UPDATE: Freeport: Sees 2009 Molybdenum Sales -25% At 60 Million Lbs

U.S. producer Freeport McMoRan Copper and Gold Inc. (FCX) has revised its forecast for molybdenum sales in 2009 and 2010 to 60 million pounds for each year, some 25% and 40% down respectively from previous estimates.

The company said it might make further reductions to its molybdenum production and sales plans, and that it is closely monitoring market conditions. In November, Freeport said it would defer the restart of its Climax molybdenum mine and cut output at its Henderson mine by around 25%, both of which are in Colorado.

In 2008, Freeport's molybdenum sales reached 71 million lbs. Around 90% of sales in 2009 are expected to be at prevailing market prices, which Freeport noted are around $9.30/lb.

The revision to the company's forecast comes as Freeport cuts copper output further in North America and reduces its expectations for sales of the metal this year and next.

-By Andrea Hotter, Dow Jones Newswires; [phone]; [e-mail]

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