Freeport Strikes Gold With Copper Mining
Freeport McMoran Copper (FCX) is involved in mining, smelting and refining of coper, gold and molybdenum. The company runs its mining and smelting operations in North and South America, Indonesia and Africa. Freeport competes with other miners such as Southern Copper (PCU), Newmont Mining (NEM) and Codelco.
Early in December 2010, Freeport announced a $1 per-share special dividend which cost the company $471 million. [1] Freeport also announced a two-for-one stock split effective February 1, 2011. With the company also announcing its results for Q4 2010 recently, we have updated our price estimate to $63.42. Our price represents a premium to the company s current market price, which we believe can be attributed to our positive outlook for the prices of copper and gold in the years to come.
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