In light of the current weak commodity price environment, Freeport-McMoRan is taking further immediate actions to accelerate its debt reduction plans and enhance shareholder value through pursuing asset sales and joint venture transactions. Several initiatives are currently being advanced, including an evaluation of alternatives for the oil and gas business as well as several transactions involving certain of its mining assets. The company told the Beat, it cannot, at this time, comment further on this issue.

The company also provided updated information on employment at Tyrone since the mine implemented its 50% curtailment a few months ago.

Before the curtailment was announced, there were approximately 600 employees at Tyrone, which has declined to about 350 people currently employed at Tyrone. There were 111 Tyrone employees who transferred to Chino and another 39 who transferred to other Freeport-McMoRan operations. Approximately 40 Tyrone employees took early retirement and 47 were laid off. A few others voluntarily terminated their employment with the company.