Freeport told the two smelter customers the decision to reduce contractual volumes is due to expected drops in attributable production from certain US and South American mines, but buyers in China said they believe the miner is also positioning to sell more units on a spot basis.
Other sources said it is not yet known whether Freeport will reduce sales volumes to other smelters to the same extent. The company declined to comment.
In February, Freeport sold a 13% stake in the Arizona-based Morenci copper mine to Sumitomo Metal Mining...
