It reached $7,525, its highest level since April 12.
Vale (NYSE:VALE), Teck (NYSE:TCK) and Freeport-McMoRan (NYSE:FCX) are some of the names analysts are throwing into the pot as the next likely bidders for Inmet MiningCorp. (TSX:IMN), which owns the world’s second-biggest undeveloped copper deposit, in Panama.
Freeport-McMoRan's 2012 net profit witnessed a decrease of 32% compared to 2011 due to a decline in the production of gold recently announced by the company.
Equity research analysts at Standard and Poor's (S&P) lowered Freeport McMoRan Copper & Gold (NYSE:FCX) shares from “buy” to “hold.”
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) was down about 1% this morning as the giant copper producer followed the commodity prices down as a consequence of protests in Spain and Greece renewed fears about the euro zone debt crisis and its drag on global economic growth.
The South Jakarta municipal court rejected a civil suit by the Indonesian Human Rights Committee For Social Justice (IHCS) against a subsidiary of mining giant Freeport McMoRan concerning its royalty rates contract with the government.
I'm not all that thrilled to be owning Freeport McMoRan Copper & Gold (FCX) right now. While the company's stock has tended to be highly correlated to the price of copper, that correlation has slipped a bit.
I'm guessing this has a lot to do with the violence and labor disputes at the company's Grasberg mine in Indonesia.
US copper giant Freeport McMoRan has been ordered to settle claims worth $6.8 million for polluting areas around the Morenci Mine in Arizona.
Freeport McMoran Copper & Gold is currently valued so low that it is an excellent target for a takeover, according to media reports today.
An undersea 8.6 earthquake struck Indonesia this morning at 04:38 ET, announced the U.S. Geological survey (USGS). The movement, which triggered a tsunami alert across the Indian Ocean, has forced all mining companies in Indonesia to halt their operations until further notice.
Freeport McMoRan Copper & Gold Inc has done well raising the dividend above 2.6%; this could make the investment a bit more attractive to investors.
Freeport McMoRan Copper & Gold Inc will produce 80 million pounds less copper and 125,000 ounces less gold due to labour strife at the company's Grasberg mine in Indonesia.
Freeport-McMoRan has suspended operations at it gold and copper mine in eastern Indonesia's Papua province due to fighting among its employees.
Unidentified gunmen have killed a police officer near the U.S. company Freeport-McMoRan’s gold and copper mine in eastern Indonesia.
Copper stocks have been on the upswing this week as the price of the red metal recently hit a new 3 month high.
Freeport-McMoRan Copper & Gold Inc.’s (FCX) Peruvian unit, which ended a 61-day strike last month, said it signed a three-year labor accord with workers that will enable it to move ahead with a $3.5 billion expansion.
Gunmen fired at a helicopter carrying workers for the mining giant Freeport-McMoRan shortly after it took off Saturday from a town near the company’s huge gold and copper mine in eastern Indonesia, a police spokesman, Colonel Wachyono, said.
Indonesian workers at Freeport-McMoRan’s largest gold and copper mine said they were ready to end a three-month strike after the company reportedly agreed to a 37 percent wage hike.
Over the last eleven consecutive quarters, Freeport-McMoRan Copper & Gold (FCX) has beat consensus estimates – a considerable feat that comes amidst unpredictable labor disruptions.
Reuters reports Peru's government on Friday brokered the first in a series of talks between townspeople and Newmont Mining in a bid to solve a conflict over water supplies at the $4.8 billion Minas Conga project, adjacent to South America's largest gold mine Yanacocha.
Newmont was forced to shut down operations for two days at Yanacocha after protesters blocked access to the mine. Minas Conga, partly-owned by Peru's number one precious metals miner Buenaventura, would be the biggest investment ever in Peru's mining sector. Buenaventura reported a 6% drop in quarterly gold output on Friday.
Ongoing labour unrest at Freeport-McMorran's Grasberg mine in Indonesia has forced the American company to declare force majeure.
The announcement made Wednesday effectively allows Freeport to stop shipments from its gold and copper mine so that it can avoid liability on existing customer orders.
About 8,000 workers — a third of the mine's workforce — have been on strike since September 15th and earlier this month vowed to shut down the mine if hourly wages of $1.50 are not upped 8-fold. The strike recently turned ugly with reports of sabotage and injuries.
In early morning trade in New York, copper for delivery in December jumped 5.5% from yesterday's 15-month low to trade at $3.23 a pound after France and Germany made positive noises about tackling Europe's debt problem promising a definitive agreement by heads of state "by Wednesday at the latest."
Copper is also being lifted by supply worries – Reuters reported on Friday China's copper smelters are slowing their rate of refined copper production as supplies of raw material concentrate and scrap fall. Two strikes at mines owned by US-based producer Freeport McMorran has cut production while shipments from the world's No. 1 copper mine, BHP's Escondida in Chile, could be delayed to next year after recent work stoppages.
The markets hammered copper on Wednesday after the Federal Reserve said in its Beige Book survey that economic prospects in the United States appear to be dimming.
The red metal — widely considered a barometer of future economic growth, slipped 4% on Wednesday — the biggest one-day plunge in three weeks as investors fled equity markets. The North American indexes were a sea of red, with the S&P 500 index down over 1% and the TSX Composite off 1.69%.
Newmont Mining announced on Wednesday protesters are now allowing access to the Yanacocha gold mine in northern Peru. A local paper reported protesters decided to remove roadblocks following an agreement with the mines ministry and regional authorities.
Newmont on Monday was forced to shut down operations at Yanacocha, South America's largest gold mines with annual output of 1.5 million ounces. Newmont and local partner Buenaventura are also advancing a $4.8 billion project to expand the mine which would be the largest investment ever in Peru.
China's state news agency reports all production at Freeport McMoran's Grasberg mine in a remote province of Indonesia has been halted after a pipeline was sabotaged, access to the pit and underground operations were blocked and three miners were killed in an ambush.
The latest attack follows an incident last week when Indonesian security forces fired on striking workers after a protest turned violent, killing one and injuring a dozen other. Some 12,000 Workers at Grasberg began a strike on 15 September and has vowed to shut down the mine if hourly wages of $1.50 is not upped 8-fold. The local police chief said between 500 – 600 policemen are now billeted at the mine.
Gunmen shot and killed three miners in the latest attack near the world’s largest gold mine in eastern Indonesia, officials said yesterday.
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