(Photo by Christina Estes - KJZZ)

Freeport-McMoran headquarters in downtown Phoenix.

In a news release, Freeport-McMoRan CEO Richard Adkerson said the objective for 2016 is to restore the company's balance sheet and enhance shareholder value in the current market environment.

"Our high quality asset base provides opportunities for significant debt reduction while retaining a substantial business with attractive low-cost, long-lived reserves and resources that will enable our shareholders to benefit from improved conditions in the future," Adkerson said.

While falling copper and oil prices have created challenges, there’s also been internal pressure, according to the Wall Street Journal. The paper reported that activist investor Carl Icahn has criticized spending and management compensation.

Last month, company founder James Moffet agreed to step down. According to the Journal’s analysis, Moffett will get $79 million in severance pay and retirement benefits and collect $1.5 million a year as a company consultant.