If you like value through M&A done right, you should take a look at this company. They have done quite well for themselves. MIL. You have to basically trust management though, and they are not what you would call a transparent operation, being run by the enigmatic "Mr Smith". Yes, seriously.
However, they are a good investment. The company, although in mining, now energy and formerly cement, and whoknowswhatnext, kind of operates line a mini Berkshire or Markel. They have more than tripled initial investment in about 4 years, with very little trading involved.
As far as FCX, they were formerly on of my favorites, and have been on my watch list now for awhile. I was getting tempted to buy in again on any substantial dip in the next month or two. Now....I don't know what they are doing, but frankly I don't like it one bit. I think the best course is to stay away from them. I don't like it when companies do one thing well, then invest well outside of their scope of operations and core expertise. Unless they stole assets, which does not seem to be the case here. If anything, it seems they have paid up to acquire non core assets.
TC at least had a cohesive plan, and frankly it would have worked much better had it not been executed in such a unique macro environment. the good thing is it appears they have pulled it off by starting early enough in this cycle to complete it (barely). Companies starting projects this year and bring new developments online forward are going to have to all deal with large increases in their capitalized cost of production numbers.
As I understand it from CNBC PXP bought from BP Gulf of Mexico oil leases at fire sale prices. Meanwhile PXP already owned 30% of MMR shares and FCX had another 5% so I guess they thought it would be best to go after MMR as well. Time will tell if those oil leases provide the ROI FCX is seeking.