PHOENIX --(BUSINESS WIRE)-- Freeport-McMoRan Inc. (NYSE: FCX):
• 25% reduction ( $700 million ) in estimated 2016 Mining capital expenditures
• Projected consolidated 2016 capital expenditures for Mining and Oil & Gas estimated at $4.0 billion - 29% reduction from July 2015 estimates.
• Reduction in copper sales of 150 million pounds per year in 2016e and 2017e
• 20% reduction in estimated 2016 unit site production and delivery costs compared with 2015e
• Actions enhance outlook for Free Cash Flow generation at low prices
Freeport-McMoRan Inc. (NYSE: FCX) announced today revised capital and operating plans in response to the recent decline in copper prices resulting in reduced capital expenditures, lower production levels and lower operating, administrative and exploration costs. These actions are the results of the previously announced review of operating plans for FCX’s mining business.