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Freeport McMoRan Cuts Indonesia Copper Forecast Due to El Nino
Sep. 10, 2015 10:15AM PST
Base Metals Investing Reuters reported that Freeport McMoRan (NYSE:FCX) reported that it had its forecast for copper concentrate sales from its Indonesia operations. According to the news outlet, the dry El Nino weather pattern has hurt milling operations in the country.
Reuters reported that Freeport McMoRan (NYSE:FCX) reported that it had its forecast for copper concentrate sales from its Indonesia operations. According to the news outlet, the dry El Nino weather pattern has hurt milling operations in the country.
As quoted in the press release:
Freeport, which runs one of the world’s largest copper mines in Papua in eastern Indonesia, said a lack of water supply would cut its 2015 sales by 25 million pounds from an earlier sales estimate of 860 million pounds for the year.