In short: Used as the crowded, expensive comparable rather than a pick: a ~$200B company at ~40× P/E that is "not as profitable" as Aurelion's own ~$10B, ~17× copper-gold holding — "the more it's crowded … the less overlooked it is."
Southern Copper is one of the world's largest copper miners, worth around $200 billion. Boyer uses it to show what he avoids. Big funds that want copper exposure buy the biggest, most liquid names, so those stocks already carry a rich price: about 40 times earnings, by his figure. Aurelion's own copper holding (not named) is a ~$10 billion company at about 17 times earnings that he says is more profitable per mine.
His logic is that a well-run, mid-sized producer that is less crowded has more upside when the copper price rises than a giant everyone already owns. It still needs to be large enough for funds to buy eventually.
1:02:49So you don't always see a copper producer doing as much free cash flow, and free cash flow is something we think is really important, and the company I compare in my report this company to another one, it's not even Freeport, it's Southern Copper, so really really huge company you know, PE like you said is like 40 but I'm like okay this company is not as profitable as mine.
In short: The half of the copper position he prefers: "a lot of people always talk about Freeport, but Southern Copper is really good company." Same treatment — owned, unsold, but "we never added those any more than we already had" with copper at highs.
Southern Copper mines copper in Peru and Mexico and is, in Oakley's view, the better business of the pair: "a lot of people always talk about Freeport, but Southern Copper is really good company." The copper position is split roughly between the two.
The stance is the same as Freeport's — owned, not sold, not being added while the metal sits at record levels. It is worth noting what this reveals about his process: quality alone doesn't earn fresh capital, price does.
31:26— All right. What about copper? Because copper's had a great run. I think you also hold Freeport-McMoRan, and I'm assuming that's primarily a copper — portfolio. It's one of those. We split it between Southern Copper and Freeport. Those two. A lot of people always talk about Freeport, but Southern Copper is really good company.
In short: Ranks it a 4 and owns it, though "it wouldn't surprise me to see that chart break down." Wonderful opportunities, okay capital allocators, "lots and lots and lots of political risk — not for the faint of heart."
Southern Copper is a large, low-cost copper producer that Rule owns and grades a 4. The catch he flags is political: most of its mines are in Peru, where the risk of government interference is high — "not for the faint of heart." He even warns the chart could break down near-term, which fits his broader view that copper stocks can wobble in the short run even while the multi-year supply shortage builds.
34:58I'm no economist. — Understood. All right. Well, let's start off with our first name here. It's Southern Copper Corp. SCCO on the New York Stock Exchange. It looks like it's been kind of kangarooing, just hopping back and forth sideways for the last several months here, Rick. What do you think of SCCO? — I have this as a four, although it wouldn't surprise me to see that chart break down.
In short: Cited as a jurisdictional-risk data point — Peru recently revoked its permit for the $1.8B Tía María mine, an example of how political risk in key jurisdictions can strand large-scale copper development.
Southern Copper isn't a buy/sell call here — it's the cautionary example. Peru just yanked the permit for its $1.8 billion Tía María mine, showing how a single government decision can freeze a huge copper project. That's the article's whole point about "jurisdictional risk": even a big, capable miner can be stopped cold by politics, which is why where a company operates matters as much as what it owns.
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