Freeport-McMoRan Copper & Gold Inc: Wrapping Up the Indonesia Issue
By all accounts, it appears that Freeport-McMoRan Copper & Gold (NYSE: FCX ) is wrapping up any lingering issues with the Indonesian government. The stock fell more than $7 back in January on a decree by the government to impose a heavy export duty on unprocessed materials, including copper and gold.
Freeport-McMoRan is a leading copper producer with global operations, though the largest mine is located in the Grasberg mining complex in Indonesia. Similar to Newmont Mining (NYSE: NEM ), the stock was affected by the government decree, though expectations were for a peaceful resolution. The stock remains down nearly $5, providing an opportunity for long-term investors willing to accept some of the global risk but also the rewards of a diversified portfolio of commodities.
Read the full article here.
Disclosure: Long FCX. Please review the disclaimer page for more details.