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Freeport McMoRan rises on higher copper prices

Thursday, 27 Oct 2011

Business Week reported that shares of Freeport McMoRan Copper & Gold Inc rose boosted by jumps in the prices of copper and other precious metals.

In midday trading, the price of high grade copper rose 18 cents or 5.6% to USD 3.40 per pound on the New York Mercantile Exchange. Gold and silver prices also rose slightly.

Barron's singled out the copper mining giant as a gleaming buying opportunity noting that its shares are down 40% this year making it an attractive investment.

The Phoenix based company mines ores used in construction and manufacturing such as copper for wiring, cables and pipes. Molybdenum is used to strengthen steel and gold largely is sold to investors and jewelry makers.

Last week, Freeport McMoRan said that its Q3 profit fell 10.6% as it sold less copper and gold and a strike continued at its Indonesian mine. The company also noted that copper prices had fallen over the past several weeks and the near-term economic outlook is uncertain. It expects to sell 3.8 billion pounds of copper this year, 1.6 million ounces of gold and 78 million pounds of molybdenum.

Barron's said that Freeport shares could rise as high as USD 75 in several years if copper reaches USD 4 a pound. Barron's pointed to the company's plans to boost supply by adding a billion pounds of copper production by 2016 through the expansion of its mines in the US and Congo. Last week it said it would boost capital spending by USD 1 billion to USD 3.7 billion next year.