. de C.V. (“BVC”) a subsidiary of the Company. The accident was caused by a rock collapse that affected the system’s pumping station and by a construction defect in the seal of a pipe in the leaching system containment dam, a part of the new SX-EW III plant. This solution reached the Bacanuchi River and the Sonora River. Immediate actions were taken in order to contain the spill, and to comply with all the legal requirements. The National Water Commission, the Federal Commission for the Protection against Sanitary and PROFEPA initiated administrative proceedings regarding the spill to determine possible environmental and health damages. On August 19, 2014, PROFEPA, as part of the administrative proceeding initiated after the spill, announced the filing of a criminal complaint against BVC in order to determine the responsibility for the environmental damages. The Company is vigorously defending itself against this complaint. As of December 31, 2015, the case remains in the procedural stages and it is still pending resolution. On September 15, 2014, BVC executed an administrative agreement with PROFEPA, providing for the submission of a remediation action plan to the Mexican Ministry of Environment and Natural Resources (Secretaria de Medio Ambiente y Recursos Naturales “SEMARNAT”). The remediation program submitted to SEMARNAT was approved on January 6, 2015. This program will be developed in five zones along the rivers. As of December 31, 2015, the Company informed SEMARNAT of the conclusion of the clean-up and soil remediation actions in phase one of zone one. Remediation activities in phase two of zone one are expected to be concluded in February 2016. The Company has already obtained approval of the monitoring programs for zones two to five. The Company also created a trust with Nacional Financiera S.N.C., a Mexican development bank, acting as a Trustee to serve as a vehicle to support environmental remedial actions in connection with the spill, to comply with the remedial action plan and to compensate for damages caused to persons adversely affected by the spill. The Company committed up to two billion Mexican pesos (approximately $150 million) of which approximately one billion Mexican pesos have already been contributed. A technical committee of the trust was created with representatives from the federal government, the Company and specialists assisted by a team of environmental experts to ensure the proper use of the funds. Along with the administrative agreement executed with PROFEPA, the trust serves as an alternative mechanism for dispute resolution to mitigate public and private litigation risks. Independently of the execution of the administrative agreement with PROFEPA and the creation of the above mentioned trust, the Company has taken actions to clean the sites since the day of the copper solution spill. On August 29, 2014, the Company hired contractors to clean the river utilizing more than 1,200 of their workers and environmental specialists. In addition, the Company developed a service program for the residents of the Sonora River Region, including (i) water distribution provisions, and infrastructure development within the affected region, (ii) the expansion of the current Community Development program to communities further downstream that were affected and previously not within the scope of the Company´s program, (iii) attention to local farmers and producers in coordination with the Federal Agriculture, Livestock, Rural Development, Fisheries, and Alimentations Ministry in order to revamp and promote the activities of local farmers and producers, (iv) the implementation of sustainable productive projects at each affected site, as well as (v) the establishment of service desks to attend specific cases. On March 2, 2015 as a result of four administrative proceedings, PROFEPA imposed administrative fines on BVC for an aggregate amount of 23.5 million Mexican pesos (approximately $1.7 million). During the last half of 2014 and the first half of 2015, six collective action lawsuits were filed in federal courts in Mexico City and Sonora against two subsidiaries of the Company seeking damages for alleged injuries and the repair of environmental impact caused by the spill. Three of the collective action lawsuits have been dismissed by the court. The plaintiffs in these six lawsuits are: Acciones Colectivas de Sinaloa, A.C. which established two collective actions; Filiberto Navarro Soto et al (dismissed on July 14, 2015); Defensa Colectiva A.C. (dismissed on August 7, 2015); Ismael Navarro Babuca et al (dismissed on August 17, 2015); and Ana Luisa Salazar Medina et al. Similarly, during 2015, eight civil action lawsuits were filed against BVC in the state courts of Sonora seeking damages for alleged injuries and for moral damages as a consequence of the spill. The plaintiffs in the state court lawsuits are: Jose Vicente Arriola Nunez et al; Santana Ruiz Molina et al; Andres Nogales Romero et al; Teodoro Javier Robles et al; Gildardo Vasquez Carvajal et al; Rafael Noriega Souffle et al; Grupo Banamichi Unido de Sonora El Dorado, S.C. de R.L. de C.V; and Marcelino Mercado Cruz. Also, during the second and third quarters of 2015, four constitutional lawsuits (juicios de amparo) were filed before Federal Courts against various authorities and against a subsidiary of the Company, arguing; (i) the supposed lack of a waste management program approved by SEMARNAT; (ii) the supposed lack of a remediation plan approved by SEMARNAT with regard to the August 2014 spill; (iii) the supposed lack of community approval regarding the environmental impact authorizations granted by SEMARNAT to the subsidiary of the Company; and (iv) the supposed inactivity of the authorities with regard of the spill in August 2014. The plaintiffs who filed those lawsuits are: Francisca Garcia Enriquez, et al which established two lawsuits, Francisco Ramon Miranda, et al and Jesus David Lopez Peralta et al. For a description of the collective actions in Mexico, the Company refer to the 2011 amendments to the CFPC described above. It is currently not possible to determine the extent of the damages sought in these state and federal lawsuits but the Company considers that these lawsuits are without merit and the Company and its subsidiaries are vigorously defending against these actions. Nevertheless, the Company reasonably considers that none of the legal proceedings resulting from the spill, individually or in the aggregate, would have a material effect on its financial position or results of operations. As of December 31, 2015, BVC estimated total damages at $136.4 million, of which $39.9 million was paid with the Company’s funds, and approximately one billion Mexican pesos (approximately $74.9 million) was deposited in the trust. These funds have been available and have been used to compensate claims as they have arisen. This deposit was classified as restricted cash and was recorded as an operating expense in the Company’s results. The Company believes that all of its facilities in Peru and Mexico are in material compliance with applicable environmental, mining and other laws and regulations. The Company also believes that continued compliance with environmental laws of Mexico and Peru will not have a material adverse effect on the Company’s business, properties, result of operations, financial condition or prospects and will not result in material capital investments. Litigation matters : Garcia Ataucuri and Others against SCC’s Peruvian Branch : In April 1996, the Branch was served with a complaint filed in Peru by Mr. Garcia Ataucuri and approximately 900 former employees seeking the delivery of a substantial number of “labor shares” (acciones laborales) plus dividends on such shares, to be issued to each former employee in proportion to their time of employment with SCC’s Peruvian Branch, pursuant to a former Peruvian mandated profit sharing law. The labor share litigation is based on claims of former employees for ownership of labor shares that the plaintiffs state that the Branch did not issue during the 1970s until 1979 under such former Peruvian mandated profit sharing law. In 1971, the Peruvian government enacted legislation providing that mining workers would have a 10% participation in the pre-tax profits of their employing enterprises. This participation was distributed 40% in cash and 60% in an equity interest of the enterprise. In 1978, the equity portion, which was originally delivered to a mining industry workers’ organization, was set at 5.5% of pre-tax profits and was delivered, mainly in the form of “labor shares” to individual workers. The cash portion was set at 4.0% of pre-tax earnings and was delivered to individual employees also in proportion to their time of employment with the Branch. In 1992, the workers’ participation was set at 8%, with 100% payable in cash and the equity participation was eliminated from the law. In relation to the issuance of “labor shares” by the Branch in Peru, the Branch is a defendant in the following lawsuits: 1) Mr. Garcia Ataucuri seeks delivery, to himself and each of the approximately 900 former employees of the Peruvian Branch, of the 3,876,380,679.65 old soles or 38,763,806.80 “labor shares” (acciones laborales), as required by Decree Law 22333 (a former profit sharing law), to be issued proportionally to each former employee in accordance with the time of employment of such employee with SCC’s Branch in Peru, plus dividends on such shares. The 38,763,806.80 labor shares sought in the complaint, with a face value of 100.00 old soles each, represent 100% of the labor shares issued by the Branch during the 1970s until 1979 for all of its employees during that period. The plaintiffs do not represent 100% of the Branch’s eligible employees during that period. It should be noted that the lawsuit refers to a prior Peruvian currency called “sol de oro” or old soles, which was later changed to the “inti”, and then into today’s “sol”. Due to a past period of high inflation between 1985 and 1990, one billion of old soles is equivalent to today’s one sol. After lengthy proceedings before the civil courts in Peru on September 19, 2001, on appeal by the Branch, the Peruvian Supreme Court annulled the proceedings noting that the civil courts lacked jurisdiction and that the matter had to be decided by a labor court (the “2000 appeal”). In October 2007, in a separate proceeding initiated by the plaintiffs, the Peruvian Constitutional Court nullified the September 19, 2001 Peruvian Supreme Court decision and ordered the Supreme Court to decide again on the merits of the case accepting or denying the 2000 appeal. In May 2009, the Supreme Court rejected the 2000 appeal of the Branch affirming the adverse decision of the appellate civil court and lower civil court. While the Supreme Court has ordered SCC’s Peruvian Branch to deliver the labor shares and dividends, it has clearly stated that SCC’s Peruvian Branch may prove, by all legal means, its assertion that the labor shares and dividends were distributed to the former employees in accordance with the profit sharing law then in effect, an assertion which SCC’s Peruvian Branch continues to make. On June 9, 2009, SCC’s Peruvian Branch filed a proceeding of relief before a civil court in Peru seeking the nullity of the 2009 Supreme Court decision and, in a separate proceeding, a request for a precautionary measure. The civil court rendered a favorable decision on the nullity and the precautionary measure, suspending the enforcement of the Supreme Court decision, for the reasons indicated above and other reasons. In February 2012, the Branch was notified that the civil court had reversed its prior decisions. On appeal by the Peruvian Branch the Superior Court affirmed the lower court’s decisions regarding the nullity of the 2009 Supreme Court decision and the precautionary measure. As a result, the nullity of the precautionary measure became final and is not appealable. However, the nullity of the 2009 Supreme Court decision was appealed by the Branch before the Constitutional Court. On April 10, 2014, the Constitutional Court denied the Company’s appeal and affirmed the lower court’s decision. On September 23, 2015, the lower court that ordered the delivery by the Branch of the labor shares, seized 10,501,857 investment shares owned by SCC and Compania Minera Los Tolmos, S.A. (“Los Tolmos”). The Company is vigorously defending against these measures, and has challenged them on various grounds, mainly because a “labor share” created by law in 1979 is not equivalent to an “investment share”, on a one to one basis, as the latter must recognize the Peruvian inflation of the 1980-2014 period. One “investment share” represents ten million “labor shares”. Additionally, the seized investment shares are owned by SCC and Los Tolmos, companies that are not a party in the lawsuit. In December 2015, the Company appealed the lower court´s decision before the Superior Court that declared without merit its opposition to the seizure. Los Tolmos initiated a third party claim to ownership, to have the lower court cancel the seizure order on their investment shares. In January 2016, the lower court issued a resolution clarifying that the seizure measure applies to the investment shares owned by SCC’s Peruvian Branch even if they are in possession of SCC or Los Tolmos. The Company continues to vigorously defend against the seizure measure. 2) In addition, there are filed against SCC’s Branch the following lawsuits, involving approximately 800 plaintiffs, which seek the same number of labor shares as in the Garcia Ataucuri case, plus interest, labor shares resulting from capital increases and dividends: (1) Armando Cornejo Flores and others v. SCC’s Peruvian Branch (filed May 10, 2006); (2) Alejandro Zapata Mamani and others v. SCC’s Peruvian Branch (filed June 27, 2008); (3) Edgardo Garcia Ataucuri, in representation of 216 of SCC’s Peruvian Branch former workers, v. SCC’s Peruvian Branch (filed May 2011); (4) Juan Guillermo Oporto Carpio v. SCC’s Peruvian Branch (filed August 2011); (5) Rene Mercado Caballero v. SCC’s Peruvian Branch (filed November 2011); (6) Enrique Salazar Alvarez and others v. SCC’s Peruvian Branch (filed December 2011; (7) Armando Cornejo Flores, in representation of 37 of SCC’s Peruvian Branch former workers v. SCC’s Peruvian Branch (filed March 2012), (8) Porfirio Ochochoque Mamani and others v. SCC’s Peruvian Branch (filed July 2012); (9) Alfonso Claudio Flores Jimenez and others v. SCC’s Peruvian Branch (filed July 2013); (10) Edgardo Garcia Ataucuri in representation of 104 of SCC´s Peruvian Branch former workers (filed March 2015); (11) Nicolas Aurelio Sueros Benavente v. SCC’s Peruvian Branch (filed May 2015) and (12) Victor Raul Marquez Cano v. SCC’s Peruvian Branch (filed June 2015). SCC’s Peruvian Branch has answered the complaints and denied the validity of the claims. SCC’s Peruvian Branch asserts that the labor shares were distributed to the former employees in accordance with the profit sharing law then in effect. The Peruvian Branch has not made a provision for these lawsuits because it believes that it has meritorious defenses to the claims asserted in the complaints. Additionally, the amount of this contingency cannot be reasonably estimated by management at this time. The “Virgen Maria” Mining Concessions of the Tia Maria Mining Project: The Tia Maria project includes various mining concessions, totaling 32,989.64 hectares. One of the concessions is the “Virgen Maria” mining concession totaling 943.72 hectares or 2.9% of the total mining concessions. Related to the “Virgen Maria” mining concessions, the Company is party to the following lawsuits: a) Exploraciones de Concesiones Metalicas S.A.C. (“Excomet”): In August 2009, a lawsuit was filed against SCC’s Branch by the former stockholders of Excomet. The plaintiffs allege that the acquisition of Excomet’s shares by the Branch is null and void because the $2 million purchase price paid by the Branch for the shares of Excomet was not fairly negotiated by the plaintiffs and the Branch. In 2005, the Branch acquired the shares of Excomet after lengthy negotiations with the plaintiffs, and after the plaintiffs, which were all the stockholders of Excomet, approved the transaction in a general stockholders’ meeting. Excomet was at the time owner of the “Virgen Maria” mining concession. In October 2011, the civil court dismissed the case on the grounds that the claim had been barred by the statute of limitations. On appeal by the plaintiffs, the superior court reversed the lower court’s decision and remanded it to the lower court for further proceedings. In August 2015, the lower court dismissed the case on the grounds that the plaintiffs had not proven the alleged unfairness of the negotiations. The plaintiffs appealed this resolution before the Superior Court. As of December 31, 2015, the case remains pending resolution. The Company asserts that this lawsuit is without merit and is vigorously defending against it. b) Sociedad Minera de Responsabilidad Limitada Virgen Maria de Arequipa (“SMRL Virgen Maria”): In August 2010, a lawsuit was filed against SCC’s Branch and others by SMRL Virgen Maria, a company which until July 2003 owned the mining concession Virgen Maria. SMRL Virgen Maria sold this mining concession in July 2003 to Excomet (see a) above). The plaintiff alleges that the sale of the mining concession Virgen Maria to Excomet is null and void because the persons who attended the shareholders’ meeting of SMRL Virgen Maria, at which the purchase was agreed upon, were not the real owners of the shares. The plaintiff is also pursuing the nullity of all the subsequent acts regarding the mining property (acquisition of the shares of Excomet by SCC’s Branch, noted above, and the sale of this concession to SCC’s Branch by Excomet). In October 2011, the civil court dismissed the case on the grounds that the claim had been barred by the statute of limitations. Upon appeal by the plaintiffs, the superior court remanded the proceedings to the lower court, ordering the issuance of a new decision. On June 25, 2013, the lower court dismissed the case due to procedural defects. Upon appeal by the plaintiff, on December 2, 2013 the Superior Court reversed the lower court’s decision due to procedural defects and ordered the issuance of a new resolution. In July 2014, once again the lower court dismissed the case on the grounds that the claim had barred by the statute of limitations. The plaintiff appealed this resolution before the Superior Court. On December 30, 2014, the Superior Court affirmed the lower court’s decision. The plaintiff filed an extraordinary appeal before the Supreme Court. In October, 2015, the Supreme Court declared without merit the extraordinary appeal. This case has concluded in favor of the Company. Special Regional Pasto Grande Project (“Pasto Grande Project”) In the last quarter of 2012, the Pasto Grande Project, an entity of the Regional Government of Moquegua, filed a lawsuit against SCC’s Peruvian Branch alleging property rights over a certain area used by the Peruvian Branch and seeking the demolition of the tailings dam where SCC’s Peruvian Branch has deposited its tailings from the Toquepala and Cuajone operations since 1995. The Peruvian Branch has had title to use the area in question since 1960 and has constructed and operated the tailing dams also with proper governmental authorization, since 1995. SCC’s Peruvian Branch asserts that the lawsuit is without merit and is vigorously defending against the lawsuit. Upon a motion filed by the Peruvian Branch, the lower court has included the MINEM as a defendant in this lawsuit. MINEM has answered the complaint and denied the validity of the claim. As of December 31, 2015, the case remains pending resolution without further developments. Labor matters : Peruvian operations : 72.7% of the Company’s 4,602 Peruvian workers were unionized at December 31, 2015. Currently, there are five separate unions, one main union and four smaller unions. In the second quarter of 2015, two of the main unions, which formerly represented the Ilo and Cuajone workers, and one of the minor union, which formerly represented some Toquepala workers, merged into one new main union. The other four smaller unions represent the balance of workers. The Company’s collective bargaining agreements with all of these unions expired in the second half of 2015. The Company began negotiations for new agreements in the third quarter of 2015. Through the first quarter of 2016, the Company signed three-year agreements with all five unions. These agreements include, among other things, annual salary increases of 5% for each of the three years, for all the workers that belong to those unions. Mexican operations : In recent years, the Mexican operations have experienced a positive improvement of their labor environment, as its workers opted to change their affiliation from the Sindicato Nacional de Trabajadores Mineros, Metalurgicos y Similares de la Republica Mexicana (the “National Mining Union”) led by Napoleon Gomez Urrutia to other less politicized unions. However, the workers of the San Martin and Taxco mines, are still under the National Mining Union and have been on strike since July 2007. On December 10, 2009, a federal court confirmed the legality of the San Martin strike. In order to recover the control of the San Martin mine and resume operations, the Company filed a court petition on January 27, 2011 requesting that the court, among other things, define the termination payment for each unionized worker. The court denied the petition alleging that, according to federal labor law, the union was the only legitimate party to file such petition. On appeal by the Company, on May 13, 2011, the Mexican federal tribunal accepted the petition. In July 2011, the National Mining Union appealed the favorable court decision before the Supreme Court. On November 7, 2012, the Supreme Court affirmed the decision of the federal tribunal. The Company filed a new proceeding before the labor court on the basis of the Supreme Court decision, which recognized the right of the labor court to define responsibility for the strike and the termination payment for each unionized worker. A favorable decision of the labor court in this new proceeding would have the effect of terminating the protracted strike at San Martin. As of December 31, 2015, the case remains pending resolution without further developments. In the case of the Taxco mine, following the workers refusal to allow exploration of new reserves, the Company commenced litigation seeking to terminate the labor relationship with workers at the mine (including termination of the related collective bargaining agreement). On September 1, 2010, the federal labor court issued a ruling approving the termination of the collective bargaining agreement and all the individual labor contracts of the workers affiliated with the Mexican mining union at the Taxco mine. The mining union appealed the labor court ruling before a federal court. In September 2011, the federal court accepted the union’s appeal and remanded the case to the federal labor court for reconsideration. After several legal proceedings on January 25, 2013, the Company filed a new proceeding before the labor court. On June 16, 2014, the labor court d

