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Fcx Intl Share Discussion Threads
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|Looking for something a bit racy, this seems to fit the bill.
At least you get some action and as economies recover a company of this calibre will surely do very well.It`s mining scope is tremendous.
I hold from today.|
|Stansberry research recommending this stock today in The Daily Wealth.
|Anyone else watching this?
Thanks to TJ222 for pointing me in this direction, my research will duly commence...|
|CLOSE WATCH from today.
Very oversold, a really massive core company.
down 75% since last year's highs, $120 now around 30.|
|Grasberg fires on all cylinders [1/16/2003]
Vancouver New Orleans-based Freeport McMoRan Copper & Gold (FCX-N) ended 2002 on a strong note with cash production costs plunging at its mighty Grasberg copper-gold mine in Indonesia. "We set mu... [Full Story]|
|BIG POUNDING on the Bali Bomb news today.
(1) Dropped to below $10 (from $12.50) at one stage
It's a good day for PM stocks. HUI is negative because of FCX:
FCX weighting in HUI:
From: Art Bechhoefer Monday, Oct 14, 2002 11:43 AM
Re: FCX -- On the theory that one should consider buying on bad news, wouldn't this be a good time to buy FCX? The security issue in Indonesia appears to be most important in crowded areas, including tourist spots in Bali and other areas where large numbers of foreign populations might reside (i.e., oil and gas operations). Papua is pretty remote for this sort of thing and may not be a great security risk.
From: jeffersonkeith Monday, Oct 14, 2002 2:56 PM
RE FCX: although they've come out with positive statements coming into this weeks earnings this one has looked/traded far more broken than it's peers. Will be watching the close on it today. Cheers!
|NEW YORK (CBS.MW) - Gold has had a stellar run this year, but fund manager Jean-Marie Eveillard is convinced the precious metal is set to go higher.
Gold bull still young, says SoGen's Eveillard
"We think we are in the early stages of a bull market in gold," said the fund manager of the $74 million First Eagle SoGen Gold. "The dollar will still drop and the budget deficit is ballooning."
He's worth listening to. As of Monday, the nine-year-old First Eagle SoGen Gold is the best performing gold fund year-to-date with a return of nearly 72 percent, according to Lipper. That compares with a 37 percent average return among other gold funds and a 31 percent drop for the Standard & Poor's 500 ($SPX: news, chart, profile). In the universe of all types of mutual funds -- stocks, bonds and others -- SoGen Gold ranks among the top 10 performers year-to-date.
Over the last three years, the fund (SGGDX: news, chart, profile) has averaged annual gains of 18 percent while its peers added 6.4 percent a year and the S&P gave up 15 percent.
Eveillard likes Newmont Mining (NEM: news, chart, profile), a non-hedger that is decreasing the hedge books of gold producers it acquired. A miner that doesn't hedge gets more exposure to changes in the gold price. But the fund manager also likes Newmont Mining because of its "extremely smart and honest" president, Pierre Lassonde. Shares closed down 31 cents Tuesday to $25.00.
The manager favors Industrias Penoles as well, a Mexican miner of gold and base metals that's part of Mexico's Bolsa market index. While the stock is not a pure gold mining play, Eveillard like its because the price is cheap. The stock doesn't trade on an American exchange.
His third pick is Freeport-McMoran Copper & Gold - its preferred "B," (FCXPRB: news, chart, profile) "C," (FCXPRC: news, chart, profile) and "D" (FCXPRD: news, chart, profile) shares, not the common stock (FCX: news, chart, profile). He doesn't like the common shares because the hybrid miner should be trading more cheaply than pure gold miners. The preferred shares' dividend and the redemption value are pegged to movements in gold and silver prices, making them a better investment, he believes. Common shares traded down 14 cents to $11.08.
