Shares of Freeport-McMoRan jumped Tuesday after the company said it has started reviewing its mining and oil and gas businesses to look for cost-cutting opportunities in the face of weak markets for its products.
The Phoenix company plans to complete the review and report on revised plans during the third quarter. It will look for ways to cut capital spending and operating and administrative costs. The company said this could include adjustments to mine plans and future copper and molybdenum production volumes to cut costs.
Freeport-McMoRan Inc.’s assets include mining operations in North and South America, oil and gas assets in the United States and a minerals deposit in Indonesia.
Its shares rose were up 8.1 percent, or 92 cents, to $12.29 in afternoon trading as high as $12.69 earlier in the session. Broader indexes advanced less than 1 percent. The stock had already shed about half its value so far this year, as of Monday’s close, after ending 2014 at $23.36.
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