STOCKHOLDERS' EQUITY_

STOCKHOLDERS' EQUITY:	12 Months Ended
	Dec. 31, 2015
STOCKHOLDERS' EQUITY:
STOCKHOLDERS' EQUITY:	NOTE 14-STOCKHOLDERS’ EQUITY Treasury Stock: Activity in treasury stock in the years 2015 and 2014 was as follows (in millions): 2015 2014 Southern Copper common shares Balance as of January 1, $ $ Purchase of shares Used for corporate purposes ) ) Balance as of December 31, Parent Company (Grupo Mexico) common shares Balance as of January 1, Other activity, including dividend, interest and foreign currency transaction effect Balance as of December 31, Treasury stock balance as of December 31, $ $ SCC shares of common stock in treasury: At December 31, 2015 and 2014, treasury stock holds 108,653,816 shares and 71,977,964 shares of SCC’s common stock with a cost of $2,697.6 million and $1,693.5 million, respectively. The shares of SCC’s common stock held in treasury are used for Director’s stock award plans and available for general corporate purposes. SCC share repurchase program: In 2008, the Company’s Board of Directors (“BOD”) authorized a $500 million share repurchase program that has since been increased by the BOD and is currently authorized to $3 billion. Pursuant to this program, the Company purchased common stock as shown in the table below. These shares are available for general corporate purposes. The Company may purchase additional shares of its common stock from time to time, based on market conditions and other factors. This repurchase program has no expiration date and may be modified or discontinued at any time. Maximum Number of Shares Total Number of that May Yet Be Total Number Average Shares Purchased Purchased Under Total Cost Period of Shares Price Paid as Part of Publicly the Plan ($ in From To Purchased per Share Announced Plan $26.12(1) millions) 2008 2012 $ 2013: 2014: 2015: 01/01/15 01/31/15 02/01/15 02/28/15 03/01/15 03/31/15 Total first quarter 04/01/15 04/30/15 Total second quarter 07/01/15 07/31/15 08/01/15 08/31/15 09/01/15 09/30/15 Total third quarter 10/01/15 10/31/15 11/01/15 11/30/15 12/01/15 12/31/15 Total fourth quarter Total 2015 Total purchased $ (1) NYSE closing price of SCC common shares at December 31, 2015. As a result of the repurchase of shares of SCC’s common stock, Grupo Mexico’s direct and indirect ownership was 88.6% as of December 31, 2015 and 84.6% at December 31, 2014. Directors’ Stock Award Plan: The Company established a stock award compensation plan for certain directors who are not compensated as employees of the Company. Under this plan, participants will receive 1,200 shares of common stock upon election and 1,200 additional shares following each annual meeting of stockholders thereafter. 600,000 shares of Southern Copper common stock have been reserved for this plan. The fair value of the award is measured each year at the date of the grant. In 2015 and 2014 the stock based compensation expense under this plan equaled $ 0.4 million and $0.3 million, respectively. The activity of this plan for the years ended December 31, 2015 and 2014 was as follows: 2015 2014 Total SCC shares reserved for the plan Total shares granted at January 1, ) ) Granted in the period ) ) Total shares granted at December 31, ) ) Remaining shares reserved Parent Company common shares: At December 31, 2015 and 2014, there were in treasury 110,472,170 and 89,950,310 of Grupo Mexico’s common shares, respectively. Employee Stock Purchase Plan: 2007 Plan: In January 2007, the Company offered to eligible employees a stock purchase plan (the “Employee Stock Purchase Plan”) through a trust that acquires shares of Grupo Mexico stock for sale to its employees, employees of subsidiaries, and certain affiliated companies. The purchase price was established at the approximate fair market value on the grant date. Every two years employees were able to acquire title to 50% of the shares paid in the previous two years. The employees paid for shares purchased through monthly payroll deductions over the eight year period of the plan. At the end of the eight year period, the Company granted the participant a bonus of one share for every ten shares purchased by the employee. The participants were entitled to receive dividends in cash for dividends paid by Grupo Mexico for all shares that were fully purchased and paid by the employee as of the date that the dividend is paid. If the participant had only partially paid for shares, the entitled dividends were used to reduce the remaining liability owed for purchased shares. In the case of voluntary or involuntary resignation/termination of the employee, the Company paid to the employee the fair market sales price at the date of resignation/termination of the fully paid shares, net of costs and taxes. When the fair market sales value of the shares was higher than the purchase price, the Company applied a deduction over the amount to be paid to the employee based on a decreasing schedule specified in the plan. In case of retirement or death of the employee, the Company rendered the buyer or his legal beneficiary, the fair market sales value as of the date of retirement or death of the shares effectively paid, net of costs and taxes. The stock based compensation expense for the years ended December 31, 2014 and 2013 and the unrecognized compensation expense under the Employee Stock Purchase Plan, were as follows: 2014 2013 Stock based compensation expense $ $ Unrecognized compensation expense — $ This plan ended in January 2015. The following table presents the stock award activity of the Employee Stock Purchase Plan at the close of the plan and for the years ended December 31, 2015 and 2014: Shares Unit Weighted Average Grant Date Fair Value Outstanding shares at January 1, 2015 $ Granted — — Exercised ) Forfeited — — Outstanding shares at December 31, 2015 $ Outstanding shares at January 1, 2014 $ Granted — — Exercised ) Forfeited — — Outstanding shares at December 31, 2014 $ 2010 Plan: During 2010, the Company offered to eligible employees a stock purchase plan through a trust that acquires series B shares of Grupo Mexico stock for sale to its employees, employees of subsidiaries, and certain affiliated companies. The purchase price was established at 26.51 Mexican pesos (approximately $1.54) for the initial subscription. The terms of this plan are similar to the terms of the prior Employee Stock Purchase Plan. The stock based compensation expense for the years ended December 31, 2015, 2014 and 2013 and the remaining balance of the unrecognized compensation expense under the New Employee Stock Purchase Plan, were as follows: 2015 2014 2013 Stock based compensation expense $ $ $ Unrecognized compensation expense $ $ $ The unrecognized compensation expense under this plan is expected to be recognized over the remaining three year period. The following table presents the stock award activity of the 2010 Employee Stock Purchase Plan for the years ended December 31, 2015 and 2014: Shares Unit Weighted Average Grant Date Fair Value Outstanding shares at January 1, 2015 $ Granted — — Exercised ) Forfeited — — Outstanding shares at December 31, 2015 Outstanding shares at January 1, 2014 $ Granted — — Exercised ) Forfeited — — Outstanding shares at December 31, 2014 $ 2015 Plan : In January 2015, the Company offered to eligible employees a new stock purchase plan (the “New Employee Stock Purchase Plan”) through a trust that acquires series B of shares of Grupo Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The purchase price was established at 38.44 Mexican pesos (approximately $2.23) for the initial subscription, which expires on January 2023. Every two years employees will be able to acquire title to 50% of the shares paid in the previous two years. The employees will pay for shares purchased through monthly payroll deductions over the eight year period of the plan. At the end of the eight year period, the Company will grant the participant a bonus of 1 share for every 10 shares purchased by the employee. Any future subscription will be at the average market price at the date of acquisition or the grant date. If Grupo Mexico pays dividends on shares during the eight year period, the participants will be entitled to receive the dividend in cash for all shares that have been fully purchased and paid as of the date that the dividend is paid. If the participant has only partially paid for shares, the entitled dividends will be used to reduce the remaining liability owed for purchased shares. In the case of voluntary or involuntary resignation/termination of the employee, the Company will pay to the employee the fair market sales price at the date of resignation of the fully paid shares, net of costs and taxes. When the fair market sales value of the shares is higher than the purchase price, the Company will apply a deduction over the amount to be paid to the employee based on a decreasing schedule specified in the plan. In case of retirement or death of the employee, the Company will render the buyer or his legal beneficiary, the fair market sales value as of the date of retirement or death of the shares effectively paid, net of costs and taxes. The stock based compensation expense for the year ended December 31, 2015 and the unrecognized compensation expense under this plan were as follows (in millions): 2015 Stock based compensation expense $ Unrecognized compensation expense $ The following table presents the stock award activity of this plan for the year ended December 31, 2015: Shares Unit Weighted Average Grant Date Fair Value Outstanding shares at January 1, 2015 — — Granted $ Exercised — — Forfeited — — Outstanding shares at December 31, 2015 $ Executive Stock Purchase Plan: Grupo Mexico also offers a stock purchase plan for certain members of its executive management and the executive management of its subsidiaries and certain affiliated companies. Under this plan, participants will receive incentive cash bonuses which are used to purchase shares of Grupo Mexico which are deposited in a trust. Non-controlling interest: For all the years presented, in the consolidated statement of earnings the income attributable to non-controlling interest is based on the earnings of the Company’s Peruvian Branch. The non-controlling interest of the Company’s Peruvian Branch is for investment shares. These shares were generated by legislation in place in Peru from the 1970s through 1991; such legislation provided for the participation of mining workers in the profits of the enterprises for which they worked. This participation was divided between equity and cash. The investment shares included in the non-controlling interest on the consolidated balance sheets are the still outstanding equity distributions made to the Peruvian Branch’s employees. In prior years, the Company acquired some Peruvian investment shares in exchange for newly issued common shares of the Company and through purchases at market value. These acquisitions were accounted for as purchases of non-controlling interests. The excess paid over the carrying value was assigned to intangible assets and is being amortized based on production. As a result of these acquisitions, the remaining investment shareholders hold a 0.71% interest in the Peruvian Branch and are entitled to a pro rata participation in the cash distributions made by the Peruvian Branch. The shares are recorded as a non-controlling interest in the Company’s financial statements.

FAIR VALUE MEASUREMENT_

FAIR VALUE MEASUREMENT:	12 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENT:
FAIR VALUE MEASUREMENT:	NOTE 15- FAIR VALUE MEASUREMENT: Subtopic 820-10 of ASC “Fair value measurement and disclosures — Overall” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under Subtopic 820-10 are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs. (i.e., quoted prices for similar assets or liabilities). Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable (other than accounts receivable associated with provisionally priced sales) and accounts payable approximate fair value due to their short maturities. Consequently, such financial instruments are not included in the following table that provides information about the carrying amounts and estimated fair values of other financial instruments that are not measured at fair value in the consolidated balance sheet as of December 31, 2015 and December 31, 2014 (in millions): At December 31, 2015 At December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Long-term debt $ $ $ $ Long-term debt is carried at amortized cost and its estimated fair value is based on quoted market prices classified as Level 1 in the fair value hierarchy except for the case of the Yankee bonds which qualify as Level 2 in the fair value hierarchy as they are based on quoted priced in market that are not active. Fair values of assets and liabilities measured at fair value on a recurring basis were calculated as of December 31, 2015 and 2014, as follows (in millions): Fair Value at Measurement Date Using: Description Fair Value as of December 31, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Short term investment: - Trading securities $ $ — $ — - Available-for-sale debt securities: Corporate bonds — $ — Asset backed securities — — — — Mortgage backed securities — — Accounts receivable: - Embedded derivatives - Not classified as hedges: Provisionally priced sales: Copper — — Molybdenum — — Total $ $ $ $ — Fair Value at Measurement Date Using: Description Fair Value as of December 31, 2014 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Short term investment: - Trading securities $ $ — $ — - Available-for-sale debt securities: Corporate bonds — $ — Asset backed securities — — — — Mortgage backed securities — — Accounts receivable: - Embedded derivatives - Not classified as hedges: Provisionally priced sales: Copper — — Molybdenum — — Total $ $ $ $ — The Company’s short-term trading securities investments are classified as Level 1 because they are valued using quoted prices of the same securities as they consist of bonds issued by public companies and publicly traded. The Company’s short-term available-for-sale investments are classified as Level 2 because they are valued using quoted prices for similar investments. The Company’s accounts receivables associated with provisionally priced copper sales are valued using quoted market prices based on the forward price on the LME or on the COMEX. Such value is classified within Level 1 of the fair value hierarchy. Molybdenum prices are established by reference to the publication Platt’s Metals Week and are considered Level 1 in the fair value hierarchy.

CONCENTRATION OF RISK_

CONCENTRATION OF RISK:	12 Months Ended
	Dec. 31, 2015
CONCENTRATION OF RISK:
CONCENTRATION OF RISK:	NOTE 16-CONCENTRATION OF RISK: The Company operates four open-pit copper mines, five underground poly-metallic mines, two smelters and eight refineries in Peru and Mexico and substantially all of its assets are located in these countries. There can be no assurances that the Company’s operations and assets that are subject to the jurisdiction of the governments of Peru and Mexico will not be adversely affected by future actions of such governments. Much of the Company’s products are exported from Peru and Mexico to customers principally in the United States, Europe, Asia and South America. Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents, short-term investments and trade accounts receivable. The Company invests or maintains available cash with various banks, principally in the United States, Mexico, Europe and Peru, or in commercial papers of highly-rated companies. As part of its cash management process, the Company regularly monitors the relative credit standing of these institutions. At December 31, 2015, SCC had invested its cash and cash equivalents and short-term investments as follows: % of total % in one institution Country $ in million cash (1) of country of total cash United States $ % % % Switzerland % % % Peru % % % Mexico % % % Total cash and short-term investment $ % (1) 98.9% of the Company’s cash is in U.S. dollars. During the normal course of business, the Company provides credit to its customers. Although the receivables resulting from these transactions are not collateralized, the Company has not experienced significant problems with the collection of receivables. The Company is exposed to credit loss in cases where the financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and currency/interest rate swaps) are unable to pay when they owe funds as a result of protection agreements with them. To minimize the risk of such losses, the Company only uses highly-rated financial institutions that meet certain requirements. The Company also periodically reviews the creditworthiness of these institutions to ensure that they are maintaining their ratings. The Company does not anticipate that any of the financial institutions will default on their obligations. The Company’s largest customers as percentage of accounts receivable and total sales were as follows: 2015 2014 2013 Accounts receivable trade as of December 31, Five largest customers % % % Largest customer % % % Total sales in year Five largest customers % % % Largest customer % % %

RELATED PARTY TRANSACTIONS_

RELATED PARTY TRANSACTIONS:	12 Months Ended
	Dec. 31, 2015
RELATED PARTY TRANSACTIONS:
RELATED PARTY TRANSACTIONS:	NOTE 17-RELATED PARTY TRANSACTIONS: The Company has entered into certain transactions in the ordinary course of business with parties that are controlling shareholders or their affiliates. These transactions include the lease of office space, air transportation, construction services and products and services related to mining and refining. The Company lends and borrows funds among affiliates for acquisitions and other corporate purposes. These financial transactions bear interest and are subject to review and approval by senior management, as are all related party transactions. It is the Company’s policy that the Audit Committee of the Board of Directors shall review all related party transactions. The Company is prohibited from entering or continuing a material related party transaction that has not been reviewed and approved or ratified by the Audit Committee. Receivable and payable balances with related parties are shown below (in millions): At December 31, 2015 2014 Related parties receivable current: Compania Perforadora Mexico S.A.P.I. de C.V. and affiliates $ $ Ferrocarril Mexicano S.A. de C.V. — Grupo Mexico Mexico Generadora de Energia S. de R.L. (“MGE”) Operadora de Generadoras de Energia Mexico S.A. de C.V. — Mexico Proyectos y Desarrollos, S.A. de C.V. and affiliates — $ $ Related parties receivable non-current: MGE $ $ Related parties payable: Asarco LLC $ $ Boutique Bowling de Mexico S.A. de C.V. — Breaker, S.A. de C.V. and affiliates (“Breaker”) Eolica El Retiro, S.A.P.I. de C.V. Ferrocarril Mexicano S.A. de C.V. — Grupo Mexico Higher Technology S.A.C. — Mexico Transportes Aereos S.A. de C.V. (“Mextransport”) Mexico Proyectos y Desarrollos S.A. de C.V. and affiliates MGE Operadora de Cinemas S.A. de C.V. — Sempertrans and affiliates — $ $ Purchase and sale activity: Grupo Mexico and affiliates: The following table summarize the purchase and sale activities with Grupo Mexico and its affiliates in 2015, 2014 and 2013 (in millions): 2015 2014 2013 Purchase activity Asarco LLC $ $ $ Compania Perforadora Mexico S.A.P.I. de C.V. and affiliates Eolica El Retiro, S.A.P.I. de C.V. — Ferrocarril Mexicano, S.A. de C.V. Grupo Mexico Mexico Proyectos y Desarrollos S.A. de C.V. and affiliates MGE Total purchases $ $ $ Sales activity Asarco LLC $ $ $ Compania Perforadora Mexico S.A.P.I. de C.V. and affiliates Grupo Mexico — — Mexico Proyectos y Desarrollos S.A. de C.V. and affiliates MGE Total sales $ $ $ Grupo Mexico, the parent and the majority indirect stockholder of the Company, and its affiliates provide various services to the Company. These services are primarily related to accounting, legal, tax, financial, treasury, human resources, price risk assessment and hedging, purchasing, procurement and logistics, sales and administrative and other support services. The Company pays Grupo Mexico for these services and expects to continue these services in the future. The Company’s Mexican operations paid fees for freight services provided by Ferrocarril Mexicano, S.A de C.V., for construction services provided by Mexico Proyectos y Desarrollos, S.A. de C.V. and its affiliates, and for drilling services provided by Compania Perforadora Mexico S.A.P.I. de C.V. All of these companies are subsidiaries of Grupo Mexico. The Company’s Mexican operations purchased scrap and other residual copper mineral from Asarco, and power from MGE. Both companies are subsidiaries of Grupo Mexico. In 2005, the Company organized MGE, as a subsidiary of Minera Mexico, for the construction of two power plants to supply power to the Company’s Mexican operations. In May 2010, the Company’s Mexican operations granted a $350 million line of credit to MGE for the construction of the power plants. That line of credit was due on December 31, 2012 and carried an interest rate of 4.4%. In the first quarter of 2012, Controladora de Infraestructura Energetica Mexico, S. A. de C. V., an indirect subsidiary of Grupo Mexico, acquired 99.999% of MGE through a capital subscription of 1,928.6 million of Mexican pesos (approximately $112 million), reducing Minera Mexico’s participation to less than 0.001%. As consequence of this change in control, MGE became an indirect subsidiary of Grupo Mexico. Additionally, at the same time, MGE paid $150 million to the Company’s Mexican operations partially reducing the total debt. At December 31, 2012, the outstanding balance of $184.0 million was restructured as subordinated debt of MGE with an interest rate of 5.75%. MGE will repay its debt to the Company using a percentage of its profits until such time as the debt is satisfied. At December 31, 2015 the remaining balance of the debt was $111.2 million and was recorded as non-current related party receivable on the consolidated Balance Sheet. Related to this loan the Company recorded interest income of $9.2 million, $9.4 million and $9.9 million in 2015, 2014 and 2013, respectively. In 2012, the Company signed a power purchase agreement with MGE, whereby MGE will supply some of the Company’s Mexican operations with power through 2032. MGE completed construction of its first power plant in June 2013 and the second plant, in the second quarter of 2014. MGE has the authorization for interconnection with the Mexican electrical system to start operations at the second plant. MGE began supplying power to the Company in December 2013. MGE is supplying a portion of its power output to third-party energy users. See also Note 13 — “Commitments and Contingencies — Other commitments.” On August 4, 2014, Mexico Generadora de Energia Eolica S. de R.L. de C.V, an indirect subsidiary of Grupo Mexico, located in Oaxaca, Mexico, acquired Eolica el Retiro. Eolica el Retiro is a windfarm that has 37 wind turbines. This company started operations in January 2014 and started to sell power to IMMSA and other subsidiaries of Grupo Mexico in the third quarter of 2014. The Company sold copper cathodes, rod and anodes, as well as sulfuric acid, silver, gold and lime to Asarco. In addition, the Company received fees for building rental and maintenance services provided to Mexico Proyectos y Desarrollos, S.A. de C.V. and its affiliates and to Perforadora Mexico S.A.P.I de C.V., and for natural gas and services provided to MGE, all subsidiaries of Grupo Mexico. Companies with relationships with the controlling group: The following table summarize the purchase and sales activities with other Larrea family companies in 2015, 2014 and 2013 (in millions): 2015 2014 2013 Purchase activity Boutique Bowling de Mexico S.A. de C.V. $ $ — $ — Mextransport Operadora de Cinemas S.A. de C.V. — — Total purchases $ $ $ Sales activity Boutique Bowling de Mexico S.A. de C.V. $ $ — $ — Mextransport Operadora de Cinemas S.A. de C.V. — — Total sales $ $ $ The Larrea family controls a majority of the capital stock of Grupo Mexico, and has extensive interests in other businesses, including aviation, real estate and entertainment. The Company engages in certain transactions in the ordinary course of business with other entities controlled by the Larrea family relating to the lease of office space, air transportation and entertainment. The Company’s Mexican operations paid fees for entertainment services provided by Boutique Bowling de Mexico S.A de C.V. and Operadora de Cinemas S.A. de C.V. Both companies are controlled by the Larrea family. MexTransport provides aviation services to the Company’s Mexican operations. This is a company controlled by the Larrea family. Companies with relationships with SCC executive officers: The following table summarize the purchase activities with companies with relationships to SCC executive officers in 2015, 2014 and 2013 (in millions): 2015 2014 2013 Higher Technology S.A.C. $ $ $ Servicios y Fabricaciones Mecanicas S.A.C. Sempertrans Breaker Pigoba, S.A. de C.V. — Total purchased $ $ $ The Company purchased industrial materials from Higher Technology S.A.C. and paid fees for maintenance services provided by Servicios y Fabricaciones Mecanicas S.A.C. Mr. Carlos Gonzalez, the son of SCC’s Chief Executive Officer, has a proprietary interest in these companies. The Company purchased industrial material from Sempertrans and its affiliates, which employed Mr. Alejandro Gonzalez as a sales representative, through August 4, 2015. Also, the Company purchased industrial material from Pigoba, S.A. de C.V., a company in which Mr. Alejandro Gonzalez has a proprietary interest. Mr. Alejandro Gonzalez is the son of SCC’s Chief Executive Officer. The Company purchased industrial material and services from Breaker, S.A. de C.V., a company in which Mr. Jorge Gonzalez, son-in-law of SCC’s Chief Executive Officer, has a proprietary interest, and from Breaker Peru S.A.C., a company in which Mr. Jorge Gonzalez, son-in-law and Mr. Carlos Gonzalez, son of SCC’s Chief Executive Officer have a proprietary interest. Equity Investment in Affiliate: The Company has a 44.2% participation in Compania Minera Coimolache S.A. (“Coimolache”), which it accounts for on the equity method. Coimolache owns Tantahuatay, a gold mine located in the northern part of Peru. To support the cost of the development of Tantahuatay, the Company loaned $56.6 million to Coimolache. The repayment of this loan was completed in August 2014. It is anticipated that in the future the Company will enter into similar transactions with these same parties.

