This also comes at a time when the firm is actively reducing its capital expenditures (capex). Freeport wants to reduce capex by $1.9 billion this year. In the third quarter, capex was $1.6 billion.Freeport expects capex to be $5.5 billion for 2013 with about a quarter of that to be spent on oil and gas operations (between June 1 and December 31 2013). That is a sizable portion, while projects at mining operations will cost $2.4 billion.
Do Strong Freeport Earnings Suggest Growth In Basic Materials?
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