Freeport McMoRan Inc reported a third-quarter loss on Wednesday as lower copper production at its Peruvian and Indonesian mines and a drop in prices due to lower demand from China weighed on the miner. The company has been shifting to underground mining from open cast at its giant Grasberg mine in Indonesia and had previously warned that production would take a hit. The average price Freeport received for copper fell 6.4% to $2.62 per pound in the third quarter, while production fell 14%. …read more
Source:: Yahoo Finance
