Freeport-McMoRan Announces Cost Reduction Plans
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Freeport may cut output at small N. American mines: analysts
July 28, 2015 2:05 PM EDTBy Nicole Mordant
(Reuters) - Freeport-McMoRan Inc may cut output at its small North American copper and molybdenum mines to help it reduce costs, analysts said on Tuesday after the miner and oil producer announced a cost and spending review amid weak commodity prices.
Freeport, the biggest U.S.-listed copper miner, said it is reviewing its mining and oil and gas businesses for significant additional cuts in capital spending and operating costs because of weak prices for copper, molybdenum, oil and gold.
Shares in Arizona-based Freeport leapt on the announcement, and were last up 9.4... More
Freeport-McMoran (FCX) Plans Cost Reductions
July 28, 2015 10:54 AM EDTFreeport-McMoRan Inc. (NYSE: FCX) today announced it has undertaken a comprehensive review of its operating plans in its mining and oil and gas businesses to target significant additional reductions in capital spending and operating and administrative costs in response to weak market conditions for its major products. These plans will also incorporate potential adjustments to mine plans and future copper and molybdenum production volumes to reduce costs and preserve valuable resources for anticipated improved market conditions in the future. The company expects to complete this review promptly and will report its revised plans... More
