Freeport to Cut Jobs, Production

Updated from 7:30 a.m.

Freeport-McMoRan Copper & Gold (FCX Quote) said Wednesday it will reduce production because of sharp declines in copper and molybdenum prices and will suspend its annual dividend of $2 a share.

The company stated that "the suspension of our dividend reflects the sharp and rapid decline in copper and molybdenum prices, the dislocation of capital markets and the uncertain economic outlook."

Freeport said it plans to reduce copper production by about 200 million pounds in 2009, and slash 2010 production by about 500 million pounds from October 2008 estimates, because of a "dramatic recent shift in global economic conditions." ...