Freeport-McMoRan reports 4Q loss on metals, oil slump
Quarterly net loss attributable to common stock was $4.08 billion, or $3.47 per share, compared with a loss of $2.85 billion, or $2.75 per share, last year.
Quarterly net loss attributable to common stock was $4.08 billion, or $3.47 per share, compared with a loss of $2.85 billion, or $2.75 per share, last year.
However, the company said it remains committed to having a presence in Greece and has budgeted $155 million in development spending at the Olympias project.
The asset writedown is primarily related to two Latin American assets — Pascua Lama project, on the border of Chile and Argentina and Pueblo Viejo, in Dominican Republic.
The ruling comes only a few days after the Canadian miner decided to halt work at its mine in northern Greece, putting 600 jobs in the line.
Last year, the CRA slapped the company with a fine and ordered the miner to pay more than $200 million in back taxes, but the firm objected the decision.
The Canadian miner's Buriticá gold-silver-zinc project is located about 75 km from Medellín, the country’s second largest city.
Environment and Energy Minister, Panos Skourletis, said the company must recall its decision to halt work at most of its sites before any dialogue between the two sides can begin.
The decision comes after more than a year of confrontations with the Greek government that included permits being revoked and delayed several times.
The company is asking Suncor to disclose details of how shareholders reacted to its bid before last week’s deadline had to be extended until Jan. 27.
Two of Canada’s stronger mid-tier gold producers were out of the gate today with positive 2015 production reports.