Freeport-McMoRan announced on the 9th December that it will now close its Sierrita copperand molybdenum mine in the US, removing a further 45,000t/y of copper-in-concentrate and4,500t/y of molybdenum-in-concentrate from the market. Freeport is continuing to evaluate itsmining operations' plans in response to market conditions, and will make further adjustmentsas required. Options are also being considered to reduce debt levels, including the potentialsale of minority interests in certain mining assets. Furthermore, the company has announcedthat its capital spending budget for the mining business in 2016 will be slashed by 25%, from$2.7B to $2.0B.
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