SEGMENT AND RELATED INFORMATION

SEGMENT AND RELATED INFORMATION:	12 Months Ended
	Dec. 31, 2015
SEGMENT AND RELATED INFORMATION:
SEGMENT AND RELATED INFORMATION:	NOTE 18-SEGMENT AND RELATED INFORMATION: Company management views Southern Copper as having three reportable segments and manages it on the basis of these segments. The reportable segments identified by the Company are: the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit. The three reportable segments identified are groups of mines, each of which constitute an operating segment, with similar economic characteristics, type of products, processes and support facilities, similar regulatory environments, similar employee bargaining contracts and similar currency risks. In addition, each mine within the individual group earns revenues from similar type of customers for their products and services and each group incurs expenses independently, including commercial transactions between groups. Intersegment sales are based on arm’s length prices at the time of sale. These may not be reflective of actual prices realized by the Company due to various factors, including additional processing, timing of sales to outside customers and transportation cost. Added to the segment data is information regarding the Company’s sales. The segments identified by the Company are: 1. Peruvian operations, which include the Toquepala and Cuajone mine complexes and the smelting and refining plants, including a precious metals plant, industrial railroad and port facilities that service both mines. The Peruvian operations produce copper, with production of by-products of molybdenum, silver and other material. 2. Mexican open-pit operations, which include La Caridad and Buenavista mine complexes and the smelting and refining plants, including a precious metals plant and a copper rod plant and support facilities that service both mines. The Mexican open-pit operations produce copper, with production of by-products of molybdenum, silver and other material. 3. Mexican underground mining operations, which include five underground mines that produce zinc, copper, silver and gold, a coal mine which produces coal and coke, and a zinc refinery. This group is identified as the IMMSA unit. The Peruvian operations include two open-pit copper mines whose mineral output is transported by rail to Ilo, Peru where it is processed at the Company’s Ilo smelter and refinery, without distinguishing between the products of the two mines. The resulting product, anodes and refined copper, are then shipped to customers throughout the world. These shipments are recorded as revenue of the Company’s Peruvian mines. The Mexican open-pit segment includes two copper mines whose mineral output is processed in the same smelter and refinery without distinguishing between the products of the two mines. The resultant product, anodes and refined copper, are then shipped to customers throughout the world. These shipments are recorded as revenues of the Company’s Mexican open-pit mines. The Company has determined that it is necessary to classify the Peruvian open-pit operations as a separate operating segment from the Mexican open-pit operations due to the very distinct regulatory and political environments in which they operate. The Company’s Senior Management Officers must consider the operations in each country separately when analyzing results of the Company and making key decisions. The open-pit mines in Peru must comply with stricter environmental rules and must continually deal with a political climate that has a very distinct vision of the mining industry as compared to Mexico. In addition, the collective bargaining agreement contracts are negotiated differently in each of the countries. These key differences result in the Company taking varying decisions with regards to open-pit operations in the two countries. The IMMSA segment includes five mines whose minerals are processed in the same refinery. This segment also includes an underground coal mine. Sales of product from this segment are recorded as revenues of the Company’s IMMSA unit. While the Mexican underground mines are subject to a very similar regulatory environment of the Mexican open-pit mines, the nature of the products and processes of two Mexican operations vary distinctly. These differences cause the Company’s Senior Management Officers to take a very different approach when analyzing results and making decisions regarding the two Mexican operations. Financial information is regularly prepared for each of the three segments and the results of the Company’s operations are regularly reported to Senior Management on the segment basis. Senior Management of the Company focus on operating income and on total assets as measures of performance to evaluate different segments and to make decisions to allocate resources to the reported segments. These are common measures in the mining industry. Financial information relating to Company’s segments is as follows: Year Ended December 31, 2015 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, other and eliminations Consolidated Net sales outside of segments $ $ $ $ — $ Intersegment sales — — ) — Cost of sales (exclusive of depreciation, amortization and depletion) ) Selling, general and administrative Depreciation, amortization and depletion ) Exploration Environmental reclamation — — — Operating income $ $ $ $ Less: Interest, net ) Other income (expense) ) Income taxes ) Equity earnings of affiliate Non-controlling interest ) Net income attributable to SCC $ Capital investment (*) $ $ $ $ $ Property and mine development, net $ $ $ $ $ Total assets $ $ $ $ $ (*) Corporate, other and eliminations includes $100.4 million purchase of the El Pilar mining property acquisition. Year Ended December 31, 2014 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, other and eliminations Consolidated Net sales outside of segments $ $ $ $ — $ Intersegment sales — — ) — Cost of sales (exclusive of depreciation, amortization and depletion) ) Selling, general and administrative Depreciation, amortization and depletion ) Exploration Environmental reclamation — — — Operating income $ $ $ $ ) Less: Interest, net ) Other income (expense) ) Income taxes ) Equity earnings of affiliate Non-controlling interest ) Net income attributable to SCC $ Capital expenditures $ $ $ $ $ Property and mine development, net $ $ $ $ $ Total assets $ $ $ $ ) $ Year Ended December 31, 2013 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, other and eliminations Consolidated Net sales outside of segments $ $ $ $ — $ Intersegment sales — — ) — Cost of sales (exclusive of depreciation, amortization and depletion) ) Selling, general and administrative Depreciation, amortization and depletion Exploration Operating income $ $ $ $ ) Less: Interest, net ) Other income (expense) Income taxes ) Equity earnings of affiliate Non-controlling interest ) Net income attributable to SCC $ Capital expenditures $ $ $ $ $ Property and mine development, net $ $ $ $ $ Total assets $ $ $ $ $ SALES VALUE PER SEGMENT: Year Ended December 31, 2015 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, Other & Eliminations Total Consolidated Copper $ $ $ $ ) $ Molybdenum — — Silver ) Zinc — — — Other ) Total $ $ $ $ ) $ Year Ended December 31, 2014 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, Other & Eliminations Total Consolidated Copper $ $ $ $ ) $ Molybdenum — — Silver ) Zinc — — — Other ) Total $ $ $ $ ) $ Year Ended December 31, 2013 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, Other & Eliminations Total Consolidated Copper $ $ $ $ ) $ Molybdenum — — Silver ) Zinc — — — Other ) Total $ $ $ $ ) $ NET SALES AND GEOGRAPHICAL INFORMATION: Net sales to respective countries for the three years ended December 31, 2015 were as follows: (in millions) 2015 2014 2013 Mexico United States Europe Japan Singapore Other Asian countries Brasil Chile Peru Other American countries Total $ $ $ PROVISIONAL SALES PRICE: At December 31, 2015, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the year-end market price per pound. These sales are subject to final pricing based on the average monthly copper prices on the London Metal Exchange (“LME”) or New York Commodities Exchange (“COMEX”) and Dealer Oxide molybdenum prices in the future month of settlement. Following are the provisionally priced copper and molybdenum sales outstanding at December 31, 2015: Sales volume (million lbs.) Priced at (per pound) Month of settlement Copper January through March 2016 Molybdenum January through April 2016 Provisional sales price adjustments included in accounts receivable and net sales were as follows at December, 31 (in millions): At December 31, 2015 2014 Copper $ ) $ ) Molybdenum ) ) Total $ ) $ ) Management believes that the final pricing of these sales will not have a material effect on the Company’s financial position or results of operations. LONG-TERM SALES CONTRACTS: The following are the significant outstanding long-term contracts: Under the terms of a sales contract with Mitsui & Co. Ltd. (“Mitsui”), the Company was required to supply Mitsui with 48,000 tons of copper cathodes annually through 2013 to the Asian Market. Premium levels were agreed upon annually based on world market terms. 90,000 tons related to a prior contract (period 1994-2000) were supplied as follows: 48,000 tons in 2014 and 42,000 tons in 2015. In 2013, a new long term copper sales agreement was signed with Mitsui for five years, with shipments beginning in 2015. Mitsui and the Company will negotiate market terms and conditions for annual contracts no later than November 30 of the year prior to shipment. The contract considers the following annual volumes of copper cathodes; 6,000 tons for 2015 and 48,000 tons for each of the years from 2016 through 2019. The contract volume would increase by 24,000 tons the year after Tia Maria reaches full production capacity. Failure to reach an agreement on market terms would cancel the annual contract but not the long-term agreement. Under the terms of the agreement all shipments would be to Asia and there are no exclusivity rights for Mitsui or commissions included. This contract may be renewed for additional five year periods, upon the agreement of both parties. Under the terms of a sales contract with Molibdenos y Metales, S.A., SPCC Peru Branch is required to supply 26,210 tons of molybdenum concentrates from 2015 through 2017. This contract may be extended for one more calendar year during each October to maintain a three year period unless either party decides to terminate the agreement. The sale price of the molybdenum concentrates is based on the monthly average of the high and low Metals Week Dealer Oxide quotation. The roasting charge deduction is agreed based on international market terms. Under the terms of a sales contract with Molymex, S.A. de C.V., Operadora de Minas de Nacozari, S.A. de C.V. and Operadora de Minas e Instalaciones Mineras, S.A. de C. V. are required to supply at least the 80% of their molybdenum concentrates production from 2016 through 2019. The sale price of the molybdenum concentrate is based on the monthly average of the high and low Metals Week Dealer Oxide quotation. The roasting charge deduction is negotiated based on international market terms.

QUARTERLY DATA (unaudited)

QUARTERLY DATA (unaudited)	12 Months Ended
	Dec. 31, 2015
QUARTERLY DATA (unaudited)
QUARTERLY DATA (unaudited)	NOTE 19-QUARTERLY DATA (unaudited) (in millions, except per share data) 2015 1 st 2 nd 3 rd 4 th Year Net sales $ $ $ $ $ Gross profit $ $ $ $ $ Operating income $ $ $ $ $ Net income $ $ $ $ $ Net income attributable to SCC $ $ $ $ $ Per share amounts attributable to SCC: Net earnings basic and diluted $ $ $ $ $ Dividend per share $ $ $ $ $ 2014 1 st 2 nd 3 rd 4 th Year Net sales $ $ $ $ $ Gross profit $ $ $ $ $ Operating income $ $ $ $ $ Net income $ $ $ $ $ Net income attributable to SCC $ $ $ $ $ Per share amounts attributable to SCC: Net earnings basic and diluted $ $ $ $ $ Dividend per share $ $ $ $ $

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 20—SUBSEQUENT EVENTS DIVIDENDS: On January 28, 2016, the Board of Directors authorized a dividend of $0.03 per share payable on March 1, 2016 to shareholders of record at the close of business on February 16, 2016.

Schedule II Valuation and Quali

Schedule II Valuation and Qualifying Accounts and Reserves	12 Months Ended
	Dec. 31, 2015
Schedule II Valuation and Qualifying Accounts and Reserves
Schedule II Valuation and Qualifying Accounts and Reserves	Valuation and Qualifying Accounts and Reserves (in millions): Additions Balance at beginning of period Charged to costs and expenses Additions Deduction/ Application Balance at end of period Reserve deducted in balance sheet to which applicable: Accounts Receivable: 2015 $ — — $ 2014 — — — 2013 — — — Notes issued under par: 2015 $ — $ 2014 — — 2013 — —

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Policies)	12 Months Ended
	Dec. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Principles of consolidation	Principles of consolidation— The consolidated financial statements include the accounts of subsidiaries of which the Company has voting control, in accordance with Accounting Standards Codification (“ASC”) 810 Consolidation . Such financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain prior year amounts have been reclassified to conform to the current year presentation.
Use of estimates	Use of estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include the carrying value of ore reserves that are the basis for future cash flow estimates and amortization calculations; environmental reclamation, closure and retirement obligations; estimates of recoverable copper in mill and leach stockpiles; asset impairments (including estimates of future cash flows); unrecognized tax benefits; valuation allowances for deferred tax assets; and fair value of financial instruments. Management bases its estimates on the Company’s historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Revenue recognition	Revenue recognition— Substantially all of the Company’s copper and non-copper products are sold under annual or other longer-term contracts. Revenue is recognized when title passes to the customer. The passing of title is based on terms of the contract, generally upon shipment. Copper and non-copper revenues are determined based on the monthly average of prevailing commodity prices according to the terms of the contracts. The Company provides allowances for doubtful accounts based upon historical bad debt and claims experience and periodic evaluation of specific customer accounts. For certain of the Company’s sales of copper and molybdenum products, customer contracts allow for pricing based on a month subsequent to shipping, in most cases within the following three months and occasionally in some cases a few additional months. In such cases, revenue is recorded at a provisional price at the time of shipment. The provisionally priced copper sales are adjusted to reflect forward LME or COMEX copper prices at the end of each month until a final adjustment is made to the price of the shipments upon settlement with customers pursuant to the terms of the contract. In the case of molybdenum sales, for which there are no published forward prices, the provisionally priced sales are adjusted to reflect the market prices at the end of each month until a final adjustment is made to the price of the shipments upon settlement with customers pursuant to the terms of the contract. These provisional pricing arrangements are accounted for separately from the contract as an embedded derivative instrument under ASC 815-30 “Derivatives and Hedging — Cash Flow Hedges.” The Company sells copper in concentrate, anode, blister and refined form at industry standard commercial terms. Net sales include the invoiced value of copper, zinc, silver, molybdenum, sulfuric acid and other metals and the corresponding fair value adjustment of the related forward contract of copper and molybdenum.
Shipping and handling fees and costs	Shipping and handling fees and costs— Amounts billed to customers for shipping and handling are classified as sales. Amounts incurred for shipping and handling are included in cost of sales (exclusive of depreciation, amortization and depletion).
Cash and cash equivalents	Cash and cash equivalents— Cash and cash equivalents include bank deposits, certificates of deposit and short-term investment funds with original maturities of three months or less at the date of purchase. The carrying value of cash and cash equivalents approximates fair value.
Short-term investments	Short-term investments— The Company accounts for short-term investments in accordance with ASC 320-10 “Investments Debt and Equity Securities — Recognition.” The Company determines the appropriate classification of all short-term investments as held-to-maturity, available-for-sale or trading at the time of purchase and re-evaluates such classifications as of each balance sheet date. Unrealized gains and losses on available-for-sale investments, net of taxes, are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity, unless such loss is deemed to be other than temporary.
Inventories	Inventories— The Company principally produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Metal inventories, consisting of work-in-process and finished goods, are carried at the lower of average cost or market. Costs incurred in the production of metal inventories exclude general and administrative costs. Once molybdenum, silver, zinc and other by-products are identified, they are transferred to their respective production facilities and the incremental cost required to complete production is assigned to their inventory value. Work-in-process inventories represent materials that are in the process of being converted into a saleable product. Conversion processes vary depending on the nature of the copper ore and the specific mining operation. For sulfide ores, processing includes milling and concentrating and results in the production of copper and molybdenum concentrates. Finished goods include saleable products (e.g., copper concentrates, copper anodes, copper cathodes, copper rod, molybdenum concentrate and other metallurgical products). Supplies inventories are carried at the lower of average cost or market.
Long-term inventory - Ore stockpiles on leach pads	Long-term inventory — Ore stockpiles on leach pads. The leaching process is an integral part of the mining operations carried out at the Company’s open-pit mines. The Company capitalizes the production cost of leachable material at its Toquepala, La Caridad and Buenavista mines recognizing it as inventory. The estimates of recoverable mineral content contained in the leaching dumps are supported by engineering studies. As the production cycle of the leaching process is significantly longer than the conventional process of concentrating, smelting and electrolytic refining, the Company includes on its balance sheet current leach inventory (included in work-in-process inventories) and long-term leach inventory. Through 2013, the cost attributed to the leach material was charged to cost of sales over a five-year period, which was considered the average estimated recovery period based on the historical recovery percentages of each mine. During the fourth quarter of 2014, the Company completed the construction of a new plant that has resulted in increased efficiency in production and use of leachable material. Accordingly, the Company changed its method of amortization to the units of production method. This change in estimate effected by a change in accounting principle will result in a better matching of costs to revenues as a result of the improved production levels expected from the new plant and will result in a better estimate of current and long-term leachable material inventory.
Property	Property- Property is recorded at acquisition cost, net of accumulated depreciation and amortization. Cost includes major expenditures for improvements and replacements, which extend useful lives or increase capacity and interest costs associated with significant capital additions. Maintenance, repairs, normal development costs at existing mines and gains or losses on assets retired or sold are reflected in earnings as incurred. Buildings and equipment are depreciated on the straight-line method over estimated lives from five to 40 years or the estimated life of the mine if shorter.
Mine development	Mine development — Mine development includes primarily the cost of acquiring land rights to an exploitable ore body, pre-production stripping costs at new mines that are commercially exploitable, costs associated with bringing new mineral properties into production, and removal of overburden to prepare unique and identifiable areas outside the current mining area for such future production. Mine development costs are amortized on a unit of production basis over the remaining life of the mines. There is a diversity of practices in the mining industry in the treatment of drilling and other related costs to delineate new ore reserves. The Company follows the practices outlined in the next two paragraphs in its treatment of drilling and related costs. Drilling and other associated costs incurred in the Company’s efforts to delineate new resources, whether near-mine or Greenfield are expensed as incurred. These costs are classified as mineral exploration costs. Once the Company determines through feasibility studies that proven and probable reserves exist and that the drilling and other associated costs embody a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflow, then the costs are classified as mine development costs. These mine development costs incurred prospectively to develop the property are capitalized as incurred, until the commencement of production, and are amortized using the units of production method over estimated life of the ore body. During the production stage, drilling and other related costs incurred to maintain production are included in production cost in the period in which they are incurred. Drilling and other related costs incurred in the Company’s efforts to delineate a major expansion of reserves at an existing production property are expensed as incurred. Once the Company determines through feasibility studies that proven and probable incremental reserves exist and that the drilling and other associated costs embody a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflow, then the costs are classified as mine development costs. These incremental mine development costs are capitalized as incurred, until the commencement of production and amortized using the units of production method over the estimated life of the ore body. A major expansion of reserves is one that increases total reserves at a property by approximately 10% or more. For the years ended December 31, 2015, 2014 and 2013, the Company did not capitalize any drilling and related costs.
Asset retirement obligations (reclamation and remediation costs)	Asset retirement obligations (reclamation and remediation costs)— The fair value of a liability for asset retirement obligations is recognized in the period in which the liability is incurred. The liability is measured at fair value and is adjusted to its present value in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying value of the related long-lived assets and depreciated over the asset’s useful life.
Intangible assets	Intangible assets— Intangible assets include primarily the excess amount paid over the book value for investment shares which are presented as mining concessions, and mining and engineering development studies. Intangible assets are carried at acquisition costs, net of accumulated amortization and are amortized principally on a unit of production basis over the estimated remaining life of the mines. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
Debt issuance costs	Debt issuance costs— In April 2015, the Financial Accounting Standards Board (“FASB”) issued the Accounting Standard Update (“ASU”) 2015-03: Interest — Imputation of interest as an amendment of ASC 835-30, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the treatment of a debt discount. The Company implemented this ASU in the second quarter of 2015 as permitted via early adoption and it is applied on a retrospective basis. As a consequence, the December 31, 2014 balance sheet has been modified to reflect this presentation. This change in accounting principle will result in a more transparent presentation of debt since debt issuance costs are similar to debt discounts and in effect reduce the proceeds of borrowings as well as impact the effective interest rate on the related debt. Before this change in accounting principle, debt issuance costs were included in other assets and amortized using the effective interest method over the term of the related debt.
Ore reserves	Ore reserves— The Company periodically reevaluates estimates of its ore reserves, which represent the Company’s estimate as to the amount of unmined copper remaining in its existing mine locations that can be produced and sold at a profit. Such estimates are based on engineering evaluations derived from samples of drill holes and other openings, combined with assumptions about copper market prices and production costs at each of the respective mines. The Company updates its estimate of ore reserves at the beginning of each year. In this calculation, the Company uses current metal prices which are defined as the average metal price over the preceding three years. The current price per pound of copper, as defined, was $2.99, $3.36 and $3.65 at the end of 2015, 2014 and 2013, respectively. The ore reserve estimates are used to determine the amortization of mine development and intangible assets. Once the Company determines through feasibility studies that proven and probable reserves exist and that the drilling and other associated costs embody a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflow, then the costs are classified as mine development costs and the Company discloses the related ore reserves.
Exploration	Exploration— Tangible and intangible costs incurred in the search for mineral properties are charged against earnings when incurred.
Income taxes	Income taxes— Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes on temporary differences between the amount of taxable income and pretax financial income and between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized and settled as prescribed in ASC 740 “Income taxes.” As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Deferred income tax assets are reduced by any benefits that, in the opinion of management, are more likely not to be realized. The Company’s operations involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. The Company follows the guidance of ASC 740 “Income taxes” to record these liabilities. (See Note 8 “Income taxes” of the consolidated financial statements for additional information). The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If its estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If payment of these amounts ultimately proves to be less than the recorded amounts, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. The Company classifies income tax-related interest and penalties as income taxes in the financial statements, as well as interest and penalties, if any, related to unrecognized tax benefits.
Foreign exchange	Foreign exchange— The Company’s functional currency is the U.S. dollar. As required by local law, both the Peruvian Branch and Minera Mexico maintain their books of accounts in Peruvian soles and Mexican pesos, respectively. Foreign currency assets and liabilities are remeasured into U.S. dollars at current exchange rates, except for non-monetary items such as inventory, property, intangible assets and other assets which are remeasured at historical exchange rates. Revenues and expenses are generally translated at actual exchange rates in effect during the period, except for those items related to balance sheet amounts that are remeasured at historical exchange rates. Gains and losses from foreign currency remeasurement are included in earnings of the period. Gains and (losses) resulting from foreign currency transactions are included in “Cost of sales (exclusive of depreciation, amortization and depletion).”
Asset impairments	Asset impairments - The Company evaluates long-term assets when events or changes in economic circumstances indicate that the carrying amount of such assets may not be recoverable. These evaluations are based on business plans that are prepared using a time horizon that is reflective of the Company’s expectations of metal prices over its business cycle. The Company is currently using a long-term average copper price and an average molybdenum price for impairment tests, reflective of what the Company believes is the lower level of the current price environment. The results of its impairment tests using these long-term copper and molybdenum prices show no impairment in the carrying value of their assets. In recent years testing using assumptions for long-term average prices have resulted in stricter evaluation for impairment analysis than would the higher three year average prices for copper and molybdenum prices. Should this situation reverse in the future with three year average prices below the long-term price assumption, the Company would assess the need to use the three year average prices in its evaluations. The Company uses an estimate of the future undiscounted net cash flows of the related asset or asset group over the remaining life to measure whether the assets are recoverable and measures any impairment by reference to fair value.
Other comprehensive income	Other comprehensive income— Comprehensive income represents changes in equity during a period, except those resulting from investments by owners and distributions to owners. During the fiscal years ended December 31, 2015, 2014 and 2013, the components of “other comprehensive income (loss)” were, the unrecognized gain (loss) on employee benefit obligations and realized gain (loss) included in net income.
Business segments	Business segments- Company management views Southern Copper as having three reportable segments and manages it on the basis of these segments. The segments identified by the Company are: 1) the Peruvian operations, which include the two open-pit copper mines in Peru and the plants and services supporting such mines, 2) the Mexican open-pit copper mines, which include La Caridad and Buenavista mine complexes and their supporting facilities and 3) the Mexican underground mining operations, which include five underground mines that produce zinc, copper, silver and gold, a coal mine and a zinc refinery. Please see Note 18 “Segments and Related Information.” Senior management officers of the Company focus on operating income as measure of performance to evaluate different segments, and to make decisions to allocate resources to the reported segments. These are common measures in the mining industry.
ADOPTION OF NEW ACCOUNTING STANDARDS	ADOPTION OF NEW ACCOUNTING STANDARDS ASU 2015-03 : On April 7, 2015, the FASB issued ASU 2015-03 “Interest — Imputation of Interest” (Subtopic 835-30). The Company adopted this ASU in 2015, see Debt issuance costs above. ASU 2015-08 : In May 2015, the FASB issued ASU 2015-08 “Business Combination” (Topic 805). The objective is to amend various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115 related to push-down accounting. The amendments in this update are effective from the date of publication. The Company adopted this ASU in 2015, and it had no effect on the Company’s results. ASU 2015-17: On November 20, 2015, the FASB issued ASU 2015-17 “Income Taxes” (Topic 840 - balance sheet Classification of Deferred Taxes), to simplify the presentation of deferred income taxes. The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The amendments in this update apply to all entities that present a classified balance sheet. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. These amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption permitted. The Company has adopted this update retrospectively in December 2015.

