Announced a planned suspension of mining and milling activities at the Chino mine due to poor market conditions.
June 30, 2005
With the decision to construct a concentrate-leach, direct-electrowinning facility at the Morenci copper mine, the company reassessed its operating capacity, flexibilities, efficiencies and costs, which resulted in the permanent closure of the Chino smelter. The closure of the Chino smelter resulted in an asset impairment charge of $89.6 million ($68.6 million after-tax) in the 2005 second quarter. (See the Manufacturing segment for additional discussion.)
In the 2004 third quarter, an increase in milling operations to 80% of capacity.
