Southern Copper Appoints Interim CEO
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Should l Buy SCCO?
In a regulatory filing, the company stated, "On April 13, 2026, Southern Copper Corporation announced the unexpected passing of Oscar Gonzalez Rocha, the company's President and Chief Executive Officer. Effective April 16, 2026, the Board of Directors appointed Leonardo Contreras Lerdo de Tejada to serve as interim Chief Executive Officer of the Company. Mr. Leonardo Contreras Lerdo de Tejada will continue to serve on the Company's Board of Directors."
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Analyst Views on SCCO
Wall Street analysts forecast SCCO stock price to fall
10 Analyst Rating
0 Buy
5 Hold
5 Sell
Moderate Sell
Current: 188.250
Low
90.00
Averages
127.95
High
152.00
Current: 188.250
Low
90.00
Averages
127.95
High
152.00
About SCCO
Southern Copper Corporation is an integrated copper producer. It is engaged in the production of copper, molybdenum, zinc and silver. All of its mining, smelting and refining facilities are located in Peru and Mexico, and it conducts exploration activities in those countries and in Argentina and Chile. Its segments include the Peruvian operations, Mexican open-pit operations and Mexican underground mining operations. Its Peruvian operations 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. Its Mexican open-pit operations include the 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. Mexican underground mining operations include five underground mines that produce zinc, copper, lead, silver and gold; and a zinc refinery.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Southern Copper CEO Oscar Rocha Passes Away Unexpectedly
- Leadership Change: Southern Copper's CEO Oscar Rocha passed away unexpectedly on April 7, and as the leader since 2004, his death may lead to significant adjustments in the company's strategic direction, impacting investor confidence.
- New CEO Appointment Plans: The company plans to appoint a successor or interim CEO in the near future, which will affect the governance structure and may have short-term implications for operational efficiency.
- Industry Impact: During Rocha's tenure, Southern Copper solidified its significant position in global copper production, and the upcoming leadership transition could influence the company's market competitiveness and strategic decisions.
- Shareholder Structure: Southern Copper is 88.9% owned by Grupo Mexico, and Rocha's passing may prompt a reevaluation of shareholder interests and corporate governance, especially against the backdrop of currently high copper prices.
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- Review Process Clarification: Figueroa noted that the project is not undergoing any technical or environmental review, suggesting that progress remains possible despite previous reports indicating the government had revoked its $1.8 billion authorization.
- Legal Review Impact: A legal review by Peru's Mining Council has declared null the resolution that authorized the previous start of the Tia Maria project, with the file being returned to the General Directorate of Mining for a new review in strict compliance with established guidelines.
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- Market Rally: The S&P 500 rose by 2.35%, the Dow Jones by 2.78%, and the Nasdaq 100 by 2.89%, all reaching four-week highs, reflecting optimistic market sentiment following the easing of geopolitical tensions.
- Crude Oil Plunge: Crude oil prices fell over 17% to a 1.5-week low after the US and Iran agreed to a two-week ceasefire, alleviating inflation concerns and sparking a rally in global government bond markets.
- Declining Bond Yields: The 10-year US Treasury yield dropped to a three-week low of 4.228%, as easing inflation worries are expected to influence future monetary policy, particularly ahead of the upcoming FOMC meeting.
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Southern Copper CEO Oscar Rocha Passes Away Unexpectedly
- Leadership Change: Southern Copper's CEO Oscar Rocha passed away unexpectedly on April 7, and as the leader since 2004, his death may lead to significant adjustments in the company's strategic direction, impacting investor confidence.
- New CEO Appointment Plans: The company plans to appoint a successor or interim CEO in the near future, which will affect the governance structure and may have short-term implications for operational efficiency.
- Industry Impact: During Rocha's tenure, Southern Copper solidified its significant position in global copper production, and the upcoming leadership transition could influence the company's market competitiveness and strategic decisions.
- Shareholder Structure: Southern Copper is 88.9% owned by Grupo Mexico, and Rocha's passing may prompt a reevaluation of shareholder interests and corporate governance, especially against the backdrop of currently high copper prices.
See More
Peru's Mining Ministry Confirms Tia Maria Project Not Canceled
- Project Status Confirmation: Peru's Deputy Mining Minister Mayra Figueroa stated that Southern Copper's Tia Maria copper project has not been canceled but is under review to verify compliance with requirements, indicating ongoing government support for the project.
- Review Process Clarification: Figueroa noted that the project is not undergoing any technical or environmental review, suggesting that progress remains possible despite previous reports indicating the government had revoked its $1.8 billion authorization.