SHORT-TERM INVESTMENTS_ (Tables

SHORT-TERM INVESTMENTS: (Tables)	12 Months Ended
	Dec. 31, 2015
SHORT-TERM INVESTMENTS:
Schedule of short-term investments	Short-term investments were as follows ($ in millions): At December 31, 2015 2014 Trading securities $ $ Weighted average interest rate % % Available-for-sale $ $ Weighted average interest rate % % Total $ $
Summary of activities of short-term investments	The following table summarizes the activity of these investments by category (in millions): Years ended December 31, 2015 2014 Trading: Interest earned $ $ Unrealized gain (loss) at December 31, $ ) $ Available-for-sale: Interest earned (* ) (* ) Investment redeemed $ $ (*) Less than $0.1 million
Schedule of contractual maturities of the Company's available for sale debt securities	At December 31, 2015 and 2014, contractual maturities of the available-for-sale debt securities are as follows (in millions): 2015 2014 One year or less $ $ Maturing after one year through five years — — Maturing after five years through ten years — Due after 10 years Total debt securities $ $

INVENTORIES_ (Tables)

INVENTORIES: (Tables)	12 Months Ended
	Dec. 31, 2015
INVENTORIES:
Schedule of inventories	At December 31, (in millions) 2015 2014 Inventory, current: Metals at average cost: Finished goods $ $ Work-in-process Ore stockpiles on leach pads Supplies at average cost Total current inventory $ $ Inventory, long-term: Ore stockpiles on leach pads $ $

PROPERTY_ (Tables)

PROPERTY: (Tables)	12 Months Ended
	Dec. 31, 2015
PROPERTY:
Schedule of major classes of property, plant and equipment	At December 31, (in millions) 2015 2014 Buildings and equipment $ $ Construction in progress Mine development Mineral assets — Land, other than mineral Total property Accumulated depreciation, amortization and depletion ) ) Total property and mine development, net $ $

INTANGIBLE ASSETS_ (Tables)

INTANGIBLE ASSETS: (Tables)	12 Months Ended
	Dec. 31, 2015
INTANGIBLE ASSETS:
Schedule of major classes of intangible assets and goodwill	At December 31, (in millions) 2015 2014 Mining concessions $ $ Mine engineering and development studies Software Accumulated amortization: Mining concessions ) ) Mine engineering and development studies ) ) Software ) ) ) ) Goodwill Intangible assets, net $ $
Schedule of estimated amortization of intangible assets for future periods	Estimated amortization expense (in millions): 2016-2020 $ Average annual $
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amount of goodwill for the year 2015 are as follows (in millions): 2015 Balance as of January 1, $ Goodwill acquired Impairment losses — Balance as of December 31, $

ACQUISITION OF EL PILAR MINE (T

ACQUISITION OF EL PILAR MINE (Tables)	12 Months Ended
	Dec. 31, 2015
ACQUISITION OF EL PILAR MINE
Schedule of recognized amounts of identifiable assets acquired and liabilities assumed	Recognized amounts of identifiable assets acquired and liabilities assumed (in million) Financial assets $ Mineral assets Property, plant and equipment Deferred income taxes ) Financial liabilities ) Total identifiable net assets Goodwill Total paid $

INCOME TAXES_ (Tables)

INCOME TAXES: (Tables)	12 Months Ended
	Dec. 31, 2015
INCOME TAXES:
Components of the provision for income taxes	(in millions) 2015 2014 2013 U.S. federal and state: Current $ — $ — $ — Deferred ) ) ) Uncertain tax positions — ) ) ) Foreign (Peru and Mexico): Current Deferred ) Total provision for income taxes $ $ $
Schedule of source of income	(in millions) 2015 2014 2013 Earnings by location: U.S. $ ) $ ) $ Foreign Peru Mexico Earnings before taxes on income $ $ $
Reconciliation of the statutory income tax rate to the effective tax rate	The reconciliation of the statutory income tax rate to the effective tax rate for the three years ended December 31, 2015, is as follows (in percentage points): 2015 2014 2013 Expected tax at U.S. statutory rate % % % Foreign tax at other than statutory rate, net of foreign tax credit benefit (1) Percentage depletion ) ) ) Other permanent differences ) Increase (decrease) in unrecognized tax benefits for uncertain tax positions — Repatriated foreign earnings — ) ) Amounts (over) under provided in prior years ) Other Effective income tax rate % % % (1) Foreign tax at other than statutory rates, net of foreign tax credit benefit, also includes the effects of permanent differences in Peru and Mexico, that are determined at the local statutory rate.
Schedule of deferred tax assets and liabilities	At December 31, (in millions) 2015 2014 Assets: Inventories $ $ Capitalized exploration expenses U.S. foreign tax credit carryforward, net of FIN 48 liability U.S. tax effect of Peruvian deferred tax liability Reserves Mexican tax on consolidated dividends — Other Total deferred tax assets Liabilities: Property, plant and equipment ) ) Deferred charges ) ) Mexican tax on consolidated dividends — ) Other ) ) Total deferred tax liabilities ) ) Total net deferred tax assets / (liabilities) $ $
Summary of expiry of foreign tax credits	Year Amount 2016 $ 2018 2019 2020 2021 2022 2023 2024 2025 Total $
Summary of income tax rate and dividend tax rate due to change in enacted tax law	Year Income Tax Rate Dividend Tax Rate 2015- 2016 % % 2017- 2018 % % 2019 and later % %
Schedule of reconciliation of amount of unrecognized tax benefits	The total amount of unrecognized tax benefits in 2015, 2014 and 2013, was as follows (in millions): 2015 2014 2013 Unrecognized tax benefits, opening balance $ $ $ Gross increases — tax positions in prior period — Gross decreases — tax positions in prior period — — — Gross increases — current-period tax positions — — Unrecognized tax benefits, ending balance $ $ $
Summary of tax years remaining open to examination and adjustment in major tax jurisdictions	Peru: 2011 up to 2015 U.S.: 2008 and all subsequent years Mexico: 2011 and all subsequent years

WORKERS' PARTICIPATION_ (Tables

WORKERS' PARTICIPATION: (Tables)	12 Months Ended
	Dec. 31, 2015
WORKERS' PARTICIPATION:
Schedule of workers' participation expense	Workers’ participation expense for the three years ended December 31, 2015 was as follows (in millions): 2015 2014 2013 Current $ $ $ Deferred ) ) $ $ $

ASSET RETIREMENT OBLIGATION_ (T

ASSET RETIREMENT OBLIGATION: (Tables)	12 Months Ended
	Dec. 31, 2015
ASSET RETIREMENT OBLIGATION:
Summary of asset retirement obligation activity	The following table summarizes the asset retirement obligation activity for years ended December 31, 2015 and 2014 (in millions): 2015 2014 Balance as of January 1 $ $ Changes in estimates ) Additions — Closure payments ) ) Accretion expense Balance as of December 31, $ $

FINANCING_ (Tables)

FINANCING: (Tables)	12 Months Ended
	Dec. 31, 2015
FINANCING:
Schedule of long-term debt	Face amount Issuance discount Issuance costs Carrying value as of December 31, 2015 5.375% Senior unsecured notes due 2020 $ $ ) $ ) $ 3.500% Senior unsecured notes due 2022 ) ) 3.875% Senior unsecured notes due 2025 ) ) 9.250% Yankee Bonds due 2028 — — 7.500% Senior unsecured notes due 2035 ) ) 6.750% Senior unsecured notes due 2040 ) ) 5.250% Senior unsecured notes due 2042 ) ) 5.875% Senior unsecured notes due 2045 ) ) Total $ $ ) $ ) Less, current portion — Total long-term debt $ Face amount Issuance discount Carrying value before adoption of ASU 2015-03 Issuance costs Restated carrying value as of December 31, 2014 6.375% Senior unsecured notes due 2015 $ $ ) $ $ ) $ 5.375% Senior unsecured notes due 2020 ) ) 3.500% Senior unsecured notes due 2022 ) ) 9.250% Yankee Bonds due 2028 — — 7.500% Senior unsecured notes due 2035 ) ) 6.750% Senior unsecured notes due 2040 ) ) 5.250% Senior unsecured notes due 2042 ) ) Total $ $ ) $ ) Less, current portion ) ) Total long-term debt $ $
Schedule of aggregate maturities of the outstanding borrowings	Aggregate maturities of the outstanding borrowings at December 31, 2015, are as follows: Years Principal Due (*) (in millions) 2016 $ — 2017 — 2018 — 2019 — Thereafter Total $ (*)Total debt maturities do not include the debt discount valuation account of $99.6 million.

BENEFIT PLANS_ (Tables)

BENEFIT PLANS: (Tables)	12 Months Ended
	Dec. 31, 2015
Post retirement defined benefit plans
Components of net periodic benefit costs
Schedule of the components of net periodic benefit costs	(in millions) 2015 2014 2013 Service cost $ $ $ Interest cost Expected return on plan assets ) ) ) Amortization of transition assets, net — Amortization of net actuarial loss ) ) ) Amortization of net loss/(gain) Net periodic benefit cost $ ) $ ) $ )
Schedule of changes in the benefit obligation and plan assets, the funded status of the plans and the amount recognized in balance sheet and accumulated other comprehensive income	At December 31, (in millions) 2015 2014 Change in benefit obligation: Projected benefit obligation at beginning of year $ $ Service cost Interest cost Benefits paid ) ) Actuarial loss/ (gain) ) Actuarial gain assumption changes ) Inflation adjustment ) ) Projected benefit obligation at end of year $ $ Change in plan assets: Fair value of plan assets at beginning of year $ $ Actual return on plan assets ) Employer contributions ) ) Benefits paid ) ) Currency exchange rate adjustment ) ) Fair value of plan assets at end of year $ $ Funded status at end of year: $ $ ASC-715 amounts recognized in balance sheet consists of: Non-current assets $ $ Total $ $ ASC-715 amounts recognized in accumulated other comprehensive income (net of income taxes of $(3.2) million and $0.4 million in 2015 and 2014, respectively) consists of: Net loss (gain) $ $ ) Prior service cost Total $ $
Schedule of changes in accumulated other comprehensive income	(in millions) 2015 2014 Reconciliation of accumulated other comprehensive income: Accumulated other comprehensive income at beginning of plan year $ $ ) Net loss/(gain) amortized during the year Net loss/(gain) occurring during the year Amortization of transition obligation ) ) Currency exchange rate adjustment Net adjustment to accumulated other comprehensive income (net of income taxes of $(3.6) million and $(1.1) million in 2015 and 2014, respectively) Accumulated other comprehensive income at end of plan year $ $
Summary of the amounts in accumulated other comprehensive income amortized and recognized as a component of net periodic benefit cost, net of tax	(in millions) 2015 2014 Net loss / (gain) $ $ Amortization of net (loss) gain Amortization of transition obligation ) ) Total amortization expenses $ $
Scheduled maturities of the benefits expected to be paid in each of the next five years, and thereafter	Years Expected Benefit Payments (in millions) 2016 $ 2017 2018 2019 2020 2021 to 2025 Total $
Post-retirement Health Care Plan
Components of net periodic benefit costs
Schedule of the components of net periodic benefit costs	(in millions) 2015 2014 2013 Interest cost $ $ $ Amortization of prior service cost/ (credit) ) ) — Net periodic benefit cost $ $ $
Schedule of changes in the benefit obligation and plan assets, the funded status of the plans and the amount recognized in balance sheet and accumulated other comprehensive income	At December 31, (in millions) 2015 2014 Change in benefit obligation: Projected benefit obligation at beginning of year $ $ Interest cost Actuarial loss/ (gain) — claims cost ) ) Benefits paid ) ) Actuarial (gain)/loss ) ) Actuarial gain assumption changes ) Inflation adjustment ) ) Projected benefit obligation at end of year $ $ Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions Benefits paid ) ) Fair value of plan assets at end of year $ — $ — Funded status at end of year: $ ) $ ) ASC-715 amounts recognized in balance sheet consists of: Current liabilities $ ) $ ) Non-current liabilities ) ) Total $ ) $ ) ASC-715 amounts recognized in accumulated other comprehensive income consists of: Net loss (gain) $ ) $ ) Total (net of income taxes of $4.4 million and $3.3 million in 2015 and 2014, respectively) $ ) $ )
Schedule of changes in accumulated other comprehensive income	At December 31, (in millions) 2015 2014 Reconciliation of accumulated other comprehensive income: Accumulated other comprehensive income at beginning of plan year $ ) $ ) Net loss/(gain) occurring during the year ) ) Net loss/(gain) amortized during the year Currency exchange rate adjustment Net adjustment to accumulated other comprehensive income (net of income taxes of $4.4 million and $3.3 million in 2015 and 2014, respectively) ) ) Accumulated other comprehensive income at end of plan year $ ) $ )
Summary of the amounts in accumulated other comprehensive income amortized and recognized as a component of net periodic benefit cost, net of tax	At December 31, (in millions) 2015 2014 Net loss / (gain) $ ) $ ) Amortization of net (loss) gain Total amortization expenses $ ) $ )
Scheduled maturities of the benefits expected to be paid in each of the next five years, and thereafter	Year Expected Benefit Payments (in millions) 2016 $ 2017 2018 2019 2020 2021 to 2025 Total $
Expatriate Plan | Post retirement defined benefit plans
Components of net periodic benefit costs
Schedule of assumptions used to determine the pension obligations and other post-retirement benefits	Expatriate Plan 2015 2014 2013 Discount rate % % % Expected long-term rate of return on plan asset % % % Rate of increase in future compensation level N/A N/A N/A Mexican Plan(*) 2015 2014 2013 Discount rate % % % Expected long-term rate of return on plan asset % % % Rate of increase in future compensation level % % % (*)These rates are based on Mexican pesos as pension obligations are denominated in pesos.
Expatriate Plan | Post-retirement Health Care Plan
Components of net periodic benefit costs
Schedule of assumptions used to determine the pension obligations and other post-retirement benefits	2015 2014 2013 Expatriate health plan Discount rate % % % Mexican health plan Weighted average discount rate % % %
Mexican Health Plan | Post retirement defined benefit plans
Components of net periodic benefit costs
Schedule of asset mix of the investment portfolio	2015 2014 Asset category: Equity securities % % Treasury bills % % % %
Mexican Health Plan | Post-retirement Health Care Plan
Components of net periodic benefit costs
Schedule of assumptions used to determine the pension obligations and other post-retirement benefits	2015 2014 2013 Expatriate health plan Discount rate % % % Mexican health plan Weighted average discount rate % % %
Schedule of effects of one percentage-point change in assumed other benefits cost trend rates	One Percentage Point (in millions) Increase Decrease Effect on total service and interest cost components $ $ Effect on the post-retirement benefit obligation $ $

