Freeport Joins Anglo in Escalating Battle Against Metal Rout
- Measures include the suspension of its common stock dividend
- The company plans to shutter its Sierrita mine in Arizona
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Freeport-McMoRan Inc. extended spending and production cutbacks as the biggest publicly traded copper producer battles to preserve cash in a deepening commodity meltdown. Shares surged.
The measures include lowering expenditures at its energy operations, additional curtailments in copper and molybdenum output and the suspension of its common stock dividend, the company said in a statement Wednesday.