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Une North Central Avenue ¦ Phoenix, AZ 85004 <br />L/ Free 00-McMoRa <br />?ZAnnounces Molybdenum <br />Financial Contacts: Media Contact: <br />Kathleen L. Quirk David P. Joint William L. Collier <br />(602) 366-8016 (504) 582-4203 (504) 582-1750 <br />& Gold <br />CurtailmenVand <br />? I Plans to De er Restart of Climax Molybdenum Mine <br />[/ <br />PHOENIX, AZ, November-10, 2008 - Freeport-McMoRan Copper & Gold Inc. (NYSE: FOO announced <br />today in response to the recent sharp decline in molybdenum prices plans to reduce production from its <br />Henderson primary molybdenum mine and to defer the restart of the Climax molybdenum mine. <br />Molybdenum markets have been strong in recent years, averaging $30 per pound in 2007 and <br />$33 per pound in the nine months ended September 30, 2008. Slowing demand for molybdenum in the <br />metallurgical and chemicals sectors during October 2008 combined with weak global economic conditions <br />and turmoil in credit and financial markets has resulted in a sudden and sharp decline in molybdenum <br />prices in recent weeks. The Metals Week Molybdenum Dealer Oxide price declined from approximately <br />$30 per pound in mid-October 2008 to $12 per pound on November 10, 2008. <br />In response to these conditions, FCX has revised its mine plans at its Henderson primary <br />molybdenum mine near Empire, Colorado to operate at a reduced rate. This will result in a reduction in <br />expected annual molybdenum production of approximately 10 million pounds, reflecting a 25 percent <br />reduction in Henderson's approximate annual production. FCX is also assessing the potential to curtail <br />molybdenum production at its by-product mines. <br />FCX also announced the suspension of construction activities associated with the restart of the <br />Climax molybdenum mine near Leadville, Colorado. While FCX remains positive on the long-term <br />prospects for the molybdenum business and the future of the Climax mine, the construction activities will <br />be suspended in a controlled and sequenced manner in order to maintain the integrity of the work <br />completed to-date and to allow for a quick restart of the project pending improvement in market <br />conditions. Reclamation and environmental projects will continue and FCX will preserve the significant <br />Climax reserves and resources for better market conditions. Approximately $150 million of the $500 <br />million project has been incurred through October 31, 2008 and remaining near-term commitments total <br />$50 million. The project was previously expected to commence production in 2010 ramping up to a rate <br />of 30 million pounds per annum. Once a decision is made to resume construction activities, the project <br />would be capable of starting up within a 12-18 month timeframe. <br />Richard C. Adkerson, FCX's Chief Executive Officer, said, "We are responding <br />aggressively to the current market conditions which have weakened dramatically in recent <br />weeks. These changes to our molybdenum production plans will allow us to reduce operating <br />costs and capital spending, adjust our production profile to better match market <br />requirements, preserve our valuable resources for anticipated improved market conditions <br />and continue our long-standing tradition of providing customers with high quality <br />molybdenum products and service. We have a positive long-term view for molybdenum <br />markets and will be positioned to increase our production as market conditions improve. " <br />Freeport-McMoRan Copper & Gold