Freeport's Grasberg mine has one of the biggest copper and gold reserves in the world.
Freeport will keep investing in brownfield copper and gold assets to lower its cost base.
FORBES: Freeport Banks Future On Better Copper Production And Energy Exploration
Rio got not a penny of participation in the copper and gold activities already developed by FCX.
FORBES: McMoRan DeRisks the Ultra Deep As It Nears a Financial Bonanza
But the real attraction is Friedland himself and his tales of copper and gold deposits buried under the Gobi Desert.
Freeport McMoran Copper and Gold has seen a seen notable volatility in its gold sales over the past few years.
His publicly-traded company, African Rainbow Minerals (ARM) has interests in platinum, nickel, chrome, iron, manganese, coal, copper and gold.
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Freeport McMoran Copper and Gold ( FCX - news - people ) are run out of the same offices.
Its portfolio of assets includes the fabled Grasberg mineral district in Indonesia which has the single largest recoverable deposits of copper and gold.
Family members have mounted a constant vigil in a tent city -- dubbed Camp Hope -- outside the copper and gold mine in the Chilean desert.
Patrice Motsepe is the Chairman of African Rainbow Minerals (ARM), a publicly-traded mining conglomerate which has interests in platinum, nickel, chrome, iron, manganese, coal, copper and gold.
But the surging prices of copper and gold allowed Freeport to retire a large amount of that debt in just its first year as a combined company.
Arguably, the biggest surprise in this news is the desire of a copper and gold miner such as Freeport-McMoRan to become heavily involved in the oil and gas business.
One other major hurdle: Even if Ivanhoe strikes it big and can pull copper and gold out at a reasonable cost, how will it get the ore to market?
When Moffett merged Freeport Copper and Gold with Phelps Dodge a couple of years ago, FCX took on massive debt which it largely paid off in the first year.
He has also told us he plans to follow the model he used for the development of the Grasberg Mine at Freeport Copper and Gold (FCX) years ago.
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It was Freeport-McMoRan Copper and Gold's discovery and development of Grasberg that propelled that company to be able to take over Phelps Dodge a little more than a year ago.
If their other company, Freeport McMoRan Copper and Gold, is any measure, the traders would be wise to develop patience in favor of a 5 or 10 bagger over time.
FORBES: McMoRan DeRisks the Ultra Deep As It Nears a Financial Bonanza
With the increasing demand for copper and gold globally elevating the prices of these metals, the company should continue to generate growing revenues even if it sticks to its current production levels.
Though copper and gold prices stagnated for a brief period during April-May, we expect that the Chinese demand for copper will increase by the year end pushing up the average realized prices for the metals.
The expansion of copper and gold mining in Chile and Peru has mainly occurred in arid areas and has led to competition for scarce water with both export agriculture and the needs of the indigenous population.
Banks won't lend the money until much more drilling is done, serious engineering work is completed and a feasibility study is presented sometime in 2004 that shows how much copper and gold can be mined at a profit.
Soros also cut stakes in miners such as Nova Gold and Kinross Gold while opening a small position in Freeport McMoran, which has exposure to both copper and gold. (Note: All valuations used here represent May 17 closing prices unless noted).
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The rise outpaces 0.3% gains in gold and copper, and platinum was higher earlier in the day even when gold and copper were in negative territory.
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Half of the workers at Grasberg, one of the largest copper- and gold-producing mines in the world, stepped off the job in mid-September.
FORBES: Analysts Look For Decline In 2011 Global Copper-Mine Production
The son of a semi-literate 49er who struck it rich, young Hearst went to Harvard on a fortune founded upon Anaconda copper and Homestake gold.
The 20m (66 ft) cross is made of carbon and resin and will be finished in copper, gold and silver.
The performance in Q was better than in the comparable period in 2011 due to higher average realized prices as well as higher production and sales of copper, gold, and molybdenum.
FORBES: Freeport Banks Future On Better Copper Production And Energy Exploration
Based in Pheonix, Phelps Dodge has copper mining operations in the U.S., Chile, Peru and Congo, while New Orleans-based Freeport operates the vast open-pit Grasberg gold, copper, and silver mine in Indonesia, and has reserves of about 37 billion pounds of copper and 40 million ounces of gold.
What Sanj and his colleagues had discovered is reckoned to be the greatest unexploited reserve of copper, gold and silver on the planet.
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