Currently viewing Global edition

Freeport cost cutting plan finds favour

Freeport-McMoRan’s shares jumped a sizeable 30% on Thursday after announcing a cut in both expenditure and copper production over the next few years. The rise might also have something to do with activist shareholder Carl Icahn rearing his head on the register.

After previously announcing a US$1 billion share sale earlier this month, the company said it had decided to cut its 2016 capital expenditure by some 29%, or $1.