Freeport (FCX): Mitsubishi Smelter Won't Affect Operations

Freeport-McMoRan Copper & Gold (NYSE:FCX) does not anticipate any major effect on shipments after announcement that Japan's Mitsubishi Materials will halt operations at a copper smelter following the horrific earthquake and tsunami.

Spokesman Eric Kinneberg said, “We have been notified that Mitsubishi has declared a force majeure with respect to deliveries to the Onahama smelter.

“However, we do not anticipate any significant impacts as only a small portion of Freeport concentrate sales were placed with this smelter.”

Freeport is the largest publicly traded copper producer, with mines in the US, Indonesia, Chile, Peru and the Democratic Republic of Congo.

Freeport closed Wednesday at $50.29, down $1.14, or 2.22 percent.




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