BNAmericas reported that Southern Copper has placed all its capital expenditures on hold or under scrutiny. It reported a USD 125 million net loss in Q4 of 2008, mostly due to plummeting metals prices.

SCC said that it would either put on hold or stop altogether its Tía María project in Peru due to the present market conditions. As of December 31st 2008, it had spent USD 118 million on the project. It is reviewing the feasibility of an expansion project at its Toquepala mine in Peru, for which it has spent USD 37.7 million so far.

An official at SCC said that "For the Cuajone expansion project, we have signed a feasibility study contract and will only continue at this point with the engineering and environmental impact assessment."

Meanwhile, SCC added that it will continue to evaluate the Los Chancas project in Peru, and the El Arco and Pilares projects in Mexico, along with an underground development initiative at Angangueo.

(Sourced from www.bnamericas.com)