Topic: How To Invest

Q: Can I get your advice on Freeport McMoRan as a buy? Thank you.

Article Excerpt

A: Freeport McMoRan Inc., $43.35 symbol FCX on New York (Shares outstanding: 1.4 billion; Market cap: $61.6 billion; www.fcx.com), is one of the world’s largest publicly traded copper producers with operations in Indonesia, North America and South America. The company has significant reserves of copper, gold and molybdenum. In Indonesia, Freeport’s assets include the Grasberg minerals district in Papua. Grasberg is one of the world’s largest copper and gold deposits. Through its 48.8%-owned PT Freeport Indonesia (PT-FI) subsidiary, the company mines for copper, gold, and silver at Grasberg. Its operations include four underground mines, one open pit mine and a block cave mine. In 2023, Freeport’s Indonesian operations produced 39.4% of the company’s copper. In North America, Freeport operates seven open-pit copper mines in Arizona and two in New Mexico. Also, the company has two molybdenum mines in Colorado. One of its most important North American mines is in the 72%-owned Morenci minerals district in Arizona. Morenci is an open pit mine that has produced…