Southern Copper Corp, the Grupo Mexico unit that is one of the world's largest copper producers, posted a fourth-quarter net loss on Friday and slashed its 2009 capital and exploration budget amid plummeting metals prices.
The company reported a net loss of $124.7 million, compared with a profit of $310.9 million a year earlier on net sales down to $449.7 million from $1.294 billion.
For the full year, Southern Copper said net profit totalled $1.406 billion, down from $2.216 billion in 2007.
Profit fell on lower copper prices, which have plummeted in the global financial crisis. The company said the crisis has caused it to scrutinise or stop new projects.
For 2009, Southern Copper slashed its capital and exploration budget to $415.3 million from a prior estimate of $1.07 billion.
The company is currently evaluating putting on hold or stopping its Tia Maria project and has delayed spending at its Toquepala mine expansion project. Its metals projects at El Arco, Los Chancas and Angangeo remain under evaluation.
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