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Analyzing How Freeport-McMoRan Fared in the Agreement

Mark O'Hara
Analyzing How Freeport-McMoRan Fared in the Agreement

As we noted previously, Freeport-McMoRan (FCX) announced a “Heads of Agreement” with the Indonesian government on July 12. Although Freeport-McMoRan was trading ~2.0% higher in early trade after the announcement, it pared the gains and finally closed with a loss of 0.70%. Looking at the terms of the agreement, Rio Tinto (RIO) got an acceptable price for its stake in the giant mine.