Eveillard has 70 percent of his portfolio in gold mining stocks, nearly 10 percent in 1-year bank notes indexed to the price of gold, 10 percent in Freeport preferred shares and the rest in cash. But since the mutual fund's board just authorized the purchase of actual metals, Eveillard plans to use his cash to purchase gold bullion.|
|From Silicon Investor:
From: Art Bechhoefer Wednesday, Oct 2, 2002 8:41 PM
Regarding gold mining companies, what do you think of FCX? They face security problems in Indonesia, but their copper and gold production is increasing. They're still on target for their earlier projections of gold sales near 800,000 ounces. The stock was as high as 20 earlier this year and is now around 13. Security issues seem to be keeping the price down. What do you think?
From: jimsioi Thursday, Oct 3, 2002 6:09 AM
Art Bechhoefer thanks for the security ideas & FCX
Thanks for the defense ideas (MAGS SHKP GR) will do some DD.
Regarding FCX, generally I don't dabble in the under performers which the accompanying chart shows FCX certainly to have been the last few years. Except for a couple of technical short term forays into FCX I've avoided the issue. Geographic location does seem to matter to investors and I prefer to take my chances with the likes of HGMCY where profitability ratios, and dividends at least provide a reward to assuming the risk.
FCX's capital structure is also too complicated for my likes. Yahoo shows a debt to equity ratio of 16::1 which while probably distorted is enough for me to shy away.
So unloved maybe it's a great value. I'll leave it to others to discover that. Too busy with my favorites...HGMCY GG GLG MDG HL, in which I have buying to do at the appropriate time
From: Louis V. Lambrecht Thursday, Oct 3, 2002 7:28 AM
Art - Jim already answered what I would have said for FCX.
Further, copper represents twice the Dollar sales of gold.
I would rank FCX halfway between the natural resources sectors and the PM sector .
FCX has a cc this morning at 9.30 http://biz.yahoo.com/cc/2/21212.html
|FREEPORT-McMoRan COPPER & GOLD REPORTS STRONG THIRD QUARTER PRODUCTION AND VISIT BY CEO MOFFETT TO GRASBERG OPERATIONS IN INDONESIA
1:19 p.m. 09/25/2002 Provided by
NEW ORLEANS, Sep 25, 2002 (BUSINESS WIRE) -- Freeport-McMoRan Copper & Gold Inc.(FCX)reported today that Chairman and Chief Executive Officer James R. Moffett has visited its Grasberg copper and gold mining operations in Papua, Indonesia and will report on the visit on a conference call today with financial analysts. The conference call will be broadcast live on the internet today at 1:30 p.m. EDT and may be accessed on the "internet site.
Mr. Moffett said, "After visiting our Grasberg mining operations in Papua, earlier today, I am pleased to report that as previously reported, we continue mining higher-grade ore and our mining operations are performing in a strong fashion. As a result, we now expect to exceed our previous estimates of copper and gold production and sales for the third quarter. Based on production through today, we now estimate that aggregate mine production and sales for the quarter will exceed 510 million pounds of copper and 1,000,000 ounces of gold. We now estimate that PT-FI's share of copper and gold sales will exceed 440 million pounds and 840,000 ounces, including sales to our affiliated smelters, approximating or exceeding previous quarterly records."
Mr. Moffett added, "I am also pleased to report that the morale of our personnel is high following the shooting incident that occurred several weeks ago on a remote road near Tembagapura, the primary town site in the highland area of our operations."
Indonesian authorities continue to investigate the incident. The identity of the perpetrators has not been reported. PT Freeport Indonesia (PT-FI), FCX's Indonesian subsidiary, is cooperating with the investigation and appreciates the effort of the Indonesian authorities in maintaining safety and security for its personnel and operations. PT-FI also appreciates the strong support expressed by the Papuan provincial and local governments and by the local people residing in the area of its operations. All parties have condemned the attacks and expressed positive sentiments about PT-FI's contributions to the country of Indonesia, the province of Papua and the local communities.|
|TEXT-S&P comments on Freeport-McMoRan incident
11:49 a.m. 09/04/2002 Provided by
NEW YORK, Sept 4 - Standard & Poor's Ratings Services said today that the attack by gunmen in Papua, Indonesia on Aug. 31, 2002, would not affect its ratings on Freeport-McMoRan Copper & Gold Inc.(FCX)(B/Stable/-). The attack occurred on a remote stretch of road approximately 12 miles from Freeport's site. Although the company's operations remain secure, and were not compromised by the attack, security in the area is being increased. The Grassberg mine remains in full production and Freeport expects to meet its third quarter sales target of 420 million pounds of copper and 800,000 ounces of gold. No expatriate or local employees have asked to be moved from the site at the present time and normal operations are expected to continue.|
|FREEPORT (FCX): Time to Buy again?
