NYSE-listed Freeport-McMoran (FCX) on Friday announced a 30% reduction in planned capital expenditure (capex) for 2020, as it unveiled a new operating plan in response to the Covid-19 pandemic and the resultant negative impact on the global economy.
The group, which operates mines in North America, South America and Indonesia, slashed its 2020 capex guidance to $2-billion, from its January forecast of $2.8-billion.
FCX also announced a $100-million reduction in exploration and administration costs, with savings focusing on a temporary reduction in certain employee benefits, the initiation of furloughs and employee separation programmes, as well as reductions in bonus programmes and third-party service costs.