COMMITMENTS AND CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES: (Tables)	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES:
Schedule of environmental capital investments	Environmental capital investments in years 2015, 2014 and 2013, were as follows (in millions): 2015 2014 2013 Peruvian operations $ $ $ Mexican operations Total $ $ $

STOCKHOLDERS' EQUITY_ (Tables)

STOCKHOLDERS' EQUITY: (Tables)	12 Months Ended
	Dec. 31, 2015
Share based Compensation Plan
Schedule of activity in treasury stock	Activity in treasury stock in the years 2015 and 2014 was as follows (in millions): 2015 2014 Southern Copper common shares Balance as of January 1, $ $ Purchase of shares Used for corporate purposes ) ) Balance as of December 31, Parent Company (Grupo Mexico) common shares Balance as of January 1, Other activity, including dividend, interest and foreign currency transaction effect Balance as of December 31, Treasury stock balance as of December 31, $ $
Schedule of share repurchase program activity	Maximum Number of Shares Total Number of that May Yet Be Total Number Average Shares Purchased Purchased Under Total Cost Period of Shares Price Paid as Part of Publicly the Plan ($ in From To Purchased per Share Announced Plan $26.12(1) millions) 2008 2012 $ 2013: 2014: 2015: 01/01/15 01/31/15 02/01/15 02/28/15 03/01/15 03/31/15 Total first quarter 04/01/15 04/30/15 Total second quarter 07/01/15 07/31/15 08/01/15 08/31/15 09/01/15 09/30/15 Total third quarter 10/01/15 10/31/15 11/01/15 11/30/15 12/01/15 12/31/15 Total fourth quarter Total 2015 Total purchased $ (1) NYSE closing price of SCC common shares at December 31, 2015.
Schedule of activity in Directors' Stock Award Plan	2015 2014 Total SCC shares reserved for the plan Total shares granted at January 1, ) ) Granted in the period ) ) Total shares granted at December 31, ) ) Remaining shares reserved
Employee Stock Purchase 2007 Plan
Share based Compensation Plan
Schedule of stock based compensation expense and unrecognized compensation expense	2014 2013 Stock based compensation expense $ $ Unrecognized compensation expense — $
Schedule of stock award activity	Shares Unit Weighted Average Grant Date Fair Value Outstanding shares at January 1, 2015 $ Granted — — Exercised ) Forfeited — — Outstanding shares at December 31, 2015 $ Outstanding shares at January 1, 2014 $ Granted — — Exercised ) Forfeited — — Outstanding shares at December 31, 2014 $
Employee Stock Purchase 2010 Plan
Share based Compensation Plan
Schedule of stock based compensation expense and unrecognized compensation expense	2015 2014 2013 Stock based compensation expense $ $ $ Unrecognized compensation expense $ $ $
Schedule of stock award activity	Shares Unit Weighted Average Grant Date Fair Value Outstanding shares at January 1, 2015 $ Granted — — Exercised ) Forfeited — — Outstanding shares at December 31, 2015 Outstanding shares at January 1, 2014 $ Granted — — Exercised ) Forfeited — — Outstanding shares at December 31, 2014 $
Employee Stock Purchase 2015 Plan
Share based Compensation Plan
Schedule of stock based compensation expense and unrecognized compensation expense	The stock based compensation expense for the year ended December 31, 2015 and the unrecognized compensation expense under this plan were as follows (in millions): 2015 Stock based compensation expense $ Unrecognized compensation expense $
Schedule of stock award activity	Shares Unit Weighted Average Grant Date Fair Value Outstanding shares at January 1, 2015 — — Granted $ Exercised — — Forfeited — — Outstanding shares at December 31, 2015 $

FAIR VALUE MEASUREMENT_ (Tables

FAIR VALUE MEASUREMENT: (Tables)	12 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENT:
Schedule of carrying amount and estimated fair values of the Company's financial instruments	Consequently, such financial instruments are not included in the following table that provides information about the carrying amounts and estimated fair values of other financial instruments that are not measured at fair value in the consolidated balance sheet as of December 31, 2015 and December 31, 2014 (in millions): At December 31, 2015 At December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Long-term debt $ $ $ $
Schedule of fair values of assets and liabilities measured at fair value on a recurring basis	Fair values of assets and liabilities measured at fair value on a recurring basis were calculated as of December 31, 2015 and 2014, as follows (in millions): Fair Value at Measurement Date Using: Description Fair Value as of December 31, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Short term investment: - Trading securities $ $ — $ — - Available-for-sale debt securities: Corporate bonds — $ — Asset backed securities — — — — Mortgage backed securities — — Accounts receivable: - Embedded derivatives - Not classified as hedges: Provisionally priced sales: Copper — — Molybdenum — — Total $ $ $ $ — Fair Value at Measurement Date Using: Description Fair Value as of December 31, 2014 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Short term investment: - Trading securities $ $ — $ — - Available-for-sale debt securities: Corporate bonds — $ — Asset backed securities — — — — Mortgage backed securities — — Accounts receivable: - Embedded derivatives - Not classified as hedges: Provisionally priced sales: Copper — — Molybdenum — — Total $ $ $ $ —

CONCENTRATION OF RISK_ (Tables)

CONCENTRATION OF RISK: (Tables)	12 Months Ended
	Dec. 31, 2015
CONCENTRATION OF RISK:
Schedule of concentration risk for cash equivalents and short- term investments	At December 31, 2015, SCC had invested its cash and cash equivalents and short-term investments as follows: % of total % in one institution Country $ in million cash (1) of country of total cash United States $ % % % Switzerland % % % Peru % % % Mexico % % % Total cash and short-term investment $ % (1) 98.9% of the Company’s cash is in U.S. dollars.
Schedule of company's largest customers as percentage of accounts receivable and total sales	2015 2014 2013 Accounts receivable trade as of December 31, Five largest customers % % % Largest customer % % % Total sales in year Five largest customers % % % Largest customer % % %

RELATED PARTY TRANSACTIONS_ (Ta

RELATED PARTY TRANSACTIONS: (Tables)	12 Months Ended
	Dec. 31, 2015
Related party transactions
Schedule of receivable and payable balances with related parties	Receivable and payable balances with related parties are shown below (in millions): At December 31, 2015 2014 Related parties receivable current: Compania Perforadora Mexico S.A.P.I. de C.V. and affiliates $ $ Ferrocarril Mexicano S.A. de C.V. — Grupo Mexico Mexico Generadora de Energia S. de R.L. (“MGE”) Operadora de Generadoras de Energia Mexico S.A. de C.V. — Mexico Proyectos y Desarrollos, S.A. de C.V. and affiliates — $ $ Related parties receivable non-current: MGE $ $ Related parties payable: Asarco LLC $ $ Boutique Bowling de Mexico S.A. de C.V. — Breaker, S.A. de C.V. and affiliates (“Breaker”) Eolica El Retiro, S.A.P.I. de C.V. Ferrocarril Mexicano S.A. de C.V. — Grupo Mexico Higher Technology S.A.C. — Mexico Transportes Aereos S.A. de C.V. (“Mextransport”) Mexico Proyectos y Desarrollos S.A. de C.V. and affiliates MGE Operadora de Cinemas S.A. de C.V. — Sempertrans and affiliates — $ $
Grupo Mexico and Affiliates
Related party transactions
Schedule of purchase and sales activities with related parties	The following table summarize the purchase and sale activities with Grupo Mexico and its affiliates in 2015, 2014 and 2013 (in millions): 2015 2014 2013 Purchase activity Asarco LLC $ $ $ Compania Perforadora Mexico S.A.P.I. de C.V. and affiliates Eolica El Retiro, S.A.P.I. de C.V. — Ferrocarril Mexicano, S.A. de C.V. Grupo Mexico Mexico Proyectos y Desarrollos S.A. de C.V. and affiliates MGE Total purchases $ $ $ Sales activity Asarco LLC $ $ $ Compania Perforadora Mexico S.A.P.I. de C.V. and affiliates Grupo Mexico — — Mexico Proyectos y Desarrollos S.A. de C.V. and affiliates MGE Total sales $ $ $
Companies with relationship to the controlling group
Related party transactions
Schedule of purchase and sales activities with related parties	The following table summarize the purchase and sales activities with other Larrea family companies in 2015, 2014 and 2013 (in millions): 2015 2014 2013 Purchase activity Boutique Bowling de Mexico S.A. de C.V. $ $ — $ — Mextransport Operadora de Cinemas S.A. de C.V. — — Total purchases $ $ $ Sales activity Boutique Bowling de Mexico S.A. de C.V. $ $ — $ — Mextransport Operadora de Cinemas S.A. de C.V. — — Total sales $ $ $
Companies with relationship to SCC executive officers' families
Related party transactions
Schedule of purchase activity with related parties	The following table summarize the purchase activities with companies with relationships to SCC executive officers in 2015, 2014 and 2013 (in millions): 2015 2014 2013 Higher Technology S.A.C. $ $ $ Servicios y Fabricaciones Mecanicas S.A.C. Sempertrans Breaker Pigoba, S.A. de C.V. — Total purchased $ $ $

SEGMENT AND RELATED INFORMATI47

SEGMENT AND RELATED INFORMATION: (Tables)	12 Months Ended
	Dec. 31, 2015
SEGMENT AND RELATED INFORMATION:
Schedule of financial information relating to Company's segments	Year Ended December 31, 2015 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, other and eliminations Consolidated Net sales outside of segments $ $ $ $ — $ Intersegment sales — — ) — Cost of sales (exclusive of depreciation, amortization and depletion) ) Selling, general and administrative Depreciation, amortization and depletion ) Exploration Environmental reclamation — — — Operating income $ $ $ $ Less: Interest, net ) Other income (expense) ) Income taxes ) Equity earnings of affiliate Non-controlling interest ) Net income attributable to SCC $ Capital investment (*) $ $ $ $ $ Property and mine development, net $ $ $ $ $ Total assets $ $ $ $ $ (*) Corporate, other and eliminations includes $100.4 million purchase of the El Pilar mining property acquisition. Year Ended December 31, 2014 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, other and eliminations Consolidated Net sales outside of segments $ $ $ $ — $ Intersegment sales — — ) — Cost of sales (exclusive of depreciation, amortization and depletion) ) Selling, general and administrative Depreciation, amortization and depletion ) Exploration Environmental reclamation — — — Operating income $ $ $ $ ) Less: Interest, net ) Other income (expense) ) Income taxes ) Equity earnings of affiliate Non-controlling interest ) Net income attributable to SCC $ Capital expenditures $ $ $ $ $ Property and mine development, net $ $ $ $ $ Total assets $ $ $ $ ) $ Year Ended December 31, 2013 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, other and eliminations Consolidated Net sales outside of segments $ $ $ $ — $ Intersegment sales — — ) — Cost of sales (exclusive of depreciation, amortization and depletion) ) Selling, general and administrative Depreciation, amortization and depletion Exploration Operating income $ $ $ $ ) Less: Interest, net ) Other income (expense) Income taxes ) Equity earnings of affiliate Non-controlling interest ) Net income attributable to SCC $ Capital expenditures $ $ $ $ $ Property and mine development, net $ $ $ $ $ Total assets $ $ $ $ $
Schedule of sales value per segment	Year Ended December 31, 2015 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, Other & Eliminations Total Consolidated Copper $ $ $ $ ) $ Molybdenum — — Silver ) Zinc — — — Other ) Total $ $ $ $ ) $ Year Ended December 31, 2014 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, Other & Eliminations Total Consolidated Copper $ $ $ $ ) $ Molybdenum — — Silver ) Zinc — — — Other ) Total $ $ $ $ ) $ Year Ended December 31, 2013 (in millions) Mexican Open-pit Mexican IMMSA Unit Peruvian Operations Corporate, Other & Eliminations Total Consolidated Copper $ $ $ $ ) $ Molybdenum — — Silver ) Zinc — — — Other ) Total $ $ $ $ ) $
Schedule of net sales by countries	(in millions) 2015 2014 2013 Mexico United States Europe Japan Singapore Other Asian countries Brasil Chile Peru Other American countries Total $ $ $
Schedule of provisionally priced copper and molybdenum sales outstanding	Following are the provisionally priced copper and molybdenum sales outstanding at December 31, 2015: Sales volume (million lbs.) Priced at (per pound) Month of settlement Copper January through March 2016 Molybdenum January through April 2016
Schedule of provisional sales price adjustments included in accounts receivable and net sales	Provisional sales price adjustments included in accounts receivable and net sales were as follows at December, 31 (in millions): At December 31, 2015 2014 Copper $ ) $ ) Molybdenum ) ) Total $ ) $ )

QUARTERLY DATA (unaudited) (Tab

QUARTERLY DATA (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
QUARTERLY DATA (unaudited)
Schedule of quarterly financial data	(in millions, except per share data) 2015 1 st 2 nd 3 rd 4 th Year Net sales $ $ $ $ $ Gross profit $ $ $ $ $ Operating income $ $ $ $ $ Net income $ $ $ $ $ Net income attributable to SCC $ $ $ $ $ Per share amounts attributable to SCC: Net earnings basic and diluted $ $ $ $ $ Dividend per share $ $ $ $ $ 2014 1 st 2 nd 3 rd 4 th Year Net sales $ $ $ $ $ Gross profit $ $ $ $ $ Operating income $ $ $ $ $ Net income $ $ $ $ $ Net income attributable to SCC $ $ $ $ $ Per share amounts attributable to SCC: Net earnings basic and diluted $ $ $ $ $ Dividend per share $ $ $ $ $

DESCRIPTION OF THE BUSINESS_ (D

DESCRIPTION OF THE BUSINESS: (Details)	Dec. 31, 2015	Dec. 31, 2014
DESCRIPTION OF THE BUSINESS:
Percentage of ownership interest held by the parent company	88.60%	84.60%

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)segmentitem$ / lb	Dec. 31, 2014$ / lb	Dec. 31, 2013$ / lb
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Average estimated recovery period of long-term leach material	5 years
Increase in total reserves at a property to qualify as a major expansion (as a percent)	10.00%
Period considered for calculation of average metal price	3 years
Current price of copper (in dollars per pound) | $ / lb	2.99	3.36	3.65
Impairment in the carrying value of long-term assets | $	$ 0
Number of years of average prices for copper and molybdenum used for impairment analysis	3 years
Number of reportable segments | segment	3
Minimum
Financial information related to segments
Estimated useful lives of buildings and equipment	5 years
Maximum
Financial information related to segments
Maximum period after shipping within which pricing is based by customer contracts in most cases	3 months
Estimated useful lives of buildings and equipment	40 years
Peruvian Operations
Financial information related to segments
Number of open-pit copper mines	2
Mexican IMMSA Unit
Financial information related to segments
Number of underground poly metal mines	5

SHORT-TERM INVESTMENTS_ (Detail

SHORT-TERM INVESTMENTS: (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Investments
Trading securities	$ 600.2	$ 333.7
Weighted average interest rate (as a percent)	0.71%	0.78%
Available-for-sale	$ 3.3	$ 4.9
Weighted average interest rate (as a percent)	0.72%	0.44%
Total short-term investments	$ 603.5	$ 338.6
Trading:
Interest earned	1.5	4.3
Unrealized gain (loss) at the end of the period	(0.1)	2.1
Available-for-sale
Investment redeemed	1.6	0.8
Contractual maturities of available-for-sale debt securities
One year or less	0.2	0.3
Maturing after five years through ten years		0.1
Due after 10 years	3.1	4.5
Total debt securities	3.3	4.9
Maximum
Available-for-sale
Interest earned	$ 0.1	$ 0.1

INVENTORIES_ (Details)

INVENTORIES: (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Metals at average cost:
Finished goods	$ 104.1	$ 84.5
Work-in-process	188.6	200.4
Ore stockpiles on leach pads	243.2	250.1
Supplies at average cost	321.3	301.4
Total current inventory	857.2	836.4
Inventory, long-term:
Ore stockpiles on leach pads	752.3	512.7
Leaching costs capitalized as long-term inventory of ore stockpiles in leach pads	506.9	401.3	$ 306.8
Leachable material inventories recognized in cost of sales	$ 274.1	$ 177.5	$ 109.3

PROPERTY_ (Details)

PROPERTY: (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property
Total property	$ 13,456.3	$ 12,284.7
Accumulated depreciation, amortization and depletion	(5,193.5)	(4,848.3)
Total property and mine development, net	8,262.8	7,436.4	$ 6,476.2
Depreciation and depletion expense	503.6	440.1	$ 393.6
Buildings and equipment
Property
Total property	11,529.4	9,754
Construction in progress
Property
Total property	1,449.6	2,175.6
Mine development
Property
Total property	265.9	255
Mineral assets
Property
Total property	93
Land, other than mineral
Property
Total property	$ 118.4	$ 100.1

INTANGIBLE ASSETS_ (Details)

INTANGIBLE ASSETS: (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 1997
Intangible assets
Intangible assets excluding goodwill, gross	$ 171.8	$ 157.6
Accumulated amortization	(58.1)	(51)
Goodwill	41.4	17
Intangible assets, net	155.1	123.6
Amortization expense:
Amortization expense	7.1	4.9	$ 2.4
Estimated amortization expense:
2016-2020	26.4
Average annual	5.3
Mining concessions
Intangible assets
Intangible assets excluding goodwill, gross	121.2	121.2
Accumulated amortization	(34.8)	(33.9)
Mine engineering and development studies
Intangible assets
Intangible assets excluding goodwill, gross	6	6
Accumulated amortization	(5.6)	(5.2)
Software
Intangible assets
Intangible assets excluding goodwill, gross	44.6	30.4
Accumulated amortization	(17.7)	$ (11.9)
El Pilar
Intangible assets
Goodwill	$ 24.4
Buenavista del Cobre, S.A. de C.V
Intangible assets
Goodwill				$ 17

INTANGIBLE ASSETS_ (Details 2)

INTANGIBLE ASSETS: (Details 2) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 17
Goodwill acquired	24.4
Balance at the end of the period	$ 41.4

ACQUISITION OF EL PILAR MINE (D

ACQUISITION OF EL PILAR MINE (Details) - USD ($) $ in Millions	Jul. 06, 2015	Dec. 31, 2015	Dec. 31, 2014
Recognized amounts of identifiable assets acquired and liabilities assumed
Goodwill		$ 41.4	$ 17
El Pilar
Recognized amounts of identifiable assets acquired and liabilities assumed
Goodwill		24.4
Stingray
Acquisition of El Pilar mine
Percentage of ownership acquired (as a percent)	100.00%
Recognized amounts of identifiable assets acquired and liabilities assumed
Financial assets	$ 0.4
Mineral assets	93
Property, plant and equipment	10.5
Deferred income taxes	(24.7)
Financial liabilities	(3.6)
Total identifiable net assets	75.6
Goodwill	24.4
Total paid	$ 100	100
Stingray | El Pilar
Acquisition of El Pilar mine
Percentage of interest in mine concession	100.00%
Development investment	$ 300
Mine life	13 years
Period of construction	18 months
Stingray | El Pilar | Selling, general and administrative expenses
Acquisition of El Pilar mine
Acquisition related costs		$ 0.4

INCOME TAXES_ (Details)

INCOME TAXES: (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2009
Related party transactions
Percentage of ownership interest held by the parent company	88.60%	84.60%
U.S. federal and state:
Deferred	$ (143)	$ (352.1)	$ (139.3)
Uncertain tax positions	80	10.7
Provision for income taxes	(63)	(341.4)	(139.3)
Foreign (Peru and Mexico):
Current	620.4	987.1	866.3
Deferred	(92.5)	108.9	42.3
Provision for income taxes	527.9	1,096	908.6
Total provision for income taxes	464.9	754.6	769.3
Earnings by location:
U.S.	(2.1)	(1.7)	0.1
Peru	213.2	605.7	773.8
Mexico	978.1	1,464.6	1,598.7
Foreign	1,191.3	2,070.3	2,372.5
Income before income taxes	$ 1,189.2	$ 2,068.6	$ 2,372.6
AMC | Minimum
Related party transactions
Percentage of ownership interest held by the parent company				80.00%

INCOME TAXES_ (Details 2)

