Freeport makings drastic cuts amid falling metal prices
Dec 03, 2008 | 06:09 AM
| Anne Riley
Citing brutal economic conditions, Freeport-McMoRan Copper & Gold Inc. has announced plans to curtail copper production, suspend dividends and halve its estimated capital expenditures next year.
"These revisions to our plans will allow us to reduce operating costs and capital spending, adjust our production profile to better match market requirements and preserve our valuable resources for anticipated improved market conditions," James R. Moffett, chairman, and Richard C. Adkerson, president and chief executive officer, said in a joint statement.
The Phoenix-based company's aggressive cost-reduction plan, announced Wednesday, includes a 200-million-pound (5-percent) decrease in copper production in 2009 and a 500-million-pound (11-percent) reduction in 2010.....
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