Freeport follows Anglo’s lead: suspends dividend, cuts spending, eyes assets sales
The U.S. miner became the latest mining company to announced drastic measures aimed at preserving cash amid a deepening commodity prices rout.
The U.S. miner became the latest mining company to announced drastic measures aimed at preserving cash amid a deepening commodity prices rout.
Amid corruption scandal and contradicting earlier safeguards, Indonesia says won't make a decision on future of giant copper and gold mine until 2019.
The company, currently the target of a $4.3 billion takeover bid by Suncor, unveiled a pared-back capital budget that cuts spending by 20% year-over-year to $295 million in 2016.
The proceeds of the sale will be used to reduce a debt pile of $13 billion with a target of wiping out $3 billion this year.
The Donlin deposit holds an estimated 33 million ounces of gold, which would be extracted over the expected 27-year operating life of the open pit mine.
The miner is likely to cut its iron ore output target for the year from 376 million tonnes to 355 mt, says independent investment bank BTG Pactual.
The 50/50 joint venture, momentarily named Project Corridor, is expected to help slash development costs as metal prices have dropped to multiyear lows.
Due to a mechanical issue detected at its jointly owned Dominican Republic-based mine.
The move will help the cash-strapped coal and iron ore miner to continue operating for the short term.