Freeport-McMoRan Inc is cutting molybdenum production at a key Colorado mine by half and "plans to reassess" operations at a New Mexico copper mine that has been temporarily shuttered due to Covid-19, a spokeswoman said.
The steps come after Phoenix-based Freeport, the world’s largest publicly traded copper producer, said last month it would cut $1.3-billion from its budget as prices for the red metal plunged due to the global spread of the novel coronavirus, the virus that causes Covid-19.