The third quarter earnings of Freeport-McMoRan Copper & Gold Inc fell 33 percent as metal prices declined.

Kerry Smith, mining analyst at Haywood Securities Inc, said:

At about $2.20 a pound for copper, they're feeling the pain at some of their operations. In the short term, I wouldn't expect to see closures, but if we have another three months of falling prices, there's a chance of them closing down some of their higher-cost mines.

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