Maybe its a bottom Fcx seems to be immune to the dropping price of gold and copper..One bright not is that maybe the recent surge in steel demand bodes well for moly prices. The price movement lare;y is more depressing than watching asian NASCAR. Certainly in november the numbers will improve with the first ore from MM reflected.
Sorry to say, Milligan will have not impact on Q3 income statement. The mine is still technically in the construction phase, and any the proceeds from concentrate they generate and sell from first feed to the date commercial production is declared goes as a credit to capex. So no impact on P&L. Probably the more important thing generated in Q3 will be feedback on the ongoing commissioning process. It will reveal how the rampup will look, once the scheduled Dec 2013 commercial production mark, is indeed declared, as the horse needs to come out of the gate strong.
So if Moly is already as cheap as it was during Act I and gold would most likely go back up to 1700+, why should I worry about Act II? I would think TC would be better equipped with some Au production now that it was the last time around.