CORRECT:Freeport CEO:'Crossed The Rubicon' On Climax Mine Restart
19 Oktober 2011 - 8:59PM
Dow Jones News
Freeport McMoRan Copper & Gold Inc.'s (FCX) restart of the
Climax molybdenum mine won't be rolled back or stopped due to
uncertainty in the global metals market, Chief Executive Richard
Adkerson said Wednesday.
Freeport has already spent the capital and hired staff for the
project, Adkerson said on the company's third-quarter earnings
call.
"In terms of completing the project, we've crossed the Rubicon,"
Adkerson said.
Freeport restarted operations at the Climax molybdenum mine in
Colorado during the summer, Adkerson said.
Molybdenum is used to make stainless steel harder and more
resistant to corrosion. Freeport is the world's largest producer of
molybdenum, with two mines in Colorado and as a byproduct of copper
mining at some of its other operations.
Rather than suspending work at Climax, Freeport will "flex
production" at its two molybdenum projects to adjust to
macroeconomic conditions, Adkerson said.
Construction at Climax was suspended in October 2008 in response
to falling molybdenum prices and a steep decline in steel demand.
The mine, near Leadville, Colo., is the world's largest and
cheapest molybdenum mine, Adkerson said.
-By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095;
tatyana.shumsky@dowjones.com
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