We recently published 11 Stocks Crushing Wall Street With Whopping Gains. Freeport-McMoran Inc. is one of the top performers on Tuesday.
Freeport-McMoran grew for a third straight session on Tuesday, adding 5.66 percent to finish at $39.22 apiece as investors cheered its divestment of a significant stake in an Indonesian subsidiary, as part of its strategy to extend mining operations at one of the largest copper mines in the world.
According to the company, it gave up a 12-percent stake in PT Freeport Indonesia to the Indonesian government “at no cost,” despite the latter only asking a 10 percent additional ownership.
The strategy forms part of an agreement to extend beyond 2041 its license to operate the Grasberg copper mine—the second largest copper mine in the world, while supporting Indonesia’s plans to have greater control of the mine.
Last September, Freeport-McMoran Inc. announced a force majeure on its Grasberg operations following a landslide that claimed the lives of two employees.As of Friday, five workers remained missing.
Freeport-McMoran Inc. said that the Grasberg ore mining site makes up half of Freeport Indonesia’s estimated reserves as of 2024, as well as 70 percent of its previous copper and gold production forecast for 2029.
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This article is originally published at Insider Monkey.