INCOME TAXES: (Details 2) - item	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of the statutory income tax rate to the effective tax rate
Expected tax at U.S. statutory rate (as a percent)	35.00%	35.00%	35.00%
Foreign tax at other than statutory rate, net of foreign tax credit benefit (as a percent)	3.60%	3.60%	3.50%
Percentage depletion (as a percent)	(5.90%)	(5.20%)	(5.00%)
Other permanent differences (as a percent)	0.70%	0.10%	(0.20%)
Increase (decrease) in unrecognized tax benefits for uncertain tax positions (as a percent)	6.70%	0.50%
Repatriated foreign earnings (as a percent)		(0.40%)	(1.40%)
Amounts (over) under provided in prior years (as a percent)	(2.20%)	2.20%	0.40%
Other (as a percent)	1.20%	0.70%	0.10%
Effective income tax rate	39.10%	36.50%	32.40%
Number of jurisdictions where company files income tax returns	3
Duration for which statutory tax rates for Peru and Mexico are considered to determine effective tax rate	3 years
Mexico
Reconciliation of the statutory income tax rate to the effective tax rate
Expected tax at U.S. statutory rate (as a percent)	30.00%	30.00%	30.00%
Peru
Reconciliation of the statutory income tax rate to the effective tax rate
Expected tax at U.S. statutory rate (as a percent)	28.00%	30.00%	30.00%

INCOME TAXES_ (Details 3)

INCOME TAXES: (Details 3) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Assets:
Inventories	$ 27.6	$ 32.5
Capitalized exploration expenses	20.1	27.8
U.S. foreign tax credit carryforward, net of FIN 48 liability	187.4	144.8
U.S. tax effect of Peruvian deferred tax liability	171.2	251.4
Reserves	42.3	101.7
Mexican tax on consolidated dividends	5.5
Other	22.8	19.8
Total deferred tax assets	476.9	578
Liabilities:
Property, plant and equipment	(18.5)	(213)
Deferred charges	(38.1)	(74.9)
Other	(2.1)	(9.8)
Total deferred tax liabilities	(58.7)	(303.4)
Total net deferred tax assets / (liabilities)	$ 418.2	$ 274.6

INCOME TAXES_ (Details 4)

INCOME TAXES: (Details 4) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Foreign tax credits
Other U.S. tax credits	$ 0
Foreign
Foreign tax credits
Tax credits carryback period	1 year
Tax credits carryforward period	10 years
Foreign tax credit carryforward	$ 580.7
Foreign tax credit carryforward net of unrecognized tax benefit	187.4
2016 | Foreign
Foreign tax credits
Foreign tax credit carryforward	19
2018 | Foreign
Foreign tax credits
Foreign tax credit carryforward	20.4
2019 | Foreign
Foreign tax credits
Foreign tax credit carryforward	63.7
2020 | Foreign
Foreign tax credits
Foreign tax credit carryforward	42
2021 | Foreign
Foreign tax credits
Foreign tax credit carryforward	11.7
2022 | Foreign
Foreign tax credits
Foreign tax credit carryforward	84.1
2023 | Foreign
Foreign tax credits
Foreign tax credit carryforward	69.2
2024 | Foreign
Foreign tax credits
Foreign tax credit carryforward	86.1
Foreign tax credit carryforward net of unrecognized tax benefit	2.9
2025 | Foreign
Foreign tax credits
Foreign tax credit carryforward	184.5
Foreign tax credit carryforward net of unrecognized tax benefit	$ 184.5

INCOME TAXES_ (Details 5)

INCOME TAXES: (Details 5) PEN in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2015USD ($)	Dec. 31, 2015PEN	Dec. 31, 2015USD ($)item	Dec. 31, 2014PEN	Dec. 31, 2014USD ($)	Dec. 31, 2013PEN	Dec. 31, 2013USD ($)
Income Taxes
Cash, cash equivalents, restricted cash and short-term investments			$ 882.2
Income tax rate ( as a percent)		35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Changes in unrecognized tax benefits
Unrecognized tax benefits, opening balance			$ 319.4		$ 221.2		$ 221.2
Gross increases tax positions in prior period			36.3		55.1
Gross increases current-period tax positions			44.3		43.1
Increase (decrease) in unrecognized tax benefits			80.6		98.2
Unrecognized tax benefits, ending balance			400		319.4		$ 221.2
Amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate			400		319.4
Accrued interest and penalties included in liability for uncertain tax positions			$ 1.9		$ 0
Number of major tax jurisdictions | item			3
Foreign subsidiaries
Income Taxes
Cash, cash equivalents, restricted cash and short-term investments			$ 22.6
Income tax rate ( as a percent)		10.00%	10.00%
Foreign
Changes in unrecognized tax benefits
Unrecognized tax benefits, ending balance			$ 393.3
Peru
Income Taxes
Income tax rate ( as a percent)		28.00%	28.00%	30.00%	30.00%	30.00%	30.00%
Increase in special mining tax rate for each 5% increase up to 85% increase in operating income margin (as a percent)		0.40%	0.40%
Peruvian special mining tax			$ 18.1		$ 35.3		$ 25.5
Dividend tax rate				4.10%	4.10%
Royalty charge assessed as a percentage of net sales		1.00%	1.00%
Increase in royalty tax rate for each 5% increase up to 12% increase in operating income margin (as a percent)		0.75%	0.75%
Royalty charges | PEN		PEN 22.9		PEN 32.4		PEN 34.8
Provision for royalty tax			$ 2.7		$ 7.5
Changes in unrecognized tax benefits
Amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate			$ 0
Peru | 2015 - 2016
Income Taxes
Income tax rate ( as a percent)		28.00%	28.00%
Dividend tax rate		6.80%	6.80%
Peru | 2017 - 2018
Income Taxes
Income tax rate ( as a percent)		27.00%	27.00%
Dividend tax rate		8.00%	8.00%
Peru | 2019 and later
Income Taxes
Income tax rate ( as a percent)		26.00%	26.00%
Dividend tax rate		9.30%	9.30%
Peru | Minimum
Income Taxes
Special mine tax (as a percent)		2.00%	2.00%
Operating income margin (as a percent)		2.00%	2.00%
Increment in operating income margin (as a percent)		5.00%	5.00%
Mining royalty tax (as a percent)		1.00%	1.00%
Increment in operating income margin for royalty tax (as a percent)		5.00%	5.00%
Peru | Maximum
Income Taxes
Special mine tax (as a percent)		8.40%	8.40%
Operating income margin (as a percent)		10.00%	10.00%
Increment in operating income margin (as a percent)		85.00%	85.00%
Mining royalty tax (as a percent)		12.00%	12.00%
Increment in operating income margin for royalty tax (as a percent)		10.00%	10.00%
United States | Minimum | Minera Mexico
Income Taxes
Excess of financial reporting over tax basis for stock in subsidiary			$ 5,900
Mexico
Income Taxes
Income tax rate ( as a percent)		30.00%	30.00%	30.00%	30.00%	30.00%	30.00%
Mining royalty tax (as a percent)		7.50%	7.50%
Additional royalty tax over gross income from sales of gold, silver and platinum (as a percent)		0.50%	0.50%
Mining royalty amount on earnings before taxes			$ 49.5
Additional royalty over sales revenue from gold, silver and platinum			0.8
Amount paid for cancellation of the consolidation regime	$ 0.5
Income tax payable due to tax consolidation			5.6
Changes in unrecognized tax benefits
Unrecognized tax benefits, ending balance			$ 0

WORKERS' PARTICIPATION_ (Detail

WORKERS' PARTICIPATION: (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Statutory workers' participation
Current	$ 140.8	$ 221.2	$ 201.6
Deferred	(19.8)	(11.4)	31.4
Workers' participation expense (in USD)	$ 121	209.8	$ 233
Peru
Statutory workers' participation
Provision for workers' participation as a percentage of pre-tax earnings	8.00%
Number of months for which an individual worker's salary is capped for consideration of annual individual worker participation	18 months
Maximum taxable units contributed by employer to benefit fund (in Peruvian taxable units) | item	2,200
Maximum employer contribution to benefit fund (in USD)	$ 2.5
Mexico
Statutory workers' participation
Provision for workers' participation as a percentage of pre-tax earnings	10.00%
Deferred workers participation provision		$ 16.3

ASSET RETIREMENT OBLIGATION_ (D

ASSET RETIREMENT OBLIGATION: (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)
Period after which successive reviews are required by the law (in years)	5 years
Accepted value of the Lima office building	$ 27.8
Cumulative guarantee amount	$ 21.7
Number of units with future closure costs recognized as an asset retirement obligation | item	3
Change in asset retirement obligation		$ 36.3
Environmental remediation	$ 45	91.4
Asset retirement obligation activity
Balance at the beginning of the year	116.1	124.8
Changes in estimates	3.8	(9.6)
Additions	72.2
Closure payments	(14.6)	(12.2)
Accretion expense	13.4	13.1
Balance at the end of the year	190.9	$ 116.1
Mexico
Plant demolition and soil remediation budgeted cost	66.2
Environmental remediation	64
Toquepala Concentrator Expansion
Asset retirement obligation activity
Additions	12.5
Buenavista Project
Asset retirement obligation activity
Additions	$ 59.7

FINANCING_ (Details)

FINANCING: (Details) $ in Millions	Apr. 20, 2015USD ($)tranche	Dec. 31, 2015USD ($)itemAgencygrade	Dec. 31, 2014USD ($)	Nov. 30, 2012USD ($)item
FINANCING
Face amount		$ 6,125	$ 4,325	$ 4,200
Issuance discount		(63.8)	(45.1)
Issuance costs		(35.8)	(25.1)
Carrying value		5,951.5	4,180.9
Less, current portion			(200)
Total long term debt		$ 5,951.5	3,980.9
Number of tranches | tranche	2
Underwriters discount	$ 20.2
Debt issuance cost	9.6
Number of times for which senior unsecured notes were issued | item				6
Percentage of principal amount at which notes may be required to be repurchased in event of change of control in the entity		101.00%
Minimum
FINANCING
Number of rating agencies that could cause a change of control triggering event | Agency		1
Number of decreased gradations that could cause a change of control triggering event | grade		1
Restatement
FINANCING
Carrying value			4,206
Less, current portion			(200)
Total long term debt			4,006
5.375% Senior unsecured notes due 2020
FINANCING
Face amount		$ 400	400
Issuance discount		(1)	(1.2)
Issuance costs		(1.1)	(1.3)
Carrying value		$ 397.9	$ 397.5
Interest rate (as a percent)		5.375%	5.375%
5.375% Senior unsecured notes due 2020 | Restatement
FINANCING
Carrying value			$ 398.8
3.500% Senior unsecured notes due 2022
FINANCING
Face amount		$ 300	300
Issuance discount		(0.7)	(0.8)
Issuance costs		(1.1)	(1.2)
Carrying value		$ 298.2	$ 298
Interest rate (as a percent)		3.50%	3.50%
3.500% Senior unsecured notes due 2022 | Restatement
FINANCING
Carrying value			$ 299.2
3.875% Senior unsecured notes due 2025
FINANCING
Face amount	$ 500	$ 500
Issuance discount		(2.6)
Issuance costs		(2.4)
Carrying value		$ 495
Interest rate (as a percent)	3.875%	3.875%
9.250% Yankee Bonds due 2028
FINANCING
Face amount		$ 125	125
Carrying value		$ 51.1	$ 51.1
Interest rate (as a percent)		9.25%	9.25%
9.250% Yankee Bonds due 2028 | Minera Mexico | Minimum
FINANCING
Ratio of EBITDA to interest expense | item		2.5
9.250% Yankee Bonds due 2028 | Restatement
FINANCING
Carrying value			$ 51.1
7.500% Senior unsecured notes due 2035
FINANCING
Face amount		$ 1,000	1,000
Issuance discount		(14)	(14.2)
Issuance costs		(9.1)	(9.3)
Carrying value		$ 976.9	$ 976.5
Interest rate (as a percent)		7.50%	7.50%
7.500% Senior unsecured notes due 2035 | Restatement
FINANCING
Carrying value			$ 985.8
6.375% Senior unsecured notes due 2015
FINANCING
Face amount			200
Issuance discount			(0.2)
Issuance costs			(0.2)
Carrying value			$ 199.6
Interest rate (as a percent)			6.375%
6.375% Senior unsecured notes due 2015 | Restatement
FINANCING
Carrying value			$ 199.8
6.750% Senior unsecured notes due 2040
FINANCING
Face amount		$ 1,100	1,100
Issuance discount		(7.7)	(7.8)
Issuance costs		(6.1)	(6.2)
Carrying value		$ 1,086.2	$ 1,086
Interest rate (as a percent)		6.75%	6.75%
6.750% Senior unsecured notes due 2040 | Restatement
FINANCING
Carrying value			$ 1,092.2
5.250% Senior unsecured notes due 2042
FINANCING
Face amount		$ 1,200	1,200
Issuance discount		(20.5)	(20.9)
Issuance costs		(6.8)	(6.9)
Carrying value		$ 1,172.7	$ 1,172.2
Interest rate (as a percent)		5.25%	5.25%
5.250% Senior unsecured notes due 2042 | Restatement
FINANCING
Carrying value			$ 1,179.1
5.875% Senior unsecured notes due 2045
FINANCING
Face amount	$ 1,500	$ 1,500
Issuance discount		(17.3)
Issuance costs		(9.2)
Carrying value		$ 1,473.5
Interest rate (as a percent)	5.875%	5.875%
Fixed-rate senior unsecured notes issued in April 2015
FINANCING
Face amount	$ 2,000

FINANCING_ (Details 2)

FINANCING: (Details 2) $ in Millions	Dec. 31, 2015USD ($)
Aggregate maturities of the outstanding borrowings
Thereafter	$ 6,051.2
Total	6,051.2
Total debt discount	$ 99.6

BENEFIT PLANS_ (Details)

BENEFIT PLANS: (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)plan	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
BENEFIT PLANS:
Number of noncontributory defined benefit pension plans | plan	2
Post retirement defined benefit plans
Defined benefit plan, net periodic benefit costs
Service cost	$ 1.1	$ 1	$ 1.1
Interest cost	1	1.1	1
Expected return on plan assets	(3)	(3.3)	(3.4)
Amortization of transition assets, net	0.1	0.1
Amortization of net actuarial loss	(0.5)	(0.4)	(0.7)
Amortization of net loss (gain)	0.2	0.2	0.2
Net periodic benefit cost	(1.1)	(1.3)	(1.8)
Change in benefit obligation:
Projected benefit obligation at beginning of year	25.8	26.8
Service cost	1.1	1	1.1
Interest cost	1	1.1	1
Benefits paid	(2.9)	(1.9)
Actuarial (gain)/loss	2.4	(1.6)
Actuarial gain assumption changes	(0.7)	2.2
Inflation adjustment	(1.8)	(1.8)
Projected benefit obligation at end of year	24.9	25.8	26.8
Change in plan assets:
Fair value of plan assets at beginning of year	57.7	60.6
Actual return on plan assets	(3.2)	3.7
Employer contributions	(0.5)	(0.5)
Benefits paid	(1)	(1.1)
Currency exchange rate adjustment	(6.2)	(5)
Fair value of plan assets at end of year	46.8	57.7	60.6
Funded status at end of year				$ 21.9	$ 31.9
Amounts recognized in statement of financial position
Non-current assets				21.9	31.9
Total				21.9	31.9
Amounts recognized in accumulated other comprehensive income
Net loss (gain)				4.4	(1.3)
Prior service cost (credit)				1.3	1.6
Total, net of tax	0.3	(1.6)	(1.6)	5.7	0.3
Net loss (gain), income taxes				(3.2)	0.4
Reconciliation of accumulated other comprehensive income:
Accumulated other comprehensive income at beginning of plan year	0.3	(1.6)
Net loss/(gain) amortized during the year	0.2	0.1
Net loss/(gain) occurring during the year	4.7	0.2
Amortization of transition obligation	(0.1)	(0.1)
Currency exchange rate adjustment	0.6	1.7
Net adjustment to accumulated other comprehensive income	5.4	1.9
Accumulated other comprehensive income at end of plan year	5.7	0.3	$ (1.6)
Net adjustment to accumulated other comprehensive income, income taxes	(3.6)	(1.1)
Amounts in accumulated other comprehensive income amortized and recognized as a component of net periodic benefit cost, net of income tax
Net loss / (gain)	4.7	0.2
Amortization of net (loss) gain	0.2	0.1
Amortization of transition obligation	(0.1)	(0.1)
Total amortization expenses	$ 4.8	$ 0.2
Expected Benefit Payments
2,016				8.1
2,017				1.4
2,018				1.5
2,019				1.5
2,020				1.5
2021 to 2025				7.4
Total				21.4
Post retirement defined benefit plans | Expatriate Plan
Assumptions used to determine the pension obligation and other post-retirement benefits and cost
Discount rate (as a percent)	3.80%	3.50%	4.25%
Expected long-term rate of return on plan asset (as a percent)	4.50%	4.50%	4.50%
Post retirement defined benefit plans | Mexican Health Plan
Assumptions used to determine the pension obligation and other post-retirement benefits and cost
Discount rate (as a percent)	6.80%	6.70%	7.10%
Expected long-term rate of return on plan asset (as a percent)	6.80%	6.70%	7.10%
Rate of increase in future compensation level (as a percent)	4.50%	4.00%	4.00%
Post-retirement Health Care Plan
Defined benefit plan, net periodic benefit costs
Interest cost	$ 1	$ 1.3	$ 1.7
Amortization of prior service cost (credit)	(0.4)	(0.3)
Net periodic benefit cost	0.6	1	1.7
Change in benefit obligation:
Projected benefit obligation at beginning of year	17.1	21.7
Interest cost	1	1.3	1.7
Actuarial loss/ (gain) - claims cost	(0.4)	(0.2)
Benefits paid	(0.7)	(0.6)
Actuarial (gain)/loss	(3.9)	(3.2)
Actuarial gain assumption changes	(0.1)	0.4
Inflation adjustment	(2.2)	(2.3)
Projected benefit obligation at end of year	10.8	17.1	21.7
Change in plan assets:
Employer contributions	0.1	0.1
Benefits paid	(0.1)	(0.1)
Funded status at end of year				(10.8)	(17.1)
Amounts recognized in statement of financial position
Current liabilities				(0.1)	(0.1)
Non-current liabilities				(10.7)	(17)
Total				(10.8)	(17.1)
Amounts recognized in accumulated other comprehensive income
Net loss (gain)				(6.5)	(4.8)
Total, net of tax	(4.8)	(4.4)	(4.4)	(6.5)	(4.8)
Net loss (gain), income taxes				4.4	$ 3.3
Reconciliation of accumulated other comprehensive income:
Accumulated other comprehensive income at beginning of plan year	(4.8)	(4.4)
Net loss/(gain) amortized during the year	0.2	0.2
Net loss/(gain) occurring during the year	(2.7)	(1.7)
Currency exchange rate adjustment	0.8	1.1
Net adjustment to accumulated other comprehensive income	(1.7)	(0.4)
Accumulated other comprehensive income at end of plan year	(6.5)	(4.8)	$ (4.4)
Net adjustment to accumulated other comprehensive income, income taxes	4.4	3.3
Amounts in accumulated other comprehensive income amortized and recognized as a component of net periodic benefit cost, net of income tax
Net loss / (gain)	(2.7)	(1.7)
Amortization of net (loss) gain	0.2	0.2
Total amortization expenses	$ (2.5)	$ (1.5)
Expected Benefit Payments
2,016				0.7
2,017				0.7
2,018				0.7
2,019				0.7
2,020				0.8
2021 to 2025				3.8
Total				$ 7.4
Post-retirement Health Care Plan | Expatriate Plan
Assumptions used to determine the pension obligation and other post-retirement benefits and cost
Discount rate (as a percent)	3.80%	3.50%	4.25%
Expected Benefit Payments
Assumed trend rate for covered health care benefit cost (as a percent)	7.00%
Assumed trend rate for covered health care benefit cost post-65 years of age (as a percent)	8.20%
Assumed ultimate trend rate for health care benefit cost (as a percent)	4.20%
Assumed ultimate trend rate for health care benefit cost post-65 years of age (as a percent)	4.60%
Post-retirement Health Care Plan | Mexican Health Plan
Expected Benefit Payments
Assumed trend rate for covered health care benefit cost (as a percent)	4.50%
Effect of one percentage-point change in assumed other benefit cost trend rates
Effect of one percentage-point increase on total service and interest cost components	$ 0.7
Effect of one percentage-point decrease on total service and interest cost components	0.6
Effect of one percentage-point increase on post-retirement benefit obligation	10.2
Effect of one percentage-point decrease on post-retirement benefit obligation	$ 9.2
Post-retirement Health Care Plan | Weighted average | Mexican Health Plan
Assumptions used to determine the pension obligation and other post-retirement benefits and cost
Discount rate (as a percent)	6.80%	6.70%	7.10%

