Freeport-McMoRan Issues Statement on Government Declaration of National Emergency in Peru
March 17 2020 - 10:32AM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that the
Peruvian Government has issued a Supreme Decree and declaration of
a National Emergency in its efforts to contain the outbreak of
COVID-19. To comply with the Government’s requirements, Cerro Verde
has temporarily transitioned to a care and maintenance status for a
15-day period which commenced on March 16, 2020. During this
period, onsite personnel will be limited to critical activities
necessary to maintain the facilities pending a return to normal
operations.
Freeport-McMoRan owns 53.56% of Cerro Verde, which operates one
of the world’s largest concentrating facilities near Arequipa,
Peru. In 2019, Cerro Verde produced 1.0 billion pounds of copper
and 29 million pounds of molybdenum.
Cerro Verde will work closely with Government authorities to be
prepared to restart operations as soon as possible.
FCX is a leading international mining company with headquarters
in Phoenix, Arizona. FCX operates large, long-lived, geographically
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum. FCX is one of the world's largest
publicly traded copper producers.
FCX’s portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world's largest copper and gold
deposits; and significant mining operations in North America and
South America, including the large-scale Morenci minerals district
in Arizona and the Cerro Verde operation in Peru. Additional
information about FCX is available on FCX's website at
"fcx.com."
Cautionary Statement Regarding Forward-Looking
Statements: This press release contains forward-looking
statements in which FCX discusses its potential future performance.
Forward-looking statements are all statements other than statements
of historical facts, such as plans, projections or expectations
relating to production activities and operating plans. The words
“anticipates,” “may,” “can,” “plans,” “believes,” “estimates,”
“expects,” “projects,” "targets," “intends,” “likely,” “will,”
“should,” “to be,” ”potential" and any similar expressions are
intended to identify those assertions as forward-looking
statements.
FCX cautions readers that forward-looking statements are not
guarantees of future performance and actual results may differ
materially from those anticipated, expected, projected or assumed
in the forward-looking statements. Important factors that can cause
FCX's actual results to differ materially from those anticipated in
the forward-looking statements include, but are not limited to,
factors described in more detail under the heading “Risk Factors”
in FCX's Annual Report on Form 10-K for the year ended December 31,
2019, filed with the U.S. Securities and Exchange Commission
(SEC).
Investors are cautioned that many of the assumptions upon which
FCX's forward-looking statements are based are likely to change
after the forward-looking statements are made, including for
example commodity prices, which FCX cannot control, and production
volumes and costs, some aspects of which FCX may not be able to
control. Further, FCX may make changes to its business plans that
could affect its results. FCX cautions investors that it does not
intend to update forward-looking statements more frequently than
quarterly notwithstanding any changes in its assumptions, changes
in business plans, actual experience or other changes, and FCX
undertakes no obligation to update any forward-looking
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200317005529/en/
Financial Contacts: Kathleen L. Quirk, 602-366-8016 David P.
Joint, 504-582-4203 Media Contact: Linda S. Hayes, 602-366-7824
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
From Apr 2023 to Apr 2024