Credit Suisse Starts Coverage of Freeport-McMoran (FCX) (Dividend.com)
Credit Suisse reported on Friday that it has initiated coverage on mining company, Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX). The firm has begun coverage of FCX with an “Outperform” rating and $40 price target. This price target suggests a 26% upside from the stock’s current price of $29.71. Analysts have rated the company as an “Outperform” due to leverage to copper and oil and its attractive pipeline. Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) shares were up 38 cents, or 1.28% during premarket trading Friday. The stock is down -13% YTD.
Mining Stocks in the News: U.S. Precious Metals, Goldcorp, Transocean, Synergy Resources, Freeport-McMoRan Copper & Gold (MarketWatch)
FinancialNewsMedia.com issues market news updates for today’s Mining Companies: U.S. Precious Metals, Inc., Goldcorp Inc. (USA) (NYSE:GG), Transocean LTD (NYSE:RIG), Synergy Resources Corporation and Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX). Freeport-McMoRan Copper & Gold Inc. FCX today provided an update on the status of PT Freeport Indonesia’s (PT-FI) Grasberg operations in Papua, Indonesia following the May 14, 2013 accident at an underground training facility. FCX is a premier U.S.-based natural resource company with an industry leading global portfolio of mineral assets, significant oil and gas resources and a growing production profile. FCX is the world’s largest publicly traded copper producer.
Clinton Global Initiative Announces New Program to Train Thousands of Women Entrepreneurs (Wall Street Journal)
A new online business training program for women entrepreneurs across America was featured today by Senator Hillary Rodham Clinton at the Clinton Global Initiative America (CGI) meeting in Chicago. American DreamBuilder: The Women’s Business Creator, is being created by Bluedrop Performance Learning, Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) and Thunderbird School of Global Management and will provide thousands of women with the online business training to create and grow their own businesses. American DreamBuilder is an expansion of a program originally developed to help women in mining communities in Chile and Peru. American DreamBuilder is a 12-course program for women who own small or medium-sized businesses and need additional training and support to increase their income, job creation and success. With the support of Freeport-McMoRan Copper & Gold Inc., American Dreambuilder will be available free to aspiring women entrepreneurs and will launch in the coming months.
Freeport McMoran’s Force Majeure At Grasberg Mine Raises Supply Concerns (Trefis)
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) has invoked the force majeure clause for shipments from its Grasberg mine in Indonesia where operations have been shut down pending government investigation into the tunnel collapse that occurred last month. Force majeure is a clause in agreements with customers that allows commodity suppliers to express inability to meet obligations due to circumstances beyond their control. It allows them to avoid paying penalties for delays or cancellations. The invocation of force majeure is causing copper futures prices to rise as the supply-demand situation is now expected to be tight in 2013, as opposed to a clear supply surplus expected earlier.