Is there going to be any reorg or Freeport-McMoRan Layoffs 2020? Any news or rumors?
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Last but not least, I know it was going to happen when I got the job back in 2010. I know many geologists well in those mines as Morenci and Safford. I told to others not to pay for any property near the mine as a Morenci and Safford mines. When those mines are shutting down, all the stores and homes in those areas will be affected as ghost town. If you have a home in those areas now, sell it as quick as you can. Or, you will be a looser.
It owes too much money now and there will be no way it can pay back (not even the interest).
FMI recently does not make much profit. It actually makes .90c per copper pound in the last 10 years (2.75 - .90c=The cost it pays for maintenance, parts and operators)
There will be no way it can be recovered (it now can't even pay for its interest). In 2016, it tried to create its top revenue in that year so that it could borrow more money. Then, when it got the money, it has been slowing down since because there has been not much work to do due to not having enough profit to pay back to the loaners.
FMI will be survived for the next few years and then all the shareholders as Komatsu will definitely lost their money. Those FMI employees as those 20 years experience will be the ones walk out last just as the history was shown in 2008.
Awe s—s for you. Try being a contractor that makes your life easy. Povre.
Announced in morning meeting layoffs to occur in next 2 weeks, no bonuses, no 401k contributions.
They need to to save life's
Any word?
Yes it's definitely coming. They have announced they will be reducing costs, revising operation plans, and reducing copper production which most of you who have been in this business long enough to know it means reduction of force. At first they will likely cease all future expansion plans & projects. Then they will start penny pinching any way they can in which you will see things like supplies disappear. At some point contractors will disappear and be the first to be let go. Then the company will start running at reduced tonnage which will mean the need for less equipment in use causing them to park up shovels, drills, trucks, etc. These are all signs of what is to come.
Company Announces Suspension of First-Quarter Cash Dividend on Common Stock and Prudent Steps to Reduce Costs and Capital Spending Plans
The higher up are worried about costs of PPE and canceled large projects. Its coming!