Friday, January 09, 2009

Morenci mine laying off nearly half of workers

Freeport McMoRan is laying off 1,550 workers out of a total workforce of about 3,300 at the Morenci copper mine about 50 miles northeast of Safford, according to press reports. No announcement is posted on the company's Web page yet. [right, Morenci mine, May 2008, my photo]

Freeport's stock is down almost $100 per share from its high of the past year.

The price of copper is about $1.43 per pound, up a bit from its recent lows, but still way down from a peak over $4 this spring.

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