南方铜业 2025年度报告

FORM 10-K Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. YesNo If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correctionof an error to previously issued financial statements☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No As of February 26, 2026, there were of record 819,103,082 shares of common stock, par value $0.01 per share, outstanding. The aggregate market value of the shares of common stock (based upon the closing price at June 30, 2025 as reported on the New York Stock Exchange-Composite Transactions)of Southern Copper Corporation held by non-affiliates was approximately $9,019.8 million. PORTIONS OF THE FOLLOWING DOCUMENTS ARE INCORPORATED BY REFERENCE: Part III:Proxy statement for 2026 Annual Meeting of StockholdersPart IV:Exhibit Index is on Page 200 through 203 Southern Copper Corporation (“SCC”) INDEX TO FORM 10-K PART I.Item 1Business3 - 16Item 1ARisk Factors16 - 28Item 1BUnresolved Staff Comments28Item 1CCybersecurity28 - 31Item 2Properties32 - 96Item 3Legal Proceedings96Item 4Mine Safety Disclosure96PART II.Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchasesof Equity Securities97 - 98Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations99 - 125Item 7A.Quantitative and Qualitative Disclosures about Market Risk126Item 8.Financial Statements and Supplementary Data127 - 190Item 9.Changes in and Disagreements with Accountant on Accounting and Financial Disclosure191Item 9A.Controls and Procedures191Item 9B.Other Information193Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections193PART III.Item 10.Directors, Executive Officers and Corporate Governance194 - 196Item 11.Executive Compensation194 - 196Item 12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters194 - 196Item 13.Certain Relationships and Related Transactions and Director Independence194 - 196Item 14.Principal Accounting Fees and Services194 - 196PART IV.Item 15.Exhibits, Financial Statement Schedule196 - 199Supplemental Information200 - 203Signatures204 PART I ITEM 1. BUSINESS THE COMPANY We believe Southern Copper Corporation (“SCC”, “Southern Copper” or the “Company”) is one of the largest integratedcopper producers in the world. Our major production includes copper, molybdenum, zinc and silver. All of our mining,smelting and refining facilities are located in Peru and Mexico, and we conduct exploration activities in those countriesand in Argentina and Chile. See Item 2 “Properties—Review of Operations” for maps of our principal mines, smeltingfacilities and refineries. The considerable scale of our operations makes us one of the largest mining companies in Per