UPDATE: Freeport: Sees 2009 Molybdenum Sales -25% At 60 Million Lbs
27 January 2009 - 1:35AM
Dow Jones News
U.S. producer Freeport McMoRan Copper and Gold Inc. (FCX) has
revised its forecast for molybdenum sales in 2009 and 2010 to 60
million pounds for each year, some 25% and 40% down respectively
from previous estimates.
The company said it might make further reductions to its
molybdenum production and sales plans, and that it is closely
monitoring market conditions. In November, Freeport said it would
defer the restart of its Climax molybdenum mine and cut output at
its Henderson mine by around 25%, both of which are in
Colorado.
In 2008, Freeport's molybdenum sales reached 71 million lbs.
Around 90% of sales in 2009 are expected to be at prevailing market
prices, which Freeport noted are around $9.30/lb.
The revision to the company's forecast comes as Freeport cuts
copper output further in North America and reduces its expectations
for sales of the metal this year and next.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413;
andrea.hotter@dowjones.com
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