NEW YORK, NY / ACCESSWIRE / October 6, 2017 / Shares of Freeport-McMoRan saw a slight gain on Thursday despite getting a price target decrease from a Jefferies analyst who cited concerns about the company's negotiations with Indonesia. Shares of Teck Resources saw gains despite agreeing to pay a $1.425 million fine after pleading guilty to violating the Fisheries Act in a B.C. Provincial Court.
RDI Initiates Coverage on:
Teck Resources Limited
Teck Resources Limited shares closed up 3.56% on nearly 6.5 million shares traded. The diversified resource company saw its shares climb after the company announced that it has agreed to pay $1.425 million after pleading guilty in a B.C. Provincial Court to three counts of violating the Fisheries Act. It was in 2014 that federal enforcement officers found that Teck was releasing effluent harmful to fish into Line Creek. Teck took full blame for the fish deaths. It was also revealed this week that the Toronto Stock Exchange has accepted the company's notice of intention to make a normal course issuer bid to purchase its Class B subordinate voting shares. Teck will be eligible to purchase up to 20 million Class B Shares during the period that starts October 10th until October 9th of next year.
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Freeport-McMoRan Inc. shares closed up 1.51% on Thursday with nearly 26 million shares traded. Jefferies lowered their price target on the mining company recently from $23 to $19. According to the firm, negotiations between Freeport-McMoran and Indonesia regarding a sale of a majority stake in PT-FI to locals could be risky. Analyst Christopher LaFemina maintained a "buy" rating on the stock but said, "Despite extensive negotiations, Freeport and Indonesia have made little progress regarding conversion of Freeport's COW to an IUPK, local ownership of PT-FI, smelter development, and long-term mining rights. Grasberg is operating at a reduced rate, and the FCX investment case depends on a resolution to the dispute."
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