Freeport-McMoRan Is Off to the Races
Contrarian Profits (August 6th, 2009) Writes:
I’ve been quite bullish on Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) for some time now. In fact, the stock is up over 119% since I first recommended it to Investor’s Daily Edge readers on February 12th of this year.
And I’m still recommending the company as a strong buy.
Freeport-McMoRan is one of the world’s biggest copper miners, with 12 producing mines in Indonesia, North America, and South America, along with exploration projects in Africa. As of December 31, 2008, consolidated recoverable proven and probable reserves totaled 102.0 billion pounds of copper. As copper prices rise, the value of the ore they have in the ground increases, resulting in a higher stock price.
Freeport-McMoRan is well positioned to capitalize on rising demand for copper. The company’s copper production totaled 4.0 billion pounds last year, while gold production totaled 1.3 million ounces.
I expect a full recovery in the
...Africa, China, contrarian profits, Electricity, electronics, Freeport Mcmoran, Gbp, Indonesia, Market Commentary, North America, Options Power Trader, South America, Ted Peroulakis;, USD


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