Other competitors in the basic materials sector include: Barrick Gold (ABX), Freeport Copper (FCX), and Vista Gold Corp. (VGZ).
Freeport Copper is now flowing cash and has paid down its debt.
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.
FORBES: A Little Bit Louder Now, Chevron Starts To Shout About Davy Jones And The Ultra Deep
Freeport reported copper sales from mines during the third quarter were 922 million pounds.
Freeport McMoran Copper now faces a new problem related to its Indonesian mining operations.
FORBES: Indonesian Miners Strike Another Blow For Freeport At Grasberg
Freeport McMoran Copper and Gold has seen a seen notable volatility in its gold sales over the past few years.
Freeport McMoran Copper and Gold ( FCX - news - people ) are run out of the same offices.
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
The workers will be hoping for hefty pay rises, following a 37% rise in wages given by Freeport McMoRan Copper in December 2011 to end a three-month strike that had paralyzed output and lifted copper prices.
FORBES: Newmont's Revised Production Forecast In Indonesia May Cause Labor Troubles
For full year 2012, Freeport now anticipates copper sales of 3.6 billion pounds and some 1 million ounces of gold.
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.
Freeport-McMoRan Copper went up 5%.
FORBES: U.S. Adds Surprising 146K Jobs In Nov.; Unemployment Down To 7.7%
We discussed the impact of this situation in our article Freeport Plagued by Lower Copper Ore Quality.
Freeport competes with Southern Copper, Codelco, Barrick Gold and Newmont Mining.
Hence, macroeconomic factors are important for copper and Freeport.
FORBES: Wimpy Global Economy Will Drag On Freeport McMoRan's Earnings
Going by the copper price data on the London Metal Exchange, the average realized price of copper for Freeport is likely to be lower this quarter on a sequential and year-over-year basis.
FORBES: Wimpy Global Economy Will Drag On Freeport McMoRan's Earnings
Well, if you want to invest in copper, a good choice is Freeport-McMoRan (NYSE:FCX) as well as the Global X Copper Miners ETF (NYSE:COPX).
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
Freeport is first and foremost a copper company: copper contributes 73% to the total reserves, while gold only contribute 5%.
FORBES: Freeport McMoRan Worth $62 Despite Indonesian Shake Down
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.
The fact that the metal is currently priced at an all-time high suggests that Freeport, and its competitors like Southern Copper, Codelco and Newmont Mining, can expect high revenue figures for this year.
FORBES: Costly King Copper Could Turn Freeport Into A Pauper
Freeport may have lost 35 million pounds of copper and 60, 000 ounces of gold production during the strike.
Freeport McMoRan will get only 3 tonnes of copper from a 360-tonne truckload at its Irian Jaya copper mine in Indonesia.
We continue to recommend Freeport-McMoran, the largest publicly traded copper producer(FCX), December 2011 calls in copper futures, two Chinese coppper companies, Jiangxi Copper and Philex Mining.
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.
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).
FORBES: Gold, Banks On The Agenda For Billionaires Soros, Paulson In Q1
Freeport derives 78% of its mining revenue from copper, 12% from gold and 6% from molybdenum.
Freeport competes with other miners such as the Southern Copper, Codelco and Newmont Mining.
FORBES: Indonesian Miners Strike Another Blow For Freeport At Grasberg
Rio Tinto competes with global metals and mining giants like Vale, BHP, Freeport McMoran and other companies that mine bauxite, copper, coal and iron ore.
应用推荐