Saturday, December 27, 2008

Copper prices put pressure on Freeport

Declining prices mean that almost 1/3 of copper production by Phoenix-based Freeport McMoRan Copper & Gold is unprofitable at current prices, according to an analysis by If prices stay below $1.50 per pound (they're at $1.28 today), Freeport may institute a third round of cuts to production with resulting layoffs and even closures. [right, credit Freeport McMoRan C&G]

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