|Bid||12.90 x 21500|
|Ask||12.98 x 28000|
|Day's Range||12.83 - 13.38|
|52 Week Range||8.43 - 14.68|
|Beta (5Y Monthly)||2.48|
|PE Ratio (TTM)||79.44|
|Earnings Date||Jan 22, 2020 - Jan 27, 2020|
|Forward Dividend & Yield||0.20 (1.53%)|
|1y Target Est||13.26|
(Bloomberg) -- Barrick Gold Corp.’s chief says the gold miner has the financial heft it needs to support its loftiest ambitions -- and some day those might include a merger with Freeport-McMoRan Inc.“Barrick, by end of next year, or during next year, will be net debt zero,” Chief Executive Officer Mark Bristow said Thursday in a phone interview. “We’ve definitely got the firepower to build a mine or to support a transaction. We don’t need any external support, for any of our ambitions, as we stand today.”The world’s second-largest gold miner has been generating more cash flow, with higher bullion prices, even as it has sold assets. By the end of this year net debt will be under $2 billion, Bristow said. “We’re going to settle all the near-term debt, and we’re left with debt that’s only due from 2023 onwards.”In an interview last month, Bristow said there’s a logic to combining Barrick with Freeport as part of a broader gold strategy.While it makes sense to start an “intellectual conversation” about a deal with the Phoenix-based copper miner, Barrick spent three years putting together its tie-up with Randgold Resources Ltd. and has no plans to rush into anything, he said Thursday. Any tie-up with Freeport would also have to be friendly.“There’s no way we would do something in a hostile way because there’s too much risk in a transaction of that size and nature,” Bristow said.Freeport didn’t immediately respond to a request for comment.‘Focused on Quality’Most of the mining companies that are capable of taking on Grasberg, Freeport’s massive copper-and-gold mine in Indonesia, wouldn’t dare because of the risks, Bristow said. But “if you’re focused on quality, you’ve got to look at the world’s biggest gold mines.”Freeport emerged from a multi-year saga in 2018 which forced it to divest part of its stake in Grasberg in order to secure long-term mining rights in the country. The mine has also been the subject of global criticism for its waste-treatment practices.For now, Bristow said there’s more chance of Barrick selling copper than buying it. Asked if that means a sale of its Lumwana copper mine in Zambia is imminent, he said the company has “received inbound interest, as you can imagine” but it doesn’t need to sell the asset.The Toronto-based miner has a long-term gold strategy, not a copper strategy, Bristow stressed. However, “if we want to be a materially relevant organization focused on gold, we’re going to have to get our head around copper.”“Freeport, undoubtedly is a company with a cluster of tier 1 assets and it’s the purest of all the copper miners,” he said.\--With assistance from Aoyon Ashraf.To contact the reporter on this story: Danielle Bochove in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Steven Frank, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Wall Street is slowly getting more bullish on mining stocks. Large mining stocks Barron’s tracks are down more than 50% from all-time highs, but the sector has bounced back some in 2019, up about 14% on average. The reason for improved sentiment is linked to iron ore and copper, two key metals for global miners.
Freeport McMoRan saw a positive improvement to its Relative Strength (RS) Rating on Tuesday, with an upgrade from 78 to 82. When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD's unique RS Rating identifies technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the last 52 weeks matches up against the rest of the market.
Freeport-McMoRan Inc (NYSE: FCX) shares have rallied 29.3% in the past three months as investors have become more bullish about the company’s growth strategy and focus on improving its balance sheet. On Monday, Benzinga Pro subscribers received 15 option alerts related to unusually large Freeport-McMoRan trades. From 9:03 a.m. to 9:04 a.m., a trader bought 6,267 Freeport-McMoRan call options with a $14 strike price expiring Feb. 21, 2020 near ask prices ranging from 31 cents to 32 cents.
With the 2010s officially drawing to a close, Yahoo Finance took a look at some of the biggest S&P 500 winners and losers of the past decade based on price returns.
