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Company Response

28 Aug 2017

Author:
Freeport McMoRan

Freeport McMoRan response

…The level of business uncertainty for PTFI increased significantly in 2017 with the implementation of new regulations under the mining law, which affected the company’s ability to export its products. As a result, the company was obliged to take necessary steps to adapt to a fundamentally different business environment by reducing open-pit production, slowing underground development, and consequently, reducing milling rates. In February, PTFI began implementation of a cost-efficiency program and new organizational structure to match the reduced production levels with a goal of ensuring the economic viability of the company…

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