Copper dive drags Freeport-McMoRan down
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) was down about 1% this morning as the giant copper producer followed the commodity prices down, consequence of protests in Spain and Greece renewed fears about the euro zone debt crisis and its drag on global economic growth.
The red metal, sensitive to shifts in the economic outlook because of its widespread use across industries, plunged 1.7% on the London Metal Exchange. It traded down to $8,133.50 per tonne, after rising 1.1% in the previous session.
The miner is the world's largest publicly traded copper company and recently mixed in some positive news by declaring Wednesday a cash dividend of $0.3125 per share payable on November 1, 2012 to holders of record as of October 15, 2012 for its common stock.
The company’s portfolio of assets includes the Grasberg minerals district, the world’s largest copper and gold mine in terms of recoverable reserves; significant mining operations in the Americas, including the large scale Morenci and Safford minerals districts in North America and the Cerro Verde and El Abra operations in South America; and the Tenke Fungurume minerals district in the Democratic Republic of Congo.