Diversified U.S. miner and energy producer Freeport-McMoRan Inc said it would cut its budget for oil and gas operations and defer investments in several long-term projects.
The company also said it was reviewing its plans for global copper and molybdenum operations, due to weak commodity prices.
Shares of the company rose 3.7 percent to $11.45 in premarket trading.
Freeport's stock has lost more than half its value this year on concerns about its heavy debt load and a slide in prices of copper - a metal often regarded as a benchmark of global industrial demand.
The company had $20.9 billion in debt and $466 million in cash as of June-end.
Freeport cut its 2016 and 2017 capital budget for its oil and gas operations by 31 percent to $2 billion per year.
The miner also said it would continue to look for partners for its mining and oil and gas properties.
The company last month reported an unexpectedly strong adjusted profit, as sales of metals and oil it produces rose.
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