- Legal Review Impact: A legal review by Peru's Mining Council has declared null the resolution that authorized the previous start of the Tia Maria project, with the file being returned to the General Directorate of Mining for a new review in strict compliance with established guidelines.
- Project Progress and Risks: The Tia Maria project is approximately 25% complete and aims to produce 120,000 metric tons of copper annually; however, local farmers and residents have long expressed concerns about potential pollution and threats to water supplies, increasing the risk of future implementation.
See More
Global Stock Markets Surge on Iran Ceasefire Agreement
- Market Sentiment Rebound: Global stock markets surged on Wednesday as the US and Iran agreed to a two-week ceasefire, with the S&P 500 rising 2.51%, the Dow Jones up 2.85%, and the Nasdaq 100 increasing by 2.90%, reflecting a positive market response to easing geopolitical tensions.
- Crude Oil Price Plunge: The ceasefire news led to a more than 15% drop in crude oil prices to a 1.5-week low, alleviating inflation concerns and sparking a rally in global government bond markets, with the German 10-year Bund yield falling to a 3-week low, indicating a more optimistic outlook for the economy.
- Fed Policy Expectations: Although the market discounts only a 1% chance of a 25 bp rate hike at the upcoming April 28-29 FOMC meeting, the minutes from the March FOMC indicated heightened concerns among participants regarding upside risks to inflation and downside risks to employment, suggesting a more cautious approach to future monetary policy.
- Strong Tech Stock Performance: Chipmakers and AI infrastructure stocks saw significant gains on Wednesday, with Intel rising over 11%, driving the Nasdaq 100's increase, highlighting the tech sector's crucial role in the market recovery and further boosting investor confidence in technology stocks.
See More
Meta's AI Model Launch Sparks 9% Stock Surge
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- Kimberly-Clark Stock Rebound: Kimberly-Clark's shares rebounded by 3% after a previous drop of over 4% due to a warehouse fire in California, with the company confirming no injuries, alleviating market concerns about supply chain disruptions and likely restoring investor confidence.
- Housing Market Stocks Rise: Stocks linked to the housing market saw gains as Treasury yields retreated, with the 10-year yield dropping about 7 basis points to 4.273%, resulting in Zillow Group shares rising over 2% and Rocket Companies gaining 4%, indicating a growing optimism about housing demand.
- Travel Stocks Surge: Travel-related stocks surged as oil prices fell, with United Airlines and Carnival Corporation shares jumping over 10%, reflecting increased market confidence in consumer spending recovery and signaling a potential rebound in the travel industry.
See More
Global Stock Markets Surge on Iran Ceasefire Agreement
- Market Sentiment Rebounds: Global stock markets surged as the US and Iran agreed to a two-week ceasefire, with the S&P 500 rising 2.04%, the Dow Jones up 2.25%, and the Nasdaq 100 increasing by 2.52%, indicating a renewed investor confidence in risk assets.
- Crude Oil Price Plunge: The ceasefire news led to a more than 15% drop in crude oil prices to a 1.5-week low, alleviating inflation concerns and sparking a rally in global government bond markets, with the German 10-year Bund yield falling to a 3-week low, reflecting market expectations of a potential economic slowdown.
- US Treasury Yields Decline: The 10-year US Treasury yield fell to 4.228%, a 3-week low, as concerns over inflation eased, indicating increased demand for safe-haven assets, while also supporting the upcoming $39 billion auction of 10-year notes.
- Strong Performance in Tech Stocks: Amid the positive market sentiment, technology stocks performed strongly, with Amazon, Meta, and Alphabet all rising over 3%, showcasing sustained investor confidence in the tech sector, which may drive future investment inflows.
See More
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- Market Rally: The S&P 500 rose by 2.35%, the Dow Jones by 2.78%, and the Nasdaq 100 by 2.89%, all reaching four-week highs, reflecting optimistic market sentiment following the easing of geopolitical tensions.
- Crude Oil Plunge: Crude oil prices fell over 17% to a 1.5-week low after the US and Iran agreed to a two-week ceasefire, alleviating inflation concerns and sparking a rally in global government bond markets.
- Declining Bond Yields: The 10-year US Treasury yield dropped to a three-week low of 4.228%, as easing inflation worries are expected to influence future monetary policy, particularly ahead of the upcoming FOMC meeting.
- Airline Stocks Surge: With lower fuel costs, Alaska Air Group surged over 16% and Carnival Cruises rose over 13%, indicating a positive impact of falling oil prices on the airline and cruise industries, potentially enhancing overall profitability.
See More
