December 3, 2008

Freeport to Cut 20% of U.S. Staff Amid Metals Rout

According to Bloomberg: “Freeport-McMoRan Copper & Gold Inc., the world’s largest publicly traded copper producer, plans to reduce its workforce in North America by about 20 percent because of lower metal prices.

The job cuts will be undertaken “aggressively in the near term,” Chief Executive Officer Richard Adkerson said today in an interview in New York.

Employment at Freeport’s mines in Arizona and New Mexico doubled in the past five years as metal prices rose, Adkerson said. Now the company has cut contractors’ jobs and is offering voluntary severance and early retirement packages to its 9,000 U.S. workers, he said.”

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