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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.70

-0.3%

Dec 5 4:00 PM EST

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To: long-gone who wrote (13985)	6/30/1998 12:16:00 PM
From: Bucky Katt	Read Replies (1) of 116796

Freeport-McMoRan to close mine. First gold, now sulphur? NEW ORLEANS, June 30 (Reuters) - Freeport-McMoRan Sulphur Inc. said Tuesday it would permanently shut its Culberson County, Tex., sulphur mine and take a $3.9 million second- quarter charge for the closing. Freeport said in a statement that the charge estimate was on a non-cash, after-tax basis. Freeport-McMoran said it was closing the mine, which has been in operation since 1969, because of the ''dumping'' of Canadian sulphur onto the U.S. market. ''Sulphur prices have been driven down to a level at which it is no longer economically feasible to operate the mine,'' said Robert Wohleber, president and chief executive officer of Freeport.

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