Natural resources giant Freeport-McMoRan, Inc. will undertake a thorough review of its mining, oil and gas operations in order to target spending reductions in response to sub-optimal market conditions.

Close scrutiny will allow potential adjustments to mine plans, and copper and molybdenum production volumes in an effort to reduce costs and preserve valuable resources for anticipated improved market conditions in the future. The company expects to report its revised plans during the third quarter of 2015.

“We are responding aggressively to current market conditions affecting our primary products and to the uncertain global economic outlook,” the company's leadership said in a joint statement.

James R. Moffett is chairman of the company; Richard C. Adkerson is vice chairman and CEO; and James C. Flores is vice chairman and FM O&G CEO.

“These initiatives are focused on maximizing cash flow in a weak commodity environment and on strengthening the company’s financial position,” the principals said. “We appreciate the efforts and dedication of our global organization…to implement revised operating plans. We have a positive long-term view for our markets…and are positioning our company for long-term success.”

The company’s major mining projects have seen substantial progress, and are expected to increase production, lower costs and enable a decline in capital expenditures over the next several quarters. Including a worldwide portfolio of diverse mineral deposit sites both on land and offshore, the company has a broad set of natural resource assets to provide many options for future financial flexibility.