(Reuters) – Freeport-McMoRan reported a quarterly loss on Friday, as production fell in South America and Indonesia, and the world’s largest publicly traded copper producer cut its capex for the year.
Net loss stood at $491 million, or 34 cents per share, for the first quarter ending March 31, compared with a profit of $31 million, or 2 cents per share, a year earlier.
Production of copper fell 6.3% to 731 million pounds. The company announced an $800 million reduction in 2020 estimated capital expenditures.
(Reporting by Arundhati Sarkar in Bengaluru; Editing by Vinay Dwivedi)
