Freeport McMoRan Cuts Budget and Jobs Amidst Weak Copper Prices

Freeport McMoRan (NYSE:FCX) is planning to cut its mining capital budget by 10 percent next year and will axe 10 percent of its US staff as lower copper prices persist, Reuters reported.
As quoted in the publication:

Shares of Freeport-McMoran, which will suspend operations and lower production at some U.S. mines, surged 22 percent to $9.67 after the announcement.
This marks the latest in a string of cuts from the Arizona-based company, which earlier this month reduced the 2016 and 2017 oil and gas capital budgets by 31 percent to $2 billion per year.
Freeport now plans to spend $2 billion on mining in 2016, for a total capital budget of $4 billion. Last month it cut total spending to $4.7 billion from $5.6 billion forecast in July.

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