Freeport to Cut Jobs, Production

Freeport-McMoRan also will offer voluntary early retirement and a voluntary resignation incentive program to some employees. "Once these voluntary actions are completed, we will determine whether any further employment actions are appropriate," it stated.

Previously, it announced more than 800 job cuts at copper mines in Miami, Morenci, Bagdad and Sierrita in Arizona and a molybdenum mine in Henderson, Colo.

Shares of Freeport-McMoRan plunged 21%, or $4.61, to $17.21 in midday trading.

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