Wednesday, December 09, 2015

Closure of Sierrita mine near Tucson confirmed

Hurt by falling oil prices, Freeport-McMoRan said Wednesday that it won't pay an annual dividend this year and will make more spending cuts. It will also shut down a copper mine in Arizona, cutting about 450 jobs. Shares of Freeport-McMoRan jumped more than 8 percent in midday trading. To combat weaker demand for oil, the Phoenix-based company had announced plans to reduce spending earlier this year. It also said in October that it is considering selling its oil and gas business, or finding another alternative, so it could focus on its copper mining business. Freeport-McMoRan said it will close its Sierrita mine south of Tucson, and is considering selling minority interests in certain mining assets. The company said that ending its 20 cent per share yearly dividend will save it about $240 million a year...more

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