Freeport lays off 600+ recent hires in Arizona

The headlines in the morning will be that Freeport McMoRan Copper & Gold has laid off 637 employees in Arizona, saying most are those who were recently hired. Another 131 were let go at New Mexico mines. Most of the layoffs are at the giant Morenci mine [right, credit Freeport McMoRan] that was slated for a major expansion. The mining sector had been one of the only bright spots in the state economy for much of the year, but copper and molybdenum prices have cratered in the past couple months as economies slow or shrink, cutting demand. The numbers of layoffs for each mine are:

Safford, 59
• Morenci, 402
• Bagdad, 66
• Sierrita, 70
• Miami, 40
• Tyrone, N.M., 36
• Chino, N.M., 95