With the first-quarter round of 13F filings behind us it is time to take a look at the stocks in which some of the best money managers in the world preferred to invest or sell heading into the second quarter. One of these stocks was Freeport-McMoRan Inc. (NYSE:FCX). Is Freeport-McMoRan Inc. (NYSE:FCX) a bargain? Hedge […]
While not a mind-blowing move, it is good to see that the Freeport-McMoRan Inc. (NYSE:FCX) share price has gained 26...
Freeport-McMoRan Inc. announced today that it has completed the previously announced sale of its cobalt refinery in Kokkola, Finland and related cobalt cathode precursor business to Umicore for total cash consideration of approximately $200 million, including approximately $50 million of working capital.
Freeport-McMoRan (FCX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Freeport-McMoRan Inc (NYSE: FCX) is up 18.3% in the past three months as the company executes its growth strategy. On Thursday, Benzinga Pro subscribers received 13 option alerts related to unusually large Freeport-McMoRan trades. From 9:48 a.m. to 9:50 a.m. a trader bought 2,682 Freeport-McMoRan call options with a $13 strike price expiring on May 15, 2020 near ask prices ranging from 59 cents to 60 cents.
Miner Freeport-McMoRan Inc and three Chinese copper smelters on Thursday agreed a 23% cut in annual treatment and refining charges (TC/RCs) for 2020, pushing the industry benchmark to a nine-year low. Freeport settled with Jiangxi Copper, Tongling Nonferrous Metals and China Copper Corp in three separate deals at the same price, Javier Targhetta, president of Atlantic Copper and senior vice president for marketing and sales at Freeport told Reuters. The charges, paid by miners to smelters to process ore into refined metal, were set at $62 a tonne and 6.2 cents per pound, down from $80.80 a tonne and 8.08 cents per pound in 2019, reflecting tight concentrate supply and China's rising processing capacity.
Commodities and commodity stocks also go through their own cycles and the big gains come to those who jump in when commodity prices are down and forming a bottom, or in the early stages of an uptrend, notes Carl Delfeld, editor of Cabot Global Stocks Explorer.
Freeport McMoRan Inc expects treatment and refining charges for copper concentrates in 2020 to be "well below" last year's levels as Chinese smelting capacity is expected to rise, a senior company executive said on Tuesday. For 2020, treatment charges (TC) of around $60 per tonne and refining charges (RC) of 6 cents per lb would be a "reasonable level to settle at", Javier Targhetta, president of Atlantic Copper and senior vice president for marketing and sales at Freeport told Reuters in an interview during Asia Copper Week in Shanghai on Tuesday. Top global miners like Freeport and Chinese smelters are currently negotiating for next year's annual contracts and TC/RCs are widely expected to be below the 2019 level of $80.80 per tonne/8.08 cents per lb.
The latest round of 13F filings from institutional investors is out, revealing to the world the stocks that some of the richest and most successful investors have been buying and selling. Takeaways From ...
Benzinga Pro's Stocks To Watch For Friday JC Penney (JCP) - Posted mixed Q3 results and said is expecting FY19 adjusted EBITDA over $475 million. Year-over-year comps were down 9.3% for the quarter. The ...
Ongoing civil unrest in Chile could lead to high copper prices and provide a boost for Freeport-McMoRan and a number of other U.S. mining stocks, according to CFRA Research.
Freeport-McMoRan Inc (NYSE: FCX ) has completed another “transition year” in the move to underground mining at its giant Grasberg mine in Indonesia and this key asset seems poised for full contribution ...
If you want to profit from a possible end to the U.S.-China trade war, then buy shares in U.S.-based copper miner Freeport McMoRan . "Freeport is a buy because I believe we get a China deal," said Adam Johnson, author of the financial newsletter Bullseye Brief. The shares have underperformed over the last year as trade tensions hit the copper market and dogged Freeport stock.