Bloomberg reported that Southern Copper Corporation fell for a third day in four as earnings failed to meet investor expectations and the company postponed the startup of a copper mine.

Mr Leoncio Altamirano trader at Lima based brokerage Juan Magot y Asociados SAB said that “The earnings report wasn’t as favorable as the market had hoped. Investors also feel the company won’t recover what they invested in the stalled Tia Maria project.”

Southern said that Q4 net income climbed 9% to USD 537 million or 64 cents a share from USD 492 million or 58 cents in the year earlier period. Analysts expected a profit of 70.4 cents a share.

A drop in copper prices offset 24% gain in Southern’s output. Average copper prices fell 13% in the quarter from a year earlier on investor concern the slowing global economy and escalating European debt crisis will pare Chinese demand.

The company delayed the startup of its USD 900 million Tia Maria mine in Peru to 2015 as the company prepares a new environmental impact study for the project, suspended last year by environmental protests.

(Sourced from Bloomberg.net)