FCX can buy TC for maybe 800 million and get a brand new copper/gold mine in politically safe Canada
They would also get a few molybdenum oxide mines and another undeveloped copper/gold property. This would add 90 million pounds of copper production to FCX, 260,000 ounces of gold, half a million ounces of silver, and 40 million pounds of moly per year. For $800 million. No need to be forced to build smelters or have to deal with a third world government nationalizing your mines.
No opinion, but off the top would mention would also get TC's debt, $1.1B. Also, TC is some gold silver, copper but lots of moly. FCX owes 21 Billion and already is largest moly producer in the world. Not saying investors shouldn't buy TC itself.