Southern Copper Corp reported higher copper and zinc sales volumes and prices in the fourth quarter of 2017, but these were overshadowed by the negative impact of a one-time payment related to the tax reform in the United States.
The Grupo Mexico-controlled miner posted a $287.5-million net loss in the three months ended December 31, surprising market analysts who expected it to report a strong net profit in the period. The new legislation in the US "resulted in the cancellation of foreign tax credit carry-forwards that were generated prior to the new legislation by taxes paid in Peru and Mexico, where we operate," Southern Copper said on Friday February 2.Excluding this factor, Southern Copper would have posted a $455.8-million net...