Off The Wire
Freeport halts Cerro Verde mining for 15 days due to gov't COVID-19 rules
(Kitco News) - Freeport-McMoRan Inc. (NYSE: FCX) has put its Cerro Verde mine in Peru on “care and maintenance” for 15 days in response to measures taken by the Peruvian government to contain the COVID-19 outbreak, the company said Tuesday.
“During this period, onsite personnel will be limited to critical activities necessary to maintain the facilities pending a return to normal operations,” Freeport said in a prepared statement.
Freeport-McMoRan owns 53.56% of Cerro Verde. Last year, the mine produced 1 billion pounds of copper and 29 million pounds of molybdenum.
“Cerro Verde will work closely with government authorities to be prepared to restart operations as soon as possible,” Freeport said.