April 24, 2020 / 11:45 AM / a month ago

REFILE-Freeport-McMoRan posts first-quarter loss, cuts capex

(Corrects to add slug)

April 24 (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)

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