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FREEPORT-McMORAN Inc. announced that it will close its Sierrita copper mine as part of spending cuts by the Phoenix-based company to compensate for low oil and copper prices.
The closure announcement follows an October decision to pare down the number of workers at the site by about half.
Freeport also said it will suspend the 20-cent annual dividend on its stock, a major reason many investors put their money in the company. Freeport-McMoRan has been hurt by low oil prices, affecting its oil and gas business, as well as sagging copper prices, AZCentral reported.
The low oil prices are forcing Freeport to cut...