Southern Copper Puts Project on Hold

Southern Copper has put its Tia Maria copper project in Peru on hold as weaker metals prices make it unfeasible, the company says. A 2007 feasibility study determined that the project would require a $934m investment. Copper closed at $1.62 a pound March 5, versus a high of around $4.00 last summer. Henry Walqui, sub-director of projects, says the project can only be developed if providers and engineering firms adjust costs to reflect new market conditions. The Tia Maria project was expected to begin producing in 2010, targeting an average 120,000 tons of copper annually.