Freeport layoffs

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I haven’t seen anything about this on the Daily Press Web site or over at the Sun News (or maybe I just couldn’t find them) but the AP is reporting 600 layoffs at Chino:

Chino Mine in southwestern New Mexico will lay off three quarters of its employees early next year because of a sharp decline in copper prices.

Chino’s parent company, Freeport-McMoRan, announced Wednesday it plans to suspend mining and milling activities at Chino, but will continue reclamation activities and copper production from its SX-EW plant.

Man, that is not a good sign. More later…