On Friday, Shares of Freeport-McMoRan Inc. (NYSE:FCX), lost -4.15% to $9.71.
Freeport-McMoRan declared revised capital and operating plans in response to the recent decline in copper prices resulting in reduced capital expenditures, lower production levels and lower operating, administrative and exploration costs. These actions are the results of the formerly declared review of operating plans for FCX’s mining business.
Since 2013, FCX’s business strategy for its global mining business has been focused on the completion of three major organic growth projects in the U.S., South America and Africa and on its long-term development plans in Indonesia, while aggressively managing operations to position the company for long-term free cash flow generation to be used for debt reduction and returns to shareholders. FCX has successfully accomplished expansions at its Tenke Fungurume mine in Africa and its flagship U.S. Morenci mine, which are providing noteworthycash flows despite recent declines in copper prices. With the imminent completion of the Cerro Verde project and access to projected higher grades at Grasberg startning in 2016, FCX is positioned to generate strong cash flows for debt reduction. In response to recent declines in commodity prices and the current weakness in global economic conditions, FCX is undertaking aggressive actions to modify its operations and spending plans to enhance its financial performance.
LME copper prices averaged $3.11 per pound in 2014 and $2.69 per pound in the six month period ending June 30, 2015. During the third quarter of 2015, copper prices have averaged $2.41 per pound and presently approximate $2.25 per pound, near a six year low.
FCX views the long-term outlook for its business positively, supported by limitations on supplies of copper and requirements for copper in the world’s economy. In the near-term, FCX must respond aggressively to current market conditions by deferring investments and adjusting operations to maximize current cash flow under weak market conditions while preserving its large mineral resources and growth options for the longer term. FCX will continue to carefully monitor market conditions and capital spending.
Freeport-McMoRan Inc., a natural resource company, engages in the acquisition of mineral assets, and oil and natural gas resources. It primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, in addition to oil and gas.
Shares of Ambarella, Inc. (NASDAQ:AMBA), inclined 0.12% to $73.24, during its last trading session.
Ambarella declared that Dr. Fermi Wang, CEO, and George Laplante, CFO, will present at the Deutsche Bank Technology Conference on Wednesday, Sept. 16th at The Cosmopolitan hotel in Las Vegas.
The presentation is planned for 3:20 p.m. Pacific time and will be webcast on the Investor information page of Ambarella’s website at http://investor.ambarella.com/index.cfm.
Ambarella, Inc. develops semiconductor processing solutions for video that enable high-definition (HD) video capture, sharing, and display worldwide. The company’s system-on-a-chip designs integrated HD video processing, image processing, audio processing, and system functions onto a single chip for delivering video and image quality, differentiated functionality, and low power consumption.
Finally, Caterpillar Inc. (NYSE:CAT), ended its last trade with -1.81% loss, and closed at $73.10.
Caterpillar Director of Investor Relations Rich Moore will speak at the 2015 RBC Capital Markets’ Industrials Conference on Wednesday, September 9, 2015. He is planned to speak at 1:20 p.m. Pacific Time. No presentation materials will be available.
Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. The company’s Construction Industries segment offers backhoe, small wheel, skid steer, multi-terrain, compact track, medium and compact wheel, and track-type loaders; mini, wheel, and track excavators; track-type tractors; and select work tools, motor graders, telehandlers, soil compactors, and pipelayers, in addition to its related parts for the heavy and general construction, rental, mining and quarry, and aggregates markets.
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