BENEFIT PLANS_ (Details 2)

BENEFIT PLANS: (Details 2) - Post retirement defined benefit plans $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)entity$ / shares	Dec. 31, 2014
Expatriate Plan
Benefit plans
Net asset value (in dollars per share) | $ / shares	$ 1
Mexican Health Plan
Assumptions used to determine the pension obligation and other post-retirement benefits and cost
Number of financial institutions managing plan assets | entity	3
Plan obligations as a percentage of benefit obligation	30.00%
Asset allocation (as a percent)	100.00%	100.00%
Expected employer contribution in next fiscal year	$ 7.2
Pending payments to former Buenavista workers	$ 3.4
Parent Company (Grupo Mexico) common shares | Mexican Health Plan
Assumptions used to determine the pension obligation and other post-retirement benefits and cost
Asset allocation (as a percent)	79.00%
Equity securities | Mexican Health Plan
Assumptions used to determine the pension obligation and other post-retirement benefits and cost
Asset allocation (as a percent)	79.00%	73.00%
Treasury bills | Mexican Health Plan
Assumptions used to determine the pension obligation and other post-retirement benefits and cost
Asset allocation (as a percent)	21.00%	27.00%

COMMITMENTS AND CONTINGENCIES68

COMMITMENTS AND CONTINGENCIES: (Details) MXN in Millions, $ in Millions

Mar. 02, 2015MXNitem

Mar. 02, 2015USD ($)item

Sep. 15, 2014MXN

Sep. 15, 2014USD ($)

Aug. 29, 2014

Aug. 06, 2014kmm³

Mar. 31, 2014

Sep. 30, 2015item

Jun. 30, 2015item

Dec. 31, 2014item

Dec. 31, 2015MXNitem / m³item

Dec. 31, 2015USD ($)item / m³item

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Dec. 31, 2011categoryperson

Environmental costs

Environmental capital investment | $

$ 120.8

$ 152.2

$ 116.7

Number of collective action lawsuits

6

6

Number of subsidiaries against which lawsuits were filed

2

2

Number of lawsuits dismissed

3

3

Number of constitutional action lawsuits

4

Buenavista del Cobre, S.A. de C.V

Environmental costs

Volume of copper sulfate solution (in cubic meters) | m³

40,000

Distance of pond under construction from mine (in kilometers) | km

10

Number of zones

5

5

Amount committed to the Mexican Federal Government to establish a trust

MXN 2,000

$ 150

Amount contributed to the Mexican Federal Government (in peso) | MXN

MXN 1,000

Number of administrative proceedings

4

4

Amount of administrative fines and sanctions

MXN 23.5

$ 1.7

Number of workers hired

1,200

Estimated total damages | $

$ 136.4

Amount already paid | $

39.9

Amount deposited in the trust

MXN 1,000

$ 74.9

Number of civil actions seeking damages

8

8

Peru

Environmental costs

Environmental capital investment | $

$ 98.8

127.8

76.9

Air quality standards level for sulfur dioxide to be maintained when emission is excess than specified as per new environmental regulation (in micrograms per cubic meter) | item / m³

80

80

Number of atmospheric basins established that require further attention

3

3

Number of months for identification of contaminated sites and around in facilities

12 months

Period for preparation of decontamination plan

P24M

Period of extension for preparation of decontamination plan

1 year

Number of days in which results of soil confirmation tests are to be presented to authorities

30 days

Peru | Maximum

Environmental costs

Revised air quality standards for sulfur dioxide as per new environmental regulation (in micrograms per cubic meter) | item / m³

20

20

Mexico

Environmental costs

Environmental capital investment | $

$ 22

$ 24.4

$ 39.8

Number of categories of collective actions | category

3

Minimum number of people claiming injury due to collective action initiative in Civil Federal Procedures Code (CFPC) | person

30

Acciones Colectivas de Sinaloa

Environmental costs

Number of collective action lawsuits

2

2

Francisco Garcia Enriquez

Environmental costs

Number of constitutional action lawsuits

2

COMMITMENTS AND CONTINGENCIES69

COMMITMENTS AND CONTINGENCIES: (Details 2) $ in Millions	Sep. 23, 2015itemshares	Mar. 31, 2015item	Aug. 31, 2009USD ($)	Apr. 30, 1996person	Mar. 31, 2016	Jun. 30, 2015item	Dec. 31, 2015haitemitem / shares	Dec. 31, 1992	Dec. 31, 1978	Dec. 31, 1971
Tia Maria
Litigation Matter
Area of mining concession (in hectares) | ha							32,989.64
Virgen Maria
Litigation Matter
Area of mining concession (in hectares) | ha							943.72
Percentage of mining concession							2.90%
Garcia Ataucuri and Others against SCC's Peruvian Branch
Litigation Matter
Number of former Branch workers		104
Garcia Ataucuri litigation
Litigation Matter
Number of plaintiffs involved in lawsuits filed							800
Number of former Branch workers							216
Number of SCC's former Branch workers							37
Peru
Litigation Matter
Statutory participation of mine workers in pre-tax profit (as a percent)								8.00%		10.00%
Statutory participation of mine workers in pre-tax profit paid in cash (as a percent)								100.00%	4.00%	40.00%
Statutory participation of mine workers in pre-tax profit received as equity interest of enterprise (as a percent)										60.00%
Percentage of pre-tax profits delivered as "labor shares"									5.50%
Percentage of labor unionized							72.70%
Total number of workers							4,602
Number of labor unions							5
Number of labor unions represent majority of workers							1
Number of labor unions other than majority workers unions							4
Peru | Garcia Ataucuri and Others against SCC's Peruvian Branch
Litigation Matter
Number of former employees who filed the complaint | person				900
Damages sought by the plaintiff (includes old soles and labor shares)							38,763,806.80
Face value of one labor share | item / shares							100
Labor shares issued by the Branch (as a percent)							100.00%
Plaintiffs do not represent the percent of SCC's eligible employees							100.00%
Soles de oro equivalent to today's one nuevo sol							1,000,000,000
Number of shares seized as security for damages sought (in shares) | shares	10,501,857
Number of labor shares per one investment share	10,000,000
Peru | Exploraciones de Concesiones Metalicas S.A.C. ("Excomet")
Litigation Matter
Purchase price of shares paid to former stockholders | $			$ 2
Peru | Labor Matters | Ilo and Cuajone
Litigation Matter
Number of labor unions represent majority of workers						2
Peru | Labor Matters | Toquepala
Litigation Matter
Number of labor unions other than majority workers unions						1
Subsequent Event | Peru
Litigation Matter
Term of collective bargaining agreement					3 years
Percentage of annual salary increase as per collective bargaining agreement in year 2016					5.00%
Percentage of annual salary increase as per collective bargaining agreement in year 2017					5.00%
Percentage of annual salary increase as per collective bargaining agreement in year 2018					5.00%

COMMITMENTS AND CONTINGENCIES70

COMMITMENTS AND CONTINGENCIES: (Details 3) PEN in Millions, $ in Millions

1 Months Ended

12 Months Ended

Jul. 31, 2014MW

Jun. 30, 2014MW

Dec. 31, 2015USD ($)

Dec. 31, 2015USD ($)MW

Dec. 31, 2015USD ($)m

Dec. 31, 2015USD ($)ft

Dec. 31, 2015USD ($)mi

Dec. 31, 2015USD ($)km

Dec. 31, 2015USD ($)

Dec. 31, 2015USD ($)item

Dec. 31, 2015USD ($)T

Dec. 31, 2015PEN

Dec. 31, 2015USD ($)

Dec. 31, 2014PEN

Dec. 31, 2014USD ($)

Dec. 31, 2005item

Dec. 31, 1997

Other commitments:

Commitments for development of capital investment projects

$ 2,225.7

Tia Maria | Peru

Other commitments:

Project budget

1,400

Carrying Amount invested in the project

$ 361.5

$ 361.5

$ 361.5

$ 361.5

$ 361.5

$ 361.5

$ 361.5

$ 361.5

$ 361.5

361.5

Annual production ( in tons) | T

120,000

Distance of sea water transportation

15.5

25

Height above sea level of the desalinization plant

1,000

3,300

Additional investment in desalinization plant

95

Number of jobs expected to be generated | item

3,500

Number of workers expected to be directly employed | item

600

Number of workers expected to be indirectly employed | item

2,000

Expected life of project related service

20 years

Amount expended for funding social and infrastructure improvement projects

$ 29

Amount committed to funding for social and infrastructure improvement projects | PEN

PEN 100

Toquepala Concentrator Expansion | Peru

Other commitments:

Project budget

1,200

Carrying Amount invested in the project

$ 392

$ 392

$ 392

$ 392

$ 392

$ 392

$ 392

$ 392

$ 392

392

Amount committed to funding for social and infrastructure improvement projects

PEN 445

$ 130

MGE

Other commitments:

Related party transactions number of power plants to be contructed | item

2

Percentage of supply to third-party energy users

12.00%

MGE | Mexico

Other commitments:

Net total capacity (in megawatts) | MW

516.2

Copper | Toquepala Concentrator Expansion | Peru

Other commitments:

Estimated increase in annual production (in tons) | T

100,000

Molybdenum | Toquepala Concentrator Expansion | Peru

Other commitments:

Estimated increase in annual production (in tons) | T

3,100

Power purchase agreements | Enersur

Other commitments:

Term of power purchase agreement related to sale of power plant

20 years

Power purchase agreements | Electroperu S.A | Peru

Other commitments:

Term of power purchase agreement related to sale of power plant

20 years

Number of megawatt supply energy for which the entity signed the agreement | MW

120

Power purchase agreements | Kallpa | Peru

Other commitments:

Term of power purchase agreement related to sale of power plant

10 years

Number of megawatt supply energy for which the entity signed the agreement | MW

120

STOCKHOLDERS' EQUITY_ (Details)

STOCKHOLDERS' EQUITY: (Details) - USD ($) $ in Millions	1 Months Ended										3 Months Ended				12 Months Ended			60 Months Ended	96 Months Ended
	Dec. 31, 2015	Nov. 30, 2015	Oct. 31, 2015	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015
Activity in treasury stock
Balance at the beginning of the period										$ 1,900.6				$ 1,900.6	$ 1,900.6
Purchase of shares	$ 114	$ 123.2	$ 42.8	$ 99.4	$ 165.7	$ 44.7	$ 44.5	$ 133.1	$ 76.3	160.7	$ 280	$ 309.8	$ 44.5	370.1	1,004.4	$ 682.8	$ 281.4	$ 878.1	$ 2,846.6
Balance at the end of the period	$ 2,908.9										$ 2,908.9				$ 2,908.9	$ 1,900.6			$ 2,908.9
Southern copper common shares
Activity in treasury stock
Treasury stock balance at the end of the period (in shares)	108,653,816										108,653,816				108,653,816	71,977,964			108,653,816
Parent Company (Grupo Mexico) common shares
Activity in treasury stock
Treasury stock balance at the end of the period (in shares)	110,472,170										110,472,170				110,472,170	89,950,310			110,472,170
TREASURY STOCK: | Southern copper common shares
Activity in treasury stock
Balance at the beginning of the period										1,693.5				1,693.5	$ 1,693.5	$ 1,011
Purchase of shares															1,004.4	682.7
Used for corporate purposes															(0.3)	(0.2)
Balance at the end of the period	$ 2,697.6										$ 2,697.6				2,697.6	1,693.5	1,011		$ 2,697.6
TREASURY STOCK: | Parent Company (Grupo Mexico) common shares
Activity in treasury stock
Balance at the beginning of the period										$ 207.1				$ 207.1	207.1	205.5
Other activity, including dividend, interest and foreign currency transaction effect															4.2	1.6
Balance at the end of the period	$ 211.3										$ 211.3				$ 211.3	$ 207.1	$ 205.5		$ 211.3

STOCKHOLDERS' EQUITY_ (Details

STOCKHOLDERS' EQUITY: (Details 2) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended										3 Months Ended				12 Months Ended			60 Months Ended	96 Months Ended
	Dec. 31, 2015	Nov. 30, 2015	Oct. 31, 2015	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2008
SCC share repurchase program:
Amount authorized for share repurchase program	$ 3,000										$ 3,000				$ 3,000				$ 3,000	$ 500
Total Number of Shares Purchased	4,448,900	4,635,000	1,525,000	3,724,273	6,160,000	1,603,800	1,511,200	4,563,649	2,590,076	5,927,154	10,608,900	11,488,073	1,511,200	13,080,879	36,689,052	22,711,428	10,245,000	46,914,486	116,559,966
Average Price Paid per Share (in dollars per share)	$ 25.61	$ 26.59	$ 28.08	$ 26.69	$ 26.90	$ 27.84	$ 29.42	$ 29.16	$ 29.45	$ 27.12	$ 26.39	$ 26.97	$ 29.42	$ 29.29	$ 27.38	$ 30.06	$ 27.47	$ 18.72	$ 24.42
Total Number of Shares Purchased as Part of Publicly Announced Plan	116,559,966	112,111,066	107,476,066	105,951,066	102,226,793	96,066,793	94,462,993	92,951,793	88,388,144	85,798,068	116,559,966	105,951,066		92,951,793	116,559,966	79,870,914	57,159,486	46,914,486	116,559,966
Maximum Number of Shares that May Yet Be Purchased Under the Plan @ $26.12	5,871,706										5,871,706				5,871,706				5,871,706
Total Cost	$ 114	$ 123.2	$ 42.8	$ 99.4	$ 165.7	$ 44.7	$ 44.5	$ 133.1	$ 76.3	$ 160.7	$ 280	$ 309.8	$ 44.5	$ 370.1	$ 1,004.4	$ 682.8	$ 281.4	$ 878.1	$ 2,846.6
Percentage of Ownership by Parent	88.60%										88.60%				88.60%	84.60%			88.60%

STOCKHOLDERS' EQUITY_ (Detail73

STOCKHOLDERS' EQUITY: (Details 3) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015MXN / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Dec. 31, 2010MXN / shares	Dec. 31, 2010$ / shares
Directors' Stock Award Plan
Share based Compensation Plan
Common shares received on election as director		1,200
Additional shares issued at each annual general meeting		1,200
Stock based compensation expense | $		$ 0.4	$ 0.3
Total SCC shares reserved for the plan	600,000	600,000	600,000
Activity in directors' stock award plan
Total shares granted at the beginning of the period (in shares)		(309,600)	(297,600)
Granted in the period (in shares)		(13,200)	(12,000)
Total shares granted at the end of the period (in shares)		(322,800)	(309,600)	(297,600)
Remaining shares reserved	277,200	277,200	290,400
Employee Stock Purchase 2007 Plan
Share based Compensation Plan
Stock based compensation expense | $			$ 2.1	$ 2.1
Share based compensation
Percentage of title acquired by employee in every two years on shares paid in previous two years		50.00%
Period describing the expiration of the contribution period and the bonus eligibility		8 years
Bonus shares granted to participant (as a ratio)		0.1
Employee Stock Purchase 2010 Plan
Share based Compensation Plan
Stock based compensation expense | $		$ 0.6	$ 0.6	$ 0.6
Share based compensation
Purchase price for initial subscription (in dollars per share) | (per share)					MXN 26.51	$ 1.54
Employee Stock Purchase 2015 Plan
Share based Compensation Plan
Stock based compensation expense | $		$ 0.4
Activity in directors' stock award plan
Granted in the period (in shares)		(2,652,386)
Share based compensation
Purchase price for initial subscription (in dollars per share) | (per share)	MXN 38.44	$ 2.23
Percentage of title acquired by employee in every two years on shares paid in previous two years		50.00%
Period describing the expiration of the contribution period and the bonus eligibility		8 years
Bonus shares granted to participant (as a ratio)		0.1

STOCKHOLDERS' EQUITY_ (Detail74

STOCKHOLDERS' EQUITY: (Details 4) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Non-controlling interest
Investment shareholders' interest in Peruvian Branch (as a percent)	0.71%
Employee Stock Purchase 2007 Plan
Information related to compensation cost
Stock based compensation expense		$ 2.1	$ 2.1
Unrecognized compensation expense			$ 2.1
Stock award activity, Shares
Outstanding shares at the beginning of the year	4,298,612	4,449,599
Exercised (in shares)	(4,189,371)	(150,987)
Outstanding shares at the end of the year	109,241	4,298,612	4,449,599
Unit Weighted Average Grant Date Fair Value
Outstanding shares at the beginning of the year (in dollars per share)	$ 1.16	$ 1.16
Exercised (in dollars per share)	1.16	1.16
Outstanding shares at the end of the year (in dollars per share)	$ 1.16	$ 1.16	$ 1.16
Employee Stock Purchase 2010 Plan
Information related to compensation cost
Stock based compensation expense	$ 0.6	$ 0.6	$ 0.6
Unrecognized compensation expense	$ 1.4	$ 2	$ 2.6
Period over which unrecognized compensation expense expected to be recognized	3 years
Stock award activity, Shares
Outstanding shares at the beginning of the year	2,287,891	3,012,464
Exercised (in shares)	(60,309)	(724,573)
Outstanding shares at the end of the year	2,227,582	2,287,891	3,012,464
Unit Weighted Average Grant Date Fair Value
Outstanding shares at the beginning of the year (in dollars per share)	$ 2.05	$ 2.05
Exercised (in dollars per share)	2.05	2.05
Outstanding shares at the end of the year (in dollars per share)	$ 2.05	$ 2.05	$ 2.05
Employee Stock Purchase 2015 Plan
Information related to compensation cost
Stock based compensation expense	$ 0.4
Unrecognized compensation expense	$ 4.4
Stock award activity, Shares
Granted (in shares)	2,652,386
Outstanding shares at the end of the year	2,652,386
Unit Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 2.63
Outstanding shares at the end of the year (in dollars per share)	$ 2.63

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Liabilities:
Long-term debt, Carrying Value	$ 5,951.5	$ 4,180.9
Long-term debt, Fair Value	5,211.5	4,369.6
Short term Investment:
Trading securities	600.2	333.7
Fair value measurements recurring | Fair value as of the end of the period
Short term Investment:
Trading securities	600.2	333.7
Derivative:
Total assets, fair value	1,016.9	646.3
Fair value measurements recurring | Fair value as of the end of the period | Copper
Derivative:
Provisionally priced sales	351	202.2
Fair value measurements recurring | Fair value as of the end of the period | Molybdenum
Derivative:
Provisionally priced sales	62.4	105.5
Fair value measurements recurring | Corporate bonds | Fair value as of the end of the period
Available-for-sale debt securities:
Available-for-sale debt securities	0.2	0.3
Fair value measurements recurring | Mortgage backed securities | Fair value as of the end of the period
Available-for-sale debt securities:
Available-for-sale debt securities	3.1	4.6
Fair value measurements recurring | Quoted prices in active markets for identical assets (Level 1)
Short term Investment:
Trading securities	600.2	333.7
Derivative:
Total assets, fair value	1,013.6	641.4
Fair value measurements recurring | Quoted prices in active markets for identical assets (Level 1) | Copper
Derivative:
Provisionally priced sales	351	202.2
Fair value measurements recurring | Quoted prices in active markets for identical assets (Level 1) | Molybdenum
Derivative:
Provisionally priced sales	62.4	105.5
Fair value measurements recurring | Significant other observable inputs (Level 2)
Derivative:
Total assets, fair value	3.3	4.9
Fair value measurements recurring | Significant other observable inputs (Level 2) | Corporate bonds
Available-for-sale debt securities:
Available-for-sale debt securities	0.2	0.3
Fair value measurements recurring | Significant other observable inputs (Level 2) | Mortgage backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	$ 3.1	$ 4.6

