Freeport Can Weather a Period of Low Copper Prices--CEO

Date : 07/19/2012 @ 11:38AM
Source : Dow Jones News
Stock : Freeport-Mcmoran, Inc. (FCX)
Quote : 11.88  0.0 (0.00%) @ 5:23AM

Freeport Can Weather a Period of Low Copper Prices--CEO

Freeport-McMoRan Inc. (NYSE:FCX)
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   By Tatyana Shumsky 
 

NEW YORK--Freeport McMoRan Copper & Gold Inc. (FCX) can weather a period of low copper prices, Chief Executive Richard Adkerson said on the company's second-quarter earnings conference call.

The company's copper operations will remain profitable in the face of a sharp decline in copper prices from recent levels of around $3.50 a pound, Mr. Adkerson said.

"Our project economics are not built around $3.50 copper," Mr. Adkerson said.

He added that Freeport has shown it can make "adjustments" to its operations in order to cut back output and reduce costs during the 2008 financial crisis.

Write to Tatyana Shumsky at tatyana.shumsky@dowjones.com

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