Freeport-McMoRan Copper & Gold Inc Thriving Despite Indonesia
Considering the lingering issues in Indonesia, the best investors can say about the first-quarter earnings report is that Freeport-McMoRan Copper & Gold (NYSE: FCX ) is thriving despite the troubles in that country.
The company is facing export bans on about 50% of production at the giant Grasberg mine in Indonesia, but it didn't stop the copper and gold producer from achieving solid income and operating cash flow. Ironically, the company benefits from the reduced copper supply on the markets with mines in North America, South America, and Africa. Even more encouraging and important is that China demand remains robust, and European demand is finally rebounding.
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