CONCENTRATION OF RISK_ (Details

CONCENTRATION OF RISK: (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014	Dec. 31, 2013
CONCENTRATION OF RISK:
Number of open-pit copper mines | item	4
Number of underground poly metallic mines | item	5
Number of smelters | item	2
Number of refineries | item	8
Cash equivalents
Concentration of risk
Total cash and short-term investment	$ 877.9
Percentage of total cash	100.00%
Percentage of cash in US dollars	98.90%
Cash equivalents | United States
Concentration of risk
Total cash and short-term investment	$ 373.8
Percentage of total cash	42.60%
Percentage invested in one institution of country	55.60%
Percentage invested in one institution of total cash	23.70%
Cash equivalents | Switzerland
Concentration of risk
Total cash and short-term investment	$ 491
Percentage of total cash	55.90%
Percentage invested in one institution of country	100.00%
Percentage invested in one institution of total cash	55.90%
Cash equivalents | Peru
Concentration of risk
Total cash and short-term investment	$ 6.2
Percentage of total cash	0.70%
Percentage invested in one institution of country	29.40%
Percentage invested in one institution of total cash	0.20%
Cash equivalents | Mexico
Concentration of risk
Total cash and short-term investment	$ 6.9
Percentage of total cash	0.80%
Percentage invested in one institution of country	10.30%
Percentage invested in one institution of total cash	0.10%
Accounts receivable trade | Five largest customers
Concentration of risk
Percentage of accounts receivable and total sales	32.40%	31.20%	37.10%
Accounts receivable trade | Largest customer
Concentration of risk
Percentage of accounts receivable and total sales	10.90%	8.00%	12.20%
Total sales | Five largest customers
Concentration of risk
Percentage of accounts receivable and total sales	28.00%	34.30%	28.70%
Total sales | Largest customer
Concentration of risk
Percentage of accounts receivable and total sales	7.70%	8.20%	8.40%

RELATED PARTY TRANSACTIONS_ (De

RELATED PARTY TRANSACTIONS: (Details) MXN in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2012USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012	Dec. 31, 2005item	Aug. 04, 2014item	Mar. 31, 2012MXN	Mar. 31, 2012USD ($)	May. 31, 2010USD ($)
Related party transactions
Related parties receivables current:		$ 15.8	$ 32.8
Related parties receivable non-current:		111.2	161.2
Related parties payables:		69.3	69.1
Grupo Mexico and Affiliates
Related party transactions
Total purchases from related parties		280.6	335	$ 206.4
Total sales revenues from related parties		155.9	122.6	117.4
Asarco LLC
Related party transactions
Related parties payables:		20.6	13.8
Total purchases from related parties		32	47.9	98
Sales revenues from related parties		72.3	24.7	88.7
Breaker, S.A. de C.V and affiliates ("Breaker")
Related party transactions
Related parties payables:		0.3	0.7
Total purchases from related parties		5.5	10.1	3.9
Eolica El Retiro, S.A.P.I de C.V.
Related party transactions
Related parties payables:		0.1	1.6
Total purchases from related parties		6.6	7.6
Number of wind turbines | item							37
Compania Perforadora Mexico S.A.P.I. de C.V. and affiliates
Related party transactions
Related parties receivables current:		0.7	0.2
Total purchases from related parties		0.3	3.1	6.1
Sales revenues from related parties		0.6	0.6	0.6
Ferrocarril Mexicano, S.A. de C.V.
Related party transactions
Related parties receivables current:		0.2
Related parties payables:			1.8
Total purchases from related parties		27.3	22.7	19.7
Grupo Mexico
Related party transactions
Related parties receivables current:		0.6	0.7
Related parties payables:		12	2.8
Total purchases from related parties		13.8	13.9	13.8
Sales revenues from related parties		0.5
Higher Technology S.A.C.
Related party transactions
Related parties payables:			0.2
Total purchases from related parties		1.4	3.2	2.2
Mexico Transportes Aereos S.A. de C.V. ("Mextransport")
Related party transactions
Related parties payables:		0.5	1.3
Total purchases from related parties		2	2.5	2.7
Total sales revenues from related parties		0.3	0.3	0.3
Mexico Proyectos y Desarrollos, S.A. de C.V. and affiliates
Related party transactions
Related parties receivables current:		0.3
Related parties payables:		11.8	1.7
Total purchases from related parties		57.3	61.4	54.4
Sales revenues from related parties		0.8	0.8	0.8
MGE
Related party transactions
Related parties receivables current:		13.9	31.9
Related parties receivable non-current:		111.2	161.2	184
Related parties payables:		23	45.2
Total purchases from related parties		143.3	178.4	14.4
Sales revenues from related parties		81.7	96.5	$ 27.3
Related party transactions number of power plants to be contructed | item						2
Line of credit										$ 350
Interest rate (as a percent)				5.75%	4.40%
Loan repaid	$ 150
Interest earned		9.2	9.4	$ 9.9
MGE | Maximum
Related party transactions
Ownership percentage								0.001%	0.001%
MGE | Controladora de Infraestructura Energetica Mexico, S. A. de C. V.
Related party transactions
Ownership percentage								99.999%	99.999%
Value of interest acquired								MXN 1,928.6	$ 112
Operadora de Generadoras de Energia Mexico S.A. de C.V.
Related party transactions
Related parties receivables current:		0.1
Sempertrans and affiliates
Related party transactions
Related parties payables:		0.6
Total purchases from related parties		1.2	1.2	1.1
Companies with relationship to the controlling group
Related party transactions
Total purchases from related parties		2.9	2.5	2.7
Total sales revenues from related parties		0.8	0.3	0.3
Companies with relationship to SCC executive officers' families
Related party transactions
Total purchases from related parties		8.8	16.4	7.9
Servicios y Fabricaciones Mecanicas S.A.C.
Related party transactions
Total purchases from related parties		$ 0.7	1.3	0.4
Pigoba S.A. de C.V.
Related party transactions
Total purchases from related parties			$ 0.6	$ 0.3
Equity investment in affiliate
Related party transactions
Ownership percentage		44.20%
Loan granted		$ 56.6
Boutique Bowling de Mexico S.A. de C.V.
Related party transactions
Related parties payables:		0.2
Total purchases from related parties		0.4
Total sales revenues from related parties		0.3
Operadora de Cinemas S.A. de C.V.
Related party transactions
Related parties payables:		0.2
Total purchases from related parties		0.5
Total sales revenues from related parties		$ 0.2

SEGMENT AND RELATED INFORMATI78

SEGMENT AND RELATED INFORMATION: (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)segmentcountryitem	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
SEGMENT AND RELATED INFORMATION:
Number of reportable segments | segment									3
Financial information related to segments
Number of countries having open-pit operations | country									2
Financial information relating to segments
Net sales outside of segments									$ 5,045,900	$ 5,787,700	$ 5,952,900
Cost of sales (exclusive of depreciation, amortization and depletion)									2,927,600	2,840,500	2,871,300
Selling, general and administrative									99,400	103,400	102,500
Depreciation, amortization and depletion									510,700	445,000	396,000
Exploration									48,800	74,700	51,000
Environmental reclamation									45,000	91,400
Operating income	$ 187,500	$ 286,900	$ 503,100	$ 436,900	$ 525,500	$ 547,000	$ 597,300	$ 562,900	1,414,400	2,232,700	2,532,100
Interest, net									(199,900)	(123,300)	(176,600)
Other income (expense)									(25,300)	(40,800)	17,100
Income taxes									(464,900)	(754,600)	(769,300)
Equity earnings of affiliate									16,800	23,900	20,900
Non-controlling interest									(4,700)	(4,900)	(5,700)
Net income attributable to SCC	60,900	$ 98,400	$ 294,700	$ 282,400	348,000	$ 324,300	$ 337,300	$ 323,400	736,400	1,333,000	1,618,500
Capital investment/expenditures									1,250,000	1,529,800	1,703,300
Property and mine development, net	8,262,800				7,436,400				8,262,800	7,436,400	6,476,200
Total assets	12,593,200				11,393,900				12,593,200	11,393,900	10,970,000
Payment to acquire business, net of cash acquired									100,400
Corporate, other and eliminations
Financial information relating to segments
Net sales outside of segments									(67,600)	(90,400)	(96,900)
Cost of sales (exclusive of depreciation, amortization and depletion)									(75,200)	(57,700)	(117,000)
Selling, general and administrative									1,100	5,100	2,300
Depreciation, amortization and depletion									(17,200)	(12,300)	8,800
Exploration									19,500	27,700	10,400
Operating income									4,200	(53,200)	(1,400)
Capital investment/expenditures									105,100	9,000	6,900
Property and mine development, net	404,200				115,300				404,200	115,300	66,700
Total assets	383,300				(58,600)				$ 383,300	(58,600)	524,800
Mexican Open-pit
Financial information related to segments
Number of open-pit copper mines | item									2
Mexican Open-pit | Operating segment
Financial information relating to segments
Net sales outside of segments									$ 2,703,900	2,954,600	2,976,000
Cost of sales (exclusive of depreciation, amortization and depletion)									1,390,000	1,146,600	1,308,900
Selling, general and administrative									50,500	37,200	35,400
Depreciation, amortization and depletion									265,000	225,500	179,000
Exploration									7,800	3,900	3,200
Environmental reclamation									45,000	91,400
Operating income									945,600	1,450,000	1,449,500
Capital investment/expenditures									820,500	1,121,300	1,263,500
Property and mine development, net	4,879,300				4,418,500				4,879,300	4,418,500	3,579,900
Total assets	7,459,800				6,780,400				$ 7,459,800	6,780,400	6,010,300
Mexican IMMSA Unit
Financial information related to segments
Number of underground poly metal mines | item									5
Mexican IMMSA Unit | Operating segment
Financial information relating to segments
Net sales outside of segments									$ 320,700	351,300	362,300
Cost of sales (exclusive of depreciation, amortization and depletion)									323,800	335,000	320,800
Selling, general and administrative									6,400	16,300	15,100
Depreciation, amortization and depletion									34,800	33,400	31,000
Exploration									9,600	29,500	27,200
Operating income									13,700	27,500	65,100
Capital investment/expenditures									39,200	45,700	60,600
Property and mine development, net	395,800				389,000				395,800	389,000	378,200
Total assets	787,500				843,500				787,500	843,500	895,600
Mexican IMMSA Unit | Intersegment sales
Financial information relating to segments
Net sales outside of segments									$ 67,600	90,400	96,900
Peruvian Operations
Financial information related to segments
Number of open-pit copper mines | item									2
Peruvian Operations | Operating segment
Financial information relating to segments
Net sales outside of segments									$ 2,021,300	2,481,800	2,614,600
Cost of sales (exclusive of depreciation, amortization and depletion)									1,289,000	1,416,600	1,358,600
Selling, general and administrative									41,400	44,800	49,700
Depreciation, amortization and depletion									228,100	198,400	177,200
Exploration									11,900	13,600	10,200
Operating income									450,900	808,400	1,018,900
Capital investment/expenditures									285,200	353,800	372,300
Property and mine development, net	2,583,500				2,513,600				2,583,500	2,513,600	2,451,400
Total assets	$ 3,962,600				$ 3,828,600				3,962,600	$ 3,828,600	$ 3,539,300
El Pilar | Corporate, other and eliminations
Financial information relating to segments
Payment to acquire business, net of cash acquired									$ 100,400

SEGMENT AND RELATED INFORMATI79

SEGMENT AND RELATED INFORMATION: (Details 2) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SALES VALUE PER SEGMENT:
Net sales outside of segments	$ 1,254.6	$ 1,133.6	$ 1,382.9	$ 1,274.8	$ 1,471.3	$ 1,474.6	$ 1,487.4	$ 1,354.4	$ 5,045.9	$ 5,787.7	$ 5,952.9
Copper
SALES VALUE PER SEGMENT:
Net sales outside of segments									3,994.1	4,518.1	4,654.8
Molybdenum
SALES VALUE PER SEGMENT:
Net sales outside of segments									239	506.9	389.2
Silver
SALES VALUE PER SEGMENT:
Net sales outside of segments									226.7	273.2	393.7
Zinc
SALES VALUE PER SEGMENT:
Net sales outside of segments									210.7	209.8	200.9
Other
SALES VALUE PER SEGMENT:
Net sales outside of segments									375.4	279.7	314.3
Corporate, other and eliminations
SALES VALUE PER SEGMENT:
Net sales outside of segments									(67.6)	(90.4)	(96.9)
Corporate, other and eliminations | Copper
SALES VALUE PER SEGMENT:
Net sales outside of segments									(30.6)	(46.4)	(48.4)
Corporate, other and eliminations | Silver
SALES VALUE PER SEGMENT:
Net sales outside of segments									(26.5)	(33)	(38.7)
Corporate, other and eliminations | Other
SALES VALUE PER SEGMENT:
Net sales outside of segments									(10.5)	(11)	(9.8)
Mexican Open-pit | Operating segment
SALES VALUE PER SEGMENT:
Net sales outside of segments									2,703.9	2,954.6	2,976
Mexican Open-pit | Operating segment | Copper
SALES VALUE PER SEGMENT:
Net sales outside of segments									2,237.2	2,380.2	2,365.5
Mexican Open-pit | Operating segment | Molybdenum
SALES VALUE PER SEGMENT:
Net sales outside of segments									109	299.8	241.3
Mexican Open-pit | Operating segment | Silver
SALES VALUE PER SEGMENT:
Net sales outside of segments									129.5	146.6	242.7
Mexican Open-pit | Operating segment | Other
SALES VALUE PER SEGMENT:
Net sales outside of segments									228.2	128	126.5
Mexican IMMSA Unit | Operating segment
SALES VALUE PER SEGMENT:
Net sales outside of segments									388.3	441.7	459.2
Mexican IMMSA Unit | Operating segment | Copper
SALES VALUE PER SEGMENT:
Net sales outside of segments									30.6	46.4	48.4
Mexican IMMSA Unit | Operating segment | Silver
SALES VALUE PER SEGMENT:
Net sales outside of segments									66.5	88	110
Mexican IMMSA Unit | Operating segment | Zinc
SALES VALUE PER SEGMENT:
Net sales outside of segments									210.7	209.8	200.9
Mexican IMMSA Unit | Operating segment | Other
SALES VALUE PER SEGMENT:
Net sales outside of segments									80.5	97.5	99.9
Peruvian Operations | Operating segment
SALES VALUE PER SEGMENT:
Net sales outside of segments									2,021.3	2,481.8	2,614.6
Peruvian Operations | Operating segment | Copper
SALES VALUE PER SEGMENT:
Net sales outside of segments									1,756.9	2,137.9	2,289.3
Peruvian Operations | Operating segment | Molybdenum
SALES VALUE PER SEGMENT:
Net sales outside of segments									130	207.1	147.9
Peruvian Operations | Operating segment | Silver
SALES VALUE PER SEGMENT:
Net sales outside of segments									57.2	71.6	79.7
Peruvian Operations | Operating segment | Other
SALES VALUE PER SEGMENT:
Net sales outside of segments									$ 77.2	$ 65.2	$ 97.7

SEGMENT AND RELATED INFORMATI80

SEGMENT AND RELATED INFORMATION: (Details 3) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of revenue by geographical location
Net sales	$ 1,254.6	$ 1,133.6	$ 1,382.9	$ 1,274.8	$ 1,471.3	$ 1,474.6	$ 1,487.4	$ 1,354.4	$ 5,045.9	$ 5,787.7	$ 5,952.9
Mexico
Schedule of revenue by geographical location
Net sales									1,641	1,708.9	1,402.8
United States
Schedule of revenue by geographical location
Net sales									862.5	1,059.3	1,028.7
Europe
Schedule of revenue by geographical location
Net sales									745.1	937.5	1,206.1
Japan
Schedule of revenue by geographical location
Net sales									445.9	447.8	583.9
Singapore
Schedule of revenue by geographical location
Net sales									369.8	299	117.3
Other Asian countries
Schedule of revenue by geographical location
Net sales									189.3	187.1	111.9
Brazil
Schedule of revenue by geographical location
Net sales									276.4	372.4	471
Chile
Schedule of revenue by geographical location
Net sales									102	401.5	362.8
Peru
Schedule of revenue by geographical location
Net sales									324.3	282.2	324.8
Other American countries
Schedule of revenue by geographical location
Net sales									$ 89.6	$ 92	$ 343.6

SEGMENT AND RELATED INFORMATI81

SEGMENT AND RELATED INFORMATION: (Details 4) lb in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)lb$ / lb	Dec. 31, 2014USD ($)
Provisionally priced sales
Provisional price sales adjustment amounts included in net sales	$ 6.1	$ 26.1
Copper
Provisionally priced sales
Provisional price sales adjustment amounts included in accounts receivable	$ 6	9.6
Copper | January through March 2016
Provisionally priced sales
Sales volume (in million lbs.) | lb	164.3
Provisional price | $ / lb	2.136
Molybdenum
Provisionally priced sales
Provisional price sales adjustment amounts included in accounts receivable	$ 0.1	$ 16.5
Molybdenum | January through April 2016
Provisionally priced sales
Sales volume (in million lbs.) | lb	12.1
Provisional price | $ / lb	5.15

SEGMENT AND RELATED INFORMATI82

SEGMENT AND RELATED INFORMATION: (Details 5)	12 Months Ended
	Dec. 31, 2015T
Copper cathodes | Mitsui
Long-term sales contract
Quantity to be supplied (in tons)	48,000
Quantity to be supplied related to prior contract (period 1994-2000) (in tons)	90,000
Quantity to be supplied related to prior contract in 2014 (in tons)	48,000
Term of agreement	5 years
Quantity to be supplied related to prior contract in 2015 (in tons)	42,000
Quantity to be supplied related to additional annual contract in 2015 (in tons)	6,000
Quantity to be supplied related to additional annual contract from 2016 until 2019 (in tons)	48,000
Additional term in which contract may be renewed	5 years
Copper cathodes | Mitsui | Tia Maria
Long-term sales contract
Quantity to be supplied following the full startup of project (in tons)	24,000
Molybdenum concentrates | Molibdenos y Metales
Long-term sales contract
Quantity to be supplied (in tons)	26,210
Period for which contract can be extended	1 year
Minimum period for which contract is to be maintained	3 years
Molybdenum concentrates | Molymex
Long-term sales contract
Minimum percentage of total production required to be supplied	80.00%

QUARTERLY DATA (unaudited) (Det

QUARTERLY DATA (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
QUARTERLY DATA (unaudited)
Net sales	$ 1,254.6	$ 1,133.6	$ 1,382.9	$ 1,274.8	$ 1,471.3	$ 1,474.6	$ 1,487.4	$ 1,354.4	$ 5,045.9	$ 5,787.7	$ 5,952.9
Gross profit	247.6	331.3	550.7	478	613.9	641.6	644.7	602	1,607.6	2,502.2
Operating income	187.5	286.9	503.1	436.9	525.5	547	597.3	562.9	1,414.4	2,232.7	2,532.1
Net income	62	99.4	296	283.7	349.2	325.7	338.4	324.6	741.1	1,337.9	1,624.2
Net income attributable to SCC	$ 60.9	$ 98.4	$ 294.7	$ 282.4	$ 348	$ 324.3	$ 337.3	$ 323.4	$ 736.4	$ 1,333	$ 1,618.5
Per share amounts attributable to SCC:
Net earnings basic and diluted (in dollars per share)	$ 0.09	$ 0.12	$ 0.37	$ 0.35	$ 0.43	$ 0.39	$ 0.40	$ 0.39	$ 0.93	$ 1.61	$ 1.92
Dividend per share	$ 0.04	$ 0.10	$ 0.10	$ 0.10	$ 0.12	$ 0.12	$ 0.10	$ 0.12	$ 0.34	$ 0.46	$ 0.68

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Jan. 28, 2016$ / shares
Subsequent Event
SUBSEQUENT EVENTS
Quarterly cash dividend authorized (in cents per share)	$ 0.03

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts Receivable
Valuation and Qualifying Accounts and Reserves
Balance at beginning of period	$ 0.3	$ 0.3
Charged to costs and expenses	0.6
Additions			$ 0.3
Balance at end of period	0.9	0.3	0.3
Notes issued under par
Valuation and Qualifying Accounts and Reserves
Balance at beginning of period	45.1	46.2	47.3
Charged to costs and expenses	1.5	1.1	1.1
Additions	20.2
Balance at end of period	$ 63.8	$ 45.1	$ 46.2