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Freeport-McMoRan Inc., often called Freeport, is an American mining company based in the Freeport-McMoRan Center, in Phoenix, Arizona. The company is the world's largest producer of molybdenum , a major copper producer and operates the world's largest gold mine , the Grasberg mine in Papua, Indonesia .
Freeport-McMoRan is a copper miner, putting it in a position to benefit from the ongoing shift toward electrification.
In 2017, copper production at Morenci was 737 million pounds (334,000,000 kg). 3,300 people were employed there. [3] As production declined, it was estimated in 2023 that the mine would be exhausted in 20 years. [4] The mine is served by the Freeport-McMoRan Industrial Railroad, which interchanges with Arizona Eastern Railway in Clifton.
The extra consumption of copper for Asian electrical infrastructure overwhelmed copper supply and caused prices to increase from around $1500/ton to $8100/ton ($0.70/lb to $4.00/lb). In 2005, the New York Times reported that between 1998 and 2004 Freeport had given senior military and police officers and military units nearly $20 million.
If the price of copper doesn't rise or stays within the current range, it won't make sense to buy copper miner Freeport-McMoRan (NYSE: FCX). The Motley Fool Stock Advisor analyst team just ...
The copper miner's stock is rising due to a favorable end-market environment.
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