Freeport-McMoRan eliminates 637 copper mine employees


Published on Monday, November 24, 2008

Freeport-McMoRan Copper & Gold Inc. cut 637 jobs last week at its Arizona mines as a result of both lower demand and lower prices for copper.

Spokesman Richard Peterson said employees were notified Nov. 17 their jobs were eliminated effective immediately. The biggest cut was 402 employees at Freeport’s Morenci mine.

"Those at Morenci were hired in anticipation of expansion, but that has been deferred," Peterson said.

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The other mines and the numbers of employees cut were:

• Safford, 59.

• Sierrita near Sahuarita, 70.

• Bagdad, 66.

• Miami, 40.

Another 131 employees were eliminated at two mines in New Mexico.

"Most of these employees have been recently hired," Peterson said.

Copper had been trading at $4 per pound earlier this year but with the economic downturn those prices are down to less than $1.70 per pound last week.
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