Freeport: Eyeing Molybdenum Market For Possible Climax Restart
21 Juli 2010 - 5:13PM
Dow Jones News
Freeport-McMoRan Copper & Gold Inc. (FCX) is keeping a close
watch on molybdenum market conditions to determine when to restart
its Climax project, the U.S. producer said Wednesday.
Construction was suspended at Climax in October 2008 in response
to market conditions and is still on hold. Climax is planned to
have an annual capacity of 30 million pounds, with "significant"
expansion options.
"Freeport is investing $60 million to advance certain
construction activities during the next several months to provide
flexibility in startup timing options," the company said.
Freeport is the world's largest producer of molybdenum and the
second-biggest producer of copper after Chile's Codelco.
Once a decision to resume construction is made, the project
could be completed within 18 months. Freeport said the estimated
remaining costs for the project are about $500 million.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413;
andrea.hotter@dowjones.com
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