Freeport (FCX) CEO Comments on Impact of Credit Crunch

Dow Jones reports that Freeport-McMoRan's (NYSE: FCX) CEO and President, Richard Adkerson, made several comments related to the credit crisis and how it will impact Freeport:

• to defer some projects due to the economic slowdown
  
• developments in China are key for copper production
  
• Tenke is on track for a 2010 startup, and
  
• M&A is drying up due to the credit crunch.

Shares of Freeport are trading 6.5% lower to $42.56 today. Freeport stock rose more than 18% yesterday, jumping past the $40 level.

Freeport-McMoRan Copper & Gold, Inc. engages in the exploration, mining, and production of mineral properties primarily in Indonesia, North America, South America, and Africa.

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