Freeport-McMoRan: Game Changer
Freeport-McMoRan monetizes part of the Morenci mine at an attractive valuation to reduce the debt crunch.
Even after the recent rally, the stock is down substantially over the last two years.
With plenty of other copper assets, the debt fears should quickly fade as the S&P downgrade likely signaled the panic lows for those fears.
The news that Freeport-McMoRan (NYSE:FCX) reached an agreement to monetize part of a copper mine was a game changer for the stock. Though the company took copper and gold out of the official company name, investors made a big mistake taking a focus away from those two commodities.
The stock is now surging towards $7.50 following a massive rally. At this point, one has to wonder if the rally doesn't need a pause, but investors need to remember where the stock came from in the last couple of years.
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