Tuesday, October 14, 2008

Credit crisis may halt Freeport copper mining expansions

The CEO of Phoenix-based Freeport-McMoRan Copper & Gold Inc. said it may defer expansions of existing mines because of the credit freeze and declining metals prices.

Freeport has projects to develop the Safford mine [right, credit Freeport McMoRan Copper & Gold] and restart the Miami mine and expand mines at Morenci, Bagdad and Sierrita in Arizona. They also to develop a large project in the Congo and reopen the Climax mine in Colorado. The company did not say what projects might be cut or how big they would be.

Freeport stock dropped nearly 10% by end of the day.

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