LONDON (ShareCast) - Latin America-focused Hochschild Mining is cutting 150 corporate jobs in reaction to adverse market conditions and lower metal prices.

The company also said it will reduce administrative expenses and capital expenditure, and delay development of its San Felipe zinc project in northern Mexico due to weak zinc prices.

“Hochschild has deferred almost all of its 2009 capital expenditure, which will be largely limited to sustaining capex at existing operations and already committed investments,” it said.

Despite a 46% plunge in the price of zinc, the group remains confident about the long term value of San Felipe and will continue to review the timing of the project.

Hochschild said it has a cash balance of $130m and remains on track to achieve its 2008 production target of 26 million silver equivalent ounces.

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