Tuesday, October 21, 2008

Freeport shelves Arizona mine expansions, restart

Profits for Freeport McMoRan Copper and Gold Inc. dropped by 33% for the third quarter due to falling metals prices, and the company said it will shelve plans for expansion of the Sierrita and Bagdad copper mines. In addition the restart of the Miami copper mine [right, credit Freeport McMoRan] will be put on hold due to slowing global economic conditions and demand for copper.

Freeport had planned on investing $370 million on these three projects. They expected production of 180 million pounds of copper and 6 million pounds of molybdenum annually starting in 2010.

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