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Freeport McMoRan

Freeport-McMoRan to cut dividend and slash costs as coronavirus spreads. KONTAN/Asep Munazat Zatnika
Freeport-McMoRan to cut dividend and slash costs as coronavirus spreads. KONTAN/Asep Munazat Zatnika

KONTAN.CO.ID - FREEPORT-MCMORAN INC, the world's largest publicly traded copper producer, said on Monday it will stop dividend payouts and slash costs and output due to the rapid worldwide spread of the coronavirus pandemic.

The drastic move underscores how fast the virus, which causes a sometimes deadly respiratory illness known as COVID-19, has torn through the global economy and affected demand for the key metals that underpin it.

Prices for copper, widely used in construction and manufacturing, are down more than 22% since January.

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