Freeport-McMoran (FCX) Announces Further Cost Cuts; Plans Headcount Reduction
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Freeport-McMoRan Announces Further Spending Cuts in Response to Market Conditions
August 27, 2015 8:01 AM EDTPHOENIX--(BUSINESS WIRE)-- Freeport-McMoRan Inc. (NYSE: FCX):
25% reduction ($700 million) in estimated 2016 Mining capital expenditures Projected consolidated 2016 capital expenditures for Mining and Oil & Gas estimated at $4.0 billion 29% reduction from July 2015 estimates. Reduction in copper sales of 150 million pounds per year in 2016e and 2017e 20% reduction in estimated 2016 unit site production and delivery costs compared with 2015e Actions enhance outlook for Free Cash Flow generation at low... More