Stock Alert: Shares Of Southern Copper Corp. (SCCO) Hit 52-Week High

(RTTNews) - Shares of Southern Copper Corp. (SCCO) touched a 52-week high of $42.73 on December 18, and closed Wednesday's trading session at $42.63, up 62 cents or 1.48%. The company engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile.

In October, the Phoenix, Arizona-based company reported upbeat results for the third quarter, reflecting higher production at the Toquepala mine, which increased its production by 55.5% as a result of additional copper production of 27,435 tons from the successful start-up of the new concentrator at Toquepala.

The new Toquepala concentrator reached full capacity at the end of the second quarter of this year.

The company's Q3 net income was $389.6 million or $0.50 per share versus $369.4 million or $0.48 per share last year.

Sales for the quarter rose 7.9% to $1.86 billion from $1.72 billion generated a year ago, largely due to higher sales volume of copper, silver, and molybdenum, as well as better silver prices.

Considering this year's average prices for the company's main products, for 2019, Southern Copper expects its cash cost to set at about $0.82 per pound, a reduction of 6% from last year's cash cost of $0.87.

On October 17, 2019, Southern Copper's Board authorized a dividend of $0.40 per share payable on November 21, 2019, to shareholders of record at the close of business on November 7, 2019.