Tuesday, March 17, 2009

Motley Fool sees ascent of Freeport stock

The Motley Fool financial site sees rising prices for Phoenix-based Freeport McMoRan Copper & Gold stock.

Today's analysis notes that "Freeport director Robert Day had recently acquired more than 600,000 shares of the company's stock for an average price of $35.36 per share" [the current price is around $37] and last month the company sold 26.8 million shares at $28 per copy, raising $750 million.

"The company operates mines in the Southwestern U.S., Peru and Chile, and the Democratic Republic of Congo. Beyond that, its Grasberg mining complex in Papua, Indonesia contains the largest deposit of recoverable copper reserves and the largest gold reserve in the world. Indeed, the company's strengths include its geographic diversity and long-lived reserves."

In the past few days, I have seen a bevy of articles talking about copper demand increasing, particularly in China, and prices rising, all boding well for Arizona copper miners, who produce 60% of US needs.

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