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Copper Mining Firms Reduce Capital Expenditures Amid Commodity Weakness

Copper Mining Firms Reduce Capital Expenditures Amid Commodity Weakness

SUGAR LAND--September 4, 2015--Researched by Industrial Info Resources (Sugar Land, Texas)--Recent announcements of copper mine cost-cutting measures by Freeport-McMoRan Incorporated (NYSE:FCX) (Phoenix, Arizona) and Asarco LLC, a wholly owned subsidiary of Grupo Mexico (Mexico City, Mexico), echo a familiar story being told across the mining industry. Weak metals prices are forcing mining firms to curtail production, lay off workers and reduce capital expenditures in an effort to cut costs and preserve resources. Copper prices are about half of what they were several years ago during the so-called mining boom, where mining firms spent billions to increase capacity to meet growing demand from emerging markets worldwide. Within this article: Recent cost cutting measures announced by copper miners.