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Reuters reported that Freeport McMoRan (NYSE:FCX) is planning to cut its copper and molybdenum output amidst falling metals prices and pressure from activist investor, Carl Icahn.
Reuters reported that Freeport McMoRan (NYSE:FCX) is planning to cut its copper and molybdenum output amidst falling metals prices and pressure from activist investor, Carl Icahn.
As quoted in the publication:
The Phoenix-based company said it remains confident in the longer-term outlook for copper prices, but will halve operating rates at its Sierrita mine in Arizona as price continue to fall.
The move will cut output by 100 million pounds of copper and 10 million pounds of molybdenum annually, said Freeport, which is also considering a full shutdown of the mine.
Combined with cuts announced in August, annual production has been reduced by 250 million pounds of copper and 20 million pounds of molybdenum.
The biggest U.S.-listed copper miner, Freeport said a primary strategic objective is the “significant” reduction of its $20.7 billion debt load.