5 Day Chart:
Freeport Copper & Gold : Is it a Gold stock (like NEM)? Or a CU stock (like PD)? :
...or will they get buried by problems in Indonesia?
Certainly, FCX tracks PD quite closely:
This one would also benefit from a rise in Copper Prices.
Freeport-McMoRan Copper & Gold Inc. is a copper and gold mining company whose principal operating subsidiary is PT Freeport Indonesia. PT Freeport Indonesia explores for, develops, mines and processes ore containing copper, gold and silver. The Company's operations are located in the remote highlands of the Sudirman Mountain Range in the province of Papua (formerly Irian Jaya), Indonesia, which is located on the western half of the island of New Guinea. PT Freeport Indonesia markets its concentrates containing copper, gold and silver worldwide. As of December 31, 2001, the Company had an 85.86% ownership interest in this subsidiary and the Government of Indonesia had a 9.36% interest; PT Nusamba Mineral Industri (Nusamba), an Indonesian company, had most of the remaining ownership interest in PT Freeport Indonesia.
Freeport-McMoRan Copper and Gold Inc. explores, mines, and mills copper, gold and silver in Papua, Indonesia. For the six months ended 6/02, revenues fell 19% to $800.7 million. Net income before accounting change applicable to Common fell 94% to $4.5 million. Revenues reflect lower copper price realizations at PT Freeport Indonesia. Net income reflects lower operating margins in the mining and exploration segment and $9.3 million in charges related to negative exchange rate effects.
Released in July:
Summary Financial Table:... .Second Quarter. ...Six Months...
(in 000's of US$)--------- ..2002.. ..2001.. ..2002.. ..2001..
Revenues...................$407,999 $538,259 $800,679 $985,346
Operating income........... 122,410. 175,675. 209,953. 342,559
applicable, common stock..(a) 5,576.. 36,292... 1,422.. 74,331
Diluted net income per share: $0.04... $0.25... $0.01.. $0.51
Diluted average shares o/s: 147,370. 145,232. 146,410. 144,977
PRODUCTION AND SALES. Weather delayed the loading of vessels at the port and concentrate inventory included approximately 55,000 ounces of gold and 30 million pounds of copper, net to PT-FI's interest, at June 30, 2002. PT-FI recorded sales of 350.4 million pounds of copper and 393,700 ounces of gold during the second quarter of 2002, compared with 389.8 million pounds of copper and 813,600 ounces of gold during the second quarter of 2001. Gold sales were lower because of the mining of lower grade ore, as anticipated. Because of the nature of the Grasberg ore body, there are periods when the sequencing of mining results in production from ore that is economical, but lower than average in grade. In June, PT-FI returned to higher-grade ore and sales are expected to increase over the remainder of 2002. PT-FI estimates third quarter copper sales will approximate 420 million pounds and gold sales will approximate 800,000 ounces. PT-FI expects its total sales for 2002 to approximate 1.5 billion pounds of copper and 2.2 million ounces of gold.
At June 30, 2002, FCX's concentrate sales included 130.0 million pounds of copper that were priced at an average of $0.76 per pound and remain subject to final pricing over the next several months. Each $0.01 change in the price realized from the June 30 price would result in an approximate $0.7 million, $0.005 per share, effect on FCX's 2002 net income.
Real Player (for interviews):
FCX Website: http://www.fcx.com/ir/index.htm
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