Loading ...Freeport stock dives on threatening Indonesian mine cuts, lower guidance
VANCOUVER (miningweekly.com) – The NYSE-listed stock of US diversified miner Freeport-McMoRan (FCX) on Wednesday nosedived after the company threatened to reduce output and cut staff at its Grasberg mine, in Indonesia.
The Phoenix, Arizona-based miner said that if it had not obtained approval to export concentrate by mid-February, it would be forced to implement measures that would see production at the massive Grasberg operation throttled to about 40% of capacity, reduce its workforce, lower costs and suspend future investments on its underground